REVIVING GROWTH : Page 2 INFLATION SLOWS: Page 11 RBI cuts rates to Bank of Russia near-decade hints at rate cut low levels this month Saturday, October 5, 2019 Safar 6, 1441 AH TRUMP CHEERS DATA WITH TWEET: Page 12 US unemployment GULF TIMES falls to 50-year low BUSINESS of 3.5% in September US trade deficit up in August Qatar set to host sixth Gas as imports rise to record high Reuters Summit of GECF in 2021 Washington The US trade deficit increased in August atar will host the sixth Gas as imports of consumer goods surged to a Summit of the Gas Export- record high, but the gap with China, a focus Qing Countries Forum (GECF) of the Trump administration’s “America First” in 2021, off ering an opportunity for agenda, narrowed. dialogue at the highest levels on the The Commerce Department said yesterday latest developments and trends re- the trade deficit rose 1.6% to $54.9bn. lated to the global gas industry. The July trade gap was unrevised at The announcement was made dur- $54.0bn. ing the conclusion of the 21st GECF Economists polled by Reuters had forecast ministerial meeting in Moscow. This the trade gap would widen slightly to will be the second summit to be held $54.5bn in August. in Doha after the forum’s fi rst sum- The politically-sensitive goods trade mit on November 15, 2011. deficit with China fell 3.1% to $31.8bn on an “We look forward to a highly suc- unadjusted basis, with imports declining cessful meeting that refl ects our deep 0.8%. Exports to China increased 8.0% in belief in dialogue and co-operation in August, boosted by soybean shipments. the eff ort to meet the world’s growing The goods trade deficit with the European demand for energy,” said HE Saad bin Union jumped 23.7% to $15.3bn. Sherida al-Kaabi, Minister of State for The United States and China have been Energy Aff airs, the president and chief embroiled in a 15-month trade war. executive of Qatar Petroleum. Washington announced this week tariff s He said Qatar is committed to on aircraft, other industrial products and the responsibilities it carries as the agricultural products from the EU as part of world’s leading liquefi ed natural gas a World Trade Organisation penalty award in producer, foremost of which is en- a long-running aircraft subsidy case. couraging regional and international Trade experts expect the EU will impose dialogue as well as promoting natural tariff s on US goods next year over subsidies gas as the cleanest of fossil fuels and for Boeing. the destination fuel in the transition In August, goods exports rose 0.3% to to low carbon economies. $138.6bn. They were lifted by exports of Earlier addressing the ministe- soybeans, which rose $0.3bn. rial meet in Moscow, al-Kaabi had Exports of industrial supplies and materials stressed the importance of natural increased $1.5bn, with shipments of crude oil gas in meeting the economic and en- rising $0.8bn. vironmental challenges facing energy But capital goods exports fell $1.4bn, with consumers around the world. aircraft shipments declining $1.3bn. Drawing attention to unprece- Goods imports increased 0.6% to $213.0bn dented recurrent climatic conditions, in August. including mean temperatures, tur- The import bill was boosted by a $1.9bn bulent seasonal cycles and extreme surge in capital goods imports to the events, he had said it is time to take highest on record. Cellphone imports rose another look at natural gas and the by $1.1bn. number of advantages it has to make When adjusted for inflation, the goods trade it a pivotal element in any strategy to HE Saad bin Sherida al-Kaabi with the other members of GECF at the 21st ministerial meet in Moscow. deficit rose $0.3bn to $85.7bn in August. tackle environmental challenges. Trade could remain a drag on gross The GECF, which is headquartered mental organisation that provides among its member countries. It is porting countries and was set up with ordination and strengthen the collabo- domestic product in the third quarter. in Doha, is an international govern- a framework for knowledge sharing made up of the world’s leading gas ex- the objective to increase the level of co- ration among its member countries. UK business morale ‘Strong economy’ driving more S Korean firms to Qatar By Peter Alagos with their South Korean counterparts, so slides in Q3, especially Business Reporter we set up the business council and we are hoping that this makes it easier for people to share their ideas, experiences, and in manufacturing: BCC Qatar’s robust and resilient economy knowledge,” Kim pointed out. has continued to attract a wide range of Asked about other promising sectors South Korean companies that want to where Qatari and South Korean