Toyota’s Prius changed everything 20 years ago page 11

Monday, july 6, 2020

25,827.36 9,187.17 36,021.42 1,772.05 +92.39 pts -24.72 pts +177.72 pts Gold -0.19% Lebanese struggle with hardship Dow QE sensex as currency nosedives page 10 Price percentage Price percentage 18.31 Brent 42.80 -0.79% WTI 40.32 -0.81% Silver -0.07% Minister, QC chairman to address first PPP conference Tribune News Network cooperation with Al Mashoura Ad- tigious local and international or- terials Company (QPMC) as golden vertising via video conference, aims ganisations will participate in the sponsors, while Mwani , Qatar to raise awareness among the busi- conference. Speakers from the Min- Free Zones, Qatar Financial Center Qatar Chamber is all set to hold ness sector on Law No 12 of 2020 istry of Commerce and Industry, and Al Sulaiti Law Firm are silver the first conference on ‘Developing regulating the partnership between Ministry of Justice, Qatar Chamber, sponsors. Partnership between Public and Pri- public and private sectors that was Qatar Free Zones, Qatar Develop- The conference is also support- vate Sectors’ under the patronage of issued in May and enters into force ment Bank, Qatar Finance Center, ed by Abdul Rahman Al-Mahmoud Minister of Commerce and Industry on July 11. Qatar Investment Authority, as well Law Firm, Sheikh Thani Bin Ali Law HE Ali bin Ahmed Al Kuwari and The QC has invited businessmen as speakers from Qatar University Firm, and Qatar International Cent- QC Chairman Sheikh Khalifa bin and interested persons to register College of Law, and international er for Conciliation and Arbitration Jassim Al Thani on July 7. online for attending the conference. speakers from Brazil and the United (QICCA) at the Qatar Chamber. The conference’s opening will The event includes three work- Kingdom will also participate in the The conference is being held be addressed by the minister, QC ing sessions. The first session will virtual conference. through Microsoft Teams applica- chairman, Public Works Author- deal with opportunities and chal- The conference is supported by tion and will be published on the ity (Ashghal) President Saad bin lenges expected after the implemen- Minister of Commerce and Industry Qatar Chamber Chairman Sheikh many leading companies, banks conference website www.pppqa- Ahmed Al Muhannadi and Qatar tation of the PPP Law. The second HE Ali bin Ahmed Al Kuwari Khalifa bin Jassim Al Thani and institutions. QNB is supporting tar.com, as well as on social media Financial Center (QFC) CEO Yousef session will review partnership laws the conference as strategic partner, channels Facebook and YouTube. Al Jaidah. and some leading international ex- will discuss many legal studies re- sectors. Ashghal as platinum sponsor, Ur- About 5,000 people are expect- The conference, organised in periences, while the third session lated to partnership between both About 15 speakers from pres- bacon, QDB and Qatar Primary Ma- ed to attend the conference.

QNB launches new cross Real estate trading value border account in Tunisia

Tribune News Network exceeds QR3.8 bn in June Doha QNB Group, the largest finan- QNA Shamal, and QR124 in Al Sha- cial institution in the Middle Doha haniya. East and Africa, has launched The trading volume re- an exclusive programme al- The trading volume of regis- vealed the registration of the lowing Tunisian customers tered real estates at the Min- highest value of ten properties to connect with their home istry of Justice’s real estate sold for June 2020, including 9 country and Qatari nationals registration department stood properties in the Doha munici- to bank in Tunisia, by opening at QR3.815 billion in June this pality and one in the an account with QNB Tunisia year. municipality. from Qatar. The data of the analytical The volume of mortgage This exclusive service has real estate bulletin issued by transactions that took place in been added to the package of the Ministry of Justice showed June 2020 reached 52 trans- other cross-border offerings 456 real estate transactions actions, with a total value of QNB has in Turkey, Egypt, were recorded during June. QR2.327 billion. Jordan, Lebanon, Kuwait, The municipalities of Doha, Al Al Rayyan municipality Oman, the UK, and France. Rayyan and were the recorded the highest number This is an addition to the most active trades in terms of of mortgage transactions with bank’s cross-border offerings, financial value, followed by the 22 transactions, equivalent to enabling customers to open municipalities of , Al 42.3 percent of the total num- accounts in their home coun- Wakra, , , Al ber of mortgages, followed by try, Tunisia, from Qatar. Shamal, and Al Shahaniya. Doha municipality with 14 QNB’s cross-border so- The value of the transac- transactions, equivalent to lutions enable customers to tions of Doha municipality 26.9 percent, Al Daayen with have a full 360 view on their amounted to QR2.81 billion, 9 transactions, equivalent to accounts in one click through while that of Al Rayyan munici- 17.3 percent, Umm Salal mu- its Internet and Mobile Bank- pality was QR406 million. The nicipality with 4 transactions, ing platforms. With the global value of Al Daayen municipal- equivalent to 7.7 percent and ID feature, customers can also ity transactions amounted to Al Wakra, with three transac- transfer money between their QR368 million, while that of Doha municipality witnesses Al Rayyan sees highest number tions, equivalent to 5.8 per- accounts easily and quickly. the municipality of Umm Salal transactions worth QR2.81 bn of mortgage transactions cent of the total number of QNB Group’s presence was QR87 million and that of mortgages. through its subsidiaries and Al Wakra municipality stood at The value of transactions of Doha Al Rayyan municipality recorded the highest The trading data shows that associate companies extends QR64.89 million. municipality amounted to QR2.81 bn, while number of mortgage transactions with 22 the real estate sector continues to