Zoho partners with BNI to digitally enable local businesses in GCC page 9

Thursday, October 22, 2020

28,350.71 9,965.03 40707.31 1,926.70 +41.92 pts -50.49 pts +162.94 pts Gold +0.59 % US officials more optimistic on Dow QE sensex stimulus, timing unclear page 10 Price percentage Price percentage 25.17 Brent 41.77 -3.22% WTI 40.10 -3.84% Silver +0.74% QIB closes $750 million 5-year Sukuk QNA Doha

Qatar Islamic Bank (QIB) has successfully closed a $750 million five-year Sukuk with a profit rate of 1.95 percent per annum, which is equivalent to a credit spread of 155 basis point (bps) over the 5-year Mid Swap Rate. Officials of Investment Promotion Agency Qatar and Palantir Technologies during a meeting to discuss best practices to accelerate Qatar’s big-data transformation. The transaction was ex- ecuted under QIB’s $4 bil- lion Trust Certificate Issuance Programme which is listed on Euronext Dublin. The profit rate achieved is the lowest IPA, Palantir in pact to boost ever paid by QIB on their fixed $4 billion rate Sukuk issuances. This is ● The transaction was QIB’s second public issuance in 2020, having issued the executed under QIB’s $4 first ever Formosa Sukuk ear- billion Trust Certificate Issu- Qatar’s digital transformation lier this year. ance Programme which is The success of this trans- listed on Euronext Dublin Tribune News Network unique infrastructure and logistical action came on the back of a ● This is QIB’s second Doha challenges set out in the Qatar Nation- marketing strategy aimed at al Vision 2030. With the FIFA World updating international and public issuance in 2020, Continuing its support to Qatar’s Cup in 2022 and a potential Summer regional investors with QIB’s having issued the first ever economic transformation and devel- Olympics bid fast approaching, Pal- strategy and financialper- Formosa Sukuk earlier opment of its competitive investment antir’s technologies can help accelerate formance. this year. landscape, the Investment Promotion emerging capability initiatives across QIB Chief Executive Offic- Agency Qatar (IPA Qatar) has signed the public and private sector.” er Bassel Gamal said, “QIB is an agreement with Palantir Technolo- Commenting on the partnership, very pleased with the success cent were banks, 31 percent gies, the world-renowned American IPA Qatar CEO Sheikh Ali Alwaleed Al of this transaction, which high- were asset managers, 8 per- software company specialising in big Thani said, “Digital transformation has lights the confidence placed by cent were private banks, and data analytics. been a cornerstone in Qatar’s econom- investors in Qatar, the bank’s 21 percent were sovereign. With its extensive experience ic development agenda and national board, management team and More importantly, the inves- spanning the energy, pharmaceu- vision. With its track record in big-data its strategic direction. We are tor base was diversified geo- ticals, aerospace, automobiles and innovations and Silicon Valley exper- proud to have access to a di- graphically, with 44 percent of financial services, Palantir Technolo- tise, Palantir Technologies’ contribu- verse and international inves- the Sukuk being allocated to gies will utilise its data-driven deci- tions can be of significant value when tor base, which allows us to the Middle East, 24 percent to sion-making platforms and best prac- developing transformative strategies implement our funding strate- Asia, 17 percent to Europe and tices to accelerate Qatar’s big-data for the Qatari economy. We believe gy in a timely and cost efficient 15 percent to other countries. transformation. that our collaboration will bring pro- manner. The capital markets “QInvest and Standard The agreement was signed by IPA The agreement was signed by IPA Qatar CEO Sheikh Ali Alwaleed Al Thani and Palantir gress to our joint vision for the digital continue to remain important Chartered Bank acted as Joint Qatar CEO Sheikh Ali Alwaleed Al Technologies Qatar General Manager Josh McLaughlin at a special ceremony. sector in Qatar.” for us and we appreciate inves- Global Coordinators on the Thani and Palantir Technologies Qatar The agreement highlights Palantir tors confidence in our name.” transaction. Citi, Credit Ag- General Manager Josh McLaughlin at sectors and seek to expand its market signing of this agreement. Palantir Technologies’ commitment to a deep He said investor demand ricole, Dukhan Bank, HSBC, a special ceremony, where both parties presence and activities in Qatar. Technologies builds the world’s lead- and enduring partnership with Qatar. was strong and the order book QInvest, QNB Capital and agreed to collaborate openly and con- Palantir Technologies’ Executive ing software platforms for data-driven During a recent virtual event co-hosted reached $2.2 billion repre- Standard Chartered Bank structively in order to set their joint vi- Vice President and Chief Operating operations and decision-making. We by IPA Qatar, the software company senting 2.9 times oversub- acted as Joint lead Managers sion into motion. Officer Shyam Sankar said, “We are are excited to utilise our world-class shared its successful investment jour- scription from approximately and Joint Bookrunners with Palantir Technologies will support delighted to further our collaborative platforms to drive digital transfor- ney in Qatar and outlined its vision for 100 investors. In terms of in- Warba Bank as the Co Man- Qatar’s digital transformation across relationship with Qatar through the mation across Qatar and address the continued growth in the market. vestor categorisation, 40 per- ager,” he said.