Reuters activity, with unrelenting uncer- explore the nation’s diverse investment companies could collaborate further, London tainty over Brexit and a notable markets, according to an off icial of the Kim said in the past both governments slowing in global growth pros- newly-established Korea Business Council “have signed many collaborative MoUs pects dragging down almost all – Qatar. together.” ritish business activity the key indicators in the quarter,” Founding chairman Dae Ho Kim, who “We hope that a lot of them would wilted in the third quarter, BCC head of economics Suren has been facilitating network exchange develop into fruitful endeavours that Bespecially in manufactur- Thiru said. “Looking forward, between Qatari and South Korean could benefit both the countries. There ing, according to a survey yes- weakening orders, confi dence companies, SMEs, and startups since are a lot of South Korean companies terday that boded poorly for the and investment intentions sug- 2016, said the June 2017 economic that are very much interested in setting country’s economy in late 2019 gest that unless action is taken blockade against Qatar has failed to stop up businesses in Qatar, considering that as it faces the Brexit crisis and a the UK’s current weak growth the economic growth of the country. the relationship of our country and the global slowdown. trajectory could drift markedly “We always look at sharing knowledge, Middle East goes back to the 1970s,” Kim The British Chambers of lower over the near term.” experiences, and best practices. For stressed. Commerce’s (BCC) survey of Consumer spending, boosted companies that visited Qatar, they now He added: “Looking back, most of the 6,600 companies showed do- by the fastest wage growth in 11 want to experience the Qatari market. developments between Qatar and South mestic manufacturing sales fell years and low unemployment, I started this before the economic Korean companies are in the construction at the fastest pace since late 2011. has helped to off set the eco- blockade, and we still kept coming here sector and the oil and gas industry. South Growth in the much larger nomic slowdown although there even after blockade and we have started Korea is among the leading nations in services sector also slowed. have recently been some signs of seeing the changes happening across the knowledge transfer, and this is something Overall, the survey chimed a weakening in job creation. Qatari economic and business landscape. Qatar did not give in to the blockade and the government continued to drive the that could be enhanced between Qatar with other signs of a sharp dete- The BCC said more manufac- “We saw a lot of potential and investment market, says Korea Business Council – Qatar founding chairman Dae Ho Kim. and our country. rioration in business confi dence turers reported a worsening of opportunities. Qatar did not give in to the PICTURE: Jayaram “South Korea is looking for more in Britain as the October 31 Brex- cash-fl ow than those reporting blockade and the government continued international partners and new markets it deadline nears with little clar- an improvement. The diff erence to drive the market; it was looking for which is why the business council was that provides the network and connection to enter. And for the Middle East region, ity on how or if the country will was the widest since late 2011. champions to make Qatar proud and established here on March 31 this year. to the local enterprises in Qatar. South Korea sees a lot of potential here leave the European Union. A renewed drive to stockpile to stand out in the region,” Kim told Gulf “Our companies back in South Korea are “South Korean companies have been and I think Qatar would be a good country The BCC survey also pointed avoid disruption after the October Times in an interview. very happy to come to this country even doing business in Qatar for a very long to start something because I believe it is to the biggest drop in manufac- 31 Brexit deadline — shown in an Kim stressed that many “well-experienced though it may be challenging to expand time but they didn’t have that proper a market that is trying to drive new and turing export orders in 10 years. IHS Markit/CIPS survey on Mon- and mature” South Korean companies to other markets, which is why the entity where the local companies and interesting fields, and South Korea should “Our fi ndings point to a wor- day — is likely to put more pres- want to explore diff erent sectors in Qatar, business council serves as an umbrella business people were able to get together be part of this, as well.” rying drop-off in UK economic sure on manufacturers’ fi nances.