Britain, EU sign post-Brexit deal page 10

Thursday, December 31, 2020

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QC-sponsored Merwad expo to kick-off tomorrow QLM holds first Tribune News Network Member and Chairperson of Doha Qatari Businesswoman Fo- board meeting, rum Ibtihaj Al Ahmadani will The fifth edition of the Mer- open the expo in the presence wad Exhibition will kick off at of a number of businesswom- the Doha Exhibition and Con- en and exhibitors. appoints Fahd Al vention Centre on Friday and The expo is known for ex- will go on until January 5. hibits that showcase innova- Being sponsored by the tion and high quality and typ- Suwaidi as CEO Qatar Chamber and organ- ically draws a huge number of ised by Vouge Event Com- visitors as well as exhibitors. pany, the five-day event will The expo has become a Tribune News Network display works of around 130 Ibtihaj Al Ahmadani landmark in the exhibition Doha prominent designers in Qatar industry, especially in the alongside those of designers the expo will feature 140 field of woman’s fashion and QLM Life and Medical Insur- from Kuwait, India, Oman booths displaying a variety of accessories, presenting a va- ance Company (QLM), which and Turkey. The venue is clothing, particularly abaya. riety of distinguished prod- is all set to be listed on Qatar spread over 6,000 sqm and Qatar Chamber Board ucts of abayas. Stock Exchange on January 6 after a successful IPO, on Wednesday announced that the company has appointed Fahd Mohamed Al Suwaidi as its chief executive officer. The appointment was made at the first board meet- Katara Hospitality plans to have ing of the company held in Fahd Mohamed Al Suwaidi the presence of its chairman Sheikh Saoud bin Khalid bin Hamad Al Thani and members pointment of the auditors for of the board of directors. the first financial year and de- 60 hotels by 2030: Sheikh Nawaf The constitutive general termine their fees. assembly of the company was The company had earlier successfully concluded by a announced that its IPO wit- formal announcement of the nessed high demand from re- Katara Hospitality incorporation of the converted tail and corporate investors company. Following the meet- and was oversubscribed re- celebrates 50th ing, QLM has been converted flecting investors’ enthusiasm anniversary from a limited liability com- and trust in the company. pany to a Qatari Public Share- “Given the high demand for holding Company. offer shares, priority in the al- QNA Agenda of the constitutive location of shares was given to Doha general assembly also included retail investors, who received hearing and approving con- full allocation of the shares Katara Hospitality plans to stitutional committee’s report they applied for. Applications raise the number of hotels un- on the incorporation activities from corporate investors were, der its management to nearly and related cost, approving therefore, only partially allo- 60 by 2030, its Chairman the company’s article of as- cated, with the majority of sub- Sheikh Nawaf bin Jassim bin Katara Hospitality Chairman sociation, appointment of the scription amounts returned Jabor Al Thani has said. Sheikh Nawaf bin Jassim bin members of the company’s to corporate applicants,” the Currently, the hospitality Jabor Al Thani first board of directors and ap- company said. major has 42 hotels with more than 25,000 rooms. It had Sheikh Nawaf reviewed, about 4,000 rooms in 2000, in his speech, the develop- the chairman said, illustrating ment of the company since its the company’s development inception. Katara Hospitality, over the years and vowed not he said, started with one hotel to stop expanding. but quickly assumed a major Sheikh Nawaf was ad- role in the hospitality sector This computer generated image shows the Katara Towers over the Lusail Marina District. The ongoing dressing the 50th anniversary by adding many distinctive ho- Katara Hospitality Project is expected to be ready for the 2022 FIFA World Cup in Qatar. celebration of the Katara Hos- tels. pitality, which was formerly The chairman expressed said, noting that the “capital- currently manages the Gulf an important role in develop- known as Qatar National Ho- pride in the fact that Katara ist side” is not the most impor- Hotel - the Gulf Marriott Ho- ing the strategic development tels, on Wednesday. It was Hospitality is number one in tant today. Investment cannot tel in Doha - which is the first witnessed by Qatar, and as founded in 1970. Ever since terms of the number of rooms be made without experience, five-star hotel in the coun- the leading institution for the then, it has adopted a pio- in the Middle East and North he said. try. With the opening of the hospitality sector in the coun- neering approach to develop Africa region, and number 25 One of the most important Sheraton Doha Resort and the try, it invests in the best in- the hospitality scene in the in the