US Adds 287,000 Jobs in June, Giving Stock Markets a Boost
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HOPES DASHED | Page 2 BANKING NORMS | Page 3 Tata Steel to PBoC queries halt UK plant some banks on sale process MLF demand Saturday, July 9, 2016 BREXIT IMPACT: Page 12 Shawwal 4, 1437 AH GULF TIMES UK consumer confi dence suff ers BUSINESS one of its biggest falls in 21 years Qatar firm calls for best practices in waste management By Peter Alagos 100% natural fruit and vegetable juices, bottles, which we recycle. Hopefully, the be used for composting. The company disposes around 3,000 tonnes of solid Business Reporter does not only practice recycling but practice will inspire them to recycle as also supports local and regional farmers domestic waste, according to statistics encourages customers to recycle by well,” al-Dorani told Gulf Times. by buying their products first, depending from the Ministry of Municipality and returning the company’s plastic bottles. To help educate the community on on their availability. Environment (MME). A local firm specialising in the production As an incentive, al-Dorani said customers sustainable development and best The Qatari-American entrepreneur The figure, however, does not include of natural juice drinks has underscored get QR1 off on their next order for every practices, al-Dorani said Raw Middle East also emphasised the need for more construction and hazardous wastes the need for more companies in Qatar bottle returned. has posted on its website other initiatives awareness on recycling initiatives from collected from diff erent industrial and to maintain best practices in waste Aside from plastic bottles, Raw Middle that help minimise the company’s the private and public sector. construction areas. management, specifically recycling. East also uses tote delivery bags that are carbon footprint such as use of eff icient “I think there should be more awareness The Integrated Domestic Solid Waste Citing the availability of a range of also recyclable. lighting, deploy new vehicles for less gas about these initiatives in Qatar and Management Centre at Mesaieed, which incentive programmes for eco-friendly “While these eff orts don’t have any emission, and the use of a timesaving that there should be more waste was established in 2011, has the capacity practices in the US or the UK, Raw Middle economic benefit to the company, we scheduling system to reduce operating management companies that would to recycle green waste and organic East founder Layla al-Dorani noted that simply try to become a sustainable days and utility consumption, among promote these programmes. It’s materials up to 750 tonnes per day. The companies in Qatar should “do their company and put our best foot forward. others. something that should be explored facility is currently undergoing expansion Al-Dorani: Preserve environment. part” in preserving the environment. She I think we’re the only company in Qatar Al-Dorani said Raw Middle East donates further,” she said. to accommodate more waste, the MME PICTURE: Thajudheen said Raw Middle East, which produces that pays our customers to return our its by-products to farmers, which could On a daily basis, the country collects and added. IMF cuts eurozone US adds 287,000 jobs in June, growth forecast giving stock markets a boost for 2017 AFP Washington AFP Brussels S employers added new workers at a sur- prisingly strong rate in June after an un- Unerving stall in May, delivering a fresh he IMF cut its growth forecast sign of US economic strength, the Labor Depart- for the eurozone yesterday, cit- ment reported yesterday. Ting the fallout from Britain’s The much better-than-expected numbers shock vote to leave the European Un- gave a boost to markets in the US and Europe, ion. battered down by worries that Britain’s vote to The IMF cut the growth forecast for withdraw from the European Union will drag 2017 to 1.4%, from the earlier 1.6%, down economic growth. “mainly due to the negative impact of But analysts remained cautious, saying it still the UK referendum outcome,” the In- waits to be seen whether the rebound from May ternational Monetary Fund said in a will be sustained. statement. Private businesses and government authori- “Downside risks have grown,” the ties across the United States generated 287,000 Washington-based fund added. new positions last month, 112,000 more than Spillovers from the Brexit vote, the analysts had expected. refugee crisis as well as terrorism con- The strongest hiring was in the health care, cerns “could contribute to greater un- hospitality, information and retail sales sectors, certainty, hurting growth and hinder- while government hiring also picked up. ing progress on policies and reforms,” That largely compensated