more than 31 countries The municipality of Al that of Al Rayyan municipality was QR406 transactions, equivalent to 42.3% of the its steady growth in various across three continents, pro- Khor and Al Thakhira record- mn. The value of Al Daayen municipality total number of mortgages, followed by fields of investment and trade, viding a comprehensive range ed trading amounting to QR transactions amounted to QR368 mn, Doha municipality with 14 transactions, which confirms the growth of of advanced products and 44,492,125, while that of Al while that of the municipality of Umm Salal equivalent to 26.9%, Al Daayen with 9 strong and active trading ac- services. Shamal municipality reached was QR87 mn and that of Al Wakra transactions, equivalent to 17.3%, Umm tivity during the current year, QR 32,808,239 and that of the municipality stood at QR64.89 mn Salal municipality with 4 transactions especially with the issuance municipality of Al Shahaniya of new laws and decisions re- reached QR875 million. lated to real estate sector, reg- In terms of the traded area municipality by 28 percent and Regarding the number of Rayyan municipality by 17 per- square foot for June 2020 istration, as well as attractive index, indicators showed that Al Rayyan municipality at 19 transactions index (sold real es- cent, Umm Salal municipality ranged between QR440- laws for domestic and foreign the municipalities of Doha, Al percent, followed by Al Wakra tate), trading indicators showed by 8 percent, Al Wakra Munici- 1,284 in Doha, QR239-353 in capital. Daayen and Al Rayyan were the municipality by 6 percent, that the most active munici- pality by 7 percent, Al Samal Al Wakra, QR354-473 in Al These data confirm the most active municipalities in Umm Salal and Al Khor munic- palities during June 2020 are municipality with 5 percent Rayyan, QR289-484 in Umm strength of Qatar’s economy the areas of real estate traded ipalities by 5percent each and Al Daayen municipality with and Al Khor and Al Thakhira Salal, QR299-411 in Al Daayen, and the continued growth of during June 2020, at about 33 Al Thakhira municipality by 4 32 percent, followed by Doha municipality by 5 percent QR204-288 in Al Khor and Al the real estate sector as one of percent in Doha, by Al Daayen percent. municipality by 25 percent, Al The average price per Thakhira, QR139-249 in Al its key components. The QNB headquarters in Doha. QIIB launches summer offer for credit card holders

In addition to the bank’s and will cover all QIIB cards data also called the Payment Customers to get double points on all customers who hold QIIB like Wajaha, Deyafa and Plati- Card Industry Data Security online purchases from July 5 to August 27 credit cards and are sub- num. Standard (PCI-DSS), granted scribed to the 5 percent repay- QIIB credit card transac- by SISA Company to banking ment plan or who subscribe to tions meet the highest inter- institutions with the best se- Tribune News Network or who subscribes to the plan it during the offer period, cus- national safety standards, and curity standards in the field of DOHA during the offer period, shall tomers who request the issue accordingly, the advantage of Information Security. be eligible to earn double of a new credit card and sub- doubling points during the of- This certificate is of ut- QIIB on Sunday announced points when making any pur- scribe to the 5 percent repay- fer period comes in addition most importance to QIIB at a the launch of its summer of- chase, online. ment plan are also eligible to to the safety aspect, which is time when customers increas- fer on credit cards, enabling Through this offer, QIIB earn double points from their the most important criteria ingly rely on card payments. customers to earn double the aims to promote the culture of online purchases during the for customers when request- All existing and new cus- points when they make pur- electronic payment, especially offer period. ing credit cards. tomers of QIIB can easily re- chases online. during the pandemic period, In order to allow custom- It is worth mentioning quest issuance of a credit card Under the offer, any bank as alternative channels are ers to benefit from the offer that QIIB has been awarded, through the bank’s alternative customer with a QIIB credit deemed the safest by all agen- for a longer period, QIIB an- for the fifth year in a row, channels or by visiting any of The summer offer will cover all QIIB cards like Wajaha, Deyafa and card, who has subscribed to cies authorised to provide ad- nounced that the offer will be the highest certificate in the the QIIB’s branches across the Platinum. a 5 percent repayment plan vice on health and banking. valid from July 5 to August 27, protection of banking cards country. 10 Monday, July 6, 2020 Economy & Business Ukraine central Lebanese struggle with hardship banker says govt made job ‘impossible’ as currency nosedives AFP ernment.” Kiev He said he was told to let inflation rise and the na- Lebanon imports around three times more than it exports and most transactions are made in the dollars Ukraine’s outgoing cen- tional currency devalue to tral bank governor Yakiv benefit exporters. “This is a dpa Smoliy on Friday accused line that no central bank will Beirut the country’s leadership cross,” he said. of pressuring him to make He told lawmakers of his “Lebanon is finished!” economically unjustifiedresignation: “This is a pro- shouted a woman inside a decisions as lawmakers ap- test, this is a signal, this is a Beirut supermarket, vis- proved his resignation. warning, this is a red line.” ibly shocked by the prices of The bank governor quit A total of 286 MPs goods, which have soared due on Wednesday, saying “sys- backed Smoliy’s resigna- to the continued devaluation tematic political pressure” tion, enough to approve it. of the local pound. “We cannot made it “impossible” for The IMF and the inter- continue like this. Lebanon is him to fulfil his duties. national business commu- heading towards hunger,” said