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Minister of Finance meets US

Secretary of Treasury
Nakilat net profit rises
4.8% to QR1.19 bn in
first 9 months of 2023
TRIBUNE NEWS NETWORK
DOHA

NAKILAT, a global leader with one of the

Minister of Finance HE Ali bin Ahmed Al Kuwari on Sunday met with
United States Secretary of the Treasury HE Janet Yellen on the sidelines
of the minister’s participation in the annual meetings of the World Bank
Group and the International Monetary Fund in Marrakesh.
world’s largest liquefied natural gas (LNG)
fleet, is pleased to announce that it has
achieved a net profit of QR1,190.2 million
(QR1.19 billion) in the first nine months of
2023, an increase of 4.8 percent compared
to the same period in 2022.
This increase in results underscores
Nakilat’s continued success and its abil-
ity to deliver sustainable growth. Build-
ing upon its recognition as one of the top
100 listed companies in the Middle East

Kuwari for fiscal controls for 2023, Nakilat remains dedicated to

the values of teamwork, collaboration,

that support growth

QNA
MARRAKESH
MINISTER of Finance HE Ali
bin Ahmed Al Kuwari empha-
sised the importance of the
International Monetary Fund’s
(IMF) efforts to find appropri-
ate solutions to address the
various challenges facing the
world today.
The minister said that Qa-
tar works to ensure financial
sustainability through growth-
supporting fiscal control that
increases savings for intergen-
erational equity while prepar-
ing for a smooth transition to
energy and avoiding pro-cycli-
cal fiscal policies.
He made these remarks
during his participation in the
meeting of finance ministers,
central bank governors, and
heads of financial institutions in
the Middle East and North Af-
rica, Afghanistan, and Pakistan.
Qatar Central Bank Governor
Sheikh Bandar bin Mohammed
bin Saoud Al Thani attended the
meeting.
The minister pointed out
that the positive developments
in financial development, in-
cluding strong fiscal discipline
supported by robust oil prices,
the ministry of finance’s efforts
to reduce debt, and the macro-
economic indicators supported
by structural reforms over the
past few years, have resulted in
positive sovereign credit rating
decisions for Qatar by interna-
tional credit rating agencies.
The minister added that
despite the economic resilience
demonstrated by Qatar and
the region in general, there is a
significant need for financing,
particularly when it comes to
achieving the goals of the Paris
agreement, as many countries
find it challenging to bear this
burden on their own.
The minister underlined
the importance of the interna-
tional community and interna-
tional financial institutions in
providing timely and necessary
financial support, adding that
the IMF plays a crucial role
through its Resilience and Sus-
tainability Trust.
The minister explained that
creating more inclusive econo-
mies is crucial, and ensures
that economies are more resil-
ient and in a better position to
confront shocks. He pointed
out that the IMF can support
the countries in the region by
drawing on lessons learned
from experiences around the
world and best practices and
providing guidance to countries
on the best ways to implement
policies and reforms neces-
sary to enhance comprehensive
growth, with the need to adapt
the advice to each country’s cir-
cumstances.
IMF MD Kristalina Georgieva
chaired the meeting attended by
several finance ministers, cen-
tral bank governors, and heads
of financial institutions from the
Middle East, North Africa, Af-
ghanistan, and Pakistan.
and customer centricity, setting new
benchmarks in the energy transporta-
tion and maritime services industry.
Nakilat’s dedication to collaboration
and partnership is further exemplified
by the outstanding performance of its
joint venture companies. Profits from
LNG transportation and shipyards have
surged by an impressive 16.9 percent, re-
flecting Nakilat’s commitment to effec-
tive cost management and strategic ini-
tiatives that contribute to the company’s
continued prosperity.
Nakilat Chief Executive Officer Eng
Abdullah Al Sulaiti expressed his satis-
faction with the company’s financial per-
formance stating that Nakilat’s steadfast
commitment to teamwork, collabora-
tion, and customer-centricity has once Nakilat continues to maintain its po- tions conference call to discuss its fi-
again yielded an upward trend in results. sition as a global leader in the shipping nancial results for the third quarter of
As the global demand for clean en- and maritime industry, prioritising the 2023. The conference call is scheduled
ergy shipping capacities continues to highest standards of health, safety, and to be held on October 16, 2023, at 13:30
rise, Nakilat remains fully committed to environmental sustainability practices. (Doha Time), and the presentation
meeting the long-term requirements for As Nakilat remains at the forefront of will be made available on Nakilat’s of-
secure and reliable energy transporta- the industry, it is committed to deliv- ficial website prior to the call. For fur-
tion solutions, through remaining agile ering exceptional value to its clients, ther information on Nakilat’s confer-
and proactive in addressing emerging stakeholders, and shareholders. ence call dial-in details, one can visit
challenges and opportunities worldwide. Nakilat will host an investor rela- www.nakilat.com.
QCB issues eKYC identity verification procedures
QNA gies based on the Qatar Cen- laundering and terrorism fi- valuable initiatives that help
DOHA tral Bank’s constant endeavor nancing. create a suitable environment
to regulate and develop the fi- A fundamental financial for the growth of the finan-
QATAR Central Bank (QCB) nancial sector in the country. concept in the State of Qatar, cial technology sector in the
on Sunday issued the elec- The Qatar Central Bank the e-identity verification is country, in a way that sup-
tronic know your customer stressed the need to commit one of the modern tools that ports the development of the
(eKYC) procedures in a bid to the instructions to boost allow financial institutions to financial sector and enhances
to regulate and improve the transparency and security verify the customer’s identity the transparency of financial
customer identity verification in the financial sector, not- remotely through utilizing and banking transactions in
digitally. ing that the development of modern technology and data the country.
This move comes in line eKYC procedures aims to en- related to their identities. The instructions are avail-
with the financial sector and sure full compliance with the The Qatar Central Bank is able on the Qatar Central
financial technology strate- instructions to combat money keen to provide effective and Bank website.

