Virus-ravaged oil market collapses by a fth in 2020 PAGE 9

FRIDAY, JANUARY 1, 2021

30,383.46 10,435.96 47751.33 1,897.10 -26.10 PTS -98.69 PTS +5.11 PTS GOLD +0.20% Brexit to take full effect as UK DOW QE SENSEX leaves EU single market PAGE 8 PRICE PERCENTAGE PRICE PERCENTAGE 26.45 BRENT 51.41 -0.43 % WTI 48.15 -0.52 % SILVER -0.46% QGMD emerges as top Qatari Global spending on mobile apps crosses stock with 234% gain in 2020 $100 billion in 2020

TRIBUNE NEWS NETWORK with the platform supporting Qatar Stock Exchange rises 0.1% in 2020 to register annual gain for the third consecutive year DOHA both premium and budget- conscious devices, according SATYENDRA PATHAK WORLDWIDE spending to Google. DOHA across the App Store and Apple said in January Google Play skyrocketed in 2020 it has 1.5 billion active QATARI stocks continued its 2020 due to the COVID- devices, a jump from 1.4 bil- gaining momentum for the 19-induced lockdowns and lion devices in 2019. third year in a row as the Qatar travel restrictions, with many Mobile spending on De- Stock Exchange (QSE) general customers turning to mobile index eked out a gain of 0.1 games and video-on-demand percent for the pandemic-rav- apps for entertainment, and aged 2020 on the back of a re- video conferencing for work covery in oil prices and strong and education. foreign inflows. Annual consumer spend- Despite the pandemic, ing on mobile apps and the year saw a number of games crossed the $100bn Qatari stocks rise more than m a r k i n 2 0 2 0 , a c c o r d i n g t o a 100 percent compared to new report. Spending reached last year. The Qatar German nearly $106bn globally be- for Medical Devices gained a tween January 1 and Decem- 284.364 percent to emerge as ber 17, 2020, up 30 percent the top gaining Qatari stock year-on-year, San Francisco- for the year. based mobile app researcher Dlala Brokerage and In- Sensor Tower Store Intelli- vestment Holding (193.781 gence said in the report. 30% rise percent), Ezdan Holding Global mobile consumer ● Group (188.78 percent), Inma spending on the Apple App Spending reached nearly Holding (169.263 percent) Store and Google Play – the $106bn globally between and Qatar First Bank (110.391 two largest distribution chan- January 1 and December percent) were among the top nels for mobile apps in the 17, 2020, up 30 percent five gainers of the year. world – increased 34.5 per- year-on-year Like most of the stock mar- cent year-on-year on Christ- kets in the Gulf region, Qatar’s mas Day, the report said. ● Total app revenue earned stock market also suffered Headquartered in Doha, Qatar German Medical Devices is a leading manufacturer of medical devices in the Middle East. Total app revenue earned on December 25 was huge losses in the first half on December 25 was $407.6 $407.6 million, nearly due to the spread of COVID-19 Trading volume witnessed the positive territory. The All percent of total buy during the Ansari was quoted as saying million, nearly $104.6m more $104.6 million more than p a n d e m i c a n d s t e e p f a l l i n a whopping increase of almost Share Transportation Index, year, the foreign institutional by a news agency. than the same day in 2019. the same day in 2019 oil price. 500 percent to reach 55.155 which gained 29 percent, investors accounted for 20.24 “The recovery in crude oil Although Google’s Play However, the local market billion in 2020 as against was the top-performing sec- percent of the total buy. prices to around the $50 b lev- store has more subscribers as trimmed most of its losses on 11.415 billion shares in the tor index for the year. The The foreign individual in- el supported some of the GCC Samsung, Huawei and many oil price recovery and progress previous year. All Share Real Estate Index, vestors also closed the year as markets,” he said. other manufacturers use its cember 25 comprised 4.5 on COVID-19 vaccines and The number of trans- which gained 23.24 percent, net buyers. Dubai’s index closed the Android platform, Apple’s App per cent of the month’s to- closed the year in the positive actions also increased to was the second-best perform- Meanwhile, Saudi Arabia’s year down 10 percent, while Store generated more revenue. tal spending, which reached territory. reach 2.287 million in 2020 er for the year. stock market, which closed the Abu Dhabi’s index lost 0.6 “As in previous years, Ap- approximately $9 billion The QSE index witnessed a g a i n s t 1 . 