In an angry speech in nity have expressed deep the woman, who wanted to be parliament on Friday, he concern at Smoliy’s depar- named only as Rana. said the central bank faced ture. A stroll through supermar- pressure to make “econom- The International Mon- kets in the Lebanese capital ically unreasonable deci- etary Fund praised Smoliy’s in these days reveals shelves sions” that “could cost the leadership of the central virtually empty of the mainly Ukrainian economy and bank, stressing the need to imported goods the country Ukraine dear in the longer preserve its independence relies upon. term”. He accused Presi- after he leaves. The dollar crunch has dent Volodymyr Zelensky The European Union prompted buyers to turn to the along with lawmakers and said Smoliy’s resignation few goods made in Lebanon the prime minister of push- “against the backdrop of as their imported equivalents ing for “uncontrolled print- alleged political pressure disappear from the shops. ing of money for the gov- sends a worrying signal”. “When you enter a super- market in Beirut these days, you either cry or hurry out be- cause you can’t buy for your children their necessities,” said Amira, another shopper. Portal shows Qatar Chamber’s Lebanon imports around three times more than it ex- commitment to private sector ports and most transactions Bakery workers package freshly-produced bread coming off a production line at an automated bakery in Lebanon’s capital Beirut recently. (AFP) are made in the dollars, which Continued from page 1  ment of labourers would have are growing increasingly since the civil war, which end- non is experiencing its worst areas, while the official rate drinking tap water due to al- a positive impact on the eco- scarce in the country. ed in 1990. economic crisis since the 1975- set by the Money Exchange leged contamination. He said the initiative nomic and investment activ- People are flocking to Meanwhile, long bread 1990 civil war. Syndicate stood at 3,900 A number of buyers stressed QC’s commitment ity. stock up on candles amid fears lines are forming daily out- The Lebanese pound has against the dollar. “Peo- say they have recently re- towards the private sector, es- He said the platform would that the nation’s fuel supplies side Beirut’s bakeries, as news lost more than 70 per cent of ple cannot afford to buy ceived SMS messages from pecially in the current circum- help in coordination between will run out in the coming days spreads of Tuesday’s price its value against the dollar anything any more. There is suppliers of bottled water in- stances. companies seeking new work- and the acute power cuts of hikes by Economic Minister since October, when demon- chaos in the market and the forming them that they will It also came as part of the ers with those that released the past two weeks will culmi- Raoul Naameh, citing rising strators took to the streets, government is doing noth- increase prices of their prod- private sector’s contribution workers within the framework nate in total darkness. production costs. calling for economic reforms ing,” said Mariam Kaddou- ucts due to economic prob- to the ministry’s strategic pro- of the joint coordination be- “As you know, Lebanese “The flour is subsidized by and accusing the ruling class ra, a housewife. lems. jects, which aim to enhance tween the ministry and the rely on generators to man- the government, but we are of corruption. Shop owners, butchers, Experts are now warning cooperation with the private chamber. age with the severe power paying high prices for other The devaluation of the and small supermarkets have the country is at risk of fam- sector in providing alterna- After submitting the appli- cuts which the government products we use such as bags Lebanese pound has caused a closed their doors, with some ine, a prediction that is quickly tives for Qatari businessmen, cation through the platform, it has been imposing for years,” and fuel,” said a bakery owner sharp spike in prices of all es- posting note on their shut- becoming a reality in many while ensuring compliance is transferred to the ministry to said Ibrahim Merhi, one gen- who did not want to be named. sentials, according to market ters, reading: “We are sorry, households. with the provisions of the La- review it, examine the compa- erator owner. “Now if the fuel “We sympathize with the observers. we cannot afford to serve you “The Lebanese are facing a bour Law No 14 of 2004 and ny’s status, and ensure that the is gone, there will be no use people. But, but we are paying The Lebanese pound was with good prices any more.” dark future. Hunger is knock- relevant legislation and deci- application is in accordance of generators,” he added. for all food commodities in the at times trading as high as To make matters worse, bot- ing on everyone’s door,” said sions. with procedures established by Lebanon has been suf- dollar,” said Abed Fakhani, a 9,200 against the dollar in tled water is also set to rise. Emily Nassar, a housewife in He added that re-employ- the ministry, he noted. fering from power shortages supermarket owner. Leba- the black market in some Lebanese have long stopped Beirut. Ad boycott strikes at heart of The New York Times pulls out of Apple News AFP It promotes itself as a ser- pressure from governments Facebook’s business model New York vice with content curated by and media groups around the humans, not algorithms, and world. AFP cebook, often criticised for its The New York Times has boasts a larger roster of ti- Facebook has also un- Paris timid approach to controling become the highest-profile tles including The Wall Street veiled similar measures in re- content, has made a number media organization to leave Journal, The New Yorker, Na- cent months to partner with Adidas, Puma, Coca-Cola, of uncharacteristic announce- Apple News, saying the tech tional Geographic, Vanity Fair media outlets. Starbucks, Unilever, Ford... ments in recent days: banning giant’s service was not