TikTok to challenge Trump crackdown in court page 10

Monday, August 24, 2020

27,930.33 9,809.05 38,434.72 1,940.47 +190.60 pts +41.87 pts +214.33 pts Gold -0.35% South Africa retailers feel pain from Dow QE sensex coronavirus pandemic page 11 Price percentage Price percentage 26.88 Brent 44.35 -1.22% WTI 42.34 -1.12% Silver -1.55% Industries Qatar acquires QP’s 25% stake in QAFCO owner of the world’s largest single In addition, and as part of the The $1 billion deal reaffirms Industries Qatar’s site urea producer and expanding same transaction, IQ’s board of its footprints in a well-established directors also approved QAFCO’s position and value proposition in industrial sector fertiliser business, with a proven acquisition of Qatar Petroleum’s track record of operational excel- 40 percent stake in QMC, effective Tribune News Network the shareholders’ approval of the lence and market positioning, along from July 1, 2020. Doha transaction. with resilient cash flow generation Being the sole shareholder of The effective date of the trans- capabilities, spurred by synergistic QAFCO, IQ will now have full con- Industries Qatar (IQ), one of action would be January 1, 2020, opportunities. trol of QAFCO, which would provide the region’s industrial giants, on until expiry of the new Gas Sale As part of the transaction, IQ the ability to appoint all mem- Sunday announced that the com- and Purchase Agreement (GSPA), QAFCO has entered into a new bers of QAFCO’s board of directors, pany has approved the proposed for a proposed purchase considera- GSPA with Qatar Petroleum with and make investing, financing and purchase of Qatar Petroleum’s 25 tion of $1 billion. effect from August 1, 2020 un- dividend decisions, independently, percent stake in Qatar Fertiliser The date and timing of the EGA til December 31, 2035, covering where, QAFCO’s board will ensure Company (QAFCO) and to con- meeting will be announced in due strategy to build its presence and This transaction specifically the gas requirements of QAFCO the strategic alignment and oversee vene an Extraordinary General As- course. The purchase of QP’s stake create value across the downstream enhances the shareholder value by trains 1-6 and Qatar Melamine further creation of value for QAFCO sembly (EGA) meeting to obtain in QAFCO is consistent with IQ’s sector. transforming IQ into a 100 percent Company (QMC). and its sole shareholder. QFCRA agrees to QFB acquires BSN Sports’ settlement with HQ ‘Varsity Brands’ in US GlobeMed Qatar Tribune News Network costs and expenses of the Doha investigation of QR 54,600 The $41mn acquisition to add yet another income-generating real estate asset to QFB portfolio ($15,000). The QFC Regulatory Author- GlobeMed was licensed Tribune News Network Totonji said, “We have com- ity (QFCRA) on Sunday an- on August 8, 2007 by the Qa- Doha pleted yet another acquisition nounced that it has agreed a tar Financial Centre Author- in order to cater to the demand settlement with GlobeMed ity to provide the non-regu- Qatar First Bank (QFB), from our existing and poten- Qatar (GlobeMed). lated activity of Third-Party the first independent Shari’ah tial clients who are seeking to The investigation revealed Administration. GlobeMed compliant bank authorised by gain accesses to the US real that during the period of demonstrated a commitment the QFC Regulatory Authority estate market.” April 2017 to December 2019, to settle the matter at the ini- (QFCRA) and a listed entity on “We are very proud of our it represented in certain doc- tial stage of the investigation, the Qatar Stock Exchange, has team and the hard work they uments that GlobeMed pro- cooperated with the Regu- completed a $41million acqui- have done to secure such a vided insurance mediation latory Authority during the sition of Varsity Brands. unique asset. We are also services in or from the QFC investigation and undertook With the acquisition of honoured to have been able when it was not authorised the necessary remedial steps Varsity Brands, a three-story to syndicate the complete of- to do so, potentially lead- to address the Regulatory Au- 135,0000 square-foot building fering within a few days after ing to misunderstandings thority’s concerns. in Texas, USA, QFB has added going to market, and raising as to the services offered by The settlement agreement yet another income-generating over QR80 million from our GlobeMed. resolves the matter to the sat- real estate asset to its portfolio investors for this product. As part of the settlement, isfaction of the Regulatory of investments. We strive to find the perfect GlobeMed agreed to pay the Authority. Varsity Brands marks balance between risk and re- QFB’s fifth investment in the ward in the investments we US real estate market and has offer to our clients, by secur- been fully syndicated to the ing stable cash-generating bank’s clients. assets, backed by strong enti- 4 Qatari firms Join FTSE Varsity Brands currently ties, in developed markets,” serves as the headquarters for Totonji said. BSN sports, which is the lead- “Managing our clients’ emerging market indices ing marketer, manufacturer money is a responsibility that and distributor of sporting we take very seriously. We are Tribune News Network According to the state- goods apparel and equipment Varsity Brands currently serves as the headquarters for BSN sports, which is the leading marketer, manu- honoured by the opportunity Doha ment, Ezdan Holding will mi- in the USA. facturer and distributor of sporting goods apparel and equipment in the USA. to be the trusted partner for grate from Mid Cap to Large BSN Sports markets and