for the poor num- it said. bers from May that had shocked policymakers British Prime Minister David Cam- and markets, sending the dollar lower and con- eron stepped down last month after tributing to the Federal Reserve’s decision last losing the Brexit referendum and left it month to put off an interest rate hike. to his eventual successor to start nego- The May job creation numbers in fact were re- tiations to fi nd a new relationship with vised downward in Friday’s data from the origi- Brussels. nal 38,000 reported to just 11,000. EU member states have pressed June’s hiring levels boosted the monthly aver- 100 barometer rising 1% and Frankfurt’s DAX in- pace for the last three months to 2.5%, compared hiring surge means for the economy going ahead, Britain to begin the negotiations im- age of the last three months to a solid 147,000, dex gaining 2%. with the 12-month rate of 2.6%. saying US businesses could remain cautious in mediately but in London the preferred which economists say is adequate to keep bring- With analysts saying the data increases the And the unemployment rate, which is based the coming months, concerned about the pos- option is to proceed with extreme cau- ing down unemployment overall. chances that the Federal Reserve will raise inter- on a separate database from the job creation sible economic drag from Britain’s vote to with- tion, leading some to say Britain may “This is a good trend but nothing spectacu- est rates at least once before the end of the year, numbers, rose by 0.2 percentage points to 4.9%, draw from the European Union, expected to hit even be stalling on the talks. lar. It suggests that hiring has taken a step down the dollar jumped to $1.1029 against the euro, though still near the lowest level in more than economic growth in Britain and Europe. “The impact that we worry about is since late last year but that job growth is still compared with $1.1078 before the announce- eight years. “We believe the trend remains more than that if the process takes longer, in ad- strong enough to absorb slack in the labour mar- ment. US bond yields, which had plunged in re- That rise was mainly due to a large jump in the strong enough to keep the unemployment rate dition to the obvious trade disruption ket,” said analysts at Nomura Global Economics cent weeks with the 10-year Treasury hitting a number of people reported rejoining the work- declining over time, consistent with addi- and the uncertainty about the new in a client note. record low, spiked higher in early trade. force, diluting the impact of the hiring surge on tional upward pressure on wage gains,” said Jim trade relations between the UK and “Most important, today’s report quells any The jobs report was not unequivocally good the jobless rate. O’Sullivan, chief US economist at High Frequen- the EU area,” said Mahmood Pradhan, concerns of a broader economic slowdown in the news. In May the unemployment rate had fallen from cy Economics. deputy director of the IMF’s European US.” Wage growth, another indicator of the 5% to 4.7% after the volatile data showed a huge But O’Sullivan expects the Federal Reserve will department, in a teleconference with Markets reacted positively, with the S&P 500 strength of the employment market and the number of people had dropped out of the labour continue to keep US interest rates on hold at its reporters. on Wall Street adding 1.1%, the London FTSE economy generally, slowed, bringing the annual force. Analysts remained cautious over what the end-July meeting. Shell CEO warns Brexit could slow $30bn asset sale plan IMF board approves $5.34bn Reuters could take longer than the initial time-frame. production globally and deepwater exploration in Brazil. standby arrangement for Iraq London But van Beurden said on Wednesday the uncertainty Sales in the North Sea, an ageing oil basin that has seen that has engulfed global markets following Britain’s production falling since the late 1990s, have been seen Brexit vote on June 23 was set to be an obstacle for as particularly diff icult following the halving of oil prices Reuters Royal Dutch Shell’s chief executive, Ben van Beurden, the programme, according to two investors who were over the past two years. Washington has told investors that Britain’s decision to exit the at the Wimbledon event. A possible Scottish independence drive could further European Union could slow its $30bn asset sale plan, “Ben said that post-Brexit, the disposals could take cloud the outlook for the North Sea oil industry and especially in the North Sea which had struggled to more than three years to complete,” one source stall mergers and acquisitions in the region due to The International Monetary Fund said on Thursday its executive board ap- attract buyers for years.