helping and Sports Illustrated. In a statement published not a day goes by without an- the far-right movement “Boo- achieve the newspaper’s sub- But the service did not in the Times, an Apple spokes- other big brand pulling ads galoo”, promising to highlight scription and business goals. ture of our business rules,” bring in the kind of revenue man said the paper offered from Facebook and other so- sourced information, rein- The daily’s exit comes as chief operating officer Mer- news organizations were hop- its free Apple News service cial media, a campaign that force its moderation... news organizations around the edith Kopit Levien said in a ing for, according to the Times, “only... a few stories a day”. is weakening advertising- Facebook Chairman and CEO “Until now social media world struggle with declining memo to employees last week. which said in its report on the “We are also committed to dependent sites but whose Mark Zuckerberg. (AFP) have managed to surf the print readership and an online “Our relationship with Ap- exit that Apple takes a 30 per- supporting quality journalism ultimate impact remains un- wave of debate” about their environment where ad rev- ple News does not fit within cent cut of every subscription through the proven business certain. media. efforts to moderate the most enue is dominated by Google these parameters,” added the sold through its news app. models of advertising, sub- Over 400 firms have Beyond the incontestible dangerous content on their and Facebook. memo, which was published It also took half of Apple scriptions and commerce,” the joined the #StopHateFor- damage done to their image, platforms, said Laurent Ben- “Core to a healthy model by the Times. News+ revenues, according to spokesman added. Profit campaign to protest will the campaign land a real zoni, an economist and pro- between The Times and the Launched in 2015, Apple’s the Times report. While most news organi- hate speech on the internet punch to these platforms that fessor at Panthéon-Assas platforms is a direct path for news app helps promote me- The Times’s exit from Ap- zations globally are strug- that has them suspending ads are nearly completely depend- University. sending those readers back dia subscriptions, and in 2019 ple News comes after Google gling, the Times is in relatively on Facebook and Instagram ent upon advertising, some- “But this is hitting them in into our environments, where Apple added a paid service announced plans last week to healthy shape. It has reported for the month of July. Others thing that even governments the wallet,” said Benzoni, who we control the presentation of called Apple News+ -- which pay some news organizations a reduction in ad revenue, but have gone further and halted have not been able to do? is also a founder of the Tera our report, the relationships shares revenue with newspa- for content in a departure subscriptions surpassed six their advertising on all social One can’t ignore that Fa- consultancy. with our readers and the na- per and magazine publishers. from its past practice following million last month. Electronic-waste levels surge 20 percent in 5 years, says UN

To put the numbers into The report blamed ever-shorter de- perspective, 53 million tonnes is substantially heavier than vice lifespans and a lack of recycling every adult in Europe put infrastructure for the ballooning together, or as much as 350 Key problem cruise ships the size of the e-waste problem Queen Mary 2. ‘E-waste quantities are rising It equates to more than AFP the year’s 53 million tonnes of three times faster than the seven kilogrammes of e-waste Paris e-waste was recycled, with the world’s population and 13 for every human on the planet. rest ending up in scrapheaps percent faster than the world’s The UN warned that e- Humans discarded more or landfill. GDP during the last five years,’ waste contained a number of than 50 million tonnes of With its unreclaimed de- said Antonis Mavropoulos, toxic substances known to be electronic waste last year -- an posits of gold, silver, copper president of the International harmful to human health. increase of 20 percent in just and platinum as well as high- Solid Waste Association “Substantially greater ef- five years -- making tech re- ly-prized rare Earth metals, forts are urgently required fuse the world’s fastest grow- non-recycled e-waste means to ensure smarter and more ing waste problem, the United more must be mined to equip According to the report, sustainable global produc- Nations last week. consumers with new products. Asia generated the greatest tion, consumption, and dis- In its annual report on e- The report’s authors volume of e-waste in 2019, posal of electrical and elec- waste -- tossed away smart- blamed ever-shorter device with 24.9 million tonnes, fol- tronic equipment,” said David phones, computers, white lifespans and a lack of recy- lowed by the Americas (13.1 Malone, rector at the United goods and electronic car parts cling infrastructure for the The UN said that materials worth more than $55 billion were being wasted every year. Mt) and Europe (12 Mt), while Nations University and UN -- the UN said that materials ballooning e-waste problem. Africa and Oceania generated under secretary general. worth more than $55 billion “E-waste quantities are world’s GDP during the last sociation. demonstrates the urgency to just 2.9 Mt and 0.7 Mt respec- “This report contributes (50 billion euros) were being rising three times faster than five years,” said Antonis Ma- “This sharp rise creates combine the fourth industrial tively. mightily to the sense of ur- wasted every year. the world’s population and vropoulos, president of the substantial environmental revolution with circular econ- Europe had the highest e- gency in turning around this In 2019 only 17 percent of 13 percent faster than the International Solid Waste As- and health pressures and omy.” waste figure per capita. dangerous global pattern.” Monday, July 6, 2020 11 Economy & Business