QSE becomes diamond sponsor Lesha Bank takes part in

WBG, IMF annual meetings
for ‘Made in Qatar 2023’ exhibition
TRIBUNE NEWS NETWORK
DOHA

THE Qatar Chamber (QC) and the Qa-

tar Stock Exchange (QSE) have recently
signed a diamond sponsorship agreement
for the ninth edition of the ‘Made in Qatar
2023’ exhibition.
The agreement was signed by Hussain
Yosef A Abdulghani, director of adminis-
trative & finance affairs at Qatar Chamber,
and Fahad Al Mahmoud, director of finance
& public services department at QSE.
The ‘Made in Qatar’ exhibition is or-
ganised by the Qatar Chamber in coop-
eration with the Ministry of Commerce
& Industry (MoCI) from November 29 to
December 2 at the Doha Exhibition and
Convention Centre (DECC). Qatar Chamber General Manager Saleh bin Qatar Stock Exchange Acting CEO Abdulaziz
On this occasion, Qatar Chamber Gen- Hamad Al Sharqi Nasser Al Emadi
eral Manager and Chairperson of the Ex-
hibition’s Technical Committee Saleh bin industry and fostering communication private companies to grow and develop
Hamad Al Sharqi expressed his gratitude among businessmen and entrepreneurs in into public shareholding companies that
to the QSE for supporting the exhibition. the industrial sector. support the national economy.
He emphasised its vital role in the national He expressed hope that the exhibition Al Emadi said that the QSE launched
economy by promoting sustainability and would significantly contribute to the fur- the QE Venture Market (QEVM) in 2021
contributing to economic, social, and hu- ther development of the industrial sector, which provided a listing of SMEs to assist
man development. especially in the SMEs. them in accessing various financing solu-
He also highlighted its active contri- For his part, QSE Acting CEO Ab- tions for growth, expansion, and funding
bution to economic development and the dulaziz Nasser Al Emadi expressed his of their activities. Lesha Bank CEO Mohammed Ismail Al Emadi and the head of treas-
facilitation of an attractive investment pleasure that the QSE is a diamond spon- This initiative aims to enhance ury Mohamad Abu Khalaf attended the World Bank Group (WBG)
climate. Al Sharqi emphasised the exhi- sor of the ‘Made in Qatar’ expo, stressing their position in both local and and International Monetary Fund (IMF) annual meetings for 2023 in
bition’s role in promoting the national the QSE’s vital role in encouraging Qatari regional markets. Marrakech, Morocco.
 Economy & Business Monday, October 16, 2023 09
QIIB support to ESI conference
in push for entrepreneurship
TRIBUNE NEWS NETWORK
DOHA