Milaha posts QR384 mn Qatar Cool ties up with GCC, breaks net profit in nine months ground on fifth cooling plant in Qatar Tribune News Network work reductions. Doha Milaha Gas and Petro- Tribune News Network chem’s operating revenue in- Doha Qatar Navigation (Milaha) creased by QR29 million, with on Wednesday announced net profit increasing by RQ Qatar District Cooling that the company posted a 135 million against the same Company (Qatar Cool) on net profit of QR384 million in period last year. The increases Wednesday announced that the first nine months of 2020, were driven by higher market it has signed a contract with compared to QR419 million shipping rates and strong per- Gulf Contracting Company for the same period last year. formance from our joint ven- (GCC) for the construction The company registered ture and associate companies. of its fifth cooling plant in operating revenues of QR Milaha Offshore’s oper- Qatar. 1.71 billion in the first nine ating revenue increased by The new cooling plant will months of 2020, compared to QR13 million, with the bot- be constructed on the Pearl QR1.83 billion for the same tom line decreasing by QR 14 Qatar and will provide sus- period in 2019. million against the same pe- tainable cooling solutions to The company earned op- riod in 2019. Despite a strong the emerging Gewan Island. erating profit of QR286 mil- 3-point increase in operating The signing ceremony lion in the first nine months margin from 11 percent in saw senior officials from Qa- of 2020, compared to QR280 2019 to 14 percent in 2020, tar Cool and Gulf Contract- million for the same period the segment’s results were ing Company including Qatar Qatar Cool Chief Executive Officer Yasser Al Jaidah, GCC Director Ab- last year. Earnings per share of dragged down by vessel im- Cool Chief Executive Officer dul Rahman Al Darwish and GCC General Manager Grahame McCaig Qatar Cool held a symbolic groundbreaking ceremony on site to the company stood at QR0.34 pairments. Yasser Al Jaidah, GCC Direc- participated in the signing ceremony. mark the significant milestone with its employees. at end of September 30, 2020, Milaha Capital’s revenue tor Abdul Rahman Al Dar- compared to QR0.37 for the decreased by QR65 million wish and GCC General Man- Qatar Cool Chief Execu- with the community. District look forward to working with District Cooling Plant will same period in 2019. and net profit by RQ 128 mil- ager Grahame McCaig. tive Officer YasserA l Jaidah cooling is significantly more GCC and have confidence without doubt compliment Milaha Maritime and lion compared to the same Qatar Cool held a sym- underscored the importance cost-effective over the long that the new plant will exceed that portfolio.” Logistics’ operating revenue period in 2019. Gains on sale bolic groundbreaking cer- of the company’s expansion term than conventional cool- our expectations,” he said. “This project is a very decreased by QR 62 million of properties were more than emony on site to mark this to Qatar’s long-term commit- ing solutions, but at the same Gulf Contracting Com- important and one of the and net profit by RQ 27 mil- offset by lower rental income significant milestone with its ment to sustainable develop- time, it also helps reduce CO2 pany General Manager Gra- latest developments at The lion compared with the same and a one-time impairment employees. ment. emissions, consumes less en- hame McCaig said, “Gulf Pearl, The Gewan Island by period in 2019. on an investment property. Once complete the cool- “It is with great pride that ergy, and decreases air pollu- Contracting has a long and Qatar Cool and United De- The segment was nega- Milaha Trading’s revenue ing plant will provide 18,000 we officially continue our ex- tion, Jaidah said. proud 44-year history in Qa- velopment Company. We are tively impacted by COVID19 decreased by QR74 million Tons of Refrigeration (TR) to pansion plans with GCC, by “Qatar Cool has ambitious tar. Over the past four dec- confident that this project -related increases in health and bottom line decreased by the 400,000 sqm island serv- growing our reach with our growth plans, and this cel- ades we have compiled an im- will continue to build on the and safety expenses and dis- QR1 million, with declines in ing 659 residential units, 73 fifth cooling plant in Qatar. ebration reinforces our drive pressive portfolio of projects already strong relationship ruptions in supply chains heavy equipment sales being varied villas, 11,000 sqm of The benefits of district cooling to support and make Qatar a in Qatar and in doing so have that exists between our re- which caused volume and the main contributing factor. retail space, and 15 multi-use are increasingly being recog- sustainable green nation with established a solid reputation spective organisations,” Mc- buildings. nised, and we can share these every district we serve. We for delivering excellence. The Caig said. Economy & Business Thursday, October 22, 2020 09 COVID-10 catalyst for Zoho partners with BNI to digitally change impacting tech, trade: Seetharaman enable local businesses in GCC Tribune News Network term inflation expectations Doha remain well anchored at 2 Zoho to provide local businesses easy access to robust enterprise tools and technologies at affordable prices percent, he said. Doha Bank Group CEO R In its September 2020 Tribune News Network Seetharaman described the meeting, the European Cen- Doha COVID-19 pandemic as a tral Bank (ECB) decided to Highlights of the partnership “catalyst for change” that keep its interest rates and Zoho Corporation, a global ● Wallet Credits: Eligible businesses will receive free