‘The Prius proved to the auto industry that an alternative-powertrain vehicle can be dependable, reduce vehicle ownership costs, strive for innovation and be a de- sired product,’ says Ed Laukes, vice president of marketing, Toyota Motor North America Toyota’s Prius changed everything 20 years ago

Tribune News Service stoplights. The Prius posted a then- and to help change other’s perception cloud”. By 2011, the smug was wear- New york incredible 41 mpg, but accelerated The journey of Prius about it being a vehicle your grand- ing off as competitors like the Ford 0-60 mph in a leisurely 13 seconds. parents drive. To make this vision Escape Hybrid, Chevy Volt, Nissan n late 1993, Takeshi Uchiyamada It could barely keep up with freeway Toyota found just 5,600 early adopters in 2000 for Prius, a reality, PriusChat.com, an online Leaf and Tesla Model S arrived. Prius was tapped to develop Toyota’s traffic. but that increased to 25,600 in 2003. By 2005, with the community of enthusiasts, became sales hit a record high of 147,500 in flagship for the 21st century, a car Sales were slow at first, but second edition in full bloom, 107,900 rolled out the platform where I shared modifi- the US during 2012, but declined to to double the Corolla’s fuel econ- ramped up quickly. Toyota found just cations from day one.” under 50,000 in 2019 (excluding Pri- omy. It would run on batteries at 5,600 early adopters in 2000, but in- ● Along the way, the Prius became a cultural icon. Apple co-founder Estaban’s Prius has a SoCal vibe us v/c) while Toyota’s overall hybrid Ilow speeds, gas above 30 mph, and creased to 25,600 in 2003. By 2005, Steve Wozniak and Leonardo DiCaprio drove them – as did Al Gore’s with its lowered air suspension, 19- sales increased 28.7 percent. use the engine and brakes to recharge with the second edition in full bloom, son, who famously hit 100 mph on a L.A. freeway inch wheels, sleek roof-mounted The Prius may have challenges, its batteries. The Prius, which means 107,900 rolled out. ● cargo box, and full aero body kit. Its but there are now hybrid versions “to go before” in Latin, debuted in To- A complete redesign in 2004 By 2011, the smug was wearing off as competitors like the Ford interior was upgraded with a 1200w of the Camry, Avalon, Highlander, kyo during 1995, began production in granted mid-size interior space and a Escape Hybrid, Chevy Volt, Nissan Leaf and Tesla Model S arrived. Prius speaker system, birdseye maple trim, RAV4 and Corolla. Lexus offers elec- 1997, and came to the U.S. for 2000. hatchback with fold-down seats that sales hit a record high of 147,500 in the US during 2012, but declined and white leather seating. Undercar- trified UX,N X, and RX crossovers Much has occurred since. made it practical for students and to under 50,000 in 2019 (excluding Prius v/c) while Toyota’s overall riage frame bracing, strut tower brac- plus the ES and LS sedans. The com- “The Prius proved to the auto in- grandmas alike. Center digital gauges hybrid sales increased 28.7 percent ing, and cross-drilled brake rotors pany’s most expensive hybrid is the dustry that an alternative-powertrain remained, but front passengers en- improve handling. exotic $97,510 LC500h coupe. Going vehicle can be dependable, reduce ve- joyed a center console with flip-out “Since its introduction to the further, the all-new 2021 Sienna min- hicle ownership costs, strive for inno- cupholders, flick-switch gear selector, world, the Prius has been a disruptor ivan and Venza crossover will come vation and be a desired product,” said and touchscreen controls. Fuel econ- in the traditional combustion sector,” hybrid only. Ed Laukes, vice president of market- omy increased to 46 mpg; 0-60 mph Esteban said. “And, it has influenced Consider the 2021 Venza that will ing, Toyota Motor North America. dropped to 10 seconds. Toyota’s baby and challenged other automotive come standard with AWD and the lat- “Additionally, Prius proved that peo- had grown into a real car. manufacturers to follow suit. The Pri- est connectivity/safety technologies. ple care about the environment, and Evolution continued with the us will continue to help influence and Its powertrain delivers 219 horse- what they drive projects an image of third generation for 2010 that brought lead the way for other alternative fuel power and 40 mpg, making Venza as who they are, and many want that im- edgier styling, crash-mitigation brak- vehicles. My personal Prius will re- efficient as the original Prius with fea- age to be environmentally conscious.” ing, swoopy console, and 50 mpg, but main in our family. There is no other tures Uchiyamada could never have Like the Model T a century before, also coincided with new models un- vehicle that can replace it.” imagined. the first-generation 2000-2003 Prius der the Prius umbrella. Enthusiasts 2020 Lexus LC500h Along the way, the Prius became The car that came before paved was a wobbly little car with a tall roof- could choose the smaller Prius c for a cultural icon. Apple co-founder the road for generations of electrified line and narrow track, but even on under $20,000, larger Prius v with Steve Wozniak and Leonardo Di- rides that include its own yet to come. my first drive, I knew it foretold the crossover interior space, or a plug-in (54 mpg in gas mode). All-wheel- brought people into the brand that Caprio drove them – as did Al Gore’s “No matter what it looks like or future. Drivers faced a sparse dash- that went 11 miles before the gas en- drive is available – as are wireless normally may not have considered a son, who famously hit 100 mph on a options offered, it will continue to be board dominated by a digital instru- gine awoke. It delivered 95 mpg. phone charging, Apple CarPlay, and Toyota.” L.A. freeway. Pulitzer Prize-winning on the forefront of fuel efficiency,” ment display centered beneath the The current generation debuted Toyota’s crash avoidance systems. That could describe Rodney Este- author Paul Ingrassia