all of our investors when it FTSE Russell has included Cap. Three companies, Qa- distributes its products to within a land size of 8.41 AC las- Fort Worth metropolitan fuelled QFB’s goal of growth comes to the management of four new Qatari companies tar National Cement, Islamic over 100,000 institutional and with 600+ plus employees area. backed by turn-around finan- their investments,” he said. listed on the Qatar Stock Ex- Holding and Mannai Group team sports customers in col- working including sales, cus- As a part of QFB’s turna- cial and business performance. This investment oppor- change (QSE) to its emerging are added to Micro Cap, the leges and universities, middle tomer support, and corporate round strategy, the bank con- QFB continues to demonstrate tunity is offered on private market indices. statement said. and high schools, and recrea- executives. tinues to offer secure, risk-ad- a positive track record in in- placement basis to ‘Qualified A decision to this effect was Qatari Islamic Insurance tional programmes through- The property was awarded justed and income-generating vesting in the US real estate Investors’ meeting the invest- taken as part of FTSE Russell’s has been deleted from the Mi- out the United States via LEED silver certification in investment opportunities to market. ment eligibility requirements September 2020 Semi-Annual cro Cap in the Semi-Annual catalogue, e-commerce, and early 2019 and is located 11 its clients through a Shari’ah- Commenting on the acqui- in accordance with the rules Review, QSE said in a state- Review. The changes will be direct sales. miles north of downtown Dal- compliant investment plat- sition, QFB Acting Chief Ex- and regulatory requirements ment posted on its website on effective on the closing of Sep- The property expands las and within the larger Dal- form. This strategy has further ecutive Officer Abdulrahman of QFC Regulatory Authority. Sunday. tember 17, 2020.

Multilateral ties key to economic recovery post COVID-19: IPA

Tribune News Network equipped and ready for new CEO Ahmad Khairuddin Ab- Doha investment ventures in the dul Rahim and Head of Com- post-COVID era.” munications at the Invest- A full recovery from the cor- Sheikh Ali talked about ment Office of the Presidency onavirus (COVID-19) pan- the importance of focusing on of Turkey Bekir Polat. demic will require multilat- business continuity and re- IPA Qatar oversees invest- eral cooperation among all silience as nations and firms ment promotion activities un- economic stakeholders, In- transition towards a der the Invest Qatar brand and vestment Promotion Agency acts as the country’s key or- of Qatar (IPA Qatar), CEO new economy. ganisation for FDI attraction. Sheikh Ali bin Alwaleed Al Additionally, he discussed Through its vast resources Thani has said. the growing role of the digi- and close coordination with Speaking at a special we- tal sector in Qatar’s march Qatari licensing platforms, binar hosted by the World As- towards a knowledge-based IPA Qatar helps businesses sociation of Investment Pro- economy, and the need for all advance their ambitions and motion Agencies (WAIPA), parties involved to accelerate achieve long-term success by Sheikh Ali said, “So far, we digital transformation in the re- delivering the support, advice, have bilateral discussions covery and post-recovery phase IPA Qatar CEO Sheikh Ali bin and expertise needed. with a number of other IPAs that requires a sustainable ICT Alwaleed Al Thani Experts take part in a webinar hosted by World Association of Investment Promotion Agencies. IPA Qatar’s goal is to and are keen on taking the Infrastructure at its core. showcase Qatar as an excep- conversation further with Entitled ‘IPAs’ Role in a agencies. He said, “Throughout its Dialogue Series. The series global level. tional investment destination, our international counter- Post-COVID-19 World: How WAIPA CEO Bostjan first year, we have witnessed recently kicked off to actively The webinar also saw connecting international in- parts and complementary an Integrative Approach Can Skalar, who moderated the IPA Qatar’s active role in the engage and collaborate with the participation of Business vestors to lucrative business institutions.” Create a More Resilient and function, congratulated scene by engaging and part- partner IPAs and other global France’s Deputy CEO and opportunities, while bring- In parallel, he said, “We Sustainable Investment Eco- Sheikh Ali on IPA Qatar’s nering with many relevant in- FDI stakeholders with the aim Head of Investment Promo- ing progress to the country’s are working with licens- system’, the webinar brought first anniversary and the re- stitutions around the world.” of developing a more resilient tion Marie-Cecile Tardieu, economic development and ing platforms in Qatar to together a lineup of heads of cent launch of the Invest Qa- WAIPA’s webinar comple- and sustainable investment Malaysian Investment De- diversification goals across make sure the landscape is four investment promotion tar brand. ments IPA Qatar’s FDI Digital ecosystem on a national and velopment Authority Deputy sectors and geographies. 