18 OCTOBER 2020 | 01 RABI UL AWAL 1442 HIJRI | VOLUME NO. 08 | ISSUE 63 /emiratesbusiness.ae @emi_business emirates-business.ae

OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0353 B r e n t Crude $42.93/bbl buLLION trump can’t ignore vote results without help Abu Dhabi - ADX 4,554.37 EuRo 4.3171 CHF 4.0551 WTI Crude $40.88 /bbl Claiming election fraud and refusing to accept a clear loss would precipitate a constitutional crisis on a scale not seen since Civil GBP 4.7536 CAD 2.8032 N a t u r a l G as $2.77 /MMBtu Dubai - DFM 2,194.63 War, writes Noah FeldmaN PRECIOUS METALS AmEricAs PAGE 07 New york - NYA 13,169.32 EXCHANGE RATE Sri Lankan Rs 50.12 Gold $1,906.40/t oz US budget gap triples to record $3.1trn on virus relief Indian Rs 19.83 Philippine Peso 13.01 Gold-Dubai AED230.25/gm Buy for London - UKX 5,919.58 Bangladesh Taka 22.32 (AED) 26,856.36 The increase brought deficit as a share of GDP to 16% in year ending Pakistani Rs 43.87 Silver $24.41/t oz in September, the largest since 1945, a Treasury report shows

Sunday

Price UAE: AED 2

anti-lockdown rally in london UAE announces AI-powered Alef Platform in public schools The Ministry of Education’s initiative will turn challenges faced in distance learning into promising opportunities abu dhabi / WAM The AI-powered ‘Alef The Ministry of Education Platform’ will be launched (MoE) announced the imple - mentation of the "Alef Plat - in 196 schools in Dubai, form" in all UAE public Sharjah, Ajman, Umm Al schools, which will allow the Qaiwain, Ras Al Khaimah ministry to use the Alef Plat - and Fujairah in stages, form to achieve its goals of Al Qaiwain, Ras Al Khaimah developing a digital educa - and Fujairah in stages, the the final of which will tion system capable of final of which will be by be by December adapting with all possible December this year. changes caused due to Covid- The initiative aims at pro - 19 pandemic and turn the viding the UAE’s educational cational system. This pro - challenges faced in distance system with the latest inno - gramme serves the UAE’s fu - learning into promising vations in digital education turistic strategies and opportunities. including AI and Big Data. supports the application of Alef Education will launch This will facilitate the smart education in the UAE its innovative award-win - achievement of the national to provide students with A protester holds a placard during an anti-lockdown rally on Oxford Street, London on Saturday. As fresh curbs on movement took effect, ning, AI-powered Alef Plat - agenda of the United Arab world-class education that British Prime Minister Boris Johnson has vowed to do everything possible to keep country’s economy running —DPA form in 196 schools in Emirates, which includes fulfills their educational Dubai, Sharjah, Ajman, Umm developing a first-rate edu - needs. page 2 opec+ is contending with unexpected return of libyan oil output, which hit 500,000 barrels a day this week Aldar signs deal to support UAE’s frontline professionals abu dhabi / WAM The agreement allows Aldar to directly support Oil gains as resurgence of Aldar Properties (Aldar) the Frontline Heroes Of - signed a Memorandum of fice’s mission to raise Understanding (MoU) with awareness of the key role the Frontline Heroes Office played by frontline profes - (FHO) to recognise and sionals during crises and virus threatens demand support UAE’s frontline emergencies in 2020 and Futures edged lower, but still managed to record an advance of 0.7 percent on professionals. beyond. shrinking US crude stockpiles and signs of improving demand in China and India

BlooMBerg n The crude market’s Wizz Air Abu Dhabi all Oil posted a small weekly gain structure continues to on tentative signs that demand strengthen, with the set to launch operations is picking up even as a new wave of coronavirus cases casts spread between Brent’s abu dhabi / WAM a shadow over the market. nearest contracts at its Futures in New York edged narrowest since late July Wizz Air Abu Dhabi, the new lower, but still managed to record national airline of the UAE’s, an advance of 0.7% this week on officially received its Air shrinking US crude stockpiles n Prices pared earlier Operator Certificate (AOC) and signs of improving demand losses after American from the UAE General Civil in China and India. Gains were retail sales and Aviation Authority (GCAA). Wizz Air demonstrated capped by record new virus Receiving the AOC com - its operational cases from Germany to Portugal consumer sentiment pletes the last step in the reg - and the biggest surge in US daily Crude futures in New York clung close to the $40-a-barrel mark since September amid indicators topped ulatory processes for starting capabilities to the uncertainty around a demand recovery as coronavirus pandemic rages infections in two months. estimates the airline and is the confir - GCAA during special “We had some bright spots, demand remains depressed. mation from the GCAA that demonstration flights but the outlook remains really Opec+ forecasts that global At the same time, the market’s Wizz Air Abu Dhabi is in com - conducted on board of challenged in terms of demand oil supplies could rise by structure continues to months, and that’s going to be pliance with all applicable re - and the rising Covid cases,” said strengthen, with the spread be - positive for crude,” said Edward quirements and is fully Airbus A321 Neo aircraft John Kilduff, a partner at Again 200,000 barrels a day next tween Brent’s nearest contracts Moya, a senior market analyst at capable of fulfilling its respon - Capital LLC. “We keep getting year if Libya manages to at its narrowest since late July. For Oanda Corp. sibilities and conducting a safe these dueling inputs where we revive supply and the West Texas Intermediate futures, The Opec+ is contending with and efficient operation. The tatives managed to obtain the get some hopefulness about pandemic hits demand the prompt spread rallied to its unexpected return of Libyan oil AOC processes have been necessary requirements to ac - things picking up and then get tightest contango in a month. output, which hit 500,000 barrels completed over the course of quire the operator certificate. knocked back down.” harder than expected Prices pared earlier losses a day. The group forecasts that eight months, during a period Wizz Air demonstrated its Crude futures in New York after American retail sales and global oil supplies could rise by of unprecedented crisis in the operational capabilities to the have clung close to the $40-a- consumer sentiment indicators 200,000 barrels a day next year if airline industry due to Covid- GCAA during special demon - barrel mark since September Petroleum Exporting Countries topped estimates. Libya manages to revive supply 19, travel restrictions and stration flights conducted on amid uncertainty around a de - (Opec) producers and allies see a “Everyone is going to be still and Covid-19 hits demand harder lockdowns of countries. De - board of the most modern air - mand recovery as the virus rages. risk of an oil surplus next year consuming a wide variety of than expected, according to a spite this, both the GCAA and craft currently available in the Meanwhile, the Organisation of if Libya’s production rises and goods going into these coming document seen by Bloomberg. Wizz Air Abu Dhabi represen - market, the Airbus A321 Neo.

Dubai Customs sees 38.5% Covid-19: UAE FCA, Dubai Exports partner announces new growth in H1 transactions to facilitate business, trade 1,411 recoveries dubai / WAM abu dhabi / WAM

Dubai Customs made another As per MoU, Federal Customs Authority will play a pivotal role in The Ministry of Health and success story thanks to the helping Dubai-based firms to expand and enter world markets Prevention (MoHAP) an - fruitful cooperation with its nounced that it conducted clients and strategic partners abu dhabi / WAM 130,567 additional Covid-19 as it raised the percentage of The MoU addresses leveraging tests over the past 24 hours, online services to 99.3 percent, The Federal Customs Authority collaboration and coordination using state-of-the-art med - completing 7.2 million transac - Dubai Customs (FCA) signed a memorandum of between FCA and Dubai Exports ical testing equipment. tions during first six months of completes 7.2 million understanding (MoU) with As part of its intensified this year, growing 38.5 percent Dubai Exports Corporation, a in sharing information, foreign testing campaign, MoHAP compared to 5.2 million trans - transactions during Dubai economic institutions, trade-relevant statistics and supporting announced 1,538 new coro - actions in the corresponding H1, 2020 as compared to with a view to boost joint col - ‘Exporters Gateway’ initiative navirus cases, bringing the period last year. 5.2 million transactions laboration, facilitate business total number of recorded This has led to reducing in the corresponding and trade for Dubai emirate’s cases in the UAE to 114,387. time and effort on clients and exporters and share informa - trade and customs operations tion between the two parties in The ministry also noted an reduced cost on businesses. period last year tion and expertise between the in the country, and the desire to sharing information, foreign additional 1,411 individuals With this in mind, Dubai Cus - parties. foster collaboration and coordi - trade-relevant statistics, sup - had fully recovered from toms, following its digital trans - The MoU was remotely exe - nation with these partners to porting "Exporters Gateway" Covid-19, bringing the total formation policy, announced site, smart applications, and cuted by Alia Almarmoom, pave the way for achieving UAE initiative to benefit from infor - number of recoveries to the closure down of some cus - self-service machines. Managing Director of Customs vision 2021, in addition to un - mation and electronic services 106,354. tomer service centers, while Dubai Customs showed an Affairs Sector, FCA, and Saed derpinning the prudent govern - offered by the portal to find In a statement, the min - boosting services at its open impressive level of corporate Alawadi, Managing Director of ment’s strategy to attain new markets for products and istry stressed its aim to con - centers to meet the needs of all agility during the pandemic Dubai Exports Corporation. sustainable development and a services, in addition to collabo - tinue expanding the scope clients. Clients can access Dubai abiding by strict measures and Alia Almarmoom said the leading position in economy ration in the Authorised Eco - of testing nationwide to fa - Customs services through a following all health and safety MoU embodies the FCA’s keen - and customs regionally and nomic Operator (AEO) and cilitate the early detection number of channels made requirements, while providing ness to reinforce partnership globally. addressing foreign trade chal - of coronavirus cases and available by the government quality services to ensure relations with the most eminent The MoU addresses leverag - lenges across the emirate of carry out the necessary department including the web - streamlined flow of trade. strategic partners in foreign ing collaboration and coordina - Dubai. page 2 treatment. SUNDAY 18 OCTOBER 2020 02 news

FederAl Customs Authority (FCA) signs memorandum of understanding with dubai exports Corporation Abu Dhabi banks’ net income reaches FCA, Dubai Exports partner AED9.55b in Q2 2020 to facilitate business, trade aBU DhaBI / WAM Commercial and Islamic banks operating in Abu The two sides will navigate opportunities, organise promotional events, especially Dhabi recorded a total net income of around AED9.55 in terms of exhibitions, trade delegations, training sessions, workshops and forums billion in Q2 of 2020, ac - cording to data issued by aBU DhaBI / WAM the Statistics Centre-Abu Dhabi (SCAD). The Federal Customs Authority The net income of tradi - (FCA) signed a memorandum of tional (commercial) banks The net income of understanding (MoU) with in Abu Dhabi from interests, traditional (commercial) Dubai Exports Corporation, a investments and other Dubai economic institutions, sources of income totalled banks in Abu Dhabi with a view to boost joint col - AED8.5 billion, accounting from interests, laboration, facilitate business for 89 percent of the sec - investments and other and trade for Dubai emirate’s tor’s total income, while Is - exporters and share informa - The MoU reinforces lamic banks comprised the sources of income tion and expertise between the the outlook of joint remainder. totalled AED8.5bn, parties. collaboration to unify efforts The statistics also show accounting for 89% of The MoU was remotely exe - that the total value of net the sector’s total cuted by Alia Almarmoom, for stimulating exports and interests was AED4.88 bil - Managing Director of Customs economy in general, as we lion in the second quarter income Affairs Sector, FCA, and Saed strive to provide facilities against AED3.956 billion in Alawadi, Managing Director of and capabilities through the corresponding quarter Dubai Exports Corporation. of 2019. the data pointed out corporation’s services in Alia Almarmoom said the The MoU between FCA and Dubai Exports Corporation addresses leveraging collaboration The investment income that the employee’s share MoU embodies the FCA’s keen - and coordination between two parties in sharing information, foreign trade-relevant statistics addition to joint initiatives amounted to AED1.366 bil - of total compensations ness to reinforce partnership and supporting “Exporters Gateway” initiative —WAM with our strategic partners lion, other sources of in - amounted to AED37,305 in relations with the most eminent according to which come for AED2.25 billion, the reference period, com - strategic partners in foreign while Islamic banks' net pared to AED38,211 for the economic growth will be trade and customs operations in We are proud of our partnership income reached AED1.05 corresponding period in the country, and the desire to bolstered billion. 2019. A total of 10937 em - foster collaboration and coordi - with Dubai Exports Corporation and In terms of wages, ployees are working in nation with these partners to delighted to execute this MoU with it as it Saed Alawadi, Managing salaries, cash compensa - these banks, according to pave the way for achieving UAE is the concerned entity in Dubai to furnish Director of Dubai Exports tions and in-kind benefits, the SCAD. vision 2021, in addition to un - exports promotion and developments Corporation derpinning the prudent govern - ment’s strategy to attain services to local community and support sustainable development and a industry in the emirate egations, training sessions, leading position in economy workshops and forums, in addi - and customs regionally and Alia Almarmoom, Managing Director tion to exchange of expertise Shuaa Capital approves globally. of Customs Affairs Sector, FCA through mutual meetings, "We are proud of our part - workshops and specialised $150mn bond issuance nership with Dubai Exports training sessions with a view to Corporation and delighted to tion to joint initiatives with our trade-relevant statistics, sup - develop parties staff capabilities DUBaI / WAM execute this MoU with it as it is strategic partners according to porting "Exporters Gateway" and enabling them take neces - the concerned entity in the emi - which economic growth will be initiative to benefit from infor - sary measures and procedures Shuaa Capital has approved rate of Dubai to furnish exports bolstered. mation and electronic services to control exports and effective the issuance of non-convert - promotion and developments Under such collaboration, the offered by the portal to find new implementation of their perti - ible bonds valued at $150 mil - services to local community Federal Customs Authority will markets for products and serv - nent controls. lion in one or more tranches in and support industry in the play a pivotal role in helping ices, in addition to collaboration Signatories will form a joint a private placement. emirate," she added. Dubai based companies to ex - in the Authorised Economic Op - workforce that will be man - These bonds will be listed On his turn, Saed Alawadi pand and enter world markets erator (AEO) and addressing dated to execute the MoU, con - on a market outside the UAE, said, "The MoU reinforces the thanks to its provisions of sta - foreign trade challenges across vene regular meetings, follow the company said in an an - outlook of joint collaboration tistics information and regula - the emirate of Dubai. up the set action plan, develop nouncement on the website the shareholders authorised to unify efforts for stimulating tory legislations." Under the MoU, parties joint framework, ensure the at - of the Dubai Financial Mar - the board to carry out all the exports and economy in gen - The MoU addresses leverag - agreed upon navigating oppor - tainment of agreed objectives ket where its shares are actions needed for the is - eral, as we strive to provide fa - ing collaboration and coordina - tunities, organising joint trade and submit bi-annual reports listed. suance, including completing cilities and capabilities through tion between the two parties in promotion events, especially in on collaboration outcomes and During the company's ordi - the timing, terms, and pricing corporation’s services in addi - sharing information, foreign terms of exhibitions, trade del - results. nary general meeting (OGM), details.