world. In terms of reve- elements in Qatar National Convention Hotel in 1982, the ternational hotels ever, as its country. The chairman said nue, Katara is ranked first the Vision 2030 is the tourism as- company introduced the first portfolio currently includes the company was renamed Middle East and North Africa, pect, he said, adding that Ka- Qatari hotel to carry an inter- many international hotels, in 2012 as Katara Hospitality and 14th in the world, he said. tara Hospitality has adopted national brand. while it continues to ex- to reflect its heritage and in- “We have a close-knit a strategy on how to improve Katara Hospitality portfo- pand its portfolio of famous ternational expansion plans. team which is very important this industry. lio includes a unique group of hotels for investment and de- It aims to develop a group of in our success. We now have It is noteworthy that the glittering edifices in distinc- velopment of a group One of unique properties that cele- very good Qatari candidates company has witnessed a se- tive and prestigious locations the unmatched hotels in the The CEO’s appointment was made at the first board meeting of QLM, brate hospitality icons around who can indeed be leaders ries of first steps, over the in Qatar and abroad. most important global desti- held in the presence of its chairman Sheikh Saoud bin Khalid bin the world, he added. in the future,” Sheikh Nawaf years, since its inception. It Katara Hospitality plays nations. Hamad Al Thani and members of the board of directors.

Ezdan Real Estate Company leases its school in Al Gharrafa to PSI by the Qatar National School Pearling Season International opens Accreditation and is dedi- cated in providing the highest doors for admissions in its new branch standards of academic excel- lence. Tribune News Network sible with our academic and Since founded in 2014 in Doha administration team’s com- Al Mansoura, Qatar, PSI has mitment to an outstanding been known for its academic The Ezdan Real Estate Com- education. We aim to become excellence through its teach- pany has leased out its school global pioneers in education, ing from Pre-school to Year in Al Gharrafa to the Pearling blending strong traditional 12 according to the British Season International (PSI) Qatari values with modern National Curriculum. School, which will start its teaching styles and learning The school is also one of third branch in Qatar there. technology. We are keen to al- the accredited centres for The school has opened ways provide an environment hosting international exams registration for the next aca- which fosters academic excel- (IGCSE & AS Level). It was demic year at its new branch lence.” able to achieve high success and is inviting parents to What further distinguish- PSI has signed a leasing contract for the Ezdan facility in Gharrafa Since founded in 2014 in Al Mansoura, PSI has been known for its rates in qualifying students visit the facility from Janu- es PSI is the Additional Learn- at the beginning of the current academic year. academic excellence. to join the first and largest ary 3 to get acquainted with ing Needs (ALN) department universities. the staff, curriculum and the where students with special ditional Learning Needs stu- Holding Group, expressed school building was carefully dition to sports and entertain- The option to choose the modern facilities on the new needs from Pre-school to Year dents into mainstream classes his happiness at leasing the planned on a distinct area in ment facilities,” he said. US High-school Diploma, campus. 6 are supported and educated and into all school aspects to school to Pearling Season In- the heart of the city Doha, as PSI has signed a leasing British AS Level or Inter- Clive Shepherd, the prin- by a group of expert teachers allow them to reach their full ternational, which he said was it provides many services to contract for the Ezdan facil- national Baccalaureate Di- cipal, said, “We are con- qualified to cope with special potential.” is one of the most important students on the school cam- ity in Gharrafa at the begin- ploma programme will be of- stantly striving to develop our needs students, he said. Hani Dabash, Execu- educational institutions. pus, including educational ning of the current academic fered in the twelfth grade in schools and this is made pos- “PSI cares to integrate Ad- tive Vice President of Ezdan “This indicates the and academic facilities, in ad- year. The school is accredited its branch in Al Gharrafa. Economy & Business Thursday, December 31, 2020 09 Asian investors push most markets higher Virus changes the way of doing but virus fears remain business globally: Seetharaman AFP one percent each. There Hong Kong were also advances in Sin- gapore but Tokyo eased The Doha Bank CEO finds the opportunities the pandemic has left in its wake as its positive side Asian markets mostly en- after piling on more than joyed