Coronavirus a ‘catastrophe’ for Paris tourist industry PaGE 10

Friday, March 13, 2020

DOW21,557.39 QE 8,230.41 SENSEX 32,778.14 GOLD 1,578.68 World economy facing its biggest -1,995.83 PTS -382.95 PTS -2,919.26 PTS -3.45% crisis since 2008 PaGE 9 PRICe PeRCeNTAge PRICe PeRCeNTAge 15.91 BRENT 32.94 -7.96% WTI 31.16 -5.52% SILVER -5.16% stocks, crude plunge Five big malls set to as trump travel ban open in in 2020 fans recession fears AFP president’s travel ban has only loNDoN further heightened the likeli- hood of a global recession... Average retail occupancy across malls in Qatar was estimated at 80 percent in 2019, says ValuStrat GLOBAL stock markets and investors fled,” said Connor oil prices plunged Thursday Campbell, market analyst at SATYENDRA PATHAK after President Donald Trump Spreadex trading group. Doha banned all travel from main- Eyes were on the European land Europe to the United Central Bank, which is under FIVE big malls with approxi- States for a month to fight the pressure at its policy meet- mately 462,000 sqm gross coronavirus pandemic, ramp- ing Thursday to show it too leasable area of retail space are ing up fears of worldwide re- has the firepower to respond all set to open in 2020, ValuS- cession. to the coronavirus crisis and trat research has said in its lat- As panic raged and billions shore up the eurozone econ- est report. more dollars were wiped from omy after other major central According to ValuStrat’s companies’ valuations, the banks have already leapt into Qatar Retail Market Insights, head of the World Health Or- the breach. the new malls - Doha Mall ganization said the COVID-19 The Japanese yen, a in Al Maamoura, Boulevard outbreak “is a controllable key haven in times of crisis, Mall in Jeryan Jenaihat, 04 pandemic” if countries stepped jumped more than one per- Mall in The Pearl, J Mall in Al up measures to tackle it. cent against the dollar. Markhiya and Place Vendome “We are deeply concerned “Travel restrictions equal in - is expected to be that some countries are not ap- slower global economic activ- completed by the end of 2020. proaching this threat with the ity, so if you need any more With these additions, level of political commitment coaxing to sell... after a mas- the report said, retail supply needed to control it,” WHO sively negative signal from would exceed 2.3 million sq m director-general Tedros Adha- trading in US markets it just gross leasable area (GLA) by nom Ghebreyesus told diplo- fell in your lap,” said AxiCorp’s 2020, assuming no construc- mats in Geneva, according to a Stephen Innes. tion delays. statement. The coronavirus outbreak Average retail occupancy Following an overnight has left virtually no sector across malls in Qatar was es- slump, Sydney tumbled 7.4 untouched, though travel and timated at 80 percent in 2019, percent Thursday to suffer its tourism have been particularly the report said adding the worst session since the 2008 hard-hit as countries institute country saw the opening of According to ValuStrat’s Qatar Retail Market Insights, the new malls- Doha Mall in Al Maamoura, Boulevard Mall in Jeryan Jenaihat, 04 Mall in global financial crisis. travel bans and quarantine fewer new retail centres dur- The Pearl, J Mall in Al Markhiya and Place Vendome (a model of which is pictured) in Lusail -is expected to be completed by the end of 2020. Tokyo closed down 4.4 per- requirements, with Italy in a ing the year and the total sup- cent, putting it in a bear mar- country-wide lockdown. ply of organised retail space In terms of geographical malls offered discounts, enter- malls, the report said, “Super ket after slumping more than The number of cases was just over 1.89 million sqm distribution, the report said, tainment and fashion shows regional malls performed bet- 20 percent from a recent high. across the globe has risen to excluding street retail and hy- Doha comprised 42 percent of and raffle draws led to tempo- ter in terms of footfall, occu- Hong Kong shed 3.7 per- more than 126,000 with 4,600 permarkets. the total gross leasable area of Super regional malls rary increase in sales and foot- pancy and lease rates when cent, though Shanghai was off deaths, according to Johns This represented a 5 per- organised retail space. performed better in terms of fall during first half of 2019, compared to smaller regional 1.5 percent as China continues Hopkins University. cent increase in supply since The remaining was dis- footfall, occupancy and the report said. malls.” to see infection rates slow. In announcing the Europe 2018 with the completion of tributed in Al Rayyan (30 However, due to influx of Due to the recent outbreak Manila crashed nearly 10 ban -- which excludes Britain three retail centres Al Waddan percent), (15 per- lease rates when compared new malls, there has been a of global endemic Coronavi- percent -- sparking a brief -- Trump said the continent Mall (26,000 sq m) in Me- cent), (5 percent), to smaller regional malls. decrease in enquiries for va- rus disease (COVID-19), it is trading halt -- after it emerged had seen a surge in new cases saieed, The Galleria (44,000 Al Wakrah (5 percent) and Al ValuStrat’s Qatar Retail cant spaces in existing shop- projected that at least for the Philippines President Rodrigo because governments failed to sq m) and Department Store Khor (3 percent), the report ping centres compared to short term, international re- Duterte would undergo a pre- stop travel from China, where (15,000 sq m) in Musheireb said adding that Doha Festival Market Insights 2018. Moreover, owing to tailers may become more re- cautionary test for the virus. the COVID-19 epidemic be- Downtown during 2019, the City remained the largest mall increasing competition shop- luctant to open new stores due In the Gulf, Saudi dumped gan. report said. in Qatar comprises of 250,000 sumer spending in Qatar con- ping mall vendors experienced to the expected recessionary 4.0 percent in value, Dubai He said the prohibitions Additionally, the report sqm gross leasable area. tinued to grow with spending annual decrease in sales dur- impact on sales. tumbled 6.0 percent and Qa- would also “apply to the tre- said, Galeries Lafayette (4,350 Based on current organ- in food, non-alcoholic drinks, ing 2019 against 2018. “Moreover, tourist footfall tar shed 5.2 percent. mendous amount of trade and sq m gross leasable area) an- ised retail supply and popu- footwear, apparel, household The landlords offered at- in malls might be negatively The carnage on stock mar- cargo”, and “various other nounced the soft opening of its lation, the saturation ratio goods and personal care, to tractive incentives like waiving impacted as air and sea travel kets spread to Europe, with things as we get approval”. flagship store in Katara Cul- of shopping centres in Qatar have increased by an estimat- service charges or turnover faces restrictions. Nevertheless, London, Frankfurt and Paris However, the White House tural Village. was 660 sqm per 1,000 capita ed 2 percent during 2019, the rents to retain existing retail- retail occupancy is projected to all losing almost six percent afterwards clarified that “the Super regional malls dom- compared to the GCC aver- report said. ers and generate new leases, it improve in the medium term approaching the half-way people transporting goods will inated the retail landscape by age of 620 sqm per 1,000 per Events such as ‘Shop Qa- said. due to temporary increase in mark. not be admitted into the coun- taking up 52 percent of the to- capita. tar’ and ‘Summer in Qatar’ Highlighting the diver- demand as World Cup 2022 “Taking the view that the try, but the goods will be”. tal gross leasable area. The pace of growth of con- during which participating gence in the performance of nears,” the report said. Depth of economic slowdown depends on response: IMF AFP drop below last year’s level, Private economists have ary, the fund was still project- “International coopera- WaShINGToN which was 2.9 percent,” IMF been warning of the possibil- ing growth would accelerate tion is essential to effectively spokesman Gerry Rice told re- ity of a steep decline in US and to 3.3 percent, but that was address the coronavirus out- THE severity of the slowdown porters. But how far will it fall global economies that could before the global disruptions, break,” Rice said. in the global economy due to is “difficult to predict, at this amount to a worldwide reces- country-wide shutdowns and “This is not something that the coronavirus pandemic will point, obviously, given the un- sion. plunging oil prices hit. stops at national borders, we depend on how long it lasts and certainty.” IHS Markit this week IMF officials have been need to work together.” how governments respond, the “It depends, of course, on slashed its forecast for global urging a strong, coordinated The fund has said it could International Monetary Fund the spread, the propagation of growth to 1.7 percent. global response, including rapidly deploy up to $50 bil- said Thursday. the outbreak. It depends on the The IMF is due to release rolling out spending measures lion, some in no or low-cost Two young women carry extra gas cans as they ride a motorcycle past “Under any scenario, the measures taken to respond and its updated World Economic to cushion the blow from the loans, to the world’s poorest in Sabaneta, Barinas State, Venezuela. The collapse of the oil market global growth in 2020 will how effective they are.” Outlook next month. In Janu- virus. countries. dealt a further blow to Venezuela’s ruined economy. (aFP)