RTA resumes four bus Covid-19: Sharjah Mubadala Healthcare joins Etihad Police witnesses services to Global Village 21,000 violations to introduce wellness ambassadors DUBaI / WAM sharjah / WAM The initiative is part of a broader movement inspired by Dubai's Roads and Transport The Labour Accommoda - the airline to showcase Abu Dhabi as a safe destination Authority (RTA) decided to re - tion Inspection Commit - sume operations of the four tee of the Sharjah Police, aBU DhaBI / WAM bus routes that serve the SP, recorded more than Global Village from the start of 21,000 violations against Underlining Abu Dhabi’s repu - its new season 2020-2021. Covid-19 precautionary tation of prioritising the health The RTA will also resume the measures during its in - of its residents and visitors, electric Abra tourist services spection campaigns at Mubadala Healthcare has intro - inside the village as of October labour accommodations duced Wellness Ambassadors at 25, the date coincides with the The RTA will resume the in various areas of the all of its patient-facing facilities, silver jubilee of this premier electric Abra tourist emirate of Sharjah. including Cleveland Clinic Abu tourist and family destination. services inside the Global Brigadier Dr Ahmed Dhabi, Imperial College London "We will ensure the imple - Saeed Al Naour, Director- Diabetes Centre (ICLDC), mentation of preventive health Village as of October 25, General of Central Opera - Amana Healthcare, Healthpoint measures aboard the public the date coincides with tions in the Sharjah Police, and Capital Health Screening buses and at stations to safe - the silver jubilee of and Chairman of the Exec - Centre (CHSC). At each of the Mubadala Healthcare facilities, the most experienced guest relations officers guard against the spread of this premier tourist and utive Committee for have been selected to serve as Wellness Ambassadors Covid-19 amongst passengers, Emergency, Crisis and drivers and staff at stations. family destination Disaster Management in The concept of The initiative is part of a lighted to play our part in high - The four routes are Route 102 the emirate, noted that Wellness broader movement inspired by lighting Abu Dhabi as one of the from Rashidiya Metro Station, the inspection teams have Etihad Airways to showcase the safest places globally. The con - Route 103 from Union Metro sengers heading to the Global recorded 21,959 viola - Ambassadors on the capital as a safe destination to both cept of Wellness Ambassadors on Station, Route 104 from Al Village. The service features tions between May 20 and ground aligns perfectly with live in and visit. Mubadala Health - the ground aligns perfectly with Ghubaiba Bus Station, and high comfort and safety levels October 1. He added that our core philosophy of care will be joined in the venture our core philosophy of always Route 106 from Mall of Emi - that will add more pleasure to 6,959 violations were re - always putting patients first by several Mubadala Investment putting patients first. These spe - rates Metro Station," said the journey to and from the vil - ported from the industrial Company hospitality and retail cially trained personnel repre - Ahmed Hashim Bahrozyan, lage during the new tourist areas. outlets, as well as other leading sent a very accessible way for CEO of Public Transport season," he commented. Hasan Jasem Al Nowais, entities across the emirate. patients to raise any health or Agency (RTA). nFor full story, read Senior Vice President at Hasan Jasem Al Nowais, Senior safety questions they may have, "This time we will be using nFor full story, read emirates-business.ae Mubadala Healthcare Vice President at Mubadala and to receive a fully person - deluxe Volvo coaches for pas - emirates-business.ae Healthcare, says: "We are de - alised response and advice." MoE implements ‘Alef Platform’ in all public schools It aims at providing UAE’s educational system with latest innovations in digital education including AI and Big Data

aBU DhaBI / WAM practices that give impetus to The Alef Platform will be used to teach 40,000 plus students the learning process. The Ministry of Education Eng. Abdul Rahman Al Ham - (MoE) announced the imple - from the fifth to the ninth grades the six core subjects, namely: madi, Undersecretary of the mentation of the "Alef Plat - Arabic Language, Mathematics, Science, Islamic Studies, Ministry of Education, af - form" in all UAE public schools, Social Studies and English Language with a plan to cover firmed that the UAE seeks to which will allow the ministry to consolidate its educational sys - use the Alef Platform to achieve grades 10th,11th and 12th during the next academic year tem and aspirations for the fu - its goals of developing a digital ture of education by laying the education system capable of foundation for a flexible and adapting with all possible December this year. plication of smart education in effective virtual learning changes caused due to Covid- The initiative aims at provid - the UAE to provide students ecosystem that meets UAE’s 19 pandemic and turn the ing the UAE’s educational sys - with world-class education ambitions and goals. He also challenges faced in distance tem with the latest innovations that fulfills their educational stated that practical steps are learning into the promising in digital education including needs. Alef Education will launch its innovative award-winning, AI-powered Alef Platform in 196 being taken within a deliberate opportunities. AI and Big Data. This will facil - The Alef Platform will be schools in Dubai, Sharjah, Ajman, Umm Al Qaiwain, Ras Al Khaimah and Fujairah strategic timeline to ensure Alef Education will launch its itate the achievement of the used to teach 40,000 plus stu - that the educational needs and innovative award-winning, AI- national agenda of the United dents from the fifth to the plan to cover grades 10th,11th journey in self-learning. Addi - requirements are fulfilled powered Alef Platform in 196 Arab Emirates, which includes ninth grades the six core sub - and 12th during the next aca - tionally, Alef Education will throughout the educational schools in Dubai, Sharjah, developing a first-rate educa - jects, namely: Arabic Lan - demic year. Teachers and stu - conduct virtual sessions for journey in the UAE. Ajman, Umm Al Qaiwain, Ras Al tional system. This programme guage, Mathematics, Science, dents will also have access to teachers on a monthly basis to Khaimah and Fujairah in stages, serves the UAE’s futuristic Islamic Studies, Social Studies several academic programs to cover the new upgrades in the nFor full story, read the final of which will be by strategies and supports the ap - and English Language with a support them throughout their platform with focus on the emirates-business.ae SUNDAY 18 OCTOber 2020 energy 03 Veolia to buy Engie’s Suez stake in prelude to full takeover BloomBerg disposal to protect its stakehold - tional commitment not to make Engie’s board agreed to ers’ interests. a hostile bid, Engie said. To pro - Veolia Environnement SA will Combining Veolia with its ceed on a friendly basis would buy a 29.9% stake in Suez SA sell the stake after Veolia smaller rival would create a require a major change of heart from Engie SA for 3.4 billion increased its price for its French national champion with from Suez, which has pledged to euros ($4 billion), setting the holding by 16% and more than 40 billion euros in “use all means at its disposal to stage for a full takeover — and offered guarantees on sales worldwide. The deal would avoid a creeping takeover.” potentially a long and acrimo - have to clear antitrust hurdles In a statement, Veolia pledged nious corporate battle. employment and overcome the French gov - to launch a takeover bid at 18 Engie’s board agreed to sell ernment’s concerns about job euros per share once it receives the stake after Veolia increased losses. The Finance Ministry, regulatory approval. The com - its price for its holding by 16% Suez, which has tried to thwart which owns more than a fifth of tain jobs until the end of “Both companies will have to pany reserves the right to and offered guarantees on em - the purchase, remains fiercely Engie and had pushed for 2023, which is a very valuable find a common ground” because change the offer price in the ployment. A full takeover would opposed to what it calls a “hos - a friendly outcome, voted commitment in the current “a merger needs to be friendly to event of any asset disposals, ac - create a global giant in waste tile” approach, and said again it against the sale of the stake. backdrop,” Engie Chairman be successful.” quisitions or other events that and environmental services. But would use all the means at its “Veolia has pledged to main - Jean-Pierre Clamadieu said. Veolia has made an uncondi - impact Suez’s balance sheet. ConocoPhillips in talks to buy Concho notice exPert meetinG the gulf time — Date: 18-10-2020 the gulf time — Date: 18-10-2020

BloomBerg and talks could fall through, the expert meeting and request for Documents — people said. Representatives for notice for comPanY name cHanGe case 350/2020 (appointment of commercial expert) ConocoPhillips is in talks to ac - Conoco and Concho didn’t im - notification for attendance to accounting expert meeting To: The Defendant in the Dispute/ Dubai arabian real estate LLc, their quire rival Concho Resources mediately respond to requests Representative/the Liquidator: H.A.M Auditing, Transworld Properties We, sPeeD LoGistics fZco , having License 3648 , International LLC, Mr. Abdul Nasseer Kottakkal, on his capacity as partner and Inc, according to people familiar for comment. director of Transworld Properties International LLC and Mr. Abdul Samnad Kalari with the matter, as one of Amer - The potential combination Kandy on his capacity as partner and director of Transworld Properties International L.L.C, in the Case No. 350/2020 (Dispute on Appointment of ica’s largest independent oil would be the latest sign that Our address at: F10 Dubai Airport Free Zone, hereby Commercial Expert - -Dubai. You are hereby notified that we have been appointed as Accounting Expert in the above Dispute filed against you by the explorers looks to make a bold long-expected consolidation in give notice for changing the company name to Plaintiff in the Dispute/ Mr. Abdul Jalil Mahdi Mohd Al Asmawi on his personal capacity and his capacity as Owner of Abdul Jaill Mahdi Mohd Al Asmawi bet on shale during an historic in New York trading on October the shale patch has finally saHara fZco . Group of Companies LLC and Manager of Al Jalil International General Trading LLC. Accordingly you, as a party to the above dispute, are hereby invited to industry downturn. 13, giving the Midland, Texas- arrived. attend the Expert Meeting which is scheduled to be held on monday october 26, 2020 (12:00 pm ) each from his/their premises through video conferencing The companies may an - based company a market value A purchase of Concho, which Any objection to this change should be sent in ZOOM application via the following. link: nounce a deal in the next few of $8.7 billion. has an enterprise value of https://us04web.zoom.us/i/501433625?pwd=T05ndW55R056aU1VdWxZOC9NUT09 , writing to Leasing and Licensing Department in in order to respond to the inquiries to be made by the Expert and enable you weeks, said the people, who Conoco was down 2% at $12.3 billion, could become the to submit any documents. In the event of your failure or failure of you Dubai Airport Free Zone Authority within fourteen representative to attend the meeting in due time, we will proceed with the asked to not be identified be - $34.88, translating into a mar - year’s largest takeover of an oil expert procedures and lodge our expert report to the court on the basis of the days from the publication of this notice. documents made available to us. cause the matter isn’t public. ket value of about $37 billion. and gas company, according to For communication with the expert: Phone No. 024443378, e-mail: [email protected] Shares of Concho declined 1.3% No final decision has been made data compiled by Bloomberg . the accounting expert/ mohammed abdul rahmani al marzooqi