gains Wednesday fol- two percent Tuesday, while Tribune News Network lowing the previous day’s Wellington, Bangkok and Doha advances, with vaccine Jakarta were also in the red. and economic recovery Sydney retreated as in- The COVID-19 has changed optimism helping inves- vestor confidence is jolted way of doing business glob- tors look past a frightening by fears over a spike in in- ally, Doha Bank Group CEO surge in virus cases around fections in the city. Dr R Seetharaman said while the world. The clusters come as a addressing a “Virtual Global As a rollercoaster year mutated strain of the dis- Economic Summit 2020” or- draws to a close, two ma- ease, which spreads more ganised by the World Tamils jor weights on sentiment quickly but is no more Economic Foundation and -- US stimulus and the deadly, has been detected Madras Development Society. Brexit trade deal -- have Talking on the topic been navigated reasonably “changing dynamics and op- positively, leaving traders portunities post COVID”, Dr a little more upbeat about Seetharaman said the pan- the next few months. demic has popularised work- With central banks un- from-home culture. likely to step back anytime HK leads gains “No one is any more lo- soon from their vast mon- cation-centric; it is now an etary easing programmes, Hong Kong led gains in information-centric world,” and vaccines allowing life Asia, rallying 1.5 percent, he said. to get back to some sem- while Seoul jumped 1.9 “Today, there are 80 mil- blance of normality, ana- percent and Shanghai and lion COVID-19 cases globally lysts are hopeful that equi- Taipei also put on more and the virus has claimed the ties have a long way to go than one percent each. lives of more than 1.8 million higher. There were also advances people. To combat the crisis, “This is an economy in Singapore but Tokyo the central banks across the that is recovering, policy eased after piling on more globe have announced ade- is going to be accommoda- than two percent Tuesday, quate liquidity measures. The Doha Bank Group CEO Dr R Seetharaman addressing the “Virtual Global Economic Summit 2020” held recently tive for years to come, it while Wellington, Bangkok central banks have assured suggests a good backdrop sustainability measures in forensic investigation, resto- States in the first half of the for risk assets -- it doesn’t and Jakarta were also in global norms. ration and deletion of hacked year. mean there aren’t going to the red. “Globally, approximately data and systems, and repu- The Doha Bank’s chief ex- be some challenges as we $30 trillion of liquidity is tational harm, Seetharaman Digital governance plays a key role in transforming the ecutive said, “Given changing progress over the next cou- in several countries, put- pumped. The liquidity has added. organization globally. A 5 percent digital access can reduce dynamics of business Internet ple of years,” Brian Levitt, ting pressure on govern- played a key role in holding “Digital governance plays carbon emissions nearly by 538 million tonnes which is of Things is based on the fact a strategist at Invesco, told ments to impose stricter the balance, making sure the a key role in transforming the that everything will be con- Bloomberg TV. containment measures. economy doesn’t get crippled organization globally. A 5 per- nearly 230 million coal mines capacity. This will ignite the nected to each other; multiple “The reality is the mar- And Biden warned that out,” he said. cent digital access can reduce green economic growth. objects and devices working in kets are going to be focused the dire situation may not Dr Seetharaman pointed carbon emissions nearly by tandem to seamlessly deliver on a recovery.” ease up until “well into out four risks that need to be 538 million tonnes which is Doha Bank Group CEO Dr R Seetharaman solutions and services.” Wall Street’s three March”. mapped — social risks, eco- nearly 230 million coal mines Research firm Gartner main indexes dipped from “The next few weeks nomic risks, human risks and capacity. This will ignite the er the carbon footprint in the said, according to IMF’s Octo- estimates that nearly 5.5 mil- Monday’s records on dis- and months are going to be environmental risks. green economic growth.” relevant economic sector, the ber 2020 data, global growth lion new things will get con- appointment that Repub- very tough -- a very tough The COVID has reignited He said greenhouse gas higher the allocation of capital is projected at 5.2 percent in nected every day in 2016 while licans had blocked a move period for our nation, the pace of digital governance emissions need to be esti- for green banking and sus- 2021. The growth of advanced around 6.4 billion connected to ramp up stimulus cash maybe the toughest during across the globe with accelera- mated for major economic tainable projects. economies is projected to things will be in use world- handouts, though