IATA urges ‘emergency measures’ for airlines after US travel ban AFP airlines,” Alexandre de Juni- pointing out that the total Low-cost airline Norwe- GeNeVa ac, head of the International value of air travel between gian Air which runs trans- Air Transport Association the US and Europe’s Schen- atlantic flights from several THE global aviation associa- (IATA), warned in a state- We have already seen Flybe gen area last year was $20.6 European countries said tion warned Thursday a US- ment. go under. And this latest billion. Thursday it was laying off imposed trans-Atlantic travel “Airlines will need blow could push others in The markets facing the over half its staff due to the ban would further hurt an in- emergency measures to get the same direction heaviest impact, it said were US travel ban and coronavi- dustry already hard-hit by the through this crisis,” he in- the US-Germany market, rus outbreak. coronavirus crisis, insisting sisted. Alexandre de Juniac, IATA head valued at $4.0 billion, fol- IATA pointed out that the airlines needed “emergency He pointed out that air- lowed by US-France at $3.5 World Health Organization measures” to get through. lines were already struggling airline industry, but the or- billion and US-Italy at $2.9 had advised that any travel US President Donald with the severe impact of the ganisation stressed that that billion. restrictions that significantly Trump has announced a pandemic, which has so far estimate did not include the “We have already seen interfere with international shock 30-day ban on travel infected more than 127,000 severe measures the US and Flybe go under,” de Juniac traffic “should be “propor- from mainland Europe over people globally and killed other governments, includ- said, referring to the British tionate to the public health the coronavirus pandemic. over 4,600, according to an ing Israel, Kuwait and Spain, regional airline that collapsed risk, be short in duration and The move, which sent AFP tally. have since put in place. earlier this month. be reconsidered regularly.” airline stocks into free fall On March 5, IATA esti- The US measures “will “And this latest blow De Juniac urged the US Three commercial aircraft of Swiss International Air Lines are parked Thursday, “will create enor- mated that the crisis could add to this financial pres- could push others in the same and other countries to follow on the tarmac at the Geneva Airport, on Thursday. (aFP) mous cash-flow pressures for wipe out some $113 billion in sure,” the organisation said, direction,” he warned. the WHO guidance. Economy & business Friday, March 13, 2020 09 Gulf stock World economy facing its markets slide on virus, oil fears biggest crisis since 2008 AFP AFP the week with heavy losses, loNDoN DuBaI led by Dubai which was down 17.4 percent. GOVERNMENTS and cen- STOCK markets in energy- Oil prices, the main- tral banks are throwing policy rich Gulf states tumbled stay of Gulf economies, fell remedies against the corona- Thursday with Saudi shares sharply on Thursday with virus pandemic, but markets down 3.0 percent following benchmark Brent crude remain in freefall as the world worldwide losses amid fears trading below $34 a barrel economy faces its biggest crisis over the coronavirus pan- and West Texas Intermedi- since 2008. demic and an oil price war. ate just above $31 a barrel. On Thursday, the Europe- Saudi Aramco dipped Gulf stock markets have an Central Bank joined the im- 2.4 percent and ended the sustained losses through- munisation drive, announcing week down 12.1 percent as out the week after OPEC extra steps to encourage bank the energy giant prepares failed to reach agreement lending to beleaguered compa- to announce its first annual with non-OPEC producers nies. earnings on Monday. led by Russia on additional But the eurozone’s custo- Dubai Financial Mar- production cuts to support dian caused surprise by leav- ket dived more than 8.0 prices. ing its key interest rates un- percent at close on the last That triggered a price changed, unlike central banks trading day of the Muslim war reminiscent of 2015 as in the United States, Britain week. Abu Dhabi shares Saudi Arabia, the world’s and elsewhere. dropped 7.4 percent. biggest exporter, and the At any rate, emergency rate Stocks in gas-rich Qa- UAE, OPEC’s fourth-largest cuts over the past fortnight tar dropped 4.5 percent, producer, pledged to flood have done little to stem panic while bourses in Bahrain the market with crude. on financial markets. Nor have and Oman were down 3.6 The two Gulf states said promises by governments to percent and 2.6 percent, re- they will together boost open the spending taps. spectively. supplies by at least 3.5 mil- “To be blunt, no fiscal or The stock market in Ku- lion barrels per day (bpd), monetary easing could have wait was closed as authori- to 16.3 million bpd, from the same impact as a vaccine A food delivery man rides his bicycle across Via dei Condotti luxury