10 Monday, August 24, 2020 Economy & Business Algeria chafes against EU trade deal as deadline looms AFP concern has grown in Algiers an Union deal. Minister Abdelaziz Djerad equipment and agricultural Algiers about the coronavirus-hob- The head of state insisted pledged a thorough review of products. bled economy’s ability to cope that the deal “must be the the country’s trade terms and This figure is more than 20 Days ahead of a final dead- without tariffs on steel, tex- subject of special attention, promised to revise all econom- times the $15 billion in non-oil line, activation of a long- tiles, electronics and vehicles asserting our interests for bal- ic and commercial agreements and gas exports Algeria sent to planned Algeria-EU trade deal -- protective measures origi- anced relations”, an official “harmful to the country”. the EU over the same period. risks unravelling as political nally meant to end three years statement said. Djerad did not mention the Algiers has repeatedly and business leaders in the ago. Algeria’s hydrocarbon- EU free trade deal explicitly, asked to renegotiate the terms North African country warn it For Ali Bey Nasri, chair- dependent economy is in an but he was clearly alluding to of the agreement. will undermine economic sov- man of Algeria’s exporters’ extremely fragile state, as the it. The EU is Algeria’s largest It says the EU has failed to ereignty. association, “the agreement effects of policies around the trading partner, and Algeria is respect a part of the deal con- The deal is meant to come was badly negotiated from the world to contain the coronavi- the EU’s third-largest supplier cerning the transfer of tech- into effect on September 1, start.” rus pandemic have hit already of natural gas after Russia and nology and the movement of a decade and a half after the “When the deal was rati- diminished oil and gas rev- Norway, according to the Eu- people, with Algerian nation- two sides initially agreed their fied in 2005, theE U had only A waiter wears a protective face mask against the novel coronavirus enues. ropean Commission. als finding it extremely diffi- Free Trade Agreement as part 15 members, while now it is 27 as he serves customers at a restaurant in Algiers recently. (afp) The International Mone- Algeria imported $320 cult to obtain EU visas. of a wider pact setting out eco- strong and in a few years the tary Fund (IMF) forecasts that billion in goods from the EU Algiers has also asked the nomic, social, cultural and ju- membership will grow,” said be a “disaster for the national Abdelmadjid Tebboune called Algeria’s economy will shrink between 2005 and 2019, ac- EU to encourage European dicial cooperation. Nasri. economy”, he added. on Commerce Minister Kamel 5.2 percent this year. cording to Nasri, mainly in the companies to invest in the But as the clock ticks, A free trade zone would In early August, President Rezig to reassess the Europe- On Wednesday, Prime form of machinery, transport country, but to little avail. ‘FreeFortnite’ TikTok to challenge Trump tournament taunts Apple crackdown in court

AFP in the App Store until the Trump claims TikTok could be used by China to track the locations of federal employees San Francisco matter is resolved in court. Apple on Friday voiced its AFP The maker of video game opposition to such an emer- New York sensation Fortnite is taunt- gency order, arguing in a le- ing Apple amid its legal battle gal filing that Epic’s situation Video app TikTok said Sat- with the tech titan, launching is a “self-inflicted wound” urday it will challenge in a tournament on Sunday to that could be remedied by court a Trump administra- highlight its war on the App updating Fortnite to stop tion crackdown on the popu- Store fee policy. bypassing the App Store pay- lar Chinese-owned platform, “All of your friends. Awe- ment system. which Washington accuses some prizes. And one bad “Epic made a deliberate of being a national security apple,” Epic Games said in a choice to cheat Apple,” it said. threat. post on its website. “Having decided that it As tensions soar be- The “FreeFortnite Cup” would rather enjoy the ben- tween the world’s two biggest is free to enter and prizes in- efits of the App Store without economies, President Don- clude a virtual “Tart Tycoon” paying for them, Epic has ald Trump signed an execu- outfit featuring an apple breached its contracts with tive order on August 6 giving head, sunglasses and conde- Apple, using its own custom- Americans 45 days to stop scending frown. doing business with TikTok’s Players with top scores Chinese parent company in each of the game’s 20,000 The ‘FreeFortnite Cup’ is ByteDance -- effectively set- regions around the world free to enter and prizes ting a deadline for a potential will be sent caps with a “Free include a virtual ‘Tart pressured sale of the app to a Fortnite” logo playing off of Tycoon’ outfit featuring US company. Apple’s iconic symbol, Epic an apple head, sun- “To ensure that the rule said. glasses and conde- of law is not discarded and Epic also encouraged that our company and users players to express their dis- scending frown are treated fairly, we have no pleasure with Apple on Twit- choice but to challenge the ter using the #FreeFortnite ers and Apple’s users as lever- executive order through the hashtag. age.” judicial system,” TikTok said Fortnite players on Ap- Epic has executed a care- in a statement. ple mobile devices won’t be fully orchestrated campaign, “Even though we strongly able to access a new season complete with a parody vid- disagree with the administra- of the game, set to launch eo, merchandise, hashtag, tion’s concerns, for nearly a August 27 with a software belligerent tweets and legal year we have sought to engage update, because the app has action, Apple contended. in good faith to provide a con- been removed from Apple’s Apple does not allow us- structive solution,” it said. App Store. “These are the fi- ers of its popular devices “What we encountered in- nal days of the entire Fortnite to download apps from stead was a lack of due process community’s