Zoho impacts trade and technol- coronavirus-stimulus pro- technology company that of- Wallet credits worth $1000, which can be used to sign up ogy around the world. gramme unchanged, the fers the most comprehensive He was addressing a we- CEO added. suite of business applications for new Zoho One subscriptions. binar hosted by European Highlighting certain in the industry, has entered ● Digital Awareness Initiatives: Zoho and BNI Qatar will University on Wedneday. global trade developments, into a strategic partnership collaborate on various educational projects to create an Sharing insights on Seetharaman said, “The with Business Network In- interactive knowledge sharing network that drives world economy, the banker WTO (World Trade Organi- ternational (BNI) to support said, “According to the IMF, sation) now forecasts a 9.2 GCC companies in their digital enterprise technology adoption among businesses in the the global growth is project- percent decline in the vol- transformation journey. region. The BNI member network will get access to ed at - 4.4 percent in 2020 ume of world merchandise The initiative was an- exclusive webinars, immersive workshops and training and at - 5.2 percent in 2021. trade for 2020, followed by a nounced by Sridhar Vembu, sessions by Zoho executives and industry experts. Growth in the advanced 7.2 percent rise in 2021. CEO and Co-founder, Zoho economy group is projected “Strong trade perfor- Corp, at the BNI GCC Confer- ● Privacy Commitment: Zoho does not allow any at - 5.8 percent in 2020. In mance in June and July ence 2020—RISE, a three-day third-party trackers to monitor usage behaviour and never 2021, the advanced economy has brought some signs of virtual event conducted by sells any data to ad-based companies. Because Zoho growth rate is projected to optimism for overall trade BNI recently. has built its entire technology stack, the company is able strengthen to 3.9 percent. growth in 2020. As BNI’s technology part- to offer the most secure experience to its users without Among emerging market “Downside risks still ner, Zoho provides local busi- any compromise on data privacy. Users have the and developing economies, dominate, particularly if nesses easy access to robust assurance that their data is confidential and protected, growth is forecast at - 3.3 there is resurgence of COV- enterprise tools and tech- and only users themselves maintain the ownership of the percent in 2020, strengthen- ID-19 cases in the coming nologies at affordable prices data. ing to 6 percent in 2021.” months. COVID-19 brought in order to help them digi- In Sept 2020 meeting, about new consumer hab- tally scale their operations. ● Operating System for Business: All of Zoho’s business the US Federal Reserve its, risk-mitigation business Through this partnership, applications are built using the same technology stack to stated it will aim to achieve strategies and government active BNI members in the offer contextual integration, customization, and inflation moderately above emergency measures that re- GCC can avail access to Zoho extensibility. This helps break down departmental silos, 2 percent for some time so sulted in an unprecedented One, the Operating System enabling a seamless convergence of data between apps that inflation averages 2 per- dislocation of international for Business with over 45 plus cent over time and longer- trade and supply chains.” web and mobile applications as opposed to multi-vendor integration hassles. Business for sales, marketing, finance owners will have a bird’s eye view of all the operations criti- (Zoho’s accounting software, cal to their business under a single panel. The built-in Books is VAT-compliant and AI-powered analytics further provides actionable business FTA-approved), HR, and insights for smarter decision-making. back-end processes all inte- Sridhar Vembu, Co-Founder & CEO, Zoho Corp grated in a single platform and strongly inter-linked us- disparate applications. business on all fronts such as try experts about their expe- leveraging its scale of 270,000 ing integrations and services. “A smart digital transfor- streamlined operations, en- rience of going digital, and Members in 70 countries to This will allow business mation plan that can stra- hanced employee collabora- eventually transition to a lead a global movement to owners to leverage Zoho tegically upgrade core busi- tion and effective client out- well-rounded digital operat- help small and medium sized One’s fully customizable, ness processes has become reach,” said Sridhar Vembu. ing system using Zoho One’s businesses restart and get cloud-based platform to run indispensable for business “Through our joint initia- suite of apps.” back on the path to growth. an entire business from any- continuity today, no matter tive with BNI, we believe we Commenting on the part- This partnership with Zoho where through a single con- the size of an organization. can create a platform where nership, Bijay Rajnikant demonstrates our core values sole, without having to worry Digital adoption, when ex- local business owners can Shah, National BNI Director of supporting small business- about data silos or integrating ecuted properly, empowers a converge, learn from indus- (Qatar), said, “BNI Qatar is es through collaboration.” Auto Class Cars delivers over 400 SAIC Maxus T60 pickups

Tribune News Network Doha