there is this entire pandemic,” he tion in digitalization across all sectors in areas of operation “The carbon footprint will strengthen to 3.9 percent wide this year, up 30 percent a feeling US lawmakers will added. the industries has led to rise in to determine the carbon foot- be different across various and emerging and developing from 2015. “There are 50 bil- eventually push ahead with Traders are keeping cybersecurity, he said. print. Based on the carbon geographies and economic economies are expected to re- lion gadgets that can be used more support measures as tabs on Capitol Hill after Cybercrime costs include footprint in various economic sectors and hence, country cover by 6 percent in 2021. today. Robotics, enabled by Joe Biden takes over at the Donald Trump on Sun- damage and destruction of sectors, various initiatives wise and sector wise alloca- The US economy is pro- artificial intelligence and ma- White House. day finally signed off on a data, stolen money, lost pro- should be proposed to pro- tions should be explored. jected to contract by 4.3 per- chine learning, is proving to be Hong Kong led gains in $900 billion rescue pack- ductivity, and theft of in- mote green economies, such This forms the basis for green cent in 2020, before growing a game changer that can bring Asia, rallying 1.5 percent, age, which will see hard- tellectual property, theft of as lending for green projects, banking and brings prudency at 3.1 percent in 2021. A deep- unique operational efficien- while Seoul jumped 1.9 per- up Americans receive up personal and financialdata, CDM scheme, and paperless into the capital framework,” er contraction of 8.3 percent cies to the financial services cent and Shanghai and Tai- to $600 handouts to help embezzlement, fraud, and banking. he added. is projected for the euro area industry. The opportunities pei also put on more than them through the crisis. post-attack disruption to the “The allocation matrix Sharing insights on Global in 2020, reflecting a sharper are reflecting positive side of normal course of business, should be such that the great- economies, Dr Seetharaman downturn than in the United pandemic,” Seetharaman said.

FB to close Irish units at center of tax dispute Indonesia in $9.8 bn electric vehicle AFP profits offshore. tive tax rate over the last five battery deal with South Korea’s LG Washington A Facebook spokesperson The move comes amid a years exceeds 20 percent. said the move was “part of a dispute with US tax The news comes amid AFP chains for lithium batteries, and technology. But Indo- Facebook confirmed change that best aligns with authorities, which claimed stalled negotiations on a new Jakarta which rely on nickel. nesia has extraordinary re- Wednesday it was closing its our operating structure” and the company owed billions global tax treaty which would Mineral-rich Indonesia serves of raw materials,” he Irish subsidiaries at the center that the holdings of the three in taxes by improperly allocate profits of multination- Indonesia said Wednes- is a major producer of the said. of a dispute on profit shifting subsidiaries were “distributed al firms including tech giants day it had signed a $9.8 metal. “If we combine the two, to avoid taxes in the United to its US parent company.” shifting profits offshore and efforts by some countries billion electric vehicle bat- Initial development I believe this investment will States. Facebook has disputed the to unilaterally impose digital tery deal with South Korea’s will kick off in February, (make us) one of the impor- The California tech giant claims from US tax authorities aligns corporate structure taxes based on revenues. LG as it moves to become a including plans for a mine tant players in the world”. acknowledged the winding seeking some $9 billion for al- with where we expect to have In November, some 75 global production hub for the and smelter in the remote Some other foreign down of Facebook Ireland legedly undervaluing intellec- most of our activities and major tech players, including green technology. Maluku islands, said Indo- firms are investing in nickel- Holdings Unlimited Com- tual property assets used by people.” Google and Facebook, backed The agreement was nesia’s Investment Coordi- battery processing plants pany amid a dispute with US the social network. Facebook says it has paid a French initiative commit- signed in mid-December, nating Board head, Bahlil in Indonesia, including tax authorities, which claimed But it noted that these more than $11 billion globally ting them to making a “fair with investments planned Lahadalia. China’s Tsingshan Holding the company owed billions in assets were repatriated in in income tax over the past tax contribution” in countries in production and supply “(LG) have the market Group. taxes by improperly shifting July in a move which “best three years and that its effec- where they operate.