5 2 9 m i l l i o n i n t h e Except for the All Share year with a rise of 3.6 percent percent in 2020. ple’s App Store captured the g l o b a l l y f r o m D e c e m b e r 1 t o a marginal gain of 10 points previous year. Consumer Goods and Services in 2020 to log its fifth straight Kuwait’s stock market, the bulk of the spending between December 27. to close the year at 10,435.96 The year also saw QSE’s Index and the All Share Insur- yearly gain, was the best per- best performer in the region the two platforms. It saw 68.4 In 2020, the majority of points. market capitalisation rise to ance Index, all other sector forming GCC stocks for 2020. last year, recorded a 13.3 per- percent of the spending, or Christmas spending was on The bourse witnessed QR602.198 billion at the end indices made gains to support “The global distribution cent yearly loss. $278.6m, up 35.2 percent mobile games, which in- heavy trading during 2020 as trade for the year on Thurs- the general index. of vaccines and the process of Bahrain’s index fell 7.5 year-on-year,” the report said. creased 27 percent to $295.6 compared with the previous day compared to QR582.744 Both local and foreign in- vaccination in the GCC region percent in 2020 to log its first Google Play saw $129m in million this year, Sensor year. Trading value reached b i l l i o n a t t h e e n d o f t h e stitutional investors remained would instil further confidence yearly decline in five, while the revenue, an annual increase Tower said. Consumers spent QR105.781 billion during previous year. bullish throughout the year. in investors,” Kamco Invest- Omani index shed 8.1 percent of 33 percent. $112m on non-game apps 2020 as compared to QR67.7 The year saw five of the While Qatari institutional in- ment Strategy and Research for the year, extending losses There are more than 2.5 at Christmas, up 59 percent billion in the previous year. seven sector indices close in vestors accounted for 21.79 Invest Acting Head Junaid to a fourth consecutive year. billion active Android devices, from $70.5 million in 2019. Doha Bank launches easy pay wallet TRIBUNE NEWS NETWORK Wallet. Our commitment is DOHA to provide our clients with the latest technological ad- DOHA Bank, one of the larg- vancements. We have an est private commercial banks unrelenting commitment to in Qatar, has announced the always provide our custom- launch of Doha Bank Easy ers with easy, safe and secure Pay Wallet. Customers can banking.” enjoy quick, safe, and seam- Doha Bank Chief Retail less payments by adding their Banking Officer Braik Al Doha Bank Credit or Debit Marri said, “We are proud Cards to their Doha Bank to surpass expectations by Easy Pay bringing a new di- providing unrivalled bank- mension to their wallet. ing methods to our dear cli- Customers can download ents. We will continue to Doha Easy Pay App from the s e e k n e w w a y s s a t i s f y o u r Apple Store or the Google In addition, Doha Bank wallet. customer’s needs.” Play Store which enables Easy Pay also enables the Doha Bank Group CEO Doha Bank customers them to perform quick, safe, users to make fund trans- R Seetharaman said, “We can now download Doha Woqod opens new petrol and seamless payments for fers to beneficiaries instantly are excited to announce the Bank Easy Pay Wallet from their retail purchases by sim- by linking their Doha Bank launch of our latest innova- the Ap p l e S t o r e a n d G o o g l e ply scanning the QR Code. Debit Card to Doha Easy Pay tion, Doha Bank Easy Pay Play Store. station in Lebsayyer

TRIBUNE NEWS NETWORK are pleased to open a new rol station is spread over an DOHA petrol station in Lebsayyer. area of 10,800 square meters Woqod aspires to expand and has four lanes with eight India mulls tax on crypto trading AS part of its ongoing expan- its petrol station network in dispensers for light vehicles, sion plans to be able to serve the country to meet the ris- which will serve the Lebsayy- AGENCIES $28,599, taking gains this (GST) on bitcoin transactions. speculative business and at- every area in the country, ing demand for petroleum er area and its neighbour- NEW DELHI year past 295 percent amid The CEIB recently con- tract normal tax rates. In Qatar Fuel (Woqod) opened products and achieve the hood. heightened interest from big- ducted a study on levying GST contrast, authorities may Lebsayyer petrol station on goal of providing customers Lebsayyer petrol sta- THE Indian government is ex- ger investors. on