QIIB has announced its spon-

sorship of the 6th International
Conference on Entrepreneur-
ship for Sustainability and Im-
pact (ESI), which will be held
under the patronage of His
Excellency Sheikh Mohammed
bin Abdulrahman bin Jassim
Al Thani, Prime Minister and
Minister of Foreign Affairs. ESI
is organised by The Center for
Entrepreneurship & Organiza-
tional Excellence at the College
of Business & Economics, Qa-
tar University and scheduled to
take place from 17 to 19 Octo-
ber 2023.
The Entrepreneurship
for Sustainability and Impact
(ESI) is an annual conference
Israeli tanks are seen in the aftermath of a mass infiltration by Hamas gunmen from the Gaza Strip, in organized by the Center for
Kibbutz Beeri in southern Israel, October 14, 2023 Entrepreneurship & Organi-

Global markets brace

zational Excellence (CEOE) at
Qatar University.
It is one of the leading en-
trepreneurship conferences
in the MENA region. It brings

for fallout as tensions

together a community of schol-
ars, experts and practitioners
specialized in entrepreneur-
ship, innovation, excellence re- University, expressed her grati-

rise in the Middle East

AGENCIES
THE Israeli-Hamas war has
sharpened focus on rising geo-
political risks for financial mar-
kets, as investors wait to see
if the conflict draws in other
countries with the potential to
drive up oil prices further and
deal a fresh blow to the world
economy.
Israel’s Prime Minister
Benjamin Netanyahu vowed
on Sunday to “demolish Ha-
mas” as his military prepared
ground operations in Gaza to
root out the militant group,
whose deadly rampage through
Israeli border towns stunned
the nation.
Oil prices leapt nearly 6%
on Friday, as investors priced
in the possibility of a wider
Middle East conflict. The first
indicator of reaction to week-
end developments will likely
come when oil starts trading in
Asia later on Sunday.
“It looks like we’re headed
for a massive ground invasion
of Gaza and a large-scale loss of
life,” said Ben Cahill, senior fel-
low in the Energy Security and
Climate Change Program at the
Center for Strategic and Inter-
national Studies (CSIS).
“Anytime you have a con-
flict of this scale, you will have
a market reaction.””I have no
clue whether markets will re-
main relatively well behaved,”
said Erik Nielsen, group chief
economics advisor at UniCred-
it. “It almost certainly depends
on whether this latest conflict
remains localized or whether
it escalates into a broader Mid-
dle Eastern war.” The S&P 500
(.SPX) fell 0.5% on Friday.
Safe-haven assets saw buying
with gold up more than 3%
on Friday and the U.S. dol-
lar touching a one-week high.
An expanding conflict would
also likely cause inflation and,
as a byproduct, interest rates
around the world to accelerate
further, said Bernard Baumohl,
chief global economist at The
Economic Outlook Group in
Princeton, New Jersey.
However, while inflation
and rates in other countries
will likely rise in this worst-
case scenario, the United States
could be the exception as for-
eign investors pour capital into
what they deem a safe haven
during global conflict, Baumohl
noted.
“Interest rates could go
down,” he said. “Expect the
dollar to strengthen.” In Eu-
rope, economists said the bar
for another rate hike from the
European Central Bank was
high.
The war between the Is-
lamist group Hamas and Is-
rael poses one of the most sig-
nificant geopolitical risks to oil
markets since Russia’s invasion
of Ukraine last year.
“If the Ukraine war taught
us anything, it’s not to under-
estimate the effect of geopoli-
tics,” Nomura European econo-
mist George Moran said on the
bank’s week ahead podcast.
Other energy markets could
be impacted, as seen in recent
developments such as Chev-
ron (CVX.N) halting natural
gas exports through a major