‘true milestone’ Huawei launches HarmonyOS 2.0 developer beta for smartphones

Tribune News Network entertain and educate them in new HarmonyOS encourages all uted system services, software and Doha and profound ways, at home, in developers to release their imagi- hardware abilities. In doing so, the gym and in the office, on the go nation and come up with promis- HarmonyOS aims to help create HarmonyOS 2.0 developer beta and on the road. ing ideas on how to create Seam- innovative and competitive apps for smartphones was officially Wang Chenglu, President of less AI Life services for all users. that are compatible with all device released at Huawei Developer Huawei’s Consumer Business Therefore it’s no small wonder that types and oriented toward all us- Day Beijing 2020, representing Group Software Engineering over 120 mainstream app builders, age scenarios, with as much ease a milestone in the construction Department, remarked, “Harmo- including JD.com, China Union- as experienced in the independent- of the all-encompassing Harmo- nyOS is a true milestone, as it has Pay, Youku Video and iFlytek, have device app development era. nyOS ecosystem. Smartphone app redefined how people and devices opted to make HarmonyOS their HarmonyOS will also trans- developers with interest in the 2.0 interact with each other in every system of choice. form the business of hardware beta can apply for it on the Huawei facet of daily life. Devices and Today’s vast array of IoT vendors, by helping them turn Developer official website. services are no longer limited to devices share little in common, as products into services. Software in- Comprehensive HarmonyOS specific life scenarios, now that they can be subdivided into dif- novation will be channeled to bring system capabilities, a multitude users can freely customize how ferent device types and operating about differentiated and flexible of APIs, and powerful tools such their devices work to account systems. This reality has hindered hardware usage. Hardware re- as the optimized DevEco Studio for any setting. HarmonyOS will traditional app development, as sources from all connected devices simulator, have all been made pub- create ‘super devices’ that come apps needed be adapted to fit all will be pooled, to enable partners licly available, facilitating efficient with more enriching apps than HarmonyOS has redefined how people and devices interact with each other in of the different screen sizes and to extract more value by selling HarmonyOS-compatible smart- ever, as well as life-altering ‘super every facet of daily life, says Huawei’s Wang Chenglu. systems prior to release. Huawei services on an ongoing basis, phone app development. Huawei services’.” has made IoT fragmentation a rather than being limited to the hopes to welcome more partners HarmonyOS and its underly- are formed by pooling software AI life a full-blown reality. Harmo- thing of the past, by opening all one-time product sale. Enticed by to the ecosystem, and give users ing distributed technology are and hardware resources from nyOS helps ensure that all devices of HarmonyOS’s frameworks and this promising new model, more access to the full range of benefits designed for this futuristic Internet previously physically-independent are responsive to the user’s every platform toolchains to developers. than 20 hardware vendors have offered by Seamless AI Life, with of Everything paradigm. By help- devices, the system has been mak- whim, and equipped to handle any Over 15,000 APIs have now been become a part of the HarmonyOS smart services that interact with, ing create ‘super devices’, which ing the lofty ambitions in seamless conceivable usage scenario. made available, including distrib- ecosystem. 10 Thursday, December 31, 2020 Economy & Business Britain, EU sign post-Brexit deal