cryptocurrencies. The bu- treat one-off or infrequent Thursday. With the opening with access to best-in-class tion offers round-the-clock ploring the option of imposing New Delhi’s move to im- reau told the Central Board transactions as capital gains, of Lebsayyer petrol station, products and services at services to residents, and a transaction tax on Bitcoin, pose a transaction tax on of Indirect Taxes & Customs long-term or short-term, de- the total number of Woqod their convenience and com- includes Sidra convenience a move that will give more cryptocurrency is aimed at (CBIC) that the government pending on the holding pe- petrol stations in the country fort. Woqod team would like store, manual car wash, oil legitimacy to the cryptocur- generating around $1 billion could gain $981 million annu- riod, and levy a concessional has gone up to 108. to extend their gratitude to change and tyre repair for rency subsequent to Supreme in additional revenue a year. ally by taxing Bitcoin trading. rate of capital gains. Commenting on the all concerned governmental light vehicles and sale of LPG Court’s ruling in March to India’s Central Economic According to Amit Ma- While the Indian gov- opening of the new petrol and private entities that con- cylinders ‘SHAFAF’ in addi- quash the Reserve Bank of In- Intelligence Bureau (CEIB), heshwari, a partner at tax ernment does not consider station, Woqod Managing tributed to the completion of tion to the sale of gasoline dia’s ban on cryptocurrencies. an arm of the finance ministry, and consulting firm AMK bitcoin legal tender, holding Director CEO Saad Rashid this project.” and diesel products for light The world’s most popular has proposed imposing an 18 Global, Bitcoin’s active trad- cryptocurrencies is not neces- Al Muhannadi said, “We The new Lebsayyer pet- vehicles. cryptocurrency hit a record per cent goods and services tax ing would be treated as a sarily illegal or banned. 08 Friday, January 1, 2021 Economy & Business EU ‘regrets’ US decision to slap tariffs in Airbus-Boeing spat

said it would seek a solution to continue these negotiations and method of calculation chosen, Trump administration targets plane the row with the incoming ad- find a lasting solution to the dis- which, according to the Trump ministration, which takes office pute,” it said. administration, has led to an products from France and Germany on January 20. The decision is the latest excessive amount of customs Washington said Brussels twist in the 16-year trade bat- duties levied on American AFP fore Joe Biden is sworn in as had therefore imposed duties tle over aircraft subsidies that products. BRUSSELS US president. on “substantially more prod- turned increasingly sour under The aviation feud predates The USTR said it would ucts” than it would have if the the protectionist instincts of US Trump, but Washington quick- THE EU regretted Thursday raise the levies on the grounds tariffs had been calculated President Donald Trump, and ly embraced the opportunity the US decision to slap more that the EU had improperly ap- based on a “normal period”. comes despite hopes for a trade to impose $7.5 billion in tariffs tariffs on French and German plied tariffs on $4bn worth of The European Commission truce following Joe Biden’s elec- against Europeans after also be- products as part of spat over American products last month said it, “regrets that the United tion. ing cleared to do so by the WTO aircraft manufacturers Airbus by calculating them based on States has chosen to add further The EU was authorised this last year. and Boeing. trade volumes since the coro- EU products to its retaliation year by the World Trade Organ- Washington imposed pu- The move was announced navirus pandemic erupted this list in the WTO Airbus case on ization (WTO) to levy additional nitive tariffs of 25 percent on by the Office of the US Trade year. aircraft subsidies.” customs duties on American iconic EU products such as Representative late on Brussels complained that “The EU will engage with products. wine, cheese and olive oil and Wednesday and will apply Washington had “unilaterally” the new US Administration at The US-EU ght over aircraft subsidies has simmered for years but But Washington believes put a 15 percent tariff on Airbus from January 12 — shortly be- disrupted ongoing talks and the earliest possible moment to escalated sharply during Donald Trump’s presidency. it has been penalised by the planes in March.