ability to play anywhere but its App Store, as the administration paid no A combination of pictures shows the logo of the social media video sharing app TikTok and US President Donald Trump. (AFP) together,” Epic said. prompting critics to argue it attention to facts and tried to The company filed a law- wields monopoly power. insert itself into negotiations could be used by China to an increasingly strident anti- possible suitors for TikTok’s from the long-promoted suit against Apple last week The tech giant has also between private businesses.” track the locations of federal Beijing message. US operations. American ideal of a global, after the iPhone maker took notifiedE pic it will cut off ac- ByteDance said in a sepa- employees, build dossiers Trump has increasing- Reports have said Oracle open internet and could in- Fortnite off its App Store cess to tools needed to tailor rate statement that the suit on people for blackmail, and ly taken a confrontational -- whose chairman Larry El- vite other countries to follow for releasing an update that software for devices powered would be filedon Monday, US conduct corporate espionage. stance on China, challenging lison has raised millions in suit, analysts told AFP previ- dodges revenue sharing. by its operating systems, ac- time. The company has said it on trade, military and eco- campaign funds for Trump ously. The latest version con- cording to a request by the TikTok’s kaleidoscopic it has never provided any nomic fronts. -- was weighing a bid for Tik- “It’s really an attempt to tains a payment system that game maker for a temporary feeds of short clips feature US user data to the Chinese Shortly after Trump an- Tok’s operations in the US, fragment the internet and the lets player transactions by- restraining order. everything from dance rou- government, and Beijing has nounced his moves against Canada, Australia and New global information society pass the App Store, prevent- Without those tools, Epic tines and hair-dye tutorials to blasted Trump’s crackdown TikTok this month, the Unit- Zealand. along US and Chinese lines, ing Cupertino-based Apple will not be able to create iP- jokes about daily life and poli- as political. ed States slapped sanctions The Trump administra- and shut China out of the from collecting its typical 30 hone, iPad or Mac computer tics. It has been downloaded The US measures come on Hong Kong’s leader over tion has also given ByteDance information economy,” Mil- percent cut. versions of its widely used 175 million times in the US ahead of November 3 elec- the Chinese security clamp- a 90-day deadline to divest ton Mueller, a Georgia Tech Epic has asked a judge to Unreal Engine for powering and more than a billion times tions in which Trump, be- down after last year’s pro-de- in TikTok before the app is professor and founder of the make Apple put Fortnite back rich graphics. around the world. hind his rival Joe Biden in the mocracy demonstrations. banned in the United States. Internet Governance Project Trump claims TikTok polls, is campaigning hard on Microsoft and Oracle are The measures move away said previously.

TOP FEATURES nova 7 5G: The star of midrange in Qatar setup of the Huawei Huawei AppGallery, prein- The 7 5G, elegantly combines nova 7 5G supports 4K hi-res stalled on the Huawei nova modern aesthetics with some of the best video recording regardless 7 5G. of the setting along with 4K AppGallery provides a features found on a midrange device Time-lapse photography for diverse collection of music, capturing beautiful sunsets, video, sports, productivity, Tribune news network tar allow users to experience sunrises, slow moving clouds etc. applications that cater Doha every day as an adventure. etc. to a variety of Huawei us- Huawei nova 7 5G is A unique feature that the ers and to help them get the With affordability, durabil- equipped with an amazing Huawei nova 7 5G is kitted most out of their devices. To ity, and practicality in mind, 64MP hi-res AI quad camera with is the dual-view mode; make it even better, Huawei Huawei engineered its nova utilising 4-in-1 binning a mode that uses the device’s nova 7 5G is also equipped series to provide the best of technology that can capture 64MP hi-res AI quad camera with the all new Petal Search, the best in midrange devices. more light in poorly-lit situa- along with the 32MP front a brand-new search engine The Huawei nova 7 5G, tions for brighter and clearer camera to record simultane- that gives users access to elegantly combines mod- photos. ous videos. This mode allows millions of apps from all ern aesthetics with some of The camera setup of the for both close-up and wide- over the world with a simple the best features found on a Huawei nova 7 5G also con- angle clips at the same time search. midrange device. Equipped tains an 8MP Ultra Wide and enables those with a As the world’s leading 5G with a 64MP hi-res AI Angle for wider images with passion for content creation phone maker, Huawei brings quad camera, a 7mm Kirin an angle of up to 120o. Not to stay in the moment when the best of the best in its 985 5G chipset for 5G net- to mention the 8 MP tele- vlogging, and filming their Huawei nova 7 5G. It stands work support, robust per- photo camera with up to 20x The camera setup of the Huawei nova 7 5G also contains an 8MP Ultra Wide Angle for wider images with content. as the star of midrange 5G formance, and top-notch digital zoom capabilities for an angle of up to 120o. To make it easier for all devices with its exquisite fea- image processing, the re- crisp and clear long-distance its users to enjoy their most tures, flagship performance, cently launched star of the shots. a 2MP macro camera for su- as 4cm, allowing users to cate detail. When it comes to essential apps, Huawei has long battery life and its aes- midrange in Qa- The phone also features per up-close pictures as close explore a world full of intri- video recording, the complex its official app marketplace, thetically pleasing design. Monday, August 24, 2020 11 Economy & Business Why stock markets are soaring to record highs despite contraction in global economy The disconnect between the financial markets and the real economy could not be starker as coronavirus lockdowns destroy untold numbers of jobs and push even traditional economic powerhouses such as the US, Britain and Germany into unprecedented contractions