have benefited the UK,” she Britain will leave the European single market told MPs. and customs union at 11pm on Thursday ‘Thin deal’ -However, an influential faction of arch- Brexiteers in Johnson’s ruling AFP Britain will leave the Eu- Conservatives gave their bless- London ropean single market and ing to the EU agreement on customs union at 11pm (2300 Tuesday, and the main oppo- Britain and the EU signed GMT) on Thursday, the end sition Labour party also gave a post-Brexit trade deal on of a difficult year and of a its reluctant backing. Wednesday, setting their seal post-Brexit transition period Despite objections among on a drawn-out divorce just marked by intense and tortu- some of his own MPs, Labour hours before the UK brings its ous trade negotiations. leader Keir Starmer said neu- half-century European experi- The lower House of Com- trality was not an option given ment to an end. mons voted overwhelmingly the stakes for Britain. EU chiefs Ursula von der by 521-73 to back the deal, “This is a thin deal, it’s got Leyen and Charles Michel, the despite serious opposition many flaws, but a thin deal is heads of the European Com- misgivings, and the bill was better than no deal,” Starmer mission and European Coun- expected to pass the House of told MPs. cil, smiled at a brief televised Lords later Wednesday in an Lawmakers from the pro- ceremony to put their names unusually rapid procedure. European Liberal Democrats to the 1,246-page Trade and Introducing the legisla- and Scottish National Party Cooperation Agreement in tion to ratify it, Johnson told (SNP) voted against it -- with Brussels. lawmakers it heralded a new the SNP using the issue to “It has been a long road. chapter for Britain and the EU push for a fresh referendum It’s time now to put Brexit be- as “sovereign equals, joined on independence for Scotland. hind us. Our future is made in by friendship, commerce, his- The agreement’s impact Europe,” von der Leyen said. tory, interests and values”. will play out in the coming The hefty document, “London and Brussels months, with UK businesses bound in blue leather, was would work hand in glove braced for customs red tape then flown by the Royal Air whenever our values and in- they have avoided for decades Force to London for Prime terests coincide, while fulfill- in cross-Channel trade. Minister Boris Johnson to add ing the sovereign wish of the Meanwhile from January his signature, as the UK par- British people to live under Britain’s Prime Minister Boris Johnson poses for photographs after signing the Trade and Cooperation Agreement between the UK and the EU, 1, there will no longer be free liament began a rushed debate their own sovereign laws made the Brexit trade deal, at 10 Downing Street in central London on Wednesday. Johnson acclaimed it as the start of a “wonderful relationship” movement of people from on the deal before the looming by their own sovereign parlia- across the channel. Britain to the EU or vice versa. deadline. ment,” he added. Under the compressed leg- Johnson gave thumbs up Michel echoed the senti- hours before the debate began The last-ditch deal averted accused the government of Theresa May, whose three- islative calendar, the Europe- after inking what he called ment in Brussels, vowing the in parliament and an hour af- the prospect of a cliff-edge sep- selling them out, while servic- year Brexit-dominated pre- an Parliament will debate the ‘the beginning of what will be two sides would work ‘shoul- ter the EU signing. aration which would have seen es -- accounting for 80 percent miership ended in 2019 after Brexit deal after the New Year, a wonderful relationship be- der to shoulder’ on major is- The government intended quotas and tariffs slapped on of the UK economy -- were she failed to win support for a but they are expected to even- tween the UK and our friends sues, including climate change to ram all stages of the 85- all cross-Channel trade, exac- largely omitted. closer future relationship with tually nod it through. and partners in the EU’. and future health pandemics. page European Union (Future erbating strains in the middle The City of London faces the bloc, voiced her unease at Pending that, EU member “It’s an excellent deal for Johnson’s government Relationship) Bill through the of the coronavirus pandemic, an anxious wait to learn on the agreement. states gave their green light this country but also for our only published the accompa- Commons and Lords in one which has hit Britain harder what basis it can continue “We have a deal in trade on Monday for the accord to friends and partners,” he said nying UK legislation on Tues- day, before Queen Elizabeth II than most. dealing with Europe in the fu- which benefits the EU, but not take provisional effect before in 10 Downing Street. day afternoon -- less than 24 formally signs it into law. But British fishermen have ture. a deal in services which would Thursday’s deadline. European Union, China approve COVID-19 takes heavy toll