Auto Class Cars, the au- thorised general distributor of Maxus in Qatar, delivered more than 400 units of SAIC Maxus T60 pickups to Point Junction Company to support their operations and business. This deal marks the larg- est order ever recorded by the company’s overseas rental market and the largest order for Chinese pickup brands in Qatar. With the arrival of more than 400 units, Maxus T60 is expected to increase its market share to 15 percent, enhancing its position as one of the top-selling brands in Qatar for this month. NBKS Group Managing Director-Automotive Shiekh Faleh bin Nawaf bin Nasser Officials of the Auto Class Cars and the Point Junction Company at the official fleet handover ceremony of The Auto Class Cars delivered more than 400 units of SAIC Maxus T60 pickups to the Point Junction Company Al Thani said, “As we cel- a shipment of SAIC Maxus T60 pickups held in Qatar recently. in Qatar. ebrate this very important deal with our partners, we, at NBKS Group, are also keen to keep the trust that is given to Maxus in Qatar. Our com- pany will always make sure to deliver the suitable products and services of best quality guaranteed in the state of Qa- tar.” SAIC Maxus is one of the leading automakers in China and expanding their network overseas in the global market with wide range of vehicles and new products that serve all commercial and passenger vehicle needs. Auto Class Cars General Manager Hisham Al Sahn said, “We are proud to de- A SAIC T60’s body structure measures 5,365 mm in length, 1,900 liver the largest order ever mm in width and 1,809 mm in height. Harvinder Sahni, Head of Operations, Point Junction Company Hisham Al Sahn, General Manager Auto Class Cars. in Qatar to our client Point Junction Company. This during 2020.” Equipped with SAIC 2.0T stant speed cruising, T60 2,924 units V80 light vans in ess in commercial vehicle de- of the Year”, “Best New Van”, demonstrates the confidence Head of Operations of Petrol engine with a maxi- pickup creates a much more the Middle East. The light van velopment. The Maxus brand “Innovation Award” and also and trust in Maxus T 60 pick- Point Junction Company in mum power of 165 kW and a comfortable traveling envi- has already increased its mar- is now universally revered as “Van of the Year” for four ups which proved their high Qatar Harvinder Sahni said, maximum torque of 360 Nm, ronment for both drivers and ket share to 15%, ranking the a legend in the international Consecutive Years (2005 – capabilities in meeting the “With the expansion of our Maxus T60 delivers impres- passengers. fourth place in the region. commercial vehicle indus- 2008). After its acquisition by operations’ needs. The new projects and business in Qa- sively powerful performances According to SAIC Maxus, Formerly known as LDV try. Maxus vans and buses SAIC Motors (Shanghai Au- T 60 has enhanced its posi- tar, we need a reliable partner and achieves high reliabil- its V80, G10, T60, D90 and (Leyland DAF Vans), Maxus are a perfect blend of legacy tomotive Industry Corpora- tion as one of the best light to fulfil our needs and require- ity. In addition, it has already other vehicle models have is one of the most respected and technology, integrating tion) in the late 2000s, it was multi-purpose trucks, thanks ments. This agreement with won Australian ANCAP Five- successfully entered eight companies for light pas- Europe’s century-honoured re-branded and re-developed to its high performance, du- Auto Class Cars and Maxus is Star Safety Grading. countries in the Middle East. senger and cargo transport. commercial vehicle culture into the Marquee brand for rability and modern technol- a clear indication of our trust T60’s body structure In 2019, the company wit- Maxus has emerged as one with SAIC Motor’s three- SAIC Motors. Maxus is dis- ogy. This is another milestone in the brand and its flagship measures 5,365 mm in length, nessed an impressive growth of Europe’s most influential decade experience of passen- tributed across four major achievement in our successful pick-up T60. We are thankful 1,900 mm in width and 1,809 rate of 102.3% in its sales in and recognizable commercial ger vehicle manufacturing continents and is being recog- journey, and we are happy to our partners for their col- mm in height. the Middle East. vehicle brands. It embodies and R&D. Over the years, the nized for the level of comfort, to achieve one of the highest laboration and responding to Thanks to its automatic In the first seven months a century of experience and Maxus brand has won several technology and sophistication market shares in this category our requests in the real time.” air-conditioning system, con- this year, SAIC Maxus sold unmatched technical prow- awards including “Fleet Van that it offers. 10 Thursday, October 22, 2020 Economy & Business US seeks to sway Brazil on Chinese US officials more optimistic 5G with $1-bn deal AFP it of passing data and intel- on stimulus, timing unclear Brasília ligence to the Chinese gov- ernment. The United States promised The Chinese embassy in Republicans and Democrats say they made progress in talks about the $1.8 trillion aid package Brazil $1 billion in financing Brasilia lashed out angrily at AFP toward US imports, adding comments to that effect by Washington a carrot to its campaign to US Secretary of State Mike convince the country not to Pompeo and O’Brien during Chances for approving a use China’s Huawei to de- his visit. new spending package to velop its 5G network. “They spread lies about support the US economy im- The deal includes loans, China in bad faith, fab- proved dramatically after the guarantees and insurance to ricating a so-called ‘Chi- senior Democratic lawmaker fund Brazilian imports of US nese threat’ and attacking said a bill is in the works and goods and services -- “espe- China’s 5G technology,” a the top Senate Republican said cially in the telecommunica- spokesman said in