Sterling shines as no-deal Brexit averted Brexit to take full effect as after tumultuous 2020

AFP more than most this year UK leaves EU single market LONDON and the next couple of months is unlikely to be any Customs border THE British pound zoomed better. It’s a long road to re- Thursday to a 2.5-year dol- covery and the Brexit deal checks will be back lar peak before Britain’s will certainly help.” for the rst time in long-awaited exit from the Investors were embrac- European single market, ing this week’s positive decades with a trade deal in the bag news on vaccines, which on the final trading day of a stoked hopes of a return to AFP coronavirus-ravaged 2020. normality. LONDON Sterling jumped to “Investors are continu- $1.3686 in early morning ing to ignore short term BREXIT became a reality on deals to attain the high- risks and are looking ahead Thursday as Britain leaves Eu- est level since April 2018, to more normal times ahead rope’s customs union and sin- boosted also after Britain with vaccines,” said Think- gle market, ending nearly half became the first nation Markets analyst Fawad a century of often turbulent to approve AstraZeneca’s Razaqzada. ties with its closest neighbours. cheap Covid-19 vaccine. London’s benchmark The UK’s tortuous depar- Britain’s departure FTSE 100 index finished 1.5 ture from the European Union from the European Union percent lower in holiday- takes full effect when Big Ben takes full effect at 11:00 pm shortened trading as the struck 11:00 pm (2300 GMT) (2300 GMT), just hours af- strong pound weighed on in central London, just as most ter much of the country was multinationals earning in of the European mainland moved into the top tier-four dollars. ushered in 2021 at midnight. coronavirus restrictions. In the eurozone mean- Brexit has dominated Brit- The nation left the bloc while, the Paris CAC 40 ish politics since the country’s on January 31 but has been stocks index closed down narrow vote to leave the bloc in in a standstill transition 0.9 percent. June 2016, opening deep po- while it sought a free-trade Frankfurt’s DAX 30 shut litical and social wounds which Traf c passes a billboard for Irish uni cation outside Newry, Northern Ireland near the border with Ireland on December 31, 2020. Britain cut all agreement -- which was fi- for the year on Wednesday remain raw. ties with the European Union from 2300 GMT on Thursday when it left Europe’s single market and customs union. (PAUL FAITH/AFP) nally clinched on Christmas with a daily drop of 0.3 per- But both sides are now Eve and was approved by cent. keen to move on to a new fu- will be back for the first time Farage cheered and pro-EU trip as prime minister next lawmakers on Wednesday. Bitcoin stood within ture. in decades, and despite the “remainers” mourned. month, and with incoming US That dispelled long-run- sight of $30,000 after hit Prime Minister Boris John- free-trade deal, queues and But no formal events are president Joe Biden’s admin- ning fears of a chaotic no- another record high over- son called Brexit “a new begin- disruption from additional pa- It’s been a long road. It’s planned for the end of the istration. deal departure that could night on wave of enthusi- ning in our country’s history perwork are expected. time now to put Brexit transition. In the short term, all eyes have sparked a double-dip asm for the world’s most and a new relationship with “It’s going to be better,” behind us. Our future is Public gatherings are will be closer to home and downturn, after Britain popular cyber currency. the EU as their biggest ally”. said Maureen Martin, from made in Europe. banned due to the coronavirus focused on how life outside tanked into a recession ear- - Long dark shadow “This moment is finally Dover, southeast England, outbreak, which has claimed the EU plays out in practical lier this year on coronavirus -Brexit and coronavirus upon us and now is the time to where most voted to leave the European Commission more than 72,000 lives and terms, from changes in pet fallout. have nevertheless cast a seize it,” he added. EU in 2016. “We need to gov- president Ursula von der Leyen infected more than 2.4 million passports to driving licence - ‘Massive sense of re- long dark shadow over The British pound surged ern ourselves and be our own in Britain, including Johnson rules. lief’ -”A Brexit deal may global economies and stock to a 2.5-year peak against the bosses.” himself. That includes disruption have come extremely late in markets this year, particu- US dollar before the long- Britain -- a financial and president Ursula von der Ley- Johnson is looking not at the ports, stoking fears of the day but there will be a larly in London which faced awaited departure from the diplomatic big-hitter plus a en said on Wednesday, as she only to a future free of Covid food and medicine shortages, massive sense of relief that an annual loss of 14 percent. single market. major NATO power -- is the signed the trade pact. but also of rules set in Brus- as well as delays to holiday- the UK won’t be battling That was the worst Legally, Britain left the EU first member state to leave While pro-Brexit newspa- sels, as he attempts to forge a makers and business travel- no-deal on top of everything slump since the notorious on January 31 but has been in the EU, which was set up to per the Daily Mail celebrated global identity for Britain for lers used to seamless travel in else in the coming months global financial crisis in a standstill transition period forge unity after the horrors of a “new dawn”, the Daily Tel- the first time since it joined the EU. -- and that relief can be seen 2008. during fractious talks to secure World War II. egraph, where Johnson made the