on major investment agreement African economy AFP Brussels AFP markets have found their ap- Paris petite for risk again, and es- The European Union (EU) pecially for African debt, but and China on Wednesday Africa has so far been investors are going to be much approved ‘in principle’ a spared the worst of the coro- more careful about the details” major investment pact that navirus pandemic in terms of and quality of the issuers, said Brussels hopes will open cases and deaths but its econ- Gillet. up lucrative opportunities, omy has not been so lucky, Another important source despite concerns about Bei- especially the poorer, smaller of funds for African countries jing’s rights record. countries dependent on a sin- is remittances from their for- EU chiefs Ursula von der gle resource or sector. eign workers and inevitably Leyen and Charles Michel The spread of the disease this has also suffered in the agreed with China’s Presi- has also picked up speed in re- pandemic. dent Xi Jinping to wrap up cent weeks, stoking concerns According to the World seven years of painstak- that worse is to come. Bank, such remittances are ing negotiations during a The International Mon- expected to fall 14 percent to video conference that also etary Fund (IMF) estimates about $470 billion going into included German Chan- that the economy of sub-Sa- 2021. cellor Angela Merkel and haran Africa will shrink 3.0 “The impact of Covid-19 French leader Emmanuel percent, “the worst outcome is pervasive when viewed Macron. on record”. However, it should through a migration lens as The bloc said the deal, then grow 3.1 percent next it affects migrants and their which is still expected to year -- although this is a much families who rely on remit- take months to be finalised slower pace than elsewhere in tances,” said Mamta Murthi, and fully ratified as a legal the world. Vice President for Human text, was of “major economic In terms of per capita in- Development and Chair of the significance” and had seen come, it has fallen 5.3 percent Migration Steering Group at China commit to “an unprec- and back to 2013 levels in the the World Bank. edented level of market ac- space of just a few months. The G20 has also said its cess for EU investors”. Abebe Aemro Selassie, the members are ready to re-nego- China’s state-run Xin- head of the IMF’s African divi- tiate some of the debt itself but hua news agency cited Xi EU chiefs Ursula von der Leyen and Charles Michel agreed with China’s President Xi Jinping to wrap up seven years of painstaking negotiations sion, highlighted the fact that such moves have limits. saying the agreement “dem- during a videoconference that also included German Chancellor Angela Merkel and French leader Emmanuel Macron. unlike in the 2008-09 global “Firstly, about 40 percent onstrates China’s determi- financial crisis, sub-Saharan of African debt is accounted nation and confidence to has convinced China to sign minorities in Xinjiang prov- EU’s outreach to Beijing and It also insists the deal se- countries were in a much for by the private sector,” and promote high-level opening -- lowering barriers for EU ince. urging Brussels to consult cures guarantees from China worse budgetary position, not by governments, noted up”. Businesses, bolstering com- “EU leaders do know that with Washington. on key European concerns by with fewer resources available Kako Nubukpo, an econo- And Xi dubbed Europe petition and strengthening the CAI language on ILO and As the EU has taken a ending obligations to trans- to face the crisis than their mist and a former minister and China “the world’s dual environmental protection. forced labour is not worth softer approach on China, fer technology, reinforcing wealthier peers. of Togo. major forces, markets and The bloc says it has also the ink. They are not stupid,” outgoing President Don- respect for intellectual prop- “The crisis has confirmed “Certain countries, such civilisations.” managed to get Beijing to Reinhard Butikofer, the head ald Trump has carried out a erty, strengthening Beijing’s the differences between di- as Benin, with a lot of private Von der Leyen, mean- agree to “continued and sus- of the European parliament’s trade war to batter Beijing environmental commit- versified countries and the sector debt, oppose the mora- while, tweeted: “This agree- tained efforts” to ratify In- delegation on China, wrote into concessions. ments