the gulf time the gulf time the gulf time the gulf time Date: 18-10-2020 Date: 18-10-2020 Date: 18-10-2020 Date: 18-10-2020 Issued on: 12/10/2020 Date: 14/10/ 2020 Date of issue: 04/10/2020 Date: 10/15/2020 uniteD arab emirates uniteD arab emirates uniteD arab emirates uniteD arab emirates Ministry of Justice Ministry of Justice Ministry of Justice Ministry of Justice Defendant's notice by Publication notification by Publication application for notification of executive case via Publication in newspaper case no. 2294/2020 civil urgent ajman before the Lawsuit's management office, umm al Quwain, in the appeal no. 1159 of 2019 civil notification of the enforcee via Publication ajman court - urgent civil Department federal civil court of first instance sharjah court – civil execution court – alfa express fZe.- baqadeer on Lawsuit no. uaQcficiPor2020/0000337/ commercial Kabirov- Global charter services fZe. The Prosecutor / interliners fZe (summary) To Appellee Joining litigant: m b s Group fZe notice of payment regarding the case no. sHcexcicom2020/0001214- It is represented by / mohamed bani Hashem advocates and Legal consultants commercial\full bench Against To the Defendant: ashraf madatum narmal We notify you that the Appelant: abDuL nasser moHameD rifat aL-QaDri The defendants / 1- al-amana General trading company LLc To: the judgment debtors: 1- alfa express fZe. 2- Jahid al-islam batwari mufaddal al-Hussain The Address (unknown): Umm Al Quwain, Industrial Zone, Area No.1 near 2- baqadeer Kabirov 3- muhammad sharif Ghulam mustafa Zaitoon Plastic Factory LLC, King Faisal Street, the property owned by has appeal the issued judgment in the Civil Case No. 1694 of 2019 (Civil) 3- Global charter services fZe. 4- muhammad mushtaq muhammad muslim Khaled Ahmed Hassan Ali Al-Mansouri, Tel No. 067646724, Fax: Plenary- Al Sharjah. Whereas on …………….(date) a judgment (copy attached) was made against you in 067646723 and 067646725, Muhammad Mohi Mob No. 0526421303, favor of the claimant\ Space Cargo Incorporation, in respect of the case referred to Mr. Muhammad Sharif Ghulam Mustafa, and Mr. Muhammad Mushtaq Muslim, referring Socinranat 0562914428 and Ashraf Madatum 0552000716. above. to the preliminary court ruling on 09/22/2020 in the aforementioned case regarding the The Court set a session at the headquarter of the court at 09:30 AM And whereas the judgment creditor applied for enforcing the mentioned judgment and assignment of a committee of experts (mathematical and technical), you are invited to You are obligated to present the hearing dated 21/10/2020 before the before The Third Civil Circuit on Monday corresponding to 02/11/2020. paying the prescribed charges, and as the judgment to be enforced states as follows: attend in person or your authorized representative for the engineering expert meeting Lawsuit's Management Office, Umm Al Quwain, Federal Civil Court of The total amount, including the charges and expenses: AED.6667325 plus 5% legal interest scheduled for Tuesday corresponding 20/10/2020 at eleven o'clock in the morning 11:00 First Instance, and Office No. (Lawsuit Director's Office) in personal or by to be calculated as of 29/07/2018 until the date of full payment. So, you must attend in person or by your legal attorney and present all a.m. to hear your point of view and present your documents, at the expertise an authorized Attorney in addition to submit a plea regarding the Therefore, your are ordered to perform what is contained in the executive document headquarters in the emirate of Dubai - Deira City Center - behind Day to Day - Centurion Lawsuit to which all exhibits attached within a period not more than ten what you have of statements and documents and in the case of your referred to above within 15 days from the date on which you are notified of this notice. Star Building - Block B - seventh floor - Office 723 Or through the online conference call days from the date of the publication to consider the above-mentioned absence the court will consider the appeal as per the provisions of Law. If you fail to do so, then the Court will take the actions of forced execution against you as Zoom application. Lawsuit in your capacity as the Defendant. Note: This Notification shall be published on the Appellant’s Cost without prescribed by the Law. Judge\ Please accept the assurances of my highest consideration Director of Judicial Services any responsibility on the court towards others. Walid Khamis abdullah al Khadim Sharjah Court Engineering expert amna salem Hassan al ali Head of the clerk’s office Civil Execution Court eng. ahmed bahjat Hassan // signed// /Signed/ An IT and telecom network security expert // Seal of Ministry of Justice// //Signed and sealed// /Seal of the UAE Ministry of Justice/

the gulf time the gulf time the gulf time the gulf time Date: 18-10-2020 Date: 18-10-2020 Date:18-10-2020 Date:18-10-2020 07/10/2020 07/10/2020 07/10/2020 uniteD arab emirates uniteD arab emirates uniteD arab emirates uniteD arab emirates ministrY of Justice ministrY of Justice ministrY of Justice ministrY of Justice sharjah federal court of first instance summon by publication to be served to Defendant sharjah federal court of first instance sharjah federal court of first instance issued by sHarJaH civiL feDeraL court of first instance announcement of Judgment by publication announcement of Judgment by publication announcement of Judgment by publication in lawsuit # sHcficiinJ2020/0004152 — in lawsuit no.: 5204/2019 civil (Partial) in lawsuit no.: 4292/2019 civil (Partial) in lawsuit no.: 1052/2020 civil (Partial) urgent (summary proceedings) Filed by Plaintiff: Hamriyah free Zone authority, Filed by Plaintiff: sHarJaH internationaL airPort free Zone autHoritY To: arthur mackenzy real estate, Filed by Plaintiff: sHarJaH internationaL airPort free Zone To: Defendant: united carpet industries (fZc) Domicile unknown: Dubai emirate, Bur Dubai, Khalifa Tower, office no.: E304, autHoritY To: Defendant: Gulf electrical & mechanical solutions (G.e.m.s.) (fZc) owner: Al Sayegh & Brothers Trading, tel. No.: 04-5898266, 052-9288884 Whereas the plaintiff: maryam Ghalib Khalifa almarri, To: Defendant: LinKs internationaL (fZc) The court has ruled as in present by, The court has ruled as in present by, Address- Domicile: Sharjah, Al Musalla area, Clock tower, offices no.: 702-706, The court has ruled as in present by, tel. no.: 050-9823637, first: Oblige the Defendant to pay to the plaintiff an amount of (AED Has field against you the above-mentioned lawsuit, claiming as follows: first: Cancel the Investment Services Agreement number (01700) first: Cancel the Investment Services Agreement number (8233) signed Four hundred ninety thousand & two hundred seventy one), and default first: Delegate an engineering expert, out of the experts registered with Ministry signed by both parties on 18/08/2003, and the lease contract interest @ 5% from the date of filing the case until full settlement, by both parties on 19/05/2011, the lease contract signed on 26/07/2016 of Justice, to review the documents as well as any further documents submitted provided that it should not exceed the amount of principal debt. & 07/05/2018. and vacate warehouse number A4-49, which is the by parties, visit the premises of the property which is the subject of this lawsuit, signed on 01/04/2007. Moreover, oblige the Defendant to pay to subject of lease contract. Moreover, oblige the Defendant to pay to in order to confirm its condition, percentage of completion, find out the reasons the plaintiff an amount of AED 119,619.00 (AED one hundred the plaintiff an amount of AED 295,055.00 (AED Two hundred ninety five for delay in completion, who is responsible for such delay, value of damages second: Cancel the agreement dated 08/03/2005 signed by both sustained by plaintiff due to default of Defendant to fulfill his contractual nineteen thousand & six hundred nineteen), plus legal @ 5% from parties; reinstate the situation as before the contracted date by obliging thousand & fifty five), plus legal @ 5% from the date of final judgment, obligations, state the rent amount for properties similar to the property which is the Defendant to vacate the plot number: L1-36, which is the subject and reject any other claims. the subject of this lawsuit. the date of final judgment, and reject any other claims. of the said lawsuit. third: Oblige the Defendant to pay court charges, expenses, and advocacy fees. second: Oblige the Defendant to pay the court charges, second: Oblige the Defendant to pay the court charges, expenses and Therefore, you should appear before the First Urgent Matters (Summary AED 500 against advocacy fees. proceedings) circuit at Sharjah Court on 21/10/2020 - 08:30 am, in order to submit expenses and AED 500 against advocacy fees. third: Oblige the Defendant to pay the court charges, expenses, AED your defense and documents. In case of failure to appear, in person or represented 1000 against advocacy fees and reject any other claims. by your attorney, the court shall carry out the legal proceedings in your absence. (stamped & signed) (stamped & signed) (stamped & signed) civil clerks office (signed & stamped) mohamed riedha Younis civil clerks office civil clerks office sharjah federal court of first instance Manager, Judicial Services (Stamped: UAE, Ministry of Justice, Sharjah Federal Court of First Instance) sharjah federal court of first instance

the gulf time the gulf time the gulf time Date: 18-10-2020 Date: 18-10-2020 Date: 18-10-2020 Date of notice: 04/10/2020 Notice Date: 12/10/2020 Notice date: 13/10/2020 Notice No. 151459/2020 Notice No.: 20102/2020 Notice No.: 157147/2020 the gulf time — Date: 18-10-2020 Government of Dubai Government of Dubai Government of Dubai 28/09/2020 Dubai courts Dubai courts Dubai courts Execution Court Dubai Commercial Court of First Instance traDe License canceLLation Dubai Courts - Case No. 2019/260, Real Estate Execution - Document No. 30 notice with announcement certificate claim no. 346/2020/6 — commercial appeal of Petition review notice by Publication notification memo by Publication claim subject: appealing the Judgement resolved in the on Lawsuit no. 4273/2020/60, order for Payment execution no. 211/2019/260, real estate execution Petition resolved in the claim no.: 6/2020 / commercial License No.: 728835 Petition review in addition to charges, expenses and fees the subject matter of the Lawsuit: first: issuing your decision of acceptance the order for payment. Legal Type: civil company subject matter of the execution second: obligating the Debtor to pay the Creditor an amount of (AED The execution of the verdict issued in the lawsuit No. 107 of 2018, real claimant: faisaL saLem saif saeeD aL HouZ (Personal sponsor) 8,450.000), eight million four hundred fifty thousand in addition to the estate, to pay the executed amount of AED 31534586 including capacity: appellant legal interest of 12% from 14/04/2020 until the full payment and the Trade name: Hive tecHnoLoGY charges and expenses. judgement shall be self-executing immediately without bail. third: To oblige the Debtor to pay the fees and charges. notifying Party: EMIRATES NBD (PJSC) Judgment Creditor respondent: Regards, The Dubai Department of Economic Development Represented by: Mansour Abdullah Mohammed Ahmed Al-Zarouni Attorney 1. Hussain shah General trading (LLc) capacity: appellee the claimant Hussein Hakimi allah Dost announces, in accordance with Federal Law No. (5), of notified Party: Hassett Kamar Gulabray Sony Judgment Debtor 2. shaizad Hussain shah (Personal sponsor) capacity: appellee It capacity in the Lawsuit : the Plaintiff unknown residence 1975 and Federal Law No. (8) of 1984, the cancellation and the respondent ahmed Jaweed Ghazizi termination from the commercial register for the above subject of notice: It capacity in the Lawsuit : the Defendant subject matter of the notice: Unknown Residence company on 28/09/2020. We hereby notify you that your private money has been seized, which The hearing of Monday corresponding to 16/11/2020 was placed at is a residential apartment, located in Jebel Ali 1, plot No. 21, J & G City 10:00 AM in the remote litigation hall. So; you must present by-self or by the subject matter of the notice: Any alteration to this document voids its content. 2 building, unit No. B2-06-29, to pay the amount of the claim. representative and in case of not presenting, you will be judged in On 12/ 10/ 2020, Dubai Court of First Instance judged that the aforementioned This is for your record and to be legally effective in accordance with absence. Notice by Publication shall be fulfilled within 5 days from the date of publication the court decision issued on 28/09/2020. in order to fulfill the aforementioned claim. samira aLi Hassan moHmouD aLbLousHi Handling officer Head of Division section manager Division Head abdullah ali al muhairi abdullah ahmed soliman masoud amin muhammad