AFP Paris

The record highs attained by Wall Street last week might come as welcome news for US President Donald Trump. But the booming stock mar- kets will offer little solace to the many millions of people who have lost their jobs and livelihoods as the coronavirus pandemic pushes economies around the globe ever deeper into recession. “This is the great American comeback!” tweeted Trump’s dep- uty Mike Pence last Tuesday, after the S&P 500 stock index soared to a fresh historic high and the tech-rich Nasdaq notched up one record after the other in recent weeks. However, the disconnect be- tween the financial markets and the real economy could not be starker as coronavirus lockdowns destroy untold numbers of jobs and push even traditional eco- nomic powerhouses such as the US, Britain and Germany into un- precedented contractions. The US economy, the world’s biggest, contracted by 9.5 percent in the second quarter, Britain’s economic output shrank by 20.4 percent and Germany’s by 10.1 percent. For many, then, the party mood on stock markets might ap- pear “indecent”, said Saxo Banque economist Christopher Dembik. But that was a “misunder- standing”, he said, as it is an in- vestor’s job to place bets on the longer-term economic outlook. And with governments and central banks currently pumping vast amounts of money into their financial systems to avert a melt- down, and some companies in the Renters and housing advocates attend a protest to cancel rent and avoid evictions in front of the court house amid Coronavirus pandemic in Los Ageles, California recently. (AFP) S&P 500 upgrading their earn- ings forecasts for 2020 and even cial networks are an increasingly third, according to Nicholas Colas, zero and rolling out massive bond of the world are also performing lower close for the stock market,” for 2021, the outlook could actu- integral part of everyday life, it co-founder of the US firm, Data- purchasing programmes, central well -- Japan’s Nikkei index and said Briefing.com analyst O’Hare. ally be rosier than the current eco- is technology companies that are Trek Research. banks such as the US Fed have Germany’s blue-chip DAX are It was a “well-known fact that nomic data suggest. currently tending to shine, while “Whether technology stocks placed a sheltering hand over similarly near their all-time highs this stock market has generally “The stock market is not the other sectors of the economy pick have further to run is the multi- their financial systems. -- even if the mood is not quite so greeted any weakness as a buying economy,” said Richard Hunter, up the pieces from the economic billion-dollar question,” said In March, the US Congress exuberant. opportunity.” head of markets at Interactive In- disaster wrought by the pandemic. Richard Hunter at Interactive In- approved a mammoth $2.2-tril- “All the excess cash is system- Late August is a notoriously vestor. Apple, for example, booked net vestor. lion recovery package, topped up atically channeled into the Ameri- slow trading period, which can A number of companies are profit of $11 billion in the three Patrick O’Hare, chief analyst by nearly $500 billion in April, can market, rather than to Asia or produce big price swings on the already starting to publish better- months to June. And its share at Briefing.com, appears to think and another one is under discus- Europe,” said Christopher Dembik least bit of news. than-expected earnings with ac- price has doubled since March, they do. sion. at Saxo Banque. But with a study by the US tivity picking up again as many taking its market valuation to over “The stock market remains This is encouraging investors Some of the enthusiasm had Fed showing that just over half of countries begin to ease the dra- $2 trillion, the highest ever seen convinced that the (US Federal to bet on ever riskier assets in petered out by the end of the week Americans own shares, it remains conian lockdowns imposed in the on Wall Street. Reserve) is never going to let any their hunt for returns, with stocks and Wall Street’s performance on to be seen whether the current eu- second quarter. In 2016, tech stocks accounted worst-case trading scenario un- the prime candidates. Friday was tepid. phoria on Wall Street will last into At a time when working from for 20 percent of the S&P index. fold for the stock market.” While Wall Street fizzles, fi- “One can’t necessarily take for November and swing the presi- home, online streaming and so- But their share has since risen to a By slashing interest rates to nancial markets in other parts granted that it will translate into a dential election for Trump. South Africa retailers feel pain from coronavirus pandemic

