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IATA Sees Substantial Airfare Reduction This Year

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IATA Sees Substantial Airfare Reduction This Year BUSINESS | Page 1 SPORT | Page 1 Security expert INDEX named ICSS DOW JONES QE NYMEX QATAR 3, 20 COMMENT 18, 19 ARAB WORLD 4 BUSINESS 1-12 Qatar real GDP growth to Group CEO 17,811.72 9,532.60 49.04 INTERNATIONAL 5-16 CLASSIFIED 8 +22.05 -39.72 +0.03 ISLAM 17 SPORT 1-12 average 3.6% until 2019 +0.12% -0.41% +0.06% Latest Figures published in QATAR since 1978 FRIDAY Vol. XXXVII No. 10108 June 3, 2016 Sha’baan 27, 1437 AH GULF TIMES www. gulf-times.com 2 Riyals Emir meets Mozambique oil firm CEO In brief No deal QATAR | Religion Calls for sighting on Opec Ramadan crescent The Crescent Sighting Committee at the Ministry of Awqaf and Islamic Aff airs has called upon all Muslims living in Qatar to sight the crescent of the blessed month of Ramadan on Sunday evening, Sha’baan 29, 1437 AH, corresponding to June output 5. The committee in a statement yesterday said whoever witnesses the crescent should head to the ministry headquarters located in Dafna (Towers) area to report his testimony. The committee will meet immediately after the Maghrib (sunset) prayer. ceiling the imposition of now-ended West- QATAR | Gesture Reuters Vienna ern sanctions over Iran’s nuclear pro- Yemenis trapped in HH the Emir Sheikh Tamim bin Hamad al-Thani met yesterday at his off ice at Al Bahr Palace with the Chairman of the Board gramme. and CEO of the National Oil Company of Mozambique Omar Mitha, who called on the Emir to greet him on the occasion of his Zanganeh said Tehran would not sup- Djibouti return home visit to the country. pec failed to agree a clear oil- port any new collective output ceiling A vessel left the port of Djibouti output strategy yesterday as and wanted the debate to focus on indi- carrying a group of Yemeni citizens OIran insisted on steeply raising vidual-country production quotas, ef- who were trapped there to return its own production, though Saudi Ara- fectively abandoned by Opec years ago. to their home countries. This was 1,708 female students graduate bia promised not to fl ood the market. “Without country quotas, Opec carried out under the auspices of Tensions between Saudi Arabia and cannot control anything,” Zanganeh the Qatari embassy in Djibouti and Iran had blighted several previous Opec told reporters. in co-ordination with the Yemeni meetings, including in December 2015 He insisted Tehran deserved a quota embassy and relevant Djiboutian when the group fell short of agreeing a - based on historic output levels - of bodies, Qatar’s ambassador to formal output target for the fi rst time 14.5% of Opec’s overall production. Djibouti, Jassim bin Jaber Jassim in years. Opec is pumping 32.5mn barrels per Sorour said. Yemeni returnees have Strains were less acute yesterday, day (bpd), which would give Iran a quo- expressed sincere gratitude to the however, as new Saudi Energy Minister ta of 4.7mn bpd - well above its current State of Qatar for the humanitarian Khalid al-Falih showed Riyadh wanted output of 3.8mn, according to Tehran’s gesture. to be more conciliatory and his Iranian estimates, and 3.5mn, based on market peer Bijan Zanganeh kept his criticism estimates. of Riyadh to an unusual minimum. At its previous meeting in Decem- AMERICA | Politics In a rare compromise, Opec also ber 2015, Opec eff ectively allowed its 13 Clinton blasts Trump as decided unanimously to appoint Ni- members to pump at will. geria’s Mohamed Barkindo as its new As a result, prices crashed to $27 per ‘unfi t’ to be president secretary-general after years of friction barrel in January, their lowest in over Democratic presidential hopeful over the issue. a decade, but have since recovered to Hillary Clinton assailed Republican Saudi Arabia and its Gulf allies had around $50 due to global supply out- candidate Donald Trump yesterday tried to propose Opec set a new collec- ages. as “not just unprepared” to be tive ceiling. Yesterday, Brent prices were down president but “temperamentally But yesterday’s meeting ended with 1.5% at $49 per barrel after the Opec unfit” to hold the off ice. Clinton, no new policy or ceiling amid resist- meeting but later rallied on data show- who served as secretary of state ance from Iran. ing a weekly drawdown in US crude under President Barack Obama, Despite the setback, Saudi Ara- stockpiles. blasted Trump for failing to outline bia moved to soothe market fears that That Opec could not agree on a be- a coherent foreign policy doctrine failure to reach any deal would prompt nign deal is a sign that political dif- and for his lack of knowledge about A total of 1,708 female students of Qatar University’s Class of 2016 graduated