the gulf time the gulf time the gulf time exPert meetinG Date:18-10-2020 Date:18-10-2020 Date:18-10-2020 Date of Notification: 14-10-2020 No.of Notification: 158409-2020 the gulf time — Date: 18-10-2020 Government of Dubai Government of Dubai Dubai courts Dubai courts service by Publication to a respondent service by Publication in english and arabic at the office of case management - ajman court judicial notification via Publishing (newspaper) Dubai first instance commercial court To the Defendant: muhuntar ratan Durani civil federal court of first instance no. 5463/2020 notification bY PubLication subject matter: case no. 328/2020, real estate, in case no. 3579/2020/60 Writ of Performance in case no.: aJcficirea2020/0001434/civil/Partial Notifying Party : Hussain Lootah & associates , Attorneys & Counselors at restricted Jurisdiction — Dubai Law — Civil Works case subject: Request to issue an order to compel the defendant to To the Respondent: Given that there is a case filed against you by the Plaintiff/ amLaK Notified Party: KemaL KiZiLHan — Turkish National pay the amount of Twenty-Three Million Dirhams in addition to fees and 1- abdallah aleo Gani finance (P.J.s.c) represented by Advocate/ saad al Hammadi The Notifying Party hereby notifies the Notified Party with the necessity expenses. Address: (unknown) The Emirate of Ajman, ar-Romailah Area, Al Sharasa Applicant: mayier Jiang His capacity in the case: Plaintiff of paying the outstanding amount payable to the Notifying Party, Hotel Road 2, Al Sharasa Hotel building, Room 1802, near Nissan Auto advocates & Legal consultants before Dubai Courts and we were valued at a total amount of AED 99,802.50 (Ninety-Nine Thousand Eight Represented by: ahmed Hassan ali Hashim appointed as a financial expert pursuant to the judgement rendered His capacity in the case: attorney showroom, e-mail: [email protected] / agani@eqsonline Hundred and Two Dirhams and Fifty Fils), which amount should be paid The Intended Notifier: Peibin xie His capacity in the case: Defendant Mobile phone no.: 0555132244 / 0505536496 Makani: 4265111083 on the above-mentioned case; therefore, you are invited to attend a within (7) days at the latest from the date of your knowledge of this The Residency place is not defined. You are required to appear before the Office of Case Management at visual expert meeting via Zoom Program on tuesday 20/10/2020 at Notification. Failing which, the Notifying Party would have no case body: the Ajman Civil Court of First Instance — Office no.: (Office of Case 02:30 Pm . Hence, you are requested to attend through the video (Zoom alternatives other than taking the necessary legal proceedings (civil and Whereas, the court orders 23-09-2020 to pay the legal interests from the penal) to claim for its due amount, in addition to the interest and Management no.: 1) in person or through an accredited Agent on Program) on the time scheduled. You are further requested to provide date of the Case, as the debt instrument subject to this request is not th compensation resulting therefrom, as well as reserving the rest of its resulted from a commercial transaction. October 26 , 2020 to submit and Answer to the Case attached with all the expert ahead of the time scheduled with all the documents rights. Accordingly, the court decided to oblige the defendant, PEIBIN XIE, to the documents within a period of no more than ten days from the date supporting your defense via the email shown below. therefore pay the Plaintiff, Mayier Jiang, an amount of Twenty-Three Million of publication in order to examine the above-mentioned Case in your To contact us, you may call us at Tel: 0589323011, Tel: 042206244 — Dirhams, in addition to the legal interest of 9% that calculated from the The Notifying Party is notifying you by virtue of this Notification to act capacity as a Respondent. email: [email protected]. thereunder with full effect attributed thereto, including the validity of date of the juridical claim, 2-9-2020, until the complete payment of fees, the legal consequences resulting therefrom against you. expenses and the amount of Three Thousand Dirhams as Attorney's fee. maryam ibraheem al baloushy You have the right to appeal on the judgment within 15 days from the manager, Judiciary services (sealed) accounting and bank expert office day follows the publication of the notification. notary Public Dated: 14/10/2020 /signed & sealed/ (Handwritten signature) Head of Division /Khalifa saif al-Dabbah/ Issued by Staff: ...... Dr. ali rashid al Kitoub

the gulf time the gulf time the gulf time the gulf time Date:18-10-2020 Date:18-10-2020 Date:18-10-2020 Date:18-10-2020 Notice date: 13/10/2020 14.10.2020 Notification Date: 14/10/2020 Date of Notice: 22-09-2020 Notice No.: 20310/2020 Notice No.: 8223/2020 Notification Number: 157660/2020 Notice No. : 145254/2020 Government of Dubai Government of Dubai Government of Dubai Dubai courts Government of Dubai Dubai courts Dubai courts Dubai courts appeal court execution court notice by Publication notification by Publication notice by Publication notice by Publication in case no. 240/2020/458 real estate cassation in case number 11/2020/1726 in appeal no. 34/2020/361 Payment order appeal in execution no. 2853/2020/207 commercial execution subject of the case: Lawsuit subject matter: Appealing to the judgment issued in payment order no. case subject: Requesting to oblige the respondent to pay the sum of AED 82,298 "Only subject of execution: Execution of Judgment rendered in Case No. 1856/2020, in addition to the fees and expenses. Accept the cassation in form and on the merits, revoke the contested Eighty Two Thousand and Two Hundred Ninety Eight Dirhams" with the (641/2020 Order for Payment), for the payment of Execution Amount - Accepting the appeal in form judgment and refer the same to the Court of Appeal to hand down its legal interest. equal to (AED 48934). - Accepting the appeal in merits and revocation of the appeal decision, and Applicant for Notice: euro emirates electro mechanical services LLc re-adjudicating in obligating the appellees to pay to the appellant the amount judgment in light of the judgment of the Court of Cassation and the Notification applicant: : Luiz fernando Puccinelli Status in the Case: applicant for execution of AED 542,275.74 (five hundred forty-two thousand, two hundred seventy-five Respondent is to be obliged to the charges, expenses and attorney's His capacity in the case: claimant Represented by: amer saayed mohammed saayed muhi ruushin al dirhams and seventy four fils) in addition to the default penalty that arises and fees. Required to be notified: 1 — Daniel alfredo Danda Da silva marzooqi 12% legal fees from the date of filing the lawsuit until full payment. Status in the Case: attorney Notice Applicant: noor banK P.J.s.c. (currently)- noor islamic bank His capacity in the case: respondent - Charging the appellees with the fees, expenses, and attorney fees, subject of the notification: Notify Parties 1- Durga Das Kishan Lal bhaiya bhaiya P.J.s.c (Previously) Capacity: Petitioner Notifying party: commercial bank of Dubai PJsc Capacity in case : appellant He has raised against you the case which subject is obliging the Status in the Case: execution Debtor Represented by: Yaslam saleh ahmed al saadi Capacity in case: attorney Notified Party : aditya mehra son of Mr. Ramesh Kumar Mehra 2- somanath abhoy charan mukherjee mukherjee respondent to pay the sum of AED 82,298 "Only Eighty Two Thousand Status in the Case: execution Debtor Notified parties: 1. Khalida Photography Capacity in case: appellee Capacity: respondent 2. Khalida saleh Capacity in case: appellee and Two Hundred Ninety Eight Dirhams" with the legal interest. The subject of summons: Addresses unknown notice subject: hearing on tuesday corresponding to 27/10/2020 at 10:00 a.m . was The Applicant filed the aforementioned Execution Case against you to notice subject: We hereby notify you that the Petitioner has filed the abovementioned fixed in the remote litigation hall BUILDING DESC&. You or your legal compel you to pay the Execution Amount (Dhs. 48934) to the Applicant for Execution or Court Treasury. The decision issued by lawsuit no. 1856 of 2020 Payment Order is appealed to. cassation and you are required to subpoena before the Court of representative is required to attend, and you have to submit all briefs or Therefore, the Court will commence the execution procedures against And a meeting was appointed for it on sunday corresponding to 01/11/2020 at documents in your possession to the court at least three days before the Cassation in order to reply to the statement of cassation filed against you. you in case of non-compliance with the above decision within 15 days 10:00 am in the Remote Litigation Chamber. Therefore, you or your legal hearing. representative are required to attend. In case of failing to do so, you will be from the date of publication of this Notice. Division Head judged in absentia. case manager salem Darwish alwahdani Division Head Head of Department /abdullah ahmed suleiman/ Yasser mohammad al marzouki Yaqoob mohamed ahmed al Hamadi sunday 18 october 2020 04 OPINION The gulf Time Trump can’t ignore vote

Chairman of ThE board Saeed Saif results without help Claiming election fraud and refusing to accept a clear loss would Tel: 02-4468000, Fax: 02-4485401 precipitate a constitutional crisis on a scale not seen since Civil War Website: www.emirates-business.ae Email: [email protected], [email protected], [email protected] Printed at: al Wathba Printing Press