shopping street in central Rome on Thursday. (aFP) ties announced a shutdown April. against COVID-19,” ING econ- of government offices for Riyadh and Abu Dhabi, omists said in a note. basis points. all travel from the continent. Fiscal hardliner Germany says (US$1,280) to every perma- two weeks and cancelled which like other Gulf states AFP surveys policy re- The International Mon- While leaving borrowing it is open to more spending. nent resident, battling to over- international flights in a bid rely heavily on oil revenues, sponses by major economies etary Fund is making $50 bil- rates in place, the ECB agreed a Britain, now outside the come a recession brought on by to prevent the spread of the also unveiled plans to raise as the coronavirus has spread lion in aid available for poorer new round of cheap loans to eu- EU, on Wednesday outlined fis- months of popular protests and coronavirus. their production capacities from China to infect the rest of countries, warning that global rozone banks, and will channel cal stimulus worth £30 billion now exacerbated by the corona- All seven bourses ended by one million bpd each. the world, shutting down busi- growth could now slip below an extra 120 billion euros ($135 ($39 billion) while the Bank of virus outbreak. nesses, halting travel and para- last year’s 2.9 percent. billion) of “quantitative easing” England slashed interest rates Japan on Tuesday an- lysing supply chains: Sanctions-hit Iran said on asset purchases this year. to a record-low 0.25 percent. nounced a second emergency US lawmakers last week Thursday that it was seeking That followed the European China, ground zero of the package to offset the impact, passed an $8.3 billion spending financial assistance from the Union’s adoption of an invest- outbreak with more than 3,000 including $15 billion in loan bill to combat the coronavirus, IMF for the first time since ment fund worth up to 25 bil- deaths, has cut interest rates programmes to support small but President Donald Trump’s 1962, to help it combat the dis- lion euros to support health- and vowed a range of measures businesses. election-year demands for ease. care, jobs and small businesses. including tax cuts and more Indonesia, Singapore, specific steps such as a cut to The epidemic “is no longer Italy is the worst-hit coun- fiscal transfers from Beijing to South Korea and Thailand are income taxes have met short a regional issue, it is a global try in the EU and has gone into virus-hit regions. also looking at ploughing bil- shrift in Congress. problem calling for global re- national lockdown. On Thursday, Australia lions of dollars in extra stimu- The Federal Reserve has sponse”, IMF chief Kristalina Rome is vowing to spend up unveiled a massive $11 billion lus into their export-driven slashed its key interest rate by a Georgieva said last week. to 25 billion euros on its own to spending plan -- equivalent to economies. half point to a range of 1.0-1.25 But unlike in 2008, busi- fight the epidemic, at the risk of just under one percent of GDP According to S&P Global percent -- its first inter-meet- nesses are waiting in vain for a busting further beyond EU lim- -- to help avert its first recession Ratings, the epidemic could A Kuwaiti trader checks stock prices at Boursa Kuwait in Kuwait ing cut since late 2008. coordinated response by gov- its on debt and deficits. in 29 years. wipe more than $200 billion City recently. (aFP) Canada’s central bank also ernments, and Trump has pro- France and others want Hong Kong’s government is off Asia-Pacific economies this cut its key lending rate by 50 voked fury in Europe by banning Brussels to relax its strictures. giving a handout of HK$10,000 year. Lebanon should implement BMW profits slump 20% as legal woes bite economic reforms ‘quickly’ AFP duce harmful emissions. MuNICh Investment in research AFP told reporters. and development, especially WaShINGToN While the country has not GERMAN carmaker BMW on electric models, also con- requested aid from the Wash- reported a 29-percent drop in tributed to the drop in profits, LEBANON should move ington-based crisis lender, profits in 2019 on Thursday, as did the higher manufactur- quickly to implement reforms “We stand ready... to assist blaming heavy legal costs and ing costs from a growing pro- to stabilize the country’s econ- the authorities in those ef- high investments in a chal- portion of electric vehicles. omy, the International Mon- forts.” lenging economic environ- etary Fund said Thursday. Lebanon’s debt burden, ment. Lebanon is facing its long among the largest in the Despite record revenues of despite record revenues of worst economic crisis since world, is now equivalent to 104 billion euros ($115.4 bil- 104 billion euros ($115.4 its 1975-1990 civil war, and nearly 170 percent of its gross lion), driven by strong