subsea pipeline between Israel
and Egypt. Rising oil prices are
unlikely to have a significant
impact on U.S. gas prices or con-
sumer spending, analysts noted.
The situation, however,
bears monitoring, Jack Ab-
lin, chief investment officer at
Cresset Capital, said.
“If all of a sudden either oil
production is cut or oil trans-
port is disrupted then that cer-
tainly creates problems not just
for economies but for markets
too,” he said.
Oil, shares of oil companies
and commodities in general
and gold in particular could
serve as effective hedges for in-
vestors, Ablin said.
search, teaching and practice.
Commenting on this oc-
casion, QIIB Chief Executive
Officer Dr. Abdulbasit Ahmed
al-Shaibei, said: “We support
Qatar University’s pioneering
efforts in various fields.
Qatar University, which we
take pride in, stands as a bea-
con of excellence in higher edu-
cation by consistently achiev-
ing remarkable heights in
research and innovation, and
we would like to take this op-
portunity to express our thanks
and appreciation for its interest
and continuous focus on sub-
jects that create added value
for Qatar’s economy, such as
entrepreneurship, innovation
and sustainability.”
“QIIB’s sponsorship of the
6th International Conference
on Entrepreneurship for Sus-
tainability and Impact (ESI)
reflects our Corporate Social
Responsibility (CSR) strategy,
which focuses on sponsoring
and supporting activities that
serve the Qatari society.
Education, undoubtedly,
stands at the forefront of these
activities as a constant prior-
ity and the best way to achieve
further advancement and pros-
perity across all fields,” Dr. Al-
Shaibei added.
Dr. Al-Shaibei also indi-
cated that: “The objectives of
the conference go beyond the
traditional vision, and thus,
QIIB takes pride in being part
of this significant event. We
all have confidence that it will
Dr. Abdulbasit Ahmed al-Shaibei,
QIIB CEO
yield tangible results and rec-
ommendations that would lay a
new and significant foundation
for our innovation journey and
sustainability plans.”
QIIB Chief Executive Of-
ficer expressed his thanks to
Qatar University and the Or-
ganizing Committee of ESI for
inviting QIIB to contribute to
supporting the conference, and
emphasized that, “The Bank
will continue providing assis-
tance to the society and the var-
ious activities that serve it, with
a primary focus on research,
higher education, innovation
and sustainability activities.”
On his part, Dr. Rana Sobh,
the Dean of the College of Busi-
ness & Economics at Qatar
tude to QIIB for supporting the
6th International Conference
on Entrepreneurship for Sus-
tainability and Impact (ESI),
which underscores their inter-
est in providing support for the
specific qualitative activities
regularly organized by Qatar
University.”
Dr. Said El banna, the Di-
rector of the Center for Entre-
preneurship & Organizational
Excellence and the Conference
Chair, from the College of
Business Economics at Qa-
tar University expressed “The
conference has a multitude of
objectives, including foster-
ing research collaboration, ex-
changing expertise, developing
policies aimed at addressing
economic, social and environ-
mental challenges, and focus-
ing on sustainability issues,
and we are pleased to find the
support needed for achieving
these objectives.”
Dr. Mohammed El Gam-
mal; Section Head of Case
Study & Community Engage-
ment at the Center for Entre-
preneurship & Organizational
Excellence, from the College of
Business Economics at Qatar
University stressed that: “The
combined efforts of all of ESI
participants, sponsors and
supporters will help achieve
the desired objectives and pro-
pel the conference in its cur-
rent and future editions to new
horizons, hopefully filled with
success and the achievement of
target outcomes.”