and addressing state exporters of industrial raw torium because they fear that ment will uphold our inter- ternational Labour Organi- on Twitter. Despite vast differenc- subsidies. materials but has also im- when they return to the mar- ests and promotes our core sation (ILO) conventions on MEPs complain that the es with his predecessor on While the deal should pacted North African coun- ket to raise fresh funds their values. It provides us a lever forced labour. outline deal -- which came many issues, Biden looks set pave the way for EU firms tries which were in a growth risk premium will explode,” he to eradicate forced labour.” “We have to remain re- the same day the bloc signs to continue a tough line, al- to make inroads in areas in- rebound thanks to tourism said. But the end of year rush alistic: this deal will not its post-Brexit farewell trade though he is looking to forge cluding China’s electric car, since 2016,” noted Clement But Senegal on the other to conclude the political part solve all the China-related pact with Britain -- is be- a more multinational front to health, telecoms and finan- Gillet, economist with Soci- hand has welcomed the debt of the agreement could up- challenges we face, of which ing rushed through under tackle Beijing. cial services sectors, it also ete Generale. service moratorium, he added. set US President-elect Joe there are many,” EU Execu- the stewardship of leading The EU insists the invest- looks set to open up Europe’s Standing on its own, South At the same time, Gillet Biden as he prepares to en- tive Vice President Valdis export power Germany just ment agreement with China renewable energy market to Africa, the continent’s second- noted the profile of Africa’s ter the White House, hop- Dombrovskis said. before its rotating EU presi- -- which it views as a “sys- Beijing. biggest economy, has been hit creditors has changed, “which ing to coordinate with his “However, it ties China dency ends. temic rival” -- will not ham- But an EU official said the worst given that it was al- makes any restructuring western allies. into significant commit- Ahead of Biden, China per its relations with the new that the agreement would ready in recession before the agreement very complicated”. Europe has long sought ments in the right direc- pushed past the United US administration and says still allow individual mem- crisis hit. “Up until the end of the to increase access for its tion -- more than it has ever States in the third quarter of it in part matches the “phase ber states to block access for Its economy is expected to 1990s, you could get all the companies to China’s vast agreed before”. this year to become the EU’s one” trade deal Trump inked Chinese firms on national se- shrink 8.0 percent this year. creditors around a table,” he markets, but Beijing’s lack But European lawmak- top trade partner as the Cov- with Beijing in January. curity grounds. On the one hand, there is said. of respect for international ers warned that there is no id-19 pandemic disrupted The bloc says the deal, The preliminary agree- Zambia, which is heavily de- “But now you have the debt labour standards had re- way to compel China to make the US economy while Chi- which it began negotiating ment is likely to take months pendent on mining and be- owed to China, which is not mained a final hurdle to an good on worker rights. nese activity rebounded. in 2014, helps rectify what to be worked into shape by came the first country to de- part of the Paris Club (of state agreement. And some in Brussels The political accord it sees as the long-standing legal teams and translated, fault on its debt last month, creditors), then the debt owed Brussels insists the Com- accuse Beijing of running a comes just weeks before imbalance in the way Brus- and will then have to be rati- while Ivory Coast only two to the private-sector lenders prehensive Agreement on “government-led system of Biden will be sworn in as US sels and Beijing treat in- fied by the EU’s 27 member weeks later easily raised funds (the London Club of bankers), Investment (CAI) is the forced labour” targeting the president and with his team vestors and the access they states and approved by the on the market. and then above all the debt “most ambitious” anyone Uighur and other Muslim expressing concern over the allow them. European Parliament. Since then, “the financial raised on the markets.”