for protective equipment, South Africa’s largest Faced with rising unemployment, a voluntary severance pro- online shopping platform gramme taken by 1,400 of its Takealot, which had estimat- South African households are 9,000 employees and bonus- ed sales of around one bil- tightening their purse strings es for front-line workers. lion rand ($57.9 million) per The company, which has a month between January and AFP business is now almost back market capitalisation of over March, recently reported a Johannesburg to normal. $1.2 billion, warned that its surge in demand. Nevertheless, retailers are profits in the first half could “South Africans have em- South Africa’s retail indus- reeling from the economic ef- be halved as a result of the braced online shopping in a try is feeling the pain from the fects of months of suffocating fallout from coronavirus. more natural fashion and this coronavirus pandemic on two restrictions. Faced with rising unem- trend is looking likely to con- fronts -- store closures dur- South Africa’s Massmart ployment and uncertainty tinue,” said Matthew Leight- ing lockdown and the sharply -- majority-owned by US gi- about the future, South Afri- on, spokesman for OneDay- reduced purchasing power of ant Walmart -- said on Thurs- can households are tightening Only, another digital sales households. day that it expected half-year their purse strings. And that, platform. South Africa, the conti- losses to widen by as much as in turn, makes it difficult for Traditional brick-and- nent’s most industrialised 42 percent as a result of the retailers to draw in custom- mortar retailers are also de- economy, went into strict nationwide lockdown. ers. veloping their omni-channel lockdown at the end of March, Massmart was already in The central bank has trade. with people only allowed to dire straits before the pan- slashed lending rates by Durban-based apparel shop for essential items such demic and closed a 23-store 300 basis points since Janu- and homeware giant, Mr as food, medicine and winter electronic retail chain and 11 Customers queue to enter a store in Rosebank, Johannesburg recently. (AFP) ary to boost spending, but Price Group, saw online sales clothing. wholesale outlets shortly be- economists fear it will not be grow by 75 percent during the It is also the African coun- fore the lockdown came into Management. customers. those are the ones more likely enough. pandemic. try that has been hardest hit effect. South African shoppers Investment analyst Lu- to be plagued by the question: “The consumer will be Africa’s largest retail by COVID-19, with more than “Retailers that were al- have had to get used to wear- lama Qongqo suggested that ‘Can we survive?’,” Qongqo trading down and the opera- group Shoprite extended its 600,000 cases and at least ready taking the strain” in an ing a mask, having their tem- customers were likely to fa- told AFP. tor with the best price and online grocery delivery ser- 2,500 deaths. economy that was contracting perature taken at the door vour stores with visible hy- But the measures come at ease of buying will come out vice. Restrictions have been even before the outbreak have and using hand sanitisers. giene measures. a cost. on top,” said Treurnicht of However, analyst Qongqo gradually rolled back since found themselves vulner- And even as the economy “Retailers who cannot Since the start of lock- Gryphon Asset Management. said retailers should not lose June. Alcohol and tobacco able to the virus fallout, said reopens, shops will continue signal that it’s safe to shop in down, South Africa’s second- On the other hand, digital sight of their target income sales were allowed to resume Casperus Treurnicht, portfo- to enforce such measures in their locations are probably largest supermarket chain services and e-commerce are group to avoid “throwing this week and, generally, lio manager at Gryphon Asset order to protect both staff and going to lose, and perhaps Pick n Pay has had to budget booming. away money” on digital. 12 Monday, August 24, 2020 Economy & Business

Commercial Bank’s Rehan Khan bags Finance Monthly’s CFO Award for 2020

Tribune News Network ing investors, analysts, execu- role in Commercial Bank’s bution at Commercial Bank all, I am proud of my incred- Doha tives, employees, and media five-year strategic plan and its and his deserved recognition ible team and being a member professionals worldwide. successful execution, stating at the CFO Awards 2020. Re- of Commercial Bank’s fam- Commercial Bank’s Chief Rehan Khan, winner of that it is extremely satisfying han has brought a degree of ily. This year, we have been Financial Officer Rehan Khan this year’s CFO Award, joined to play a part in the strong clear strategic intent backed faced with several challenges. has won the Finance Monthly Commercial Bank as Chief turnaround of the Bank. Ac- by financial acumen and is However, thanks to our stra- magazine’s CFO Award for Financial Officer in 2013 and cording to Rehan, Commer- widely recognised and trusted tegic plan and innovative ap- 2020. is also a director of Commer- cial Bank’s executive manage- by the investor and analyst proach, we have been able to Every year, the Finance cial Bank subsidiaries Orient ment is a strong collaborative community. He is also a key overcome these challenges Monthly CFO Awards cel- 1, CBQ Finance, CB Global team with very strong support member of our strong execu- successfully by delivering the ebrate the hard work, inno- and CB Financial Services. and guidance from the Board tive management team and best financial and digital ser- vation and vision of the most Rehan trained with KPMG in and he believes this shows in has excelled as a role model vices to our valued custom- successful CFOs around the London,is a member of