an inter- he would bring it to a vote. tions area and the important view posted on the embas- Both sides said they made 5G modern telecommuni- progress in talks, but whether cations network,” said US negotiations can be com- National Security Advisor pleted in time for Congress to Robert O’Brien, who presid- approve the package before ed over the signing during a the November 3 presidential visit to Brazil. election remains a question Speaking after the deal 5G, the wedge? mark. was signed, President Jair US House Speaker Nancy Bolsonaro reiterated his The United States and Pelosi said on Bloomberg TV support for the re-election of Brazil have cozied up under that legislators are starting to his US counterpart Donald Trump and Bolsonaro, commit the measure to paper. Trump, the latest shout-out whose shared penchant for While the bill must go from the far-right leader hardline policies, vitriolic through legislative steps, sometimes called the “Tropi- rhetoric and social media including approval by the cal Trump.” have drawn comparisons. House Appropriations Com- “God willing, I hope to But the 5G issue has mittee, “I am optimistic” it attend the inauguration of become a potential source can get bipartisan support, US House Speaker Nancy Pelosi the soon-to-be re-elected of strain as Brazil plans a Pelosi said, but cautioned president of the United tender next year to upgrade “Legislation is tough.” House Chief of Staff Mark on Democratic and Republi- from election day. day showed 72 percent of States,” Bolsonaro said. The bill’s prospects got Meadows said Pelosi and can lawmakers to resolve dif- “It isn’t that this was a likely voters support a stimu- The United States and the mobile network in Latin a boost after Senate Major- Treasury Secretary Steven ferences on funding and lan- day that we would have a lus package. Brazil have cozied up un- America’s biggest economy. ity Leader Mitch McConnell, Mnuchin -- who conducted guage in the bill. “Hopefully, deal, it was having the terms Since business shut- der Trump and Bolsonaro, who repeatedly signaled that negotiations while on a trip we will receive this guidance on the table to be able to go downs began in March, tens whose shared penchant for sy’s website. he would not support a mas- to the Middle East -- made soon so that the Secretary to the next step. Legislation of millions of workers have hardline policies, vitriolic The spat came on the sive package, said he would “good progress,” but “we still and I can continue our dis- takes a long time,” she said. lost their jobs, while the rhetoric and social media same day Sweden banned bring the measure to the Sen- have a ways to go.” cussions tomorrow (Wednes- The House of Represent- economy saw the worst con- have drawn comparisons. Huawei and fellow Chinese ate floor for a vote. The differences still day) afternoon upon his re- atives approved a $2.2 tril- traction since the Great De- But the 5G issue has firm ZTE from its 5G net- “If a Presidentially-sup- amount to “several hundred turn,” she said. lion package while President pression. become a potential source work. ported bill clears the House, billion dollars,” he said on Talks between the White Donald Trump’s administra- The $2.2 trillion CARES of strain as Brazil plans a It was the latest US ally at some point we’ll bring it CNBC, but added: “Every- House and congressional tion proposed a $1.8 trillion Act expanded unemployment tender next year to upgrade to do so, amid a pressure to the floor, yes,” McConnell body is working real hard to Democrats over new stimu- rescue measure. benefits and provided loans the mobile network in Latin campaign from the Trump told reporters. try to make sure that we can lus measures have dragged Trump, who trails in na- and grants to small business- America’s biggest economy. administration to ostracize Economists say the cor- get some kind of an agree- on for months. tional polls behind Demo- es. However those provisions China is Brazil’s top China from the world tel- onavirus-ravaged US econo- ment before the weekend at - Deadline that’s not a cratic challenger Joe Biden, expired months ago. trading partner, and Huawei ecoms market. my has held up well because least.” deadline -Pelosi on Sunday signaled he could go big- IMF chief economist Gita has emerged as the leading Britain banned mobile of the massive injection of In a letter to Democratic had said there were only ger, but Senate Republicans Gopinath told AFP last week supplier of fast and cheap providers in July from using about $3 trillion in support lawmakers late Tuesday, 48 hours left to realistically strenuously opposed the that a US rescue package next-generation telecoms Huawei equipment in their for businesses and house- Pelosi said that after speak- agree on the package that massive price tag and Mc- of around $2 trillion would infrastructure. new 5G networks and or- holds earlier in the year, but ing with Mnuchin she be- could be approved before the Connell was trying to push boost growth in the world’s The Trump administra- dered them to remove exist- needs more support to avert lieved that “both sides are election, but she explained much smaller, narrowly-tar- biggest economy by two per- tion warns that the firm is ing equipment made by the another downturn. serious about finding a com- Tuesday that the deadline geted measures. centage points next year, a security threat, accusing company. After a 45-minute call on promise.” was simply a process of A New York Times/Siena over the 3.1 percent GDP rise Tuesday afternoon, White She and Mnuchin called working back on the timeline College poll published Tues- currently forecast.