included the Laukes said. “We will offer an elec- windshield. Trunk space was limited in 2016 with an aggressive front fa- “Prius had an incredible effect ban, president of Southern California Prius in his book “Engines of Change” trified version of every model in our because batteries were placed behind cia, LED headlamps, and angular on Toyota,” Laukes said. “Initially Prius Group, who has taken his 2010 alongside the Ford Model T, Chevro- lineup by 2025, and at that time, we the rear seats. taillights, but the familiar profile re- Prius was the platform to prove how Prius to extremes. let Corvette and Pontiac GTO. It even have a goal of 25 percent of our US After pulling down the gear lever, mains. Tesla’s influence manifests a great Toyota’s hybrid technology was. “Initially, the vehicle was pur- had a starring role in a 2006 episode sales to be electrified vehicles. Toyota the car glided away silently before the tablet-style touchscreen and revised The quality, durability and reliability chased as a commuter vehicle to and of South Park where citizens got so has already sold more than 15 million engine fired up. Employing stop/start Prius Prime plug-in that goes 25 miles in a hybrid engine was proven. Ad- from grad school,” Estaban said. “I high on their Prius-fueled environ- hybrid vehicles globally _ more than technology, the engine shut down at on a charge while achieving 133 mpge ditionally, its environmental impact wanted the Prius to be distinctive mentalism that they created a “smug every other manufacturer combined.” Big Oil confronts possibility of terminal demand decline

ments becoming another casualty us to reach our energy and climate The IEA forecast that average daily oil demand of the pandemic, stressing the need goals, they can only make a small will drop by 8 mn bpd this year, a decline of for a Green New Deal for the recov- dent,” Firol added while unveiling ery. a recent IEA report. around 8% from last year “If they are successful, demand Moez Ajmi at consulting and AFP While the agency expects an for oil might never return to the auditing firm E&Y dismissed as Paris unprecedented rebound of 5.7 mil- peak we saw prior to COVID-19,” “science fiction” the idea that a de- lion barrels per day next year, it he said in comments to journalists. finitive drop in oil demand could Although crude prices have still forecasts overall demand will The transport sector may never suddenly emerge. rebounded from coronavirus cri- be lower than in 2019 owing to fully recover, Bradshaw posited. He expects a slow recovery in sis lows, oil execs and experts are ongoing uncertainty in the airline “After the pandemic, we might demand even if the coronavirus starting to ask if the industry has sector. have a different attitude to interna- leaves the global economy weak- crossed the Rubicon of peak de- Some are questioning whether tional air travel or physically going ened. mand. demand will ever get back to 2019 into work,” he said. That weakness would also likely The plunge in the price of crude levels. Other experts say we haven’t slow adoption of greener fuels. oil during the first wave of corona- “I don’t think we know how this reached the tipping point yet, and “It will take time for fossil virus lockdowns -- futures prices is going to play out. I certainly don’t An aerial view of a crude oil storage facility in Cushing, Oklahoma recently. (AFP) might not for a while. fuels, which today still account briefly turned negative -- was due know,” BP’s new chief executive “Many people have said, in- for some 80 percent of primary to the drop in global demand as Bernard Looney said in May. The concept of peak oil has long vogue, with the coronavirus land- cluding some CEOs of some ma- global consumption to face real planes were parked on tarmacs and The COVID-19 pandemic was generated speculation. ing an uppercut into fuel demand jor companies, with the lifestyle competition” from rival energy cars in garages. in full swing then with most planes Mostly, it has been focused on for the transportation sector fol- changes now to teleworking and sources, he said. The International Energy Agen- grounded and white-collar work- peak production, with experts fore- lowed by a knock-out punch from others we may well see oil demand Meanwhile, the oil industry cy (IEA) forecast that average daily ers giving up the commute to work casting that prices would reach as- the transition to cleaner fuels. has peaked, and oil demand will could face financing challenges. oil demand will drop by eight mil- from home. tronomical levels as recoverable oil Michael Bradshaw, professor go down,” IEA executive director Bronwen Tucker, an analyst at lion barrels per day this year, a de- “Could it be peak oil? Possibly. in the ground runs out. at Warwick Business School, said Fatih Birol said recently. Oil Change International, says the cline of around eight percent from I would not write that off,” Looney But in recent months, the con- environmental groups are already “I don’t agree with that. Tel- industry is now under pressure last year. told the Financial Times. cept of peak demand has come into lobbying to prevent the Paris agree- econferencing alone will not help from investors. 12 Monday, July 6, 2020 Economy & Business Six in 10 MENA Dairy farmers dumping milk consumers expect way they shop to worldwide on brink of crisis change post virus