then European Economic In the French port of Cal- in the pound,” OANDA ana- Paris suffered a 7.1-per- a free-trade agreement with The EU has lost 66 million his name as a Brussels-bashing Community in 1973. ais, officials said they were lyst Craig Erlam told AFP. cent drop but Frankfurt Brussels, which was finally people and an economy worth Europe correspondent, sound- As well as ensuring tariff- prepared but locals in Dover “It’s ending the year on gained 3.6 percent in vola- clinched on Christmas Eve. $2.85 trillion, but Brexit, with ed a note of caution. and quota-free access to the feared traffic gridlock. a high... It’s all about the tile record-breaking deals Once the transition ends, its appeal to nationalist pop- “Politicians will have to get EU’s 450 million consumers, The government said some recovery now for the UK as over the course of 2020. EU rules will no longer apply, ulism, also triggered fears oth- used to bearing much greater Britain has recently signed border controls will not be im- it faces another devastating “A turbulent and strange with the immediate conse- er disgruntled members could responsibilities than they have trade deals with countries in- plemented for months as part (virus) surge and most of stock market year has come quence being an end to the free follow suit. been used to while the UK has cluding Japan, Canada, Singa- of Britain’s staged plan, and it the country moves into tier to an end,” said Comdirect movement of more than 500 “It’s been a long road. It’s been in the EU,” it said. pore and Turkey. was not expecting much dis- four. analyst Andreas Lipkow. million people between Britain time now to put Brexit behind In January, flag-waving It is also eyeing another ruption around the ports until “The UK has suffered and the 27 EU states. us. Our future is made in Eu- Brexiteers led by populist anti- with India, where Johnson next week, with traffic light Customs border checks rope,” European Commission EU former lawmaker Nigel plans to make his first major due to the holiday period. Azerbaijan makes first direct Poland’s watchdog hands bank to state-owned rival gas deliveries to Europe AFP law.” foreign economic influence. AFP (SOCAR) said in a statement, WARSAW Czarnecki added he was The policy has drawn criti- BAKU adding that the country’s gas “shocked” by the move, insist- cism from opposition politi- has already arrived in Italy. POLAND’S BFG banking regu- ing there was a chance for the cians and other commentators AZERBAIJAN said Thursday it The giant Shah Deniz field lator said on Thursday it was bank to “break even” by Febru- who fear it will concentrate started gas deliveries to Europe off the coast of energy-rich taking over an ailing private ary. economic power in the hands from the Shah Deniz field in the Azerbaijan was discovered in bank and turning it over to a BGF, however, quoted an Forced restructuring A clear law violation of the PiS government. Caspian Sea, part of a project 1999 and was estimated by BP leading state-controlled rival, independent Pricewaterhouse- Similar concerns surfaced aimed at reducing European to hold about one trillion cubic a move its mogul owner called Coopers audit showing Idea The state-run Bank Guarantee Idea Bank owner, billionaire Pol- earlier this month when Po- dependence on Russian sup- metres of natural gas. illegal. Bank’s liabilities exceeded its Fund said in a statement ish banker Leszek Czarnecki, land’s state-owned PKN Orlen plies. The first phase to connect The state-run Bank Guar- assets leaving it with a hole of that it had begun the called the move to defacto energy group acquired Polska The Shah Deniz consortium the field with Europe began antee Fund said in a statement 482.8 million zloty (106 mil- “forced restructuring” of nationalise Idea Bank a clear Press, the largest regional and led by British oil giant BP said in 1999, at a time when “some that it had begun the “forced lion euros, $130 million). Idea Bank S.A., insisting violation of the law. Czarnecki local newspaper distributor in in a statement that gas from the were sceptical about the pro- restructuring” of Idea Bank A Polish court refused ear- it was “in danger of added he was shocked by the the EU country. field had arrived via the newly ject,” said SOCAR’s President S.A., insisting it was “in danger lier this month to arrest Czar- bankruptcy”. On January 3, move, insisting there was a The PiS has also has long completed Southern Gas Corri- Rovnag Abdullayev. of bankruptcy”. necki on allegations of acting 2021, the bank will be chance for the bank to break said it wanted to “repolonise” dor (SGC) pipeline system. “Now the mission is ac- “On January 3, 2021, the against the interests of share- the country’s media, accusing Deliveries to Europe complished,” he added. “Azer- bank will be taken over by holders regarding his hold- taken over by Bank Pekao even by February. A Polish foreign-owned publications of through the Trans Adriatic baijan’s natural gas has arrived Bank Pekao S.A,” the BFG ings. SA, the BFG said, assuring court refused earlier this representing outside interests, Pipeline, the consortium said, in Europe. Coming from a new said, assuring Idea Bank cus- He has long clashed with Idea Bank customers that month to arrest Czarnecki on especially German ones. “marks the full integration of source through an alternative tomers that “deposits will be financial and banking authori- “deposits will be transferred allegations of acting against The takeover by the state- the entire SGC gas value chain, route, it will contribute to Euro- transferred in full to the ac- ties appointed by Poland’s in full to the acquiring bank the interests of shareholders owned Orlen raised concerns stretching 