the In- many aspects including the of Commercial Bank’s culture ers.” globe by recognising excel- stitute of Chartered Account- Bank’s financial results. and values.” Commercial Bank would lence and achievement in fi- ants in England and Wales Commenting on the win, Rehan Khan commented: like to congratulate Rehan on nancial leadership. Finance and prior to Commercial Joseph Abraham, Group Chief “Receiving the CFO Award this noteworthy accomplish- Monthly’s research team Bank had 23 years of banking Executive Officer of Commer- from such a prestigious maga- ment while looking forward draws on the views of thou- experience with HSBC. cial Bank stated: “We are very zine is an achievement that I to his continued success at sands of stakeholders includ- Rehan has played a key pleased with Rehan’s contri- take great pride in. But above the bank. Commercial Bank’s Chief Financial Officer Rehan Khan Shift to remote working amplifies long-standing cybersecurity risks: OBG

Tribune News Network Doha Examples galore The proliferation of digital ● There has also been numerous high-profile reports of innovations that allow people individuals and institutions being targeted by hackers since to work from home and make the start of the pandemic. transactions online has been key to mitigating some of the ● For example, a phishing attack in India purported to offer challenges of the coronavirus. people a free Netflix subscription during the lockdown if they However, this digital shift has filled out a survey and forwarded the message to 10 people. also heightened the threat of cyberattacks, particularly in ● In August INTERPOL noted that it had witnessed a emerging markets. significant amount of OC VID-19-related cyber threats, such As lockdowns and curfews as coronavirus-themed online scams and phishing emails were introduced around the impersonating government and health authorities, as well as world to protect citizens from malware targeting health care institutions. COVID-19, daily life moved online. In terms of work, many true of employees working re- of the threat, INTERPOL said companies utilised digital pro- motely. that between January and grammes such as Skype and According to McKinsey, April one of its private sector Zoom to allow employees to the shift towards remote work- partners had detected 907,000 work remotely, while various ing has amplified longstand- spam messages, 737 incidents e-learning initiatives were also ing cybersecurity risks such related to malware and 48,000 established, enabling students as people accessing unsecured malicious URLs that were all at the primary, secondary and data without VPN software, related to Covid-19. tertiary level to continue their and the physical and psycho- While individuals and A train in Castro Valley, California. studies from home during the logical stressors that often lead small businesses are a threat, pandemic. to employees bypassing con- larger institutions have also Elsewhere, social distanc- trols and taking risky options become targets. ing measures led to spikes in in order to complete assigned In a statement released in demand for e-commerce plat- tasks. late April, the World Health forms and online delivery ser- Similar threats apply to Organisation said that it had Is mass transit systems vices. financial platforms. With experienced a five-fold in- For example, in Indone- increased activity and a sig- crease in the number of cy- sia digital transactions rose nificant increase in the value berattacks since the outbreak by 102.5% year-on-year in the of money being transferred, of COVID-19, with the email first four months of 2020. In many analysts believe there is addresses and passwords of on track for recovery? the UAE, figures from Ken Re- a heightened cyber threat on thousands of people working search showed that online gro- insecure platforms. on tasks in response to the vi- cery orders had increased by This is particularly perti- rus being leaked online. 80-100% in the first months nent in emerging markets: less Lockdowns, social distancing, remote working and infection fears drive passengers away of the year as a result of the affluent people are more likely Digital solutions to digital virus, while some online re- to use unsecured digital chan- challenges Tribune News Network place very strict health proto- initiatives such as pop-up bike tailers in Saudi Arabia saw a nels or older methods that uti- In light of increased digi- Doha cols: you have to wear a mask lanes, as Bogotá and Mexico 200% increase in average sale lise SMS or USSD to conduct tal activity and the heightened and go through a body tem- City have done. during the early stages of the financial transactions. cyber threat, companies and Many of the emerging world’s perature scanner to enter a We have to regain the The pandemic has also pandemic. There has also been nu- governments alike have been mass transit systems have seen station, while passengers are accelerated the global spread merous high-profile reports looking to strengthen their de- demand nosedive as a result prohibited from talking, and confidence of our of e-scooters, with the UK Cyber threats on the rise of individuals and institutions fences. of the coronavirus pandemic, hand sanitisers are provided passengers, too. We have fast-tracking the legal process While the increased adop- being targeted by hackers since Given the scale of the according to the Oxford Busi- throughout the network,” he put in place very strict behind their adoption nation- tion of digital solutions has the start of the pandemic. threat, many governments or ness Group (OBG). added. health