yesterday at a ceremony graced by HH Sheikha Opec’s largest producer, already pump- ferences are undermining the or- international aff airs. Clinton charged Jawaher bint Hamad bin Suhaim al-Thani, wife of HH the Emir. QU president Dr Hassan Rashid al-Derham along with members ing near record highs, to raise produc- ganisation, said Gary Ross, founder of that Trump could not be trusted to of QU leadership, deans, local dignitaries, parents, faculty, staff , alumni and well-wishers, congratulated the students on their tion further to punish rivals and gain US-based PIRA consultancy. lead the US military or handle its hard work and persistence. Page 20 additional market share. “It is bearish short-term for oil pric- arsenal of nuclear weapons. Page 6 “We will be very gentle in our ap- es. But what is also important is that proach and make sure we don’t shock Saudis are not planning to fl ood the the market in any way,” Falih told re- market,” Ross added. EUROPE | Emergency porters. Zanganeh made a few conciliatory Thousands evacuated “There is no reason to expect that remarks, saying he was happy with the 11 die in labour camp fi re Four killed in Saudi Arabia is going to go on a fl ood- meeting and received no signals from in French fl ood fury ing campaign,” Falih said when asked other producers that they planned to Torrential rain forced thousands of leven people died and 12 in- the causes of the fi re,” MoI added. road accident whether Saudi Arabia could accelerate increase output. people from their homes south of jured in a fi re that broke out on According to community sources, production. For Amrita Sen of Energy Aspects, Paris while the River Seine surged EWednesday in a labour accom- the camp housed hundreds of workers our people were killed in a The market has grown increasingly who like Ross travelled to Vienna to to its highest level for over 30 modation of a company working on but due to the timely intervention of road traffi c accident in Qa- used to Opec clashes over the past two meet Opec offi cials, the meeting sent years in the French capital, shutting Salwa Tourism Project, the Ministry of the Civil Defence and police personnel Ftar on Wednesday. years as political Riyadh and Tehran an encouraging signal about the state down the famed Louvre and Interior (MoI) announced on its Twit- the spread of the blaze was contained Two Kenyans, an Ugandan fi ght proxy wars in Syria and Yemen. of the organisation. Orsay museums and a metro line. ter page yesterday. and several precious lives saved. and a Nepal national were those Saudi Arabia eff ectively scuppered “After the Doha debacle, it actually In Evry-Gregy-sur-Yerre, south of “The fi refi ghting team reached the The nationalities of the victims killed when the bus they were plans for a global production freeze restores market confi dence that Saudi Paris, a man on horseback drowned site in record time and evacuated the could not be ascertained. Some of the travelling in overturned, Kenyan - aimed at stabilising oil markets - in Arabia is committed to Opec. This is yesterday, the prefecture said in a premises and controlled the spread of bodies have been charred beyond rec- news website The Star reported April in Doha. a success compared to three days ago statement. An 86-year-old woman the fi re to adjacent areas,” according to ognition, a source said. yesterday. It said then that it would join the when people had been expecting Falih was found dead in her flooded the MoI. Meanwhile, a fi re that erupted at a The Star said a video obtained deal, which would also have involved to walk out of the Opec room,” said Sen. house in a small town southwest of The charred bodies of the victims portacabin near the Aspire Zone yes- by them showed fi ve people sur- non-Opec Russia, only if Iran agreed to Falih was the fi rst Opec minister to Paris late on Wednesday. Prolonged have been shifted to the Hamad Hospital terday afternoon has been brought un- vived the tragedy. The deceased freeze output. arrive in Vienna this week, signalling heavy rain also pounded parts of mortuary. The injured are hospitalised. der control by fi refi ghters. According to were said to be private security Tehran argues it should be allowed to he takes the organisation seriously. neighbouring Germany. Page 10 “Investigation is under way to identify sources, there have been no injuries. service personnel. raise production to levels seen before BUSINESS Pages 1 & 3 IATA sees substantial airfare reduction this year By Pratap John 2015 total was distorted downwards by “Airline CFOs and heads of cargo re- Pearce pointed out that economic Governments to earn $118bn in tax ponents, which is a major part of cross Chief Business Reporter the sharp rise of the dollar.
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