3,500 kilometres pean energy security.” quiring bank, as well as loans, governing nationalist Law and about press freedom. from Azerbaijan to Europe.” Gary Jones, the head of BP and customer service will not Justice (PiS) party. Since winning office 2015, “For the first time in his- in Azerbaijan, Georgia and Tur- be suspended.” In 2018, Czarnecki ac- Getin Noble Bank. state, Pekao bank is the coun- the nationalist PiS has taken a tory, Azerbaijan’s natural gas key, described Thursday’s an- Idea Bank owner, bil- cused Marek Chrzanowski, Chrzanowski denied any try’s second largest financial firm hold on public radio and reached the European market nouncement as a “historic mile- lionaire Polish banker Leszek then head of the KNF state fi- wrongdoing but was subse- institution and has figured television, drawing criticism through a direct pipeline con- stone”, calling the new route a Czarnecki, called the move to nancial regulator, of soliciting quently arrested by the CBA prominently in PiS plans to from Poland’s liberal opposi- nection,” the State Oil Compa- “direct, safe and reliable energy “defacto nationalise Idea Bank bribes in exchange for favour- anti-corruption agency. “repolonise” or nationalise Po- tion and international observ- ny of the Azerbaijan Republic link”. S.A. a clear violation of the able treatment for his troubled Controlled by the Polish land’s banking sector to curb ers. Economy & Business Friday, January 1, 2021 09 Painful 2020 ends for US workers, Virus-ravaged oil market layoffs could rise

AFP in April, but it has since de- collapses by a fth in 2020 WASHINGTON clined, falling to 6.7 percent in November as companies DESPITE a drop in week- modified or restarted op- Oil spiked in early January but prices were subsequently slammed by fallout from the pandemic ly jobless claims, the US erations even as the virus economy is far from healed remained rife. after a year in which tens of Nonetheless, the weekly millions of people lost their filings for unemployment jobs due to the coronavirus aid have remained above pandemic, many of whom the worst single week of the remain out of work. 2008-2010 global financial New filings for unem- crisis, and 19.6 million peo- ployment benefits last week ple were receiving jobless dropped below 800,000 for benefits under all govern- the first time in a month, ment programs as of the the Labor Department re- week ended December 12, ported Thursday, but ex- perts say that is more likely a statistical fluke related to the holidays and political maneuvers in Washington, rather than a sign the econ- omy is finally on track for a Statistical uke? sustained recovery. As the United States New lings for continues to weather the unemployment bene ts last world’s largest coronavirus week dropped below outbreak even as vaccines 800,000 for the rst time are finally being deployed, in a month, the Labor analysts see more layoffs on Department reported the horizon, at least in the Thursday, but experts say early weeks of 2021. “While prospects for the that is more likely a economy later in 2021 are statistical uke related to upbeat, the economy and la- the holidays and political bor market will have to nav- maneuvers in Washington, igate some difficult terrain rather than a sign the between now and then,” economy is nally on track Cambodia’s Ministry of Mines and Energy shows an offshore oil platform off the Cambodian coast. (AFP) Nancy Vanden Houten of for a sustained recovery. Oxford Economics said. AFP drone assassination of Iran’s OPEC+ grouping. years. New initial jobless LONDON top general Qasem Soleimani. Plumbing depths Russia refused Saudi Ara- Since those dark days, oil claims slipped to 787,000 according to the Labor De- Burgeoning Iran tensions bia’s request to cut their col- prices have recovered consid- for the week ended Decem- partment. WORLD oil prices slumped by stoked supply worries over ● On April 20, West Texas lective output to counter the erably but have yet to return to ber 26, a drop of 19,000 Covid-19 cases also more than a fifth this year as the Strait of Hormuz -- a vi- Intermediate crude virus-fuelled slump in crude pre-pandemic levels. from the prior week, the La- are hitting new record lev- deadly coronavirus savaged tal shipping lane for a fifth of collapsed to minus $40.32 demand. The market rose strongly bor Department said. els in parts of the country, the world’s appetite for crude, global crude. per barrel -- meaning In response, top global ex- in November and December, Another 308,262 peo- prompting local govern- despite a vaccine-driven up- But prices were subse- porter Saudi slashed its prices aided by the development of ple filed new claims for ments to order renewed turn at the end of 2020. quently slammed by fallout producers paid buyers to and raised output to preserve several crucial COVID-19 vac- Pandemic Unemployment business restrictions, mean- Europe’s benchmark con- from the escalating and deadly take the oil off their hands. market share in the face of cines that have sparked hopes Assistance (PUA), one of ing another jump in claim tract North Sea crude stood COVID-19 pandemic, with ● Brent spiralled as low as Russian opposition. of return to normality -- and a the programs available to filings could be waiting in at $51.13 per barrel in mid- losses accelerating in March The price war, in tandem recovery in energy demand. jobless workers who would the new year. afternoon deals on Thursday. as nations implemented lock- $15.98, plumbing depths with the worsening pandemic, Prices were also given a not normally be eligible for Industries like travel, That was a hefty 22.5 percent downs and shuttered busi- not seen for over 20 years. sent oil prices off a cliff -- and