It’s going to be a Tribune News Network nies can take certain steps to long time before Doha anticipate the future, under- stand the changes, explore the restaurants go back Fifty-eight per cent of con- market and respond to the op- to serving buttery, sumers in the Middle East and portunities effectively.” North Africa expect the way Nearly one-third of the in- cheesy dishes on the they shop will change over the dividuals surveyed plan to re- next one to two years due to the assess their living costs, mini- scale they did in the Covid-19 pandemic, according mise spending and change the pre-pandemic world to a new survey. way they shop due to Covid-19. More than half of respond- However, about 23 per- ents said they will value “qual- cent - a segment that consists Tribune News Service ity” of products most in the of young working population post-coronavirus period, EY - expect to be better off finan- The world’s dairy farmers are said in its Future Consumer cially over the next year and facing an existential crisis. Index survey, which analysed are optimistic about shopping They’ve dumped millions the impact of the outbreak on more online in the next one to of gallons of milk, slowed out- consumers’ shopping habits. two years. put and sold off older cows. About 44 per cent and 39 per “Changes in consumer be- Global governments stepped cent of those polled said they haviour that were expected to in with stimulus cash that pro- will value health and afforda- happen gradually, such as the vided some much-needed tem- bility, respectively, while shop- shift from brick-and-mortar to porary relief, helping bench- ping. online shopping, have been ac- mark Chicago milk futures to “Changes that were expect- almost double in two months. ed to come upon us gradually But once the aid money starts over the next half decade or so to dry up, many producers will will now be forced on both con- confront tough choices again: sumers and companies in the suffer through losses, or pack immediate future,” the report it all in and shut the farm. released on Sunday said. It’s going to be a long time Holstein dairy cows feed on silage in a large free-stall farm barn. Once the aid money to the dariy industry starts to dry up, many producers will “Covid-19 has done some- before restaurants go back to confront tough choices in the midst of the coronavirus pandemic: suffer through losses, or pack it all in and shut the farm. (TNS) thing that no amount of adver- serving buttery, cheesy dishes tising by brands could do - it on the scale they did in the Dairy is one of the world’s dairy consultant Daniel Olson said. “I expect there will be a has made consumers change pre-pandemic world. While most important food markets. is betting on retrenchment. similar shake-out this year,” their preferences. This will con- lockdown restrictions are eas- The sector accounts for about Many producers are likely he said. tinue to influence beyond [the ing, slower economic growth 14% of global agricultural pulling in more profits now That’s likely to be the case post-coronavirus] phase and means consumers will be cut- trade and more than 150 mil- than they were pre-pandem- globally, as well. The Euro- future consumer consumption An EY report says Covid-19 has ting back on dining out and lion farmers keep at least one ic, Olson said, but he’s doing pean Commission has forecast patterns.” accelerated changes within the even home-delivery orders. milk animal, according to the $700bn industry everything he can to lock in the region’s dairy herd could The EY report, which sur- retail sector’s operating models. That’s a hit the dairy in- United Nations. The industry Dairy is one of the world’s prices, with futures still trad- drop by about 0.7% this year, veyed 2,263 consumers in dustry won’t be able to sustain. is valued at about $700 billion, most important food markets. ing near $21 for 100 pounds, after a 1.2% decline in 2019. and the UAE, the celerated,” Ahmed Reda, EY’s Even with billions in stimulus, but it’s facing a reckoning. For The sector accounts for about the highest since 2014. Almost 500 Australian dairy Arab world’s largest econo- Mena consumer leader, said. the contraction for U.S. herds years, milk demand has been 14% of global agricultural “It’s just a matter of time farmers left the industry in mies, said that Covid-19 has “The pandemic and its re- will likely match record levels on the decline in developed trade and more than 150 before it goes down to as low 2019, and the trend will prob- accelerated changes within the tail implications will continue this year, according to the Na- countries. That’s only acceler- as $10,” Olson said. “I’m using ably continue as production retail sector’s operating mod- to influence future consumer tional Milk Producers Federa- ated recently as more consum- million farmers keep at least this opportunity to never see costs have stayed above retail els. consumption patterns.” tion. Declines are also expect- ers turned to plant alternatives one milk animal, according to $10 on our farm.” prices. Retailers are now increas- Mena consumers expect ed in Europe and Australia, amid climate concerns. the United Nations. The The recent price rebound ingly focusing on e-commerce, to spend more on specific cat- two other regions key to global When coronavirus lock- industry is valued at about and the government aid will ‘Heavy Inventories’ supply chain, consumer en- egories once the pandemic is exports. downs went into place, dairy $700 billion, but it’s facing a allow some producers to get Even with herd contrac- gagement, risk assessment and over, with 43 per cent predict- “Are people still at home markets were among the hard- reckoning. through this rough period, but tion, the world will see over- employee management prac- ing they will spend more on in three to six months, order- est hit in the food world. It it won’t be enough to forestall flowing supplies, according to tices to snag a higher market fresh food, 34 per cent looking ing pizza to watch a football turns out, consumers the world the long-term trend toward analysts at Rabobank, which share. to spend more on household game? Or are they conserv- over eat a lot more cheese and The U.S. promised $2.9 billion bankruptcy and farmers leav- forecasts a 1% increase in pro- “As the pandemic has in- items and 32 per cent spending ing their money, and will they butter when they’re dining out in its dairy bailout. The Euro- ing the industry, said Peter duction in the second half of fluenced changes in behaviour more on personal care. stop ordering out?” said Matt than they do