abundance of power

Tribune News Network C-shaped Turbo front light mod- Doha ules as well as its larger side air intakes. The revamped light bar Porsche is completing the prod- at the rear now runs seamlessly uct line-up for the new Panamera over the luggage compartment with models that include a 700 PS Porsche launches lid with an adapted contour. The (514 kW), 870 Nm flagship. options available include dark- The new Panamera Turbo S ened Exclusive Design tail light E-Hybrid is now the most power- modules with dynamic Coming/ ful variant in the completely re- Leaving Home animation, three vamped product line, combining new Panamera models new 20- and 21-inch wheels and a 571 PS (420 kW), four-litre bi- two new exterior colours, Cherry turbo V8 with a 136 PS (100 kW) Metallic and Truffle Brown Me- electric motor. tallic. Its all-electric range has been with up to 700 PS The Porsche Communication increased by up to 30 per cent Management (PCM) features thanks to a new 17.9 kWh battery higher display resolution and and optimised driving modes. includes additional services such This also applies to the new as wireless Apple CarPlay. Panamera 4 E-Hybrid, where the electric motor is complemented More performance, more as before by a 330 PS (243 kW) comfort 2.9-litre biturbo V6, resulting in The chassis and control a system power output of 462 PS systems have been tuned for (340 kW). sportiness and comfort in all new Panamera models. In some cases, Hybrid trio with improved a completely new control strategy electric driving experience has been implemented. A new Alongside the recently un- generation of steering control veiled new Panamera 4S E- system and new tyres ensure Hybrid, which boasts a system improved lateral dynamics and power output of 560 PS (412 greater precision. The flagship kW), Porsche is now offering Panamera Turbo S E-Hybrid three Panamera plug-in hybrid comes as standard with all cur- models for the first time. At the rently available chassis and con- heart of the drive architecture trol systems such as the Porsche is the electric motor, which is Dynamic Chassis Control Sport integrated into the eight-speed (PDCC Sport), which includes dual-clutch transmission (PDK) Porsche Torque Vectoring Plus and still produces a power output (PTV Plus), rear axle steering of 136 PS (100 kW) and maxi- with Power Steering Plus as well mum torque of 400 Nm. Togeth- as the Porsche Ceramic Compos- er with the different combustion ite Brake (PCCB) system. engines offered, this makes for The new Porsche Panamera outstanding driving performance. models are available to order In combination with its standard now. First units are expected to Sport Chrono package, and pow- arrive in March 2021. ered by a four-litre V8 biturbo engine that now delivers 571 PS reach 100 km/h from a standing has an all-electric range of up to power socket. A model-specific (420 kW) instead of 550 PS (404 start on its way to a top speed of 50 km according to WLTP EAER charging capacity of up to 7.2 kW kW), the new Panamera Turbo up to 280 km/h (+2 km/h). City (NEDC: up to 59 km), while is possible with the standard Por- S E-Hybrid now completes the The gross capacity of the the Panamera 4 E-Hybrid can sche Mobile Charger. Charging sprint from zero to 100 km/h in high-voltage battery has been be driven with zero local emis- can also be done at public charg- 3.2 seconds – 0.2 seconds faster increased from 14.1 to 17.9 kWh, sions for up to 56 km according ing points using a Mode 3 cable. than its predecessor. It reaches thanks to the use of optimised to WLTP EAER City (NEDC: up a top speed of 315 km/h, which cells, and the driving modes to 64 km). The Porsche plug-in Visually sharpened represents an improvement of 5 have been adapted for even more hybrid models are preferably The newly designed front end km/h. The Panamera 4 E-Hybrid efficient energy utilisation. The charged at home – either via a of the Panamera Turbo S E-Hy- takes just 4.4 seconds (-0.2 s) to new Panamera Turbo S E-Hybrid standard domestic outlet or a brid is differentiated by its dual Economy & Business Thursday, October 22, 2020 11 Qualcomm launches new chips, software for 5G network gear

DPA rollout of 5G. virtualization and modular Qualcomm’s 5G infrastruc- key stakeholders to make the San Diego While Qualcomm used network gear with open, in- ture platforms are expected to deployments of these networks to build network gear, it sold teroperable interfaces rather be available for sampling by a reality.” Amon said 90 cel- Qualcomm is best known that business years ago to fo- than standalone, proprietary network engineers in 2022. lular operators in 40 countries for making processors that cus on mobile devices. Today, designs. “Our 5G expertise and have launched 5G networks, power the cellular connection European firmsE ricsson and These new network archi- global technology leadership with more than 300 others in- in smartphones. But with the Nokia, as well as Huawei and tectures are where Qualcomm uniquely positions Qualcomm vesting in the technology. The emergence of faster 5G tech- other Chinese firms, are the hopes to make inroads with Technologies to provide a company predicts that there nologies, the company now top makers of wireless infra- its lineup of Radio Access Net- comprehensive horizontal will be 750 million 5G cellular plans to broaden its reach with structure equipment installed work chips and software, sell- infrastructure platform to devices by the end of 2022, a new lineup of chips and soft- at base stations and elsewhere ing to existing mobile network enable the deployment of in- swelling to 3 billion by 2025. ware for 5G network gear. in the network. No Ameri- firms as well as potentially new novative, high-performance, About a dozen mobile op- At its 5G Summit event can companies are prominent players entering the market. virtualized, and modular 5G erators globally supported on Tuesday, Qualcomm an- players, which has been a sore This summer, for example, networks at scale,” said Cris- Qualcomm’s efforts to supply nounced that it would offer spot for some US officials. Rakuten Mobile built a green- tiano