sales billion), driven by strong Prime Minister Hassan Diab domestic product. of its highest-end models, net sales of its highest-end suspended payment of a $1.2 The value of the Lebanese profit amounted to just 5 bil- models, net profit amount- billion Eurobond maturity pound has plummeted by lion euros, the company said ed to just 5 billion euros, due on Monday and is seeking more than a third on the black in a statement. the company said in a debt restructuring because of market, prices have risen, and The drop comes despite statement dwindling foreign currency many businesses have been a two percent increase in the reserves. forced to close. number of cars sold. “Given the severity of eco- Diab also announced The figures took a big hit in For BMW, 8.6 percent of nomic conditions in Lebanon, plans to slash state spend- first quarter from a 1.4-billion- cars sold in the European Un- it’s important that the govern- ing and downsize an inflated euro provision set aside in ion in 2019 were electric or ment designs and implements banking sector. connection with EU antitrust hybrid. promptly a comprehensive An IMF team has met with proceedings. The group aims to roughly package of reforms to effec- Lebanese officials, and is now The European Commis- double that figure by 2021. For BMW, 8.6 percent of cars sold in the European Union in 2019 were electric or hybrid. tively address the economic waiting to see their plans “on sion has accused BMW, Volk- It also plans to offer 25 elec- challenges and improve Leba- how to tackle the economic swagen and Daimler of avoid- trified models by the end of Under new EU regula- 95 grams of CO2 per kilo- impossible to achieve with- non’s economic prospects,” challenges they face,” Rice ing competition with each 2023, half of which will be tions, carmakers must limit metre by 2021 or face hefty out clean-energy electric ve- IMF spokesman Gerry Rice said. other on technologies that re- fully electric. their fleets to an average of fines -- a target that will be hicles.

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For Qatar.44683343/33 and 44683250 OR Visit Further details please call 44683343-Ext-33 Or Visit www.pisqdoha.com Email:website: [email protected] www.pisqdoha.com 10 Friday, March 13, 2020 Economy & business Boeing reins Ecb pumps up lending, bond in spending amid coronavirus, buys to cushion virus impact 737 MAX crises The ECB will pile an extra $135 billion of ‘quantitative easing’ asset purchases this year AFP gest another rough year for NeW yorK Boeing financials after the company in 2019 suffered BOEING will suspend most its first annual loss in more hiring and overtime pay as than two decades. it works to conserve cash in Boeing last month the face of twin crises over reached agreement with a the 737 MAX and a massive consortium of large banks slowdown in travel due to for a $13 billion two-year coronavirus, the company credit agreement to finance said on Wednesday. its activities. Shares of Boeing Sources confirmed to plunged more than 18 per- AFP a Bloomberg report cent in another bruising day that it planned to draw for Wall Street as the com- down all of the funds as ear- pany announced the belt- ly as this week. tightening measures after Boeing has said it ex- disclosing dozens of MAX pects the MAX to receive plane cancellations. regulatory approval to re- In addition, sources turn to the skies at mid- confirmed the aviation giant year, but that would come already essentially tapped a at a highly uncertain time $13 billion loan package fi- for airlines. nalized just last month. Carriers around the “It’s critical for any com- world have canceled thou- pany to preserve cash in sands of flights as the coro- challenging periods,” Boe- navirus effectively shuts ing Chief Executive David down key markets like Chi- Calhoun wrote in a message na and Italy and chills air to workers. travel more broadly. He announced the com- United Airlines Presi- pany would limit travel and dent Scott Kirby said Tues- bar overtime except in “crit- day at an investor confer- ical” cases, and pause new ence that net bookings to hiring pending a review. Asia and Europe over the “The year ahead is shap- last few days are “now down ing up to be as challenging 100 percent.” File photo of President of the European Central Bank Christine Lagarde in Frankfurt. (aFP) for our business as any in the The company has devel- recent past,” said the mes- oped contingency plans in AFP billion) of “quantitative easing” Ducrozet tweeted after the that option. sage co-signed by Chief Fi- case revenue falls 70 per- FraNKFurT aM MaIN asset purchases this year on statement, hailing the ECB’s “Forget rates,” Allianz chief nancial Officer Greg Smith. cent in April, a scenario it top of its present 20 billion per “bold decisions”. economist Ludovic Subran “On top of the