at home. As res- pean Union pledged 30 mil- Vitaliano, the chief economist 2020 from a year earlier in the and consumption, consumers When asked about how Gould, editor at Dairy & Food taurants shuttered, farmers lion euros ($34 million), and at the National Milk Producers major producing regions. have started rethinking,” said quickly they believe normality Market Analyst Inc. “At no were left with an overwhelm- Australia has also earmarked Federation, whose members “Heavy inventories and Ravi Kapoor, Mena consumer will return once the pandemic point have we seen the light at ing glut. Hundreds of millions funds for the industry. That produce more than two-thirds reduced demand growth will advisory leader at EY. is over, 55 per cent of indi- the end of the tunnel, and even of pounds of milk got dumped. sent milk futures in Chicago of U.S. milk. weigh on global milk prices “The focus for the retail viduals said it will be a matter now with prices spiking, we Things still looked rela- soaring after touching a dec- In 2019, there was a 9% through 2020 and into 2021,” sector now should be on trans- of days or weeks, while 37 per could be in the ditch in three tively dismal until govern- ade low in April. drop in licensed U.S. dairy the analysts led by Ben Laine forming to succeed in a new cent expect it to be a matter of to six months.” ments stepped in to intervene. Wisconsin farmer and herds, a record high, Vitaliano said in a June report. business landscape. Compa- months. ‘Smoke that thunders’: First ‘made-in-Zimbabwe’ luxury cigars defy coronavirus

AFP Harare

A Zimbabwean entrepreneur in Africa’s top tobacco produc- er has launched the first local brand of hand-rolled cigars, defying coronavirus and eco- nomic odds to light up manu- facturing. The southern African na- tion produced more than 252 million kilogrammes of tobac- co last year, making it the sixth largest producer in the world. Nearly all of it is the “gold- en-leaf” Virginia used for ciga- rettes and most of that is ex- ported to China, Germany and other international markets. Upon returning last year to his homeland after 15 years working in the United States, Shep Mafundikwa was deter- Elias Lopez (L), a cigar making maestro from the Dominican Republic, inspects finely chopped tobacco leafs Founder of Mosi Oa Tunya and Zimbabwe entrepreneur Shepherd Mafundikwa poses for pictures with his mined to start a business that before serving it to the waiting production, at the Mosi Oa Tunya. (AFP) company’s hand rolled cigars at his factory in Harare. (AFP) would “benefit” Zimbabwe. “Though I am not a smok- Against all odds Lopez, whose eventual target yond the cigar’s burning tip -- a er, I noticed a preponderance “It was like build- is 2,000 cigars per day. sign of “good quality”. of cigar lounges across the ing a house from scratch,” Mafundikwa deliberately Gun shop owner Preemesh United States and decided I’d Mafundikwa recalled. recruited an all-female rolling If you blindfolded me and Mohan Doolabh considers Zim- try to corner some of that mar- “Though I had settled on team to “empower women” made me smoke both, I babwean cigars to be of similar ket,” said Mafundikwa, 54, hand-rolled cigars there was and “provide them with an in- wouldn’t be able to tell the quality to Cuban brands. who worked for an American still equipment needed.” come”. difference. “If you blindfolded me airline. One of the first setbacks Zimbabwe’s economy has and made me smoke both, I He started with trips to was the brittle nature of Zim- been crippled by years of mis- Preemesh Mohan Doolabh wouldn’t be able to tell the dif- Cuba and the Dominican Re- babwe’s tobacco, which forced management and corruption comparing Zimbabwean and ference,” he said. public, both premium cigar Mafundikwa to import special under the late ex-president Cuban cigars As the brand seems to producers, where he recruited wrappers. Robert Mugabe that forced have passed muster at home, Dominican cigar-rolling maes- When the coronavirus hit millions to leave the country. Mafundikwa is eyeing new tro Elias Lopez. Zimbabwe in March, progress Galloping inflation has Restaurant-owner Peter markets abroad, where he will The pair selected air-cured was delayed for weeks by a wiped out savings and caused Mubi is a member of Zimba- go up against the Cuban and Burley tobacco, a darker vari- country-wide lockdown. most companies to collapse or bwe’s small community of cigar Dominican brands that in- ety that accounts for a small Mosi Oa Tunya eventu- relocate. A woman inspects freshly rolled cigars under a spot light at Mosi Oa aficionados.He was enthusias- spired him. percentage of local produc- ally opened in May and Lopez Manufacturing is limited Tunya. (AFP) tic about Mosi Oa Tunya and Mosi Oa Tunya also has tion. has since been teaching seven and more than 80 percent of said he plans to stock the brand African brands to compete In May, Mafundikwa Zimbabwean women the craft Zimbabweans are out of work. ‘Ready’ for export targeting both seasoned and once his restaurant -- shuttered against: Morocco’s Habanos, launched Mosi Oa Tunya Ci- of rolling cigars. “I was unemployed but Mosi Oa Tunya cigars come novice smokers. by coronavirus -- reopens. which is seeking to expand to gars -- the local Lozi name for “They are rolling about half can now support my family,” in different sizes, prices and fla- “The idea (of smaller size) “Refined taste and aroma the US, and another new south- the Victoria Falls, which trans- of the more than 200 cigars a said cigar roller Gamuchirai vours that send wafts of cherry is to provide an option for those without being too strong,” ern African manufacturer -- lates to “the smoke that thun- day they should roll when they Chibaya. “We all see a future and vanilla across the factory. who cannot afford to buy the ci- Mubi exclaimed, pointing to Mozambique’s Bongani luxury ders”. have the experience,” said here.” Mafundikwa said he was gars,” he added. the finger of ash clumped be- cigars.