Amon, president of chips and software for emerg- technologies for virtualized With 5G, however, new field 4G network in Japan Qualcomm. “We are working ing 5G network architectures, and interoperable network ar- types of network designs are based on software virtualiza- closely with mobile operators, including AT&T, Telefoni- chitectures that are expected popping up, including some tion with the help of Qual- network equipment vendors, ca, Vodafone, Softbank and to take hold with the continued that use cloud-based software comm. standards bodies and other Deutsche Telekom. As oil prices dive, The economic cost of Iraqi Kurds seek to diversify economy the Karabakh conflict AFP he told AFP. “I wouldn’t call Meer Rostam, Iraq this a healthy economy.” The enclave has a Kurdish economist Iraq’s Kurdish region Bilal Saeed also argued the small but fast-grow- has for decades lived off its region’s leaders had made a ing economy which oil wealth, but plummet- strategic blunder by letting ing energy prices amid the other sectors fall by the was worth $710 pandemic and financial wayside. mismanagement are forc- “Instead of using that million in 2019 ing locals to return to long revenue to develop the agri- abandoned farms. culture, health and tourism AFP Civil servants from the sectors, the government Moscow northern region’s bloated of Kurdistan has focused public sector have gone mostly on developing its oil Heavy fighting between oil- without pay and many are sector and ignored the rest,” rich Azerbaijan and its impov- now turning back to agricul- he said. erished, landlocked neighbour ture and other businesses to Over-reliance on energy Armenia over the disputed make ends meet. has also had a corrosive ef- Nagorno-Karabakh region is On a rugged hillside fect on Iraq’s state appara- dealing a major blow to their some 50 kilometres (30 tus and fuelled corruption. economies, already battered by miles) east of Arbil, the A World Bank report the coronavirus pandemic. booming regional capital, this year pointed to Iraq’s vineyards are ripe for har- “failure to equitably share Armenian subsidies vesting as a new source of the benefits of oil wealth” The Armenian-populated income. and described a murky region of Nagorno-Karabakh Abdallah Hassan, 51, patronage system. broke away from Azerbaijan in a civil servant from the “First, the dominant a 1990s war and has remained nearby village of Meer Ros- parties use government under the control of ethnic-Ar- tam, has returned to harvest payrolls to reward politi- menian separatists backed by the grapes, used to produce cal loyalty,” it said. “Sec- Yerevan. It has a small but fast- raisins and vine leaves, for ond, they use government growing economy which was the first time in almost 20 contracts to enrich busi- worth $710 million in 2019, years. ness people close to their according official figures cited “There is hardly any leaderships. Third, money by the RBK Russian business An elderly woman walks at the almost empty city of Stepanakert on October 21, 2020, during the ongoing fighting between Armenia and work left for us and there is simply stolen from the news website. Azerbaijan over the breakaway region of Nagorno-Karabakh. (ARIS MESSINIS/AFP) are no salaries,” he said, ministerial budgets for both Over the last decade it complaining that the personal gain and party registered an average annual ic, analyst Tatul Manaseryan per, gold, precious stones -- is pumps crude and natural gas them -- a claim Yerevan has regional government now use.” growth rate of around 10 per- told AFP. the backbone of Karabakh’s from the Caspian Sea to Eu- denied. “only pays wages every It is a similar story in cent, RBK reported. “There is no infrastructure economy. rope via pipelines that bypass A disruption in energy couple of months”. the Kurdish region, where More than the half of the (in Karabakh) that escaped be- The Armenian group Russia. exports would deal a heavy “It’s better for farmers to lucrative state posts have enclave’s budget consists of ing damaged: gas, water, elec- Vallex, which operates mines The supplies reduce Eu- blow to Azerbaijan’s economy, tend to their fields than wait long been handed out by subsidies from Armenia and tricity... hydroelectric facilities in the Martakert district close rope’s dependence on Russian which has suffered from falling for the payday or for char- the two main ruling parties, generous donations from the and mining structures,” he to the frontline, said it was energy, which the Kremlin has oil prices. ity.” the Patriotic Armenian diaspora, funds said, adding that the human forced to shut down its Kachen sought to leverage as a geopo- “The pipelines are laid two Hassan Union of which have sparked a construc- cost of the fighting “will be the mining complex, which is the litical tool against the West. meters underground, so there recounted With its budget now bled dry Kurdistan tion boom. main (economic) burden” for region’s largest employer and The Baku-Tbilisi-Ceyhan is protection there from mate- how before and the Kurdistan Regional and the If Azerbaijan recaptures the land of some three million taxpayer. oil pipeline -- operated by rial damage,” analyst Swapnil the 2003 Kurdistan Karabakh, Armenia would lose people. Another important source Western companies such as Babele of Rystad Energy, an in- US inva- Government facing some Democratic important local infrastructure “There will be a deficit of of revenues are Karabakh’s British Petroleum, the US’s dependent energy research and sion that $28 billion in debt, it decid- Party. and hundreds of millions of qualified workforce.Y oung en- hydropower plants which pro- Chevron and Norway’s Statoil business intelligence company. toppled ed in June to slash civil serv- This dollars it pumped into the re- gineers and scientists are going duce electricity both for local -- connects Azerbaijan to Tur- Babele added that if Arme- ex-dictator ants’ salaries by 21 percent. has created gion’s economy over decades. to the front. It will be a demo- consumption and for export to key via Georgia. nian troops capture territory Saddam a bloated Last year alone, Yerevan graphic