EU is putting Johnson Noah FeldmaN resident Donald Trump took a tiny step in a dangerous corner Pback from his re - peated refusals to say he’ll ike so many Brexit moments that are telegraphed as decisive, Boris leave office if he loses the Johnson’s October 15 deadline for a trade deal came and went. That election. Yet he continued to Lthe two sides are still talking points to the core fact of this negotia - portray a fair election as tion: It’s in both of their interests to find agreement. nearly impossible. The result That doesn’t mean a trade deal is guaranteed. As with negotiations dur - is to continue to cast doubt US President Donald Trump dances during a campaign rally in Des Moines, Iowa, on October 14 —DPA ing Theresa May’s time as UK prime minister — which produced a With - on the election result and drawal Agreement that British lawmakers found too humiliating to give himself room to chal - Civil War. reversed a number of swallow — the danger for the European Union is that it plays its hand too lenge it if he loses the elec - Fortunately, Trump can’t Trump’s illegal executive or - Uncertainty over the well. If Boris Johnson finds the political cost of accepting Europe’s terms tion “unfairly.” do it alone. He would need ders, and have often kept outweighs the economic cost of rejection, he’ll be left with no choice. the collusion of hundreds, government agencies in line fairness of the US Pulling the plug on the talks and accepting “no deal” wouldn’t be a hard maybe thousands of other — for example, blocking Sec - election and the sell in Britain. Johnson’s parliamentary backbenches are filled, quite de - Written norms are people in the government, retary of Commerce Wilbur peaceful transfer of liberately, with committed Brexiters, many of whom have counselled ex - harder to break from poll officials to state Ross from adding a citizen - power is deeply actly that option. Johnson could also use a positive distraction for the because doing so legislators to members of ship question to the census. virus-hit north of England, a Brexit stronghold that got him elected in De - Congress. If that happens, Along with the norm detrimental to the cember but where lockdown restrictions have created tension with his involves the our democracy will not just against threatening to arrest regular functioning of government. He might relish a chance to remind them of the good old days. cooperation of the be under threat from an irre - your opponents, the norm government. If we can’t Walking away would also let Johnson put the blame for Brexit’s high whole system. The sponsible leader. It will be on against threatening to re - be confident the change economic price onto the EU. Even with a trade deal, there will be disrup - courts, for example, the edge of collapse. This main in office after you lose tion and new costs for which many Britons are unprepared. By striking a possibility is vanishingly is basic to a functioning in administrations would deal, Johnson will own those costs too. have been unwilling to small. Yes, Trump came to democracy. Just the threat, happen freely and And yet, Downing Street knows the lasting damage that no deal would go along with Trump in office having broken unwrit - coming from an incumbent, smoothly, we can’t be inflict on the UK Any nationalistic buzz would be fleeting. Johnson said it breaking written norms. ten norm after unwritten floods the system with un - confident about anything was time to prepare for leaving without a deal — which might sound to Judges have reversed a norm during his 2016 cam - certainty. Uncertainty over the unversed ear like, “We’re outta here.” But the door remains open. Ne - paign. Threatening to have the fairness of our election government does gotiations are expected to continue next week, with the next EU-set dead - number of Trump’s Hillary Clinton arrested and and the peaceful transfer of line at the end of October. Johnson the classicist may be inclined towards illegal executive encouraging the “Lock her power is deeply detrimental Pericles’s “daring and deliberation;” Johnson the Churchill biographer un - orders, and have often up” chants was perhaps the to the regular functioning of the White House, he would derstands well that “talk, talk” keeps options open. kept government most obvious and egregious government. If we can’t be be carried out of the building While the scope of the deal that can now be reached is narrow com - example. Of course, Trump confident the change in ad - after the inauguration by the pared to what was originally envisaged, the difference between no deal agencies in line didn’t actually have Clinton ministrations would happen Secret Service or the US and a small deal is like the distance between zero and one. First there are arrested. That would have freely and smoothly, we can’t Marshals. He couldn’t stick it the economic costs, piled on top of the expense of managing Covid. Dan required lots of other people be confident about anything out alone. Hanson of Bloomberg Economics estimates the near-term shock as about These claims are deeply to go along with his scheme. government does. A slightly more plausible 1.5% of yearly gross domestic product. harmful to our democracy The threat, however, put us Trump could be bluffing, situation is that of an unclear Worse is where those costs will be borne. Not having a trade deal would, — that much should be ob - all on notice that Trump of course — the market ap - election result, like a dis - for example, mean significant tariffs for the carmaking sector in the Mid - vious. But it’s useful to divide would break unwritten pears to think so, or else it puted slate of electors and a lands. This area has been hit hard by the pandemic and Johnson’s tougher the harm into two parts, to norms with apparent im - must be pricing the costs of fight in Congress over the lockdown restrictions. This wouldn’t be a great time to tell people there understand how worried we punity. Once in office, Trump constitutional crisis at some - outcome of the election. The that they might lose their jobs, as well as have to pay more for imported should be and figure out kept breaking unwritten thing near zero, which can’t scenario begins with state food and goods. what we should do about it. norms — and he started be right. Regardless, the election officials taking a Johnson could claim, in pulling the plug, that he’d stood up for Britain’s Merely saying that he might breaking written ones, too. problem is that we can’t be long time to count mail-in small (0.12% of the economy) and symbolic fishing industry. not agree to leave office vio - As I’ve written in this col - sure Trump is bluffing. ballots. Controversy ensues lates our unwritten demo - umn before, the unwritten At the same time, it’s im - about who won in the state. —Bloomberg cratic norms. Actually not norms, like a de-politicised portant to realise that while The state’s governor sends a leaving would violate our Department of Justice, are Trump can threaten not to Biden slate of electors to written laws. The first pretty fragile, and will be leave, he can’t actually at - Congress. Trump can do alone, and he hard to rebuild. The written tempt it without a lot of already has, on several occa - norms have fared somewhat other people taking part. —Bloomberg other opinion sions. That alone throws better. That’s true under all the pos - public confidence in our sys - Written norms are harder sible scenarios in which Noah Feldman is a Bloomberg Opin - tem into disarray. to break because doing so Trump might try to stay. ion columnist and host of the podcast But the second would be involves the cooperation of Consider the extreme case “Deep Background.” He is a professor far worse. Claiming election the whole system. The where the electoral college of law at Harvard University and was Amid the travel bans, fraud and refusing to accept courts, for example, have results clearly show Biden as a clerk to US Supreme Court Justice a clear loss would precipi - been unwilling to go along the winner. If Trump tried to David Souter. His books include “The tate a constitutional crisis on with Trump in breaking claim this was fraudulent Three Lives of James Madison: Genius, Singapore gets creative a scale not seen since the written norms. Judges have and said he wasn’t leaving Partisan, President.” ffluent, food-loving Singa - larly wins major awards and its traf - poreans aren’t averse to fic has soared. In a distinctive twist, Aspending $500 on a meal. But it has also long been a place for lo - generally, they expect that it’ll come cals to hang out. In part, this is prac - with a bit of ambience. Thanks to the tical: Most Singaporeans live within How Monte Paschi damaged Italy pandemic, that has been lowered. 30 minutes of the all-night, air-con - Singapore Airlines Ltd sold out seats ditioned facility and its range of to eat lunch on a grounded jet at the restaurants and shops (many of The bank was insolvent and suffocating under a pile of bad loans airport. Tickets ranged from $40 for which are located outside security). elisa martiNuzzi economy to $474 for a private suite. But it also reflects Singapore’s glob - It’s bad enough that the Demand is so strong that the airline alised outlook. There’s a comfort executives who ran is adding dinner service and extra level with being connected to those nother year, another days to what was supposed to be a who choose to visit their city-state, conviction for yet Banca Monte dei Paschi two-day stunt. For those who miss and reciprocating those visits with Aanother set of for - di Siena for years, and out, it will even deliver meals, along huge volumes of outward travel. mer managers of the those brought in to with an amenity kit, to a private res - Nowhere was that embrace of world’s oldest bank. From clean it up, have been idence for a mere $650. globalisation more evident than in afar, the Byzantine tale of As airplane food good goes, it Jewel, a massive retail-and-enter - Banca Monte dei Paschi di so embroiled by doesn’t get much better than Singa - tainment hub that opened at Siena SpA’s repeated fail - scandal. Equally pore Airlines. But nobody pays the Changi in 2019. It was partly in - ings — shameful as they troubling is that price of an economy-class ticket to tended to transform the airport are — might look like the regulators, the courts Tokyo for the privilege of eating re - into a new city center, complete company’s problem alone. and Italy’s government heated food, no matter how good. with the world’s largest indoor wa - But that isn’t the case. Italy has handed 8 billion euros ($9.4 billion) to Monte Paschi, and its current Instead they’re paying a premium terfall. The city expects 60% of the It’s bad enough that the market value is 1.4 billion euros missed chances to set for a brief, nostalgic trip back to visitors to be locals; during its first executives who ran Paschi the lender straight normality — when normality week of operation, more than for years, and those ment team at Paschi was and politicians were aware meant the ability to travel on de - 500,000 visited. Hours-long waits brought in subsequently to convicted in November of the problems and yet mand. For a global travel industry for some restaurants were com - clean it up, have been so 2019 for hiding the bank’s continued to support Judges had to force the beaten down by Covid-19, that per - mon. That kind of leisure feels like embroiled by scandal. losses through a compli - Paschi with multiple tax - same prosecutors who won haps offers a glimmer of hope. it belongs to a bygone area. In Jan - Equally troubling is that cated derivatives trade dat - payer rescues. the convictions last year to There are few places where inter - uary, Singapore welcomed nearly regulators, the courts and ing back to 2008. Profumo The Bank of Italy spotted take Profumo and Viola to national travel plays a bigger role in 1.7 million international visitors; in Italy’s government missed and Viola have now been ac - accounting irregularities at court. the culture and economy than in Sin - April, it welcomed 750. As recently multiple chances to set the cused of misrepresenting Paschi as early as 2010, For Monte Paschi, facing gapore, a 280 square-mile island as August, there were 99% fewer lender straight. what they found when they when former European legal claims on the order of with an unusually rich and diverse passengers moving through the air - Consider the latest case. took over in 2012 and of Central Bank president 10 billion euros, the verdict array of urban and rural attractions. port than during the same period Paschi’s former chairman continuing to make the bank Mario Draghi was its gover - could force it to set aside But the country’s small size and easy last year. The financial hit to Singa - Alessandro Profumo and ex- appear safer than it was. nor. Profumo’s and Viola’s more funds which could proximity to Indonesia and Malaysia pore has been immense: Travel and Chief Executive Officer Fab - Instead of representing accounting after they took further erode capital. have allowed Singaporeans to take tourism account for about 11% of rizio Viola were convicted the transactions they dis - charge had been ques - Should it need to bolster its for granted their ability to cross bor - its total GDP. for false accounting and covered as credit default tioned publicly since 2013. reserves, the cost could be ders. Singapore’s role as a global lo - But the cultural effects may prove market manipulation. The swaps, a form of derivative, As recently as 2016, extortionate, wiping out gistics and finance hub has also more glaring. Globally minded expa - two executives carried out the two men booked them Paschi was probably insol - the meager profit it’s ex - spurred its travel industry. For triates are rethinking their commit - “ambiguous and incom - as government bond hold - vent, suffocating under a pected to earn next year. decades, the government has en - ments to the region now that it’s cut plete” accounting between ings, the court said. As a pile of bad loans. Yet that Italy and the European couraged the recruitment of foreign off; locals, meanwhile, are so desper - 2012 and the first half of result, Monte Paschi contin - didn’t stop the ECB in 2017 authorities will no doubt businesses and workers. Non-Singa - ate to resume roaming that they’re 2015, according to the in - ued to mask the fact that it giving its blessing to the claim their priority was the poreans comprise 57% of financial- booking thousands of cruises — ar - dictment. probably had an enormous lender’s third round of need to maintain financial sector senior management roles in guably the most infectious form of Profumo, currently CEO trading position — a hugely state aid in less than a stability during the depths the country, for example. And the travel — that go in circles for a cou - of Italy’s state-owned aero - risky proposition. decade. Italy has handed 8 of the euro zone’s sover - government has continually up - ple of days, then return home. space conglomerate It’s not just the execu - billion euros ($9.4 billion) eign debt crises. But the dated its airport to attract more vis - Spending a fortune on an on-board Leonardo SpA, and Viola tives at question here, to Paschi, and its current cost of the Paschi fiasco is a itors and encourage airlines to make meal for a flight that never departs were each ordered to serve though. What has emerged market value is 1.4 billion loss of confidence in the the city a layover hub. might seem sane by comparison. jail sentences of six years. since a colleague and I euros. governance of Italy’s and It has succeeded beyond anyone’s Their lawyer said they plan first revealed the hidden The latest trial also Europe’s banking industry. expectations. Changi Airport regu - —Bloomberg to appeal. transactions in January raises questions about the The previous manage - 2013 is how far regulators credibility of Italy’s courts. —Bloomberg sunday 18 OCTOBER 2020 retail/aViatiON 05