work of does not expect. THE European Central Bank month. Ducrozet noted that under tweeted ahead of the meeting. safely returning the 737 “Based in part on what on Thursday followed other The “quantitative easing” the changes to the TLTRO pro- “All eyes (are) on real meas- MAX to service and the fi- our experts have told us, as major central banks with a (QE) scheme will include “a Cheap loans gramme, lenders that loan the ures to immunise the financial nancial impact of the pause testing expands in the US, flurry of measures to cushion strong contribution from the cash they get from the central system” such as changes to the in MAX production, we’re many more cases are likely to the impact of the coronavi- private sector,” the ECB said, Policymakers agreed a new bank on to the real economy bank lending schemes and su- now facing a global econom- turn up in many more com- rus, including increased bond as room to buy government round of cheap loans to will enjoy an interest rate po- pervisory rules. ic disruption generated by munities around the coun- purchases and cheap loans to debt while respecting self-im- banks, known as long-term tentially as low as -0.75 per- In a conference call on the COVID-19 coronavirus.” try,” Kirby said. “As such, banks, but surprised observ- posed limits has grown tight. refinancing operations (lTros) cent. Tuesday with European heads The announcement we’re planning for domestic ers by leaving key interest rates On top of the monetary ‘to provide immediate support At 0.25 percentage points of government, the former In- came as Boeing reported 43 bookings to deteriorate fur- unchanged. measures, the ECB’s banking to the euro area financial below the rate the ECB charges ternational Monetary Fund cancelations for the MAX in ther in the weeks to come.” Policymakers agreed a new supervision arm said it would system’, a spokesman said on banks’ deposits in Frank- (IMF) head “drew comparisons 2020 as of the end of Febru- “We’re obviously plan- round of cheap loans to banks, allow banks to run down some furt, the difference represents with past crises” like the 2008 ary in a monthly update on ning for scenarios that are known as long-term refinanc- of the capital buffers they an effective subsidy to the fi- financial crisis, a European its website. The company probably worse than any of ing operations (LTROs) “to must build up in good times to sentiment... What matters for nancial system. source told AFP. also experienced a big drop you have in your model, we provide immediate support to weather crises. the economy is the trajectory Meanwhile the central bank Such past trials were over- in plane deliveries, which think it will actually be bet- the euro area financial system,” Its teams supervising in- of the virus itself and the meas- dispensed with what many ex- come by central banks and gov- stood at 30 at the end of ter than that, but it’s better a spokesman said. dividual lenders may provide ures which national authori- pected would be a purely sym- ernments working in concert. February, compared with to plan aggressively,” Kirby They also eased conditions more flexibility to institutions ties take to contain it,” Andrew bolic interest rate cut of just 0.1 In mid-February, Lagarde 95 in the year-ago period. added. on an existing “targeted” LTRO under their remit, such as giv- Kenningham of Capital Eco- or 0.2 percentage points. reiterated that “monetary pol- The MAX has been The White House is programme, aiming to “sup- ing them more time to patch up nomics commented. The US Federal Reserve icy cannot, and should not, be grounded for the past year working on a stimulus pack- port bank lending to those af- shortfalls in their risk manage- Ahead of Thursday’s meet- last week and Bank of England the only game in town” to stim- after two crashes that killed age that could include help fected most by the spread of ment, while a broader range of ing, analysts had highlighted on Tuesday had space to cut ulate the economy. 346 people, spawning nu- for the travel industry and the coronavirus, in particular assets will count towards the tweaks to the ECB’s bank lend- interest rates by half a percent- Italy on Wednesday an- merous lawsuits and inves- to American consumers, small- and medium-sized en- watchdog’s capital require- ing scheme in particular as a age point each to ease financial nounced 25 billion euros of tigations. but no details have been an- terprises.” ments. critical tool for virus response. conditions. support to its economy and the The anemic orders sug- nounced yet. And the ECB will pile an “We do not think the ECB “Bravo!” Pictet Wealth But the ECB’s already-neg- European Union has also mo- extra 120 billion euros ($135 will be able to change investor Management analyst Frederik ative deposit rate robbed it of bilised up to 25 billion euros.