challenge.” Armenia. The Baku-Tbilisi-Erzurum that pipelines cross through, Hussein’s public sector transferred $120 million to The clashes in Karabakh Azerbaijan has claimed it gas pipeline operated by BP is this would represent “a poten- regime, the Kurdish region with over 1.2 million staff, Karabakh’s budget, according that erupted on September took control of one of Kara- expected to be linked with Italy tial threat to oil and gas exports had survived on farming around 40 percent of them to RBK. 27 are deadliest since the bakh’s main hydroelectric by the end of the year. in the region.” during years of painful sanc- in the military and security Armenia’s economy is ex- 1994 ceasefire and have so far plants, Khudaferin, on the bor- Both pipelines are within Any disruption would also tions. sectors, out of a regional pected to shrink by at least 10 claimed more than 900 lives. der with Iran. the firing distance of Kara- have an impact on Turkey, Since then, in its drive population of five million. percent this year -- against bakh, and Azerbaijan has said which is linked to Azerbaijan to secure lucrative oil With its budget now four-percent growth projected Mines and electricity Oil and gas pipelines its air defences shot down by energy delivery and transit revenues, the autonomous bled dry and the KRG facing prior to the Covid-19 pandem- The mining sector -- cop- Energy-rich Azerbaijan Armenian missiles targeting contracts. Kurdistan Regional Govern- some $28 billion in debt, ment (KRG) had mostly it decided in June to slash abandoned agriculture. civil servants’ salaries by 21 Big investments from percent. multinational energy com- But despite this, it has panies have transformed been unable to pay all of Spain tourism sector eyes 100-bn-euro loss over virus the region, and Arbil has their wages on time, with become an urban hub with the outstanding pay, accu- AFP people -- the highest figure in loan guarantees, a moratorium skyscrapers and luxury mulated over years, esti- Madrid the EU. on mortgage payments, and hotels. mated at $9 billion. Since early October, the lower airport taxes for airlines. Devastated by the pan- Spanish capital and close to a Even though Spain will be Patronage networks ‘Hit by cheap imports’ demic, Spain’s all-important dozen nearby towns have been one of the main beneficiaries This year, however, the Shukri said that despite tourism sector is expected to subjected to a partial lock- of the European virus rescue Covid-19 pandemic and current woes, his invest- incur losses of more than 100 down, and across the north- plan, under which it will re- tumbling oil prices have ment board had granted 60 billion euros ($120 billion) this eastern region of Catalonia, ceive around 140 billion euros, taken a heavy toll, worsened investment licences worth year, an industry body warned bars and restaurants have been “we cannot discern any clear by budget disputes with $1.5 billion, mostly in agri- Wednesday. closed for a fortnight. prioritisation of the tourism the central government in culture and manufacturing. If the dire prediction Including the impact of sector,” Zoreda said. Baghdad. But how many projects proves correct, it would take the latest restrictions -- which Sanchez’s government has The Iraqi economy, one will go ahead is uncertain the sector’s annual income Exceltur estimates will cost said it is planning to drive 70 of the world’s most oil- at a time of growing impa- back to the level it was in 1995, almost 7.5 billion euros -- the percent of the funds into medi- dependent according to the tience among local entre- the Exceltur tourism associa- sector’s annual losses are seen um- to long-term investments World Bank, saw its gross preneurs. tion said. rising to 106 billion euros by in the environment and the domestic product contract Iraqi businesses face “We would go back 25 the year’s end. country’s digital transforma- by about 10 percent this tough competition from im- years in terms of what the After an initial three- People wearing face masks walk in Burgos, northern Spain. (Cesar tion. year. ports from Iran and Turkey, Spanish tourism sector gener- month shutdown at the start Manso/AFP) For the tourism industry, Mohammed Shukri, whose currencies have been ates,” Jose Luis Zoreda, the as- of the pandemic, the industry the immediate challenge is chairman of the Kurdistan devalued while the Iraqi sociation’s vice president, told then suffered a catastrophic cent of gross domestic product the banking sector during the “how to make it to the end of Board of Investment, said dinar remains indexed to a news conference, saying it summer with holidaymakers (GDP) and 13 percent of em- financial crisis. the month,” he said. putting all of the regional the dollar. would be a “dire scenario”. shunning Spain before taking ployment. - ‘We need to survive to- “To be able to bet on to- economy’s eggs into the Baarz Rassul, whose Exceltur has been forced a new blow from the October Zoreda said the govern- day’ -In June, the government morrow, we need to survive energy basket had proven company Hend Steel pro- to further amend its annual restrictions, with annual turn- ment had not fully understood of Socialist Prime Minister today.” costly. duces 50,000 tonnes of cast predictions after regional au- over seen plunging 70 percent the extent of the crisis affecting Pedro Sanchez announced a Exceltur has also demand- “We’re rich when the oil steel per month, pleaded for thorities stepped up restric- on last year’s figures. the industry, saying an “ur- 4.2-billion-euro rescue pack- ed that the government extend price is high, and we’re poor “higher customs duties and tions to slow the virus which Tourism is hugely impor- gent rescue plan was needed.. age for the ravaged tourism its furlough scheme -- current- when the oil price is low,” better border controls”. has claimed some 34,000 lives tant to the Spanish economy, including direct aid” along the sector, but the funds largely ly set to run until January 31 -- and infected nearly a million accounting for some 12 per- lines of the bailouts granted to amounted to state-sponsored until the end of next year.