The 737 Max episode strained the rapport between the Faa and global aviation authorities including eaSa Singapore-HK air fares jump 40% on ‘bubble’ Boeing’s 737 Max is safe to BloomBerg The cost of air tickets between two major Asian financial hubs jumped within 24 hours of Sin - fly, says Europe’s regulator gapore and Hong Kong unveil - ing plans for a travel bubble that wouldn’t require people to The software-based solution will be required on the larger Max 10 variant quarantine upon arrival. The cheapest price for a Sin - The coronavirus before its debut targeted for 2022, and retrofitted onto other versions gapore Airlines Ltd return econ - omy seat to Hong Kong was pandemic has hit the flag BloomBerg S$558 ($410) up until the end carriers of Singapore and of December, versus around Hong Kong especially Europe’s top aviation regulator S$400 as the news was an - hard because they don’t said he’s satisfied that changes nounced, the airline’s website have any domestic to Boeing Co’s 737 Max have showed. Return business-class made the plane safe enough to fares rose about HK$5,000 market to fall back on return to the region’s skies be - ($645) to HK$19,000. Cheaper fore 2020 is out, even as a fur - flights were still available on ther upgrade his agency travel websites including Sky - Hong Kong-listed Cathay Pa - demanded won’t be ready for scanner Ltd. cific Airways closed up 6.1% up to two years. The coronavirus pandemic and rose 6.4% last week as in - After test flights conducted in has hit the flag carriers of Sin - vestors digested the news. The September, EASA is performing gapore and Hong Kong espe - agreement could lift Cathay’s final document reviews ahead cially hard because they don’t monthly revenue by HK$90 of a draft airworthiness direc - have any domestic market million and reduce cash burn tive it expects to issue next While the Federal Aviation Administration, Boeing’s main certification body, is further along in its review, it has held back from making to fall back on. Prior to the by as much as 6%, according to month, said Patrick Ky, execu - predictions about the timing Covid-19 outbreak, around 1 Bloomberg Intelligence analysts tive director of the European million trips were made be - James Teo and Chris Mucken - Union Aviation Safety Agency. larger Max 10 variant before its tween the two regional centers sturm, who assume revenue debut targeted for 2022, and n The Max, the latest version of the venerable 737 every year, data from the Singa - on the Hong Kong-Singapore retrofitted onto other versions. narrow-body, was grounded in March 2019 in the wake of pore and Hong Kong tourism route amounted to about 3% of After test flights “Our analysis is showing that boards show. Cathay’s total pre-pandemic. conducted in September, this is safe, and the level of two accidents that took 346 lives, setting into motion a EASA is performing final safety reached is high enough crisis that’s cost Boeing billions of dollars document reviews for us,” Ky said in an interview. “What we discussed with Boe - n ahead of a draft ing is the fact that with the third The FAA must act before EASA and other agencies Bankrupt Jet Air lenders airworthiness directive it sensor, we could reach even around the world can lift the grounding, under expects to issue next higher safety levels.” international law approve resolution plan month, said Patrick Ky, The comments mark the firmest endorsement yet from a BloomBerg the bidders or their proposal. executive director of the major regulator of Boeing’s goal Muilenburg his job. The FAA must act before Once India’s largest carrier by European Union Aviation to return its beleaguered work - While the Federal Aviation EASA and other agencies A panel of creditors to Jet Air - number of passengers, Jet Air - Safety Agency horse to service by year-end, Administration (FAA), Boeing’s around the world can lift the ways India approved a resolu - ways went into bankruptcy in following numerous delays and main certification body, is fur - grounding, under international tion plan for the bankrupt 2019 after it failed to repay setbacks. The Max, the latest ther along in its review, it has law. Boeing hasn’t submitted its airline, bringing a 16-month mounting debt, reflective of the That will be followed by four version of the venerable 737 held back from making predic - final package of documentation long process to recover dues to nation’s struggling aviation sec - weeks of public comment, while narrow-body, was grounded in tions about the timing. FAA including software audits and lenders closer to completion. tor. The lenders approved the the development of a so-called March 2019 in the wake of two chief Steve Dickson flew the safety assessments, said a per - Jet Airways’ lenders accepted plan via e-voting, and the car - synthetic sensor to add redun - accidents that took 346 lives, Max late last month and said the son familiar with the process the plans submitted by Murari rier’s resolution official will dancy will take 20 to 24 months, setting into motion a crisis plane’s controls felt “very com - who wasn’t permitted to speak Lal Jalan and Florian Fritsch, the now seek to take the process he said. The software-based so - that’s cost Boeing billions of fortable,” but the review process publicly. The submissions are carrier said. The airline didn’t forward in the bankruptcy lution will be required on the dollars and then-CEO Dennis wasn’t complete. expected soon. provide any further details on court, the company said. China airline sets record with $2.4b convertible bond The sheer size of China Southern’s sale means subscribers will get more of the bonds in their allocations BloomBerg The sale, which is also the “I will certainly subscribe,” biggest in a year and a record for China Southern Airlines opened subscriptions for 16 billion said Manran Ma, general man - A rare mega deal by a Chinese the airline sector in China, comes yuan ($2.4 billion) of its convertible bonds, the largest deal ager at Beijing Mamanran Asset airline is set to revive the coun - after just eight deals were priced Management Ltd. try’s convertible bond market, in September, the least since for a non-financial firm since China Petroleum & China Southern said in an ex - after volatile trading dried up is - May. Chemical Corp sold 23 billion yuan of the notes in early 2011 change filing that it will use some suance of the popular securities. Carriers around the world of the proceeds to buy aircraft China Southern Airlines Co have struggled to stay afloat after and aviation material, as well as opened subscriptions for 16 bil - the pandemic forced govern - holiday. China’s biggest three air - them into the black by year-end. ern’s sale also means sub - to replenish capital. The firm lion yuan ($2.4 billion) of its con - ments to shut borders and paral - lines probably turned profitable Liquidity is a key component scribers will get more of the also plans to sell as much as 10 vertible bonds, the largest deal ysed air travel. In China, a in the third quarter, analysts at for professional investors look - bonds in their allocations. The billion yuan in short-term bonds. for a non-financial firm since recovery in demand for domestic HSBC Holdings Plc predicted. ing to buy convertible bonds — carrier, an issuer with the high - For the six-year convertible China Petroleum & Chemical flights has helped improve senti - Still, those airlines posted the larger the deal, the more liq - est possible credit rating, could issue, the carrier set the conver - Corp sold 23 billion yuan of the ment towards the sector, with combined losses of almost uid the notes will be when they see its notes rise as much as 18% sion price at 6.24 yuan a share, notes in early 2011, according to more than 13 million passengers $4 billion in the first half and the start trading. on debut, according to analysts according to the filing, or nearly data compiled by Bloomberg . travelling during the key October recovery won’t be enough to put The sheer size of China South - at Industrial Securities Co. 4% higher than last week’s close. JC Penney sale talks stall ahead of season BloomBerg lenders and the would-be buy - to mediation to help them de - ers, mall owners Simon Prop - termine if they can close the A plan to sell bankrupt JC Pen - erty Group and Brookfield deal, and on what terms, ac - ney Co’s retail operations to its Property Partners, broke down cording to the people, who two biggest landlords stalled, in recent days, according to peo - asked not to be identified dis - raising the prospect that credi - ple with knowledge of the nego - cussing private information. tors will carry the burden of tiations. The landlords missed They met to begin that process, millions of dollars in extra costs several deal deadlines as com - the people said. as the retailer prepares for the munication between the parties An attorney for the company crucial holiday season. lapsed, the people added. has said disputes won’t stand in Talks between JC Penney’s The two sides will now turn the way of a final agreement. Ryanair slashes winter capacity as Covid-19 weighs on demand The carrier’s decision has “been forced upon us by the government mismanagement of EU air travel”, said CEO BloomBerg

Ryanair Holdings Plc slashed its schedule and cut back its pres - ence in several countries, blam - ing tighter travel restrictions that have hammered demand in Europe.

Ryanair will reduce the number of aircraft kept in Ryanair aircraft are parked in front of the passenger terminal at Hahn Airport in Hahn, Belgium, Germany, Spain, Rhineland-Palatinate on April 14 —DPA Portugal and in Vienna for enna for the season, after book - back capacity as they try and the season, after bookings ings weakened materially in No - preserve cash and make it to weakened materially in vember and December, it said. next summer. EasyJet, Europe’s November and December, A resurgence in Covid-19 in - second-biggest discount carrier, fections that torpedoed a come - plans to fly only 25% of capacity it said in a statement back for summer air traffic is for the fourth quarter. Wizz, the now bearing down on the third largest and with much of slower part of the year. Airlines its network in Eastern Europe, The shares fell after the Irish have been clamouring for an has said it will fly 50% of its discount carrier said it will op - easing of travel restrictions to usual offering this month, and erate at about 40% of its 2019 spur demand, but with cases will likely maintain that level winter capacity, down from a rising further there’s little sign through the winter. Ryanair’s previous plan to run at 60%. authorities will rescind current decision has “been forced upon Ryanair will reduce the number health measures. us by government mismanage - of aircraft kept in Belgium, Ger - Rivals EasyJet Plc and Wizz ment of EU air travel,” CEO many, Spain, Portugal and in Vi - Air Holdings Plc are also paring Michael O’Leary said. SUNDAY 18 OCTOBER 2020 06 politics

13 killed in missile Under new Zealand’s electoral system, parties must win 5% of votes or an electorate seat to enter parliament attack in Azerbaijan BloomBerg Ardern storms to election At least 13 people were killed and more than 50 others were injured in a missile attack on Azerbaijan’s second-largest win after crushing Covid-19 city of Ganca overnight, the au - thorities in Baku said. “We will build back better from the Covid crisis. We have the mandate to A residential building was shelled around 1 am, the Azer - accelerate our response and our recovery,” said the country’s prime minister baijani Prosecutor General’s Office said on its website. A residential building was BloomBerg Search and rescue efforts con - shelled around 1 am, the n New Zealand PM tinued after 13 bodies were New Zealand Prime Minister Jacinda Ardern, 40, has pulled from the rubble and Azerbaijani Prosecutor Jacinda Ardern swept to a his - two children were still missing. General’s Office said on its toric election victory and said captured the hallowed Armenia’s Defense Ministry de - website. Search and she will use her mandate to re - centre ground in New nied firing any missiles to - build an economy battered by rescue efforts continued Zealand politics with a wards Azerbaijan. the coronavirus pandemic and blend of empathetic Azerbaijan President Ilham after 13 bodies were pulled tackle social inequality. Aliyev blamed Armenia for the from the rubble and two Ardern’s Labour Party se - leadership and skilled attack in a televised address children were still missing cured the first outright majority crisis management that and reiterated that fighting in parliament since the introduc - has also won her fame will continue until Armenia tion of proportional representa - agrees to withdraw its forces tion in 1996 and, if preliminary abroad from Azerbaijan’s internation - surrounding districts of Azer - results stand, its biggest share of ally recognised territory. baijan during a war amid the the vote in more than 70 years. n Arden’s successful “No one can stop us,” he said. collapse of the Soviet Union. Ardern is expected to invite the New Zealand PM Jacinda Ardern speaks during the New Zealand Labour party election Hundreds of people have That initial conflict was halted Green Party into her govern - event in Auckland on Saturday —DPA handling of the been killed on both sides since by a Russia-brokered truce in ment but wouldn’t comment coronavirus pandemic the worst fighting in decades 1994. Mediation efforts since until final results are in. due to the government’s pan - has demonstrated the erupted between Armenians then by Russia, France and the “Over the next three years New Zealand PM Jacinda demic response. and Azerbaijan over the break - US have failed to resolve the there is much work to do,” she Voters are rewarding Ardern strengths, drowning out away region of Nagorno- dispute. told supporters on Saturday in Ardern’s Labour Party for crushing community trans - criticism that she hasn’t Karabakh three weeks ago. Russia has struggled to Auckland. “We will build back secured the first outright mission of Covid-19 while coun - delivered on some key Fighting continued overnight rein in the latest conflict in better from the Covid crisis. We majority in parliament tries like the UK, US and even promises during her first and in the morning of Saturday an area it views as its sphere have the mandate to accelerate since the introduction of neighboring Australia are still despite a cease-fire brokered of influence, partly because our response and our recovery.” battling to contain the virus. term in office by Russia on October 10. of Turkey’s active support Ardern, 40, has captured the proportional representation National Party leader Judith Armenia took control of of Azerbaijan’s military hallowed center ground in New in 1996 and, if preliminary Collins conceded defeat after “Jacinda-mania” first seen in Nagorno-Karabakh and seven campaign. Zealand politics with a blend of results stand, its biggest calling Ardern to congratulate 2017. In the battle against Covid, empathetic leadership and her. Collins, who struggled to Ardern was alone among her skilled crisis management that share of the vote in more gain traction against the wildly western peers in pursuing an ex - has also won her fame abroad. than 70 years popular Ardern during the cam - plicit elimination strategy and Malaysia’s Anwar gives police Her successful handling of the paign, pointed to the economic imposed one of the strictest na - coronavirus pandemic has challenges facing the nation as it tionwide lockdowns in the statement on list of allegations demonstrated those strengths, Ardern will now have recovers from the pandemic. world. drowning out criticism that she more scope to deliver the trans - “New Zealand is in for a tough The economy suffered its BloomBerg from any quarters,” Huzir Mo - hasn’t delivered on some key formational government she economic ride and it is going to most severe contraction since hamed, police criminal investi - promises during her first term in promised when she came to need better fiscal policy than we the Great Depression, slumping Malaysian opposition leader gation department director, said. office. power three years ago, particu - have so far seen,” she said. 12.2% in the second quarter, Anwar Ibrahim reported to po - Anwar was summoned just With 97% of the vote counted, larly if the Greens are able to National has been in disarray, but the lockdown wiped out lice and gave a statement on days after he had an audience Labour had 49% after a huge push her to be more progressive changing its leader twice this community spread of the issues including allegations with the king to prove he had swing to the left in many urban on issues such as poverty and cli - year and suffering a string of virus and restrictions were re - against him and his announce - the support to form a new and provincial electorates. The mate change. scandals that eroded its claim to moved sooner than in many ment that the current govern - government. The opposition opposition National Party Still, she will be wary of alien - be a stronger team than Labour other countries. ment had fallen. leader said after his question - slumped to 27%, its worst show - ating the many center-right vot - and a better economic manager. Under New Zealand’s elec - “The investigations were car - ing that the investigations were ing since 2002. The results give ers she has won from National By contrast, Ardern has been toral system, parties must win ried out professionally without malicious and constituted po - Ardern 64 of the 120 seats in with increased social spending mobbed by crowds on the cam - 5% of votes or an electorate seat any political pressure or orders litical harassment. parliament. at a time when debt is spiraling paign trail in a repeat of the to enter parliament. Protests against police brutality continue in Nigeria Hundreds of thousands of protesters in Lagos and in Abuja held processions to honour those killed since October 5

BloomBerg trended on social media, with Vigils were held in Nigeria’s major cities overnight, as regional Twitter CEO Jack Dorsey high - Protests against police brutality strains emerged, with youth protesters in several northern lighting the protests in a tweet. continued in major cities across Google LLC added its voice with Nigeria, with demands evolving Nigerian towns demanding urgent steps to end insecurity and a tweet condemning police op - beyond ending police excesses an insurgency that has plagued the region for the past decade pression in the country. to calls for good governance Many young people complain across the board. about being unfairly targeted by Vigils were held in major pared to quell the continuing ship structure and being run via police on suspicion of being cities overnight, as regional protests across Africa’s most social media, makes it difficult criminals, especially if they have strains emerged, with youth populous nation of more than for the government, according tattoos or dreadlocks or carry protesters in several northern 200 million people. to Hassan. The government’s laptops. Among protesters are Nigerian towns demanding ur - The statement signalled a po - earlier conciliatory approach people who have had personal gent steps to end insecurity and tential escalation in the standoff may been prompted by the experience of the impunity for an insurgency that has plagued between protesters and author - scale of the protest, the largest which the SARS unit became the region for the past decade. ities of Africa’s top oil producing in about a decade. known, according Aisha Yesufu, Hundreds of thousands of Protesters take part in a demonstration outside the Nigeria High Commission in central London nation. It also marks a change of The protests erupted after a a leader of the demonstrations protesters in Lagos, the com - over the Nigerian federal Special Anti-Robbery Squad (Sars) on October 11 —DPA stance from an earlier govern - video was shared on social in Abuja. mercial capital, and in Abuja, ment directive that prohibited media that purportedly showed “They’ve been extorted, their the capital, held candlelight pro - least 13 lives so far. symbolism of police brutality,” the use of force against the killing of a civilian by the family members have been cessions to honour those killed Vice President Yemi Osinbajo said Idayat Hassan, executive marchers after Buhari dis - anti-robbery squad. Demon - killed, or missing or taken away since protests erupted on Octo - apologised to protesters in a se - director of the Abuja-based banded the infamous SARS unit. strations have since taken place by anyone,” Yesufu said. “One of ber 5 and for thousands who ries of tweets, reaffirming gov - Centre for Democracy and De - While previous protests in in more than a dozen cities in - the protesters has a family have died at the hands of the ernment’s pledge to act swiftly velopment. “It goes deeper.” Nigeria have been quashed by cluding the oil hub of Port Har - member that has been missing police Special Anti-Robbery and reform the police. Nigeria’s military expressed security forces, this time round court, the central city of Jos and for eight years; they were taken Squad, or SARS, over the years. “It’s people revolting against support for President Muham - the nature of the demonstra - Enugu in the southeast. away and they don’t know The protests have claimed at bad governance, but using the madu Buhari, saying it was pre - tions, without any clear leader - The hashtag #ENDSARS has whether they’re still alive.” Thai PM calls for crackdown on protests India selects 300 million The protesters are calling for greater democracy and reform to the monarchy people for Covid vaccine