TOUriSTS aVOid ‘ciTy OF LiGhT’ Coronavirus a ‘catastrophe’ for Paris tourist industry Vargas. “Do you want to see my ac- Hotels and restaurants across the city counts ledger?” “Look here. On March 9, 2019, have been hit hard by fears over the virus, we made 911 euros ($1,025) in sales and on March 9 this year we made AFP barely 177 euros,” he said, showing ParIS the numbers in his book. “The problem is knowing RACHID Saidi puts on a brave face whether we will manage to pay the at the Paris hotel he manages, forc- rent next month or not,” he said, ing a smile even though the corona- days after France’s Finance Minis- virus outbreak threatens his liveli- Major events ter Bruno Le Maire warned the out- hood as tourists avoid the City of break could have a “severe” impact Light. cancelled on the economy. Saidi runs the Monsieur Sain- Business travel has been As with everything, some see an tonge, a four-star hotel in the heart particularly dented as major events upside to the dearth of visitors. of the hip Marais district, which has are cancelled, including the “It’s much less crowded and it’s seen bookings drop by 30-40 per- International Tourism Trade show slightly easier for us to move about cent so far in March. and Paris Book Fair and go see different museums. “It is a difficult period, but we There are fewer queues and wait- must be strong... There’s nothing ing, such as at the Louvre. We pret- else we can do,” Saidi said as he ty much just walked straight into pored over the bookings register. will only add to the pain. there compared to the queues that “Despite cutting our prices in The French capital and the sur- you’d normally have,” said British half... there has been no increase in rounding Ile-de-France region saw tourist, Chris Prousa. reservations,” he told AFP. “Even if 50 million visitors last year, spend- At the famous Stravinsky foun- we make the room price one euro ing a total of 22 billion euros ($24.8 tain in the city centre, a group of ($1.13), I’m not sure that more peo- billion), according to the CRT re- People wear a protective facemask as they walk in front the Eiffel tower, in Paris on Thursday. (AFP) Spanish teenagers was also enjoy- ple will come!” gional tourism committee. ing the relative calm. Hotels and restaurants across The downturn comes as busi- ing hand gel sits on the reception special gloves “and there are even and I can understand that,” he “When I came here with my the city have been hit hard by fears nesses in one of the world’s most counter, next to a tray of health some who wear masks,” he added. elaborated while greeting passing parents a few years ago, there were over the virus, which has infected visited cities are still counting the ministry pamphlets on preventing A few steps from the hotel, colleagues and acquaintances with so many people that it was impossi- nearly 2,300 people in France and costs of a historic public transport the spread of the virus. Gilles, one of the city’s famed open- an elbow-bump at a time that virus- ble to take a photo at the fountain,” killed 48. strike that crippled Paris for weeks Staff have been instructed to air booksellers along the banks of spreading handshakes are being said 16-year-old Marina Pita, on a Business travel has been par- on end, as well as months of anti- intensify cleaning of the hotel’s 22 the Seine, described the absence of shunned. school visit. ticularly dented as major events government “yellow vests” protests rooms, “mainly to clean the door visitors as “a catastrophe.” Aisles were also deserted at a Some of her classmates stayed are cancelled, including the Inter- that often turned violent. handles, to clean the remote con- “We are in the middle of March, nearby souvenir shop selling Eiffel at home “because their parents national Tourism Trade show and “It is starting to feel like catas- trols well; everything that a client we should be starting to see more Tower keyrings, miniatures of the are afraid of the coronavirus,” Pita Paris Book Fair. trophe. It is worse than the strikes, can touch with their hands,” Saidi tourists... but this isn’t the case,” he Arc de Triomphe, and T-shirts of added. The US government’s ban on worse than the yellow vests,” Saidi said, “and above all, to wash their said, nervously dragging on a ciga- football club Paris Saint-Germain. “We’re here now, so let’s enjoy travel from Europe and its call for told AFP. hands every time they exit a room.” rette. “Every day, there are fewer peo- our trip,” she said, taking a selfie Americans to avoid overseas trips An enormous bottle of sanitis- Cleaners have been issued “Tourists are scared to come, ple,” said shop manager Aurelien with her friends.