shot in the arm after OPEC and benefits. hotels, restaurants and en- lower than the same stage a nesses to curb the spread. ● Since those dark days, even caused New York’s light its allies struck a deal in early That means the total tertainment have been dev- year earlier. Tightening restrictions sweet crude contract to briefly December to increase produc- new applications remain astated. The oil market had be- slammed the brakes on de- oil prices have recovered turn negative. tion over coming months, but above one million long after Grant Thornton chief gun 2020 on the front foot, mand from oil-intensive sec- considerably On April 20, West Texas by less than anticipated in the business closures or- economist Diane Swonk with prices rising as simmer- tors like aviation, with planes Intermediate (WTI) crude col- their previous accord. dered in March to halt the tweeted that she is “worried ing tensions in the crude-rich grounded worldwide, while flict. lapsed to minus $40.32 per In Thursday mid-af- spread of Covid-19 turned about a jump in claims post Middle East region threatened the world economy tanked Crude futures crashed on barrel -- meaning producers ternoon deals, Brent crude the economy upside down. holiday as those who de- to disrupt valuable supplies. into a downturn. the back of a vicious price war paid buyers to take the oil off dropped 0.7 percent to $51.25 Those business closures layed reup and containment Oil spiked in early Janu- At the same time, the Or- between OPEC cartel king- their hands. per barrel from the prior sent the unemployment measures by states intensify ary, with Brent soaring as high ganization of the Petroleum pin Saudi Arabia and fellow Brent spiralled as low as day. New York’s WTI crude rate spiking to 14.7 percent with post holiday surge.” as $71.75 after US President Exporting Countries (OPEC) producer Russia -- which is a $15.98, plumbing depths not was also 0.7 percent lower at Donald Trump ordered the faced a massive internal con- key member of the enlarged seen for more than twenty $48.05. Germany rings in 2021 with carbon dioxide tax, coal phase-out

AFP from the government’s initial- first to close down as part of by then. lost income will be offset by FRANKFURT ly proposed 10 euros per tonne Germany’s phaseout of coal by Averbeck said the carbon the revenues generated from -- a number widely slammed 2038. tax however allowed for too the C02 pricing. GERMANY is aiming for a as too low by Germany’s Green Energy giant RWE, which many exceptions for “entire Despite a green reputation green start to 2021 by shutting party, environmentalists and has operated the plant since it branches of industry” and abroad, Germany remains down a coal-fired power plant scientists. was built in 1968, said decom- was pegged too low to really heavily reliant on dirty coal, and slapping a CO2 price on The price will increase to missioning the facility -- as change behaviours. partly because of Merkel’s de- transport, but critics say the 55 euros by 2025, and will be required by Germany’s 2020 The Green Budget Ger- cision to abandon nuclear en- efforts aren’t enough to com- decided at auction from 2026. coal exit law -- was “a difficult many (FOeS) think tank said ergy after the 2011 Fukushima bat climate change. Germans will feel the dif- step” that would lead to some that to avoid companies mov- disaster. The measures are the result ference at the pump with die- 300 job losses. ing production abroad to In the third quarter of of hard-fought compromises sel and petrol set to become Under the same legislation, dodge the carbon pricing, the 2020, just over half of the thrashed out by Chancellor more expensive, while heating several power plants fuelled government would have done electricity produced in Eu- Angela Merkel’s right-left coa- buildings will also cost more. by black or hard coal are going better to incentivise climate- rope’s top economy came lition government, and are key The government expects to offline from January, taking a friendly investments instead. from non-renewables, with to Germany’s transition away raise 56.2 billion euros from combined capacity of 4.7 giga- The ADAC motoring as- coal alone accounting for 26 from polluting fossil fuels to- companies buying the new watts off the market. sociation has calculated that percent. wards renewable energy. carbon certificates or “pollu- But the flagship initiatives petrol and diesel will now cost Climate activists, includ- From January 1, 2021 the tion rights” over the next four have drawn criticism. A bucket wheel excavator seen in front of the coal-red power station seven and eight cents more ing the youth-led Fridays for government will charge 25 eu- years. The 25 euro carbon price of Neurath at the Garzweiler lignite open-cast mine, western Germany. per litre respectively. Future movement, have urged ros ($30) per tonne of carbon Also on Friday, the will not “make the necessary To ease the pain, the gov- the government to speed up dioxide emissions released by 300-megawatt Niederaus- contribution” to helping Ger- beck, director of the environ- greenhouse gas emissions by ernment will lower the so- Germany’s coal exit, saying the transport and heating sec- sem D unit power plant near many meet its commitments mental group Climate Alliance 55 percent from 1990 levels by called EEG surcharge Ger- the current timetable of clos- tors. Cologne, running on lignite under the 2015 Paris climate Germany. 2030, and derive 65 percent of mans pay to fund the shift ing all coal-fired plants by The pricetag was raised (brown coal), becomes the pact, said Christiane Aver- Germany aims to cut its its electricity from renewables towards green energy. The 2038 is not ambitious enough.