BloomBerg three-finger salute — a symbol BloomBerg of the demonstrations. Thailand’s government called The protesters are also call - India is identifying 300 mil - on police to intensify their ing for the resignation of lion people who will receive crackdown on protesters fol - Prayuth’s government and a the initial dose of a coron - lowing a night of clashes be - rewriting of the constitution, avirus vaccine, the Times of tween officers and activists, which was drafted by a military- India newspaper reported on with demonstrations planned appointed panel after Prayuth, Saturday. for a fourth straight day. a former army chief, took power Priority will be given to Thousands of anti-govern - in a 2014 coup. The activists say workers in high-risk sectors ment protesters defied emer - the charter was instrumental in such as police, healthcare, gency rules and a ban on large helping Prayuth retain power sanitation, elderly people and gatherings as they held a rally at after the 2019 elections. those with co-morbidities, the Priority for giving Covid-19 a busy intersection in central Prayuth said he won’t resign, report said, citing officials it vaccine will be given to Bangkok after Prime Minister and the emergency rules that he didn’t identify. workers in high-risk Prayuth Chan-Ocha rejected declared will be in place for 30 The shots, which will sectors such as police, Riot police shoot water cannons at protesters during an anti-government demonstration to days, or less if the situation im - include a booster dose, proves. The state of emergency are planned for the initial healthcare, sanitation, Thousands of demand resignation of Thai PM Prayuth Chan-ocha in Bangkok on October 16 —DPA for Bangkok was announced phase once a vaccine is ap - elderly people and those anti-government protesters to high-pressure water cannons the royal family and have ques - after tens of thousands of pro - proved for use, according to with co-morbidities, Times defied emergency rules and to disperse the rally. Seven peo - tioned laws that stifle discus - testers broke through police the report. ple were arrested, police said. sion of the monarchy. lines and surrounded Prayuth’s For a country of its size, a of India report said a ban on large gatherings The prime minister called on “The country now needs peo - office. safe and quick vaccine deliv - as they held a rally at a the government to enforce ple who love the country, needs The protesters’ use of social ery is a top priority for Prime busy intersection in emergency rules but asked people who love the royal insti - media to plan their gatherings Minister Narendra Modi’s ad - an estimated 600 million central Bangkok after PM that all officials avoid violence, tution,” King Maha Vajira - and open defiance of police ministration. doses and implementation according to a statement longkorn said in a televised point to the resolve of the move - The nation’s broken health - plan aims to cover over 23% Prayuth Chan-Ocha rejected from Anucha Burapachaisri, broadcast. The king was ment’s leaders to keep up the care system, already strug - of the population, according calls for him to quit spokesman for the administra - alongside Queen Suthida Bajra - pressure until their demands gling to deliver adequate care to the report. tion. The protesters are calling sudhabimalalakshana, whose are met. before the outbreak, cannot India added 62,212 new for greater democracy and re - motorcade passed through the More than 50 protesters were cope with the strain of a pro - cases, taking the total infec - calls for him to quit. The form to the monarchy. Demon - demonstration area earlier this arrested this week, according to longed pandemic. tions in the country to 7.43 demonstrators resisted baton- strators have broken long-held week when protesters shouted the Thai Lawyers for Human The beneficiaries of vaccine million as of October 17, gov - wielding officers, who resorted taboos about publicly criticising “my taxes” and gave her the Rights. in the first phase will receive ernment data shows. sunday 18 october 2020 europe/americas 07

the uS government’s massive spending is aimed at softening the blow from the coronavirus pandemic UK adding credit rating cut by Moody’s to its list US budget deficit triples to of woes amid Covid-19 BloomBerg

The UK, beset by growing coro - record $3.1tn on virus relief navirus concerns and struggling to bridge the gap with the Euro - The increase brought the deficit as a share of GDP to 16% in the year ending pean Union over a post-Brexit trade deal, has had its credit rat - in September, the largest since 1945, a Treasury Department report shows ing cut by Moody’s Investors Service. Moody’s cited softer BloomBerg The credit assessor cited economic growth, an Federal spending jumps softer economic growth, an ero - erosion of fiscal strength The US budget deficit more 47.3% to $6.55trn in fiscal sion of fiscal strength and a than tripled to a record $3.1 weakening in institutions and and a weakening in 2020, driven by increased trillion in the latest fiscal year governance as it lowered the na - institutions and governance outlays for unemployment on the government’s massive tion’s grade by one notch to Aa3, as it lowered the UK’s spending aimed at softening compensation and small its fourth highest ranking. grade by one notch to Aa3, the blow from the coronavirus businesses The coronavirus pandemic pandemic. has blown a hole in the public fi - its fourth highest ranking The increase brought the nances, with the government deficit as a share of gross do - of the November 3 election. spending tens of billions to sup - mestic product to 16% in the The report showed federal port jobs and prop up an econ - withdrawal of fiscal support at a year ending in September, the spending jumped 47.3% to omy which has already suffered time when much of the country largest since 1945, a Treasury $6.55 trillion in fiscal 2020, its biggest-ever quarterly con - is facing a fresh wave of restric - Department report shows. At driven by increased outlays for traction. The pandemic has tions to stem the virus. The ma - the end of the financial crisis in unemployment compensation pushed the national debt above terial increase in debt poses 2009, the ratio was close to and small businesses that were 2 trillion pounds ($2.6 trillion), risks to debt affordability in 10% before slowly narrowing approved by President Donald or more than 100% of gross future years, Moody’s said. through 2015. While the US central bank cut the benchmark interest rate to near zero in March and Trump and Congress. Govern - domestic product. The economy faces further Investors have handed the expects to keep borrowing costs very low likely for years to come, lawmakers remain ment revenue declined 1.2% as “Even before the coronavirus- stress as it nears the end of its government ultra-low borrow - deadlocked over additional fiscal aid ahead of the November 3 election receipts from individual and induced shock, a combination of transition out of the European ing costs to finance the spend - corporate income taxes fell. persistently low productivity Union. Prime Minister Boris ing, resulting in a 9% drop in Underscoring the massive growth since the global financial Johnson said Friday that the UK federal interest payments dur - n Investors in the US have handed government ultra-low fiscal relief efforts this year, the crisis, tepid business investment will now get ready to leave the ing the year. But the national borrowing costs to finance the spending, resulting in a Treasury’s report showed since the June 2016 EU referen - single market and customs debt is now bigger than the 9% drop in federal interest payments during the year $275 billion in outlays for fed - dum, and prolonged uncertainty union without a new free-trade size of the economy, and it eral additional unemployment over the eventual future trading deal in place, blaming the bloc could be almost double GDP by compensation that included relationship with the EU were for refusing to offer good enough 2050 as an aging population n The national debt is now bigger than the size of the the now-expired $600 supple - weighing on the UK’s growth terms. He said he would always places more demands on Social economy, and it could be almost double GDP by 2050 as mental weekly jobless pay - performance,” Moody’s said. be willing to hear from the EU if Security and Medicare, accord - an aging population places more demands on Social ments. Spending for state Moody’s, which has had a neg - the bloc’s leaders came back to ing to the Congressional unemployment benefits to - ative outlook on the UK since the UK with “a fundamental Budget Office. Security and Medicare taled nearly $196 billion in the November, said the outlook on change of approach.” The risk is that in the long fiscal year. the new rating is stable. “Negative long-term struc - term, rising debt could end up will need to be addressed, but While the central bank cut Spending on national de - Chancellor of the Exchequer tural dynamics have been exac - sparking inflation and re - now isn’t the time to worry be - the benchmark interest rate to fense went from the second- Rishi Sunak has spoken of a “sa - erbated by the decision to leave pelling investors if the market cause unemployment remains near zero in March and expects largest outlay in fiscal 2019 to cred responsibility” to repair the EU and by the UK’s subse - becomes too saturated. Fed - high and the pandemic has to keep borrowing costs very fifth in 2020 as pandemic-in - battered public finances, yet quent inability to reach a trade eral Reserve Chair Jerome crushed many businesses, low likely for years to come, duced spending resulted in many economists and the Inter - deal with the EU that meaning - Powell and other officials say warranting further support for lawmakers remain deadlocked larger spending for income se - national Monetary Fund are fully replicates the benefits of EU eventually the debt trajectory the economy. over additional fiscal aid ahead curity, health and Medicare. warning against a premature membership,” Moody’s said.

Trudeau expands diversity push life amid covid-19 in Portugal on Canada’s corporate boards The goal of program is to encourage firms to reach gender parity on their boards and in senior management roles

BloomBerg

Justin Trudeau’s government is set to launch a diversity challenge as part of an effort to increase the share of women and minority groups in corporate leadership positions. The goal of the program — called the 50/30 challenge — is to encourage companies to reach gender parity on their boards and in senior manage - ment positions, and 30% rep - resentation of minority groups, according to a docu - ment obtained by Bloomberg . Two boys wearing face masks ride an electric scooter as Portugal declared a nationwide disaster due to a sharp rise in Innovation Minister Navdeep Justin Trudeau’s government will launch a diversity challenge as part of an effort to coronavirus infections —DPA Bains is spearheading the raise the share of women and minority groups in corporate leadership positions program, which is set to be unveiled on Monday. Bains will host a roundtable n In financial sector, only 10% of top executive roles and discussion with organisations 8% of non-executive board positions at big six banks and and businesses that have Twitter pulls back on key policy agreed to help develop the two large life insurers are held by visible minorities challenge. The details, includ - BloomBerg shared by hackers or those acting proach in policing President ing what incentives will be of - n The details of diversity challenge, including what in concert with them.” Instead, it Trump’s use of the service this fered to businesses, are still Twitter Inc. is changing its “will label Tweets to provide con - year, earning it accusations from being worked out, according incentives will be offered to businesses, are still being Hacked Materials Policy, walking text instead of blocking links US Republicans of stifling con - to two people familiar with worked out. The support programs are likely to differ back a set of rules at the heart of from being shared on Twitter.” servative speech and trying to the matter. The support pro - depending on the size of the company its enforcement action against a Twitter found itself at the cen - assist Biden’s campaign. grams are likely to differ de - controversial article that in - ter of a political firestorm after Twitter, like Facebook, has at pending on the size of the cluded potentially damaging al - both it and Facebook took meas - times struggled to consistently company, the people said. ties are underrepresented in non-executive board positions legations against US presidential ures to suppress sharing of a enforce its policies, and both It’s the latest push from the upper-echelons of at the country’s big six banks candidate Joe Biden. New York Post article that al - have updated their rules around Trudeau’s Liberals, who since Canada’s largest companies. and two large life insurers are In a series of tweets, policy leged Biden had improper con - important issues like voting and coming to power in 2015 have In the financial sector, for ex - held by visible minorities, chief Vijaya Gadde said the firm nections to an executive at a health-related misinformation made diversity a priority. ample, only 10% of top execu - data compiled by Bloomberg will no longer remove hacked Ukrainian energy firm. Twitter in the run-up to the November Even so, women and minori - tive roles and 8% of show. content “unless it is directly has taken a more aggressive ap - US presidential election. London looks to Paris for tips on virus office working The city will face tougher Covid-19 curbs as it’s moved into ‘high’ alert level, which means a ban on people mixing indoors