protocols. wide. played a significant role in re- For example, a phishing businesses in emerging mar- Lockdowns, social dis- Such measures may enable ducing the risk of contracting attack in India purported to kets may lack the necessary ex- tancing and remote working Increase protection, de- William Sabandar, president commuters to eschew public the virus, as well as allowing offer people a free Netflix sub- pertise and resources to build – as well as fears around an crease crowding director of the Jakarta MRT transport altogether, or come people to continue to work and scription during the lockdown adequate safeguards. increased risk of infection in This focus on precaution- up with ‘blended’ approaches, study, it has also increased cy- if they filled out a survey and To overcome this, some enclosed spaces – have led to ary health measures has been also offers a range of solutions whereby they complete part of bersecurity challenges. forwarded the message to 10 in the industry have called for dramatic reductions in pas- shared by many public trans- to limiting the risk of infec- their journey on a bicycle, or Put simply, the more peo- people. the development of regional senger numbers, but also in- port systems and private op- tion. For example, replacing alternate daily between bicy- ple that are using digital plat- In August INTERPOL cybersecurity resource centres, novative ideas for enhancing erators worldwide. paper tickets with multiple- cling and public transport. forms, the more pressure is noted that it had witnessed a where multiple countries and/ safety measures and generat- Dubai, for example, was an use metro cards means that Another way to ease the placed on existing cybersecu- significant amount of Covid- or bodies could pool knowl- ing new revenue streams. early adopter of intensive san- passengers can limit physical burden on public transport is rity controls, and the greater 19-related cyber threats, such edge to bolster protection. In April, Mexico City’s itation of the public metro sys- contact over the course of their to try to stagger usage through- the chance of potential attacks. as coronavirus-themed online Advocates say that while metro system – the largest in tem, while a long-distance bus journey. out the day, with schools and This is particularly relevant scams and phishing emails im- such a development would add Latin America – carried the company in Myanmar has fit- Equally, some systems al- offices being encouraged to for those working from home. personating government and to, rather than supplant, exist- lowest number of passengers ted vehicles with private pods low passengers to buy a ticket open in shifts. While firms often have cyber- health authorities, as well as ing cybersecurity structures, since records began in 1983. to ease fears around infection. via an app, and then simply However, the mass transit security defences installed in malware targeting health care they could also be used to de- Elsewhere, the Jakarta High-tech approaches are present their smartphone to space may undergo systemic offices and on company com- institutions. velop talent and drive innova- Mass Rapid Transit (MRT) also being explored, such as the ticket inspector or scan- shifts going forward. If the puters, the same is not always To demonstrate the scale tion in the sector. system saw average daily rid- the microbe-killing air filters ning machine. coronavirus pandemic results ership dip from 93,000 in De- currently being tested on the Meanwhile, an app intro- in a permanent decline in pas- cember 2019 to 4000-5000 at New York subway. Indeed, duced by a Danish rail opera- senger numbers, as some an- the height of the crisis. By July while good ventilation is key tor shows the services and car- ticipate it will, then mass tran- this had recovered to about to limiting the spread of Cov- riages that have the most space sit systems will need to start 22,000 daily passengers, or id-19, this is harder to achieve available, offering a replicable thinking outside the tunnel. just below 25% of normal lev- in many underground transit solution to physical distancing “We have to move away els. systems, where carriages have challenges. from relying on ridership and William Sabandar, presi- fewer windows and air quality maximise opportunities for dent director of the Jakarta is generally low. Disruptive alternatives non-ridership revenue,” Sa- MRT, is confident that thesys - Parallel to this, social dis- However, implementing bandar told OBG. “For exam- tem will recover. “We hope we tancing must be regulated. To such measures can often put ple, we could convert rooms will soon return to at least 50- this end, some governments an extra financial burden on in stations into co-working 60% of our previous average, have capped the capacity of transport systems that are al- spaces.” and this will help to cover op- public transit systems. In Co- ready grappling with a devas- “We want the MRT sta- erational costs and regain the lombia, for example, the sys- tating drop-off in fare revenue. tions to be the centre of urban confidence of our commercial tem was limited to 35% of its In light of this, authori- regeneration, and to create an partners,” he told OBG. full capacity in April. Another ties in many countries are also environment where it is safe “But we have to regain approach is to step up the promoting alternative forms for people to congregate, but the confidence of our pas- number of services. of mobility, for instance in- where new revenues can be sengers, too. We have put in Increased digitalisation centivising bicycling through generated,” he added.