China’s December factory activity slows Amazon in agreement to buy hit AFP chasing Managers’ Index etary Fund expects the Chi- podcast production rm Wondery BEIJING (PMI) -- a key gauge of man- China’s PMI dipped to nese economy to expand by AFP customers to streaming as we a variety of providers, an Ama- ufacturing activity in China 51.9 from 52.1 in 1.9 percent this year. WASHINGTON expand selection and ensure zon statement said. Industry FACTORY activity in China -- dipped to 51.9 from 52.1 in November. It was also China’s non-manufactur- we are a destination for our tracker Podtrac ranked Won- slowed slightly in Decem- November, the National Bu- slightly lower than the ing PMI - a gauge of senti- AMAZON has said it signed a customers to find, discover, dery as being the fourth most ber, data showed Thursday, reau of Statistics said. It was ment in the services sector - deal to acquire the hit podcast and listen to the creators and listened to podcast publisher though it continued to grow also slightly lower than the 52.0 forecast by analysts fell to 55.7 in December from production firm Wondery, in a artists they enjoy,” Amazon’s in the US in November, with as the world’s second-largest 52.0 forecast by analysts. 56.4 in November. move which boosts the US tech music team said in a blog post. slightly more than 9 million economy stays on track to re- The dip came as demand steady recovery, with the China has largely curbed giant’s efforts to round out its of- “Wondery is an innovative people tuning in to audio pro- cover from COVID-19. for Chinese exports was hit pace at a relatively high level the spread of the virus but a ferings from its music platform. podcast publisher with a track grams it hosts. Podcasts have While the rest of the by fresh lockdowns and strict for the year,” Zhao said. series of local outbreaks in Wondery, which produc- record of creating and produc- boomed in popularity in recent world has struggled to over- containment measures in key The manufacturing PMI cities including Beijing have es popular podcasts such as ing top-rated podcasts that en- years, with people tuning in to come the deadly virus, China markets including Europe collapsed to a record low of reduced the number visit- “Dirty John,” “Dr. Death,” and tertain and educate listeners.” hear compelling real or script- has bounced back from a rare and the United States. 35.7 in February after the vi- ing restaurants, cinemas and “The Shrink Next Door,” will Terms of the deal were ed stories as well as interviews. contraction in the first three Still, NBS statistician rus brought much of China other public venues. be incorporated into Amazon not disclosed, but reports this The move comes with Am- months of the year and is ex- Zhao Qinghe said the coun- to a standstill but economic These mini-outbreaks Music, which is ramping up its month said Wondery was seek- azon facing increased scrutiny pected to be the only major try’s economic recovery “re- recovery helped it bounce have also raised fears of re- efforts to compete with rivals ing $300 million. from antitrust enforcers for its economy to avoid a recession mained strong”. back to a three-year high in duced economic activity dur- like Spotify and began offering The deal, which has not yet growing dominance over key this year. “The overall manufac- November. ing the Lunar new year holi- podcasts earlier this year. been finalized, will allow Ama- sectors of the economy as it ex- The closely watched Pur- turing sector maintained a The International Mon- day in February. “Together with Wondery, zon Music subscribers to listen pands in retail and streaming we will continue to bring more to Wondery podcasts through media.