BloomBerg close analysis of the evidence, confined to large new develop - London led the way for and if the evidence indicates ments and, as lockdown rules The UK should learn from that people can safely be return, there are fears vacan - other European nations where home working at the start brought back to their work - cies could soar if more compa - more people have returned of the pandemic, with 57% places we’d really like to see nies embrace home working to their offices during the pan - of residents doing some that happen as soon as possi - for the long-term. demic, a senior figure in work from home in April — ble,” she said. “A blanket rec - McGuinness is drawing up the City of London financial ommendation to work from plans to make the Square Mile district said. 10 percentage points more home for a very lengthy period a more attractive destination, Catherine McGuinness, pol - than the UK average could have a very detrimental in a bid to help the hospitality icy chair for the City‘s Corpora - impact.” and arts sectors stay afloat tion, urged the government to London led the way for while most office workers stay scrutinise the evidence so bring people back in when it’s home working at the start of at home. The city will not be more workers can get back. safe to do so,” McGuinness said the pandemic, with 57% of res - the same again after the pan - She pointed to Paris, where in an interview. idents doing some work from demic, she said. she said there has been “a London will face tougher home in April, according to the “It will go back to a new nor - higher return to the office for Covid-19 restrictions as it’s There are signs London’s office market is crawling back to life, with a number of major Office for National Statistics — mal, as it has after past crises,” some time,” yet there had been moved into the “high” alert companies in the process of big office moves. But this is mainly confined to large new 10 percentage points more she said. “It’s a place that’s con - no “direct link between work - level, which means a ban developments than the UK average. stantly evolving, we’ve seen ing in a Covid-secure office and on people mixing indoors There are signs London’s of - over the last 10 years a great a spike in the virus.” including in restaurants. this winter if they can “effec - new restrictions. fice market is crawling back to shift toward more flexible of - “That’s the sort of evidence All UK office workers are tively” do so. McGuinness said “People have worked to life, with a number of major fice space anyway, a shift to - I’d really like people to keep currently advised by the gov - she’s pleased this wasn’t “tight - make their offices Covid-se - companies in the process of big ward more tech business under close review so we can ernment to work from home ened” in London under the cure so we’d really like to see a office moves. But this is mainly coming in.” sunday 18 october 2020 08 Technology/AuTomobiles

iPhone 12 5G line wins praise for lower prices , new sizes

The company showed off the iPhone 12 in black, red, blue, green and white with a 6.1-inch screen, part of the biggest n There’s an iPhone 12 Pro, starting at $999, and an iPhone re-design of Apple’s signature device in three years. It starts 12 Pro Max that costs at least $1,099, both with stainless at $799 but a smaller version, the iPhone 12 mini, costs $699 steel edges

BloomBerg which is important in the cur - and updated cameras, and use n The Max has a 6.7-inch screen, Apple’s largest ever, rent global pandemic.” Cheaper sharper OLED screens, an im - pple Inc.’s latest devices may help increase Ap - provement from cheaper LCD while the regular Pro has a 6.1-inch display. They come iPhones won ple’s installed base of devices, screens used in earlier models, in blue, gold, graphite or silver Wall Street over driving further growth of more Apple said. The company The front of the phones look by dint of lower profitable services, he added. showcased major improve - similar to last year’s iPhone prices and a ma - There’s also an iPhone 12 Pro, ments to the iPhone 12 Pro 11, but the edges are now jor design over - starting at $999, and an iPhone Max cameras, including high Ahaul, fuelling expectations of a 12 Pro Max that costs at least dynamic range video recording flat instead of curved. They new cycle of sales growth for $1,099, both with stainless steel and larger sensors for im - all support 5G, a new the world’s largest corporation. edges. The Max has a 6.7-inch proved low-light photography. wireless standard that can At a virtual event, the com - (17 cm) screen, Apple’s largest The Cupertino, California- pany showed off the iPhone 12 ever, while the regular Pro has based technology giant has transmit data as much as 10 in black, red, blue, green and a 6.1-inch display. They come in generated relatively little sales times faster than the current white with a 6.1-inch screen, blue, gold, graphite or silver. growth from its marquee prod - 4G LTE technology part of the biggest re-design of The front of the phones look uct in recent years as con - Apple’s signature device in similar to last year’s iPhone 11, sumers hold onto their phones three years. It starts at $799 but the edges are now flat instead for longer. Quarterly revenue well as a version not tied to a The iPhone 12 and iPhone 12 Pro come out on October 23, while the iPhone 12 mini and but a smaller version, the of curved. They all support 5G, a from this segment peaked in carrier, costs $30 more than the iPhone 12 Pro Max arrive November 13. The first two models are already available for iPhone 12 mini, costs $699. new wireless standard that can the first quarter of Apple’s Verizon and AT&T versions. pre-order, while the second pair go on pre-sale November 6 Analysts praised a pricing transmit data as much as 10 2018 fiscal year. That means the 64 GB version strategy that may entice users times faster than the current 4G “With our estimation that can be $829, rather than $799. Apple said it tested 5G globally sung shipped 3.4 million 5G with older, smaller iPhones to 350 million of 950 million “iPhone 12 mini hits the with 100 carriers. It added that phones in the US, a fraction of upgrade. They were also bull - iPhones worldwide are cur - magic $699 price point,” long - the US models will support faster the overall market, Strategy ish on Apple’s ability to rently in the window of an up - time Apple analyst Gene Mun - millimeter wave technology. Ver - Analytics data show. In a few take on rivals like grade opportunity, we believe ster wrote on Twitter. “That’s a izon Communications Inc. CEO other countries, 5G has per - Huawei Technologies this will translate into an big deal and slightly expands Hans Vestberg joined the event formed far better. A third of Co. in China, the unprecedented upgrade iPhone’s addressable market. to announce nationwide 5G cov - phone sales in China during the world’s largest cycle for Apple,” Dan Ives, This is the first time in 7 years erage in US and an expansion second quarter were 5G hand - smartphone arena, an analyst at Wedbush (iPhone 5S) that smaller form of its fastest, ultra wideband sets, according to Counterpoint where 5G net - Securities, said. factor is part of flagship lineup.” 5G service, which relies on Research. works are consid - The iPhone 12 and 5G support makes the phones millimeter wave spectrum. The handsets also support a erably more built- iPhone 12 Pro come out theoretically capable of down - Citi analyst Jim Suva said the new version of wireless power out than in Europe on October 23, while the loading data much faster, al - inclusion of millimeter wave in and accessory connectivity and the US. iPhone 12 mini and iPhone though that will mostly depend all US iPhone 12 models was called MagSafe. This lets the “The pricing dynam - 12 Pro Max arrive November on wireless carriers updating positive because there was con - phones attach magnetically to ics are the killer app for the 13. The first two models are al - their networks. Apple’s 5G cern before event that this func - new charging pads from Apple phone launch,” Harsh Kumar ready available for pre-order, launch comes over a year after tionality would only be available and other providers. Apple will of Piper Sandler & Co. wrote in while the second pair go on pre- Samsung Electronics Co. and in the higher-end devices. also offer several new cases to a research note. “Pricing was LTE technology. The handsets sale November 6. The iPhone other rivals started selling hand - In the first quarter of this support the new charging lower than our expectation, have a faster A14 processor 12 for T-Mobile and Sprint, as sets supporting the standard. year, phone makers led by Sam - system.

VW crushed the iconic Beetle to Audi inks deal to build Microsoft lets more staff work make room for this small SUV electric cars in 2024 from home BloomBerg BloomBerg BloomBerg Volkswagen AG’s Audi is ex - Microsoft Corp. joined the Automakers are so eager to re - panding its partnership with growing ranks of tech giants place less-lucrative cars with Chinese manufacturer FAW as allowing some of its em - higher-margin SUVs, they’re the German premium brand ployees to work from home willing to scrap iconic name - seeks to build more battery- permanently if they wish. plates along the way. powered cars geared to The software maker has Volkswagen’s newest North customers in its largest market. The new electric cars will instituted a “hybrid work - American model, the Taos, is Audi and FAW signed a mem - be designed to meet the place” to give employees perhaps the starkest example orandum of understanding to requirements of local greater flexibility once its of - of this yet. The German au - start a company that will pro - fices in the US reopen, the tomaker made room to manu - duce electric cars for the Chi - premium buyers and company said in a blog post. facture the compact sport nese market from 2024, Audi use the PPE electric Microsoft said it’s letting utility vehicle in its Mexican said in a statement. The new platform developed with any of its employees work assembly plant by ceasing pro - cars will be designed to meet from home less than 50% of The Taos will be about 9 inches shorter than Tiguan and priced below that model, which Porsche, Audi said duction of the Beetle, one of starts at $25,245 the requirements of local pre - the time if they wish, and con - the most influential cars of the mium buyers and use the PPE siders that for most roles that 20th century. up for the higher ride height almost 10 million SUVs a year electric platform developed AG, which have won over buyers has become st andard. Those For automotive product and roomier interior of models by the end of the decade. The with Porsche, Audi said. with new designs. who wish to work remotely a planners, the decision making that aren’t substantially cost - German manufacturer is far After entering the country in China’s government has majority of the time, will is simple. The ebb towards lier to develop or build from alone in being cold- the late 1980s with FAW and poured upwards of $30 billion need manager approval. The crossovers and away from compared with sedans. blooded about its cars. building an early lead, Audi sales into nurturing its electric-vehi - company would also con - sedans has been relentless, “We think the trend is going The Taos will be available in rose and the brand became the cle industry, building the world’s sider employee requests to helping put SUVs and trucks on to continue,” Duncan Movas - the second quarter of next quasi-official ride of high-rank - largest market for battery-pow - move to another city or coun - course to seize more than 70% saghi, executive vice president year. It will be about 9 inches ing government officials and ered cars. Higher subsidies in try if remote work would of the US market this year. of sales and marketing for VW’s (23 centimeters) shorter than privileged businessmen. Yet in several countries in Europe allow, though there could be Crossovers also are a better US unit, told reporters during a the Tiguan and priced below recent years, Audi has seen ris - spurred sales there, meaning salary implications and it bang for automakers’ buck — briefing on the Taos. The au - that model, which starts at ing competition from Daimler the region looks increasingly would require approval. consumers are willing to pay tomaker sees Americans buying $25,245. AG’s Mercedes-Benz and BMW likely to outpace China soon. Europe can win EV sales race if it learns from China The bloc should install convenient charging stations and make electric vehicles more affordable for consumers

BloomBerg sible,” Jato’s report said. a license plate for a vehicle with Demand for cleaner and Besides heavily subsidising a combustion engine whereas Sales of electric vehicles in Eu - smarter cars is rising EVs, the government in China it’s free for an EV, thereby “cre - rope are growing at such a pace has created an effective infra - ating a huge economic incentive that the continent looks increas - globally, particularly in structure and implementation and making the use of electric ingly likely to outpace China in Europe where the market strategy that’s crucial to sup - vehicles a no brainer,” Jato said. the near future. has been bolstered by porting adoption, the report Automakers in Europe mean - That’s one of the findings of a found. According to the Interna - while have traditionally had a report by London-based auto - tighter emissions tional Energy Agency, the num - focus on luxury, more expensive motive research firm Jato Dy - regulations along with an ber of public slow- and EVs. namics. However, it found that increasing awareness of fast-charging spots reached China isn’t the only country to Europe and the US still have a climate change 862,118 worldwide, with China offer EV subsidies, but it also few things to learn from China, taking a 60% share. spurred the domestic manufac - the world’s biggest EV market, Although the coronavirus pandemic hurt all car sales, including EVs, which fall 15% Tesla Inc earlier this month cut turers by ensuring imported ve - including prioritising affordabil - globally in the second quarter, the market for electric vehicles is forecast to expand ing to a September report from the price of its China-made Model hicles were for a long time not ity, centralising planning, and about 7% this year, led by Europe BloombergNEF. 3 sedan to $36,800, cheaper than eligible for subsidies, and using data to better understand “What governments in under - an ywhere else, aided by supply subject to import tariffs. consumers. along with an increasing aware - pandemic hurt all car sales, in - developed EV markets now chain localisation, especially Beyond its home market, Demand for cleaner and ness of climate change. EV sales cluding EVs, which fall 15% need is a more centralized plan batteries. China aims to become a global smarter cars is rising globally, in Europe in the first half ex - globally in the second quarter, to catalyze growth and create an While subsidies in China are automotive superpower and particularly in Europe where ceeded China for the first time the market for electric vehicles optimal environment to build being dialed back, EVs are still considers wider penetration of the market has been bolstered since 2015. is forecast to expand about 7% consumer confidence by mak - much cheaper than elsewhere. its own EVs as essential to that by tighter emissions regulations Although the coronavirus this year, led by Europe, accord - ing adoptions as simple as pos - In Shanghai, it costs $13,000 for objective longer term.