WEEKLY ENERGY MARKET REVIEW

Japan’s AI draft guidelines
seek to address overreliance
Oil surges 6% after Israel begins ground raids Into Gaza AGENCIES tion from being given to third
parties without an individual’s

O
il prices leapt nearly 6% on
Friday, with Brent posting its
highest weekly gain since Febru-
ary, as investors priced in the possibil-
ity that the conflict in the Middle East
could widen as Israel began ground
raids inside the Gaza Strip.
Israel’s announcement marked a
shift from an air war to ground opera-
tions against Hamas a week after the
militant Palestinian group’s deadly ram-
page on settlements north of the Gaza
Strip.
Brent futures settled up $4.89, or
5.7%, at $90.89 per barrel. U.S. West
Texas Intermediate crude gained $4.78,
or 5.8%, to $87.69 a barrel. Brent also
recorded a weekly gain of 7.5%, its big-
gest such increase since February. WTI
climbed 5.9% for the week.
The conflict in the Middle East has
had little impact on global oil and gas
supplies. Investors and market observ-
ers, however, are assessing how it could
escalate and what it might mean for
supplies from nearby countries in the
world’s top oil producing region.
Also boosting prices, was the U.S.
move on Thursday to impose the first
sanctions on owners of tankers carrying
Russian oil priced above the Group of
Seven’s price cap of $60 a barrel, an ef-
fort to close loopholes in the mechanism
designed to punish Moscow for its inva-
sion of Ukraine.
Asia spot LNG rise as geopolitical
tensions fuel supply woes
Asian spot LNG prices climbed $1
this week despite muted demand, track-
ing European gas prices, on concerns
over tensions in the Middle East and
damage to the Baltic connector gas pipe-
line linking Estonia and Finland. The av-
erage LNG price for November delivery
into north-east Asia rose 7.4% to $14.5
per mmBtu.
Markets are having a strong response
based on sentiment, while structurally
both basins are well supplied somewhat
as we move into a milder winter season.
In Europe, Dutch and British gas prices
rose on Friday morning as forecasts for
cooler temperatures lifted demand while
geopolitical risks and strikes at LNG
facilities in Australia raised supply con-
cerns.
Negotiations over a pay and condi-
tions deal between Chevron and unions
at its LNG facilities in Australia made
progress again on Friday but fell short
of sealing a deal to end months of la-
bour disputes. In the United States, gas
futures fell about 3% on Friday on rising
output, a drop in exports to Mexico and
forecasts for mild weather through late
October.
— By The Al-Attiyah Foundation
COMPANIES and organiza-
tions that utilize artificial intel-
ligence will be required to take
measures to reduce the risk of
overreliance on the technology,
according to draft guidelines by
a Japanese government panel.
The draft guidelines ob-
tained by Kyodo News also call
on AI developers to be careful
not to use biased data for ma-
chine learning, while urging
them to maintain records of
their interactions with the tech-
nology, to be provided in the
event of any issues.
The panel, which is tasked
with discussing the country’s AI
strategy, is expected to finalize
the guidelines by the end of the
year. Japan, this year’s chair of
the Group of Seven industrial-
ized nations, is also working
with other members on draw-
ing up international guidelines
for AI developers.
The draft outlines 10 basic
rules for AI-related businesses,
such as ensuring fairness and
transparency with regard to
protecting human rights and
preventing personal informa-
permission.
The rules also ask that in-
formation be provided about
how data is acquired from an
individual or entity and how it
is then used by related parties.
Companies that develop AI
platforms, providers of services
that utilize the technology and
users will all be required to
share some degree of respon-
sibility.
The guidelines provide
principles according to busi-
ness categories. Developers are
requested to ensure that data
employed for AI purposes is
both accurate and up to date,
and that they preferably adopt
measures to ensure informa-
tion that has not been approved
for use cannot be accessed.
Meanwhile, providers that
utilize AI will be asked to warn
users to avoid inputting per-
sonal information that they do
not want accessed by third par-
ties, and guarantee that their
services are limited to their
intended use to prevent bad ac-
tors from employing the tech-
nology for malign purposes.
10 Monday, October 16, 2023
Shun Tai crude oil tanker is seen anchored at the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, Dec. 4, 2022
US sanctions tanker owners in
1 Russian price cap penalties
st
AGENCIES
THE U.S. on Thursday imposed
the first sanctions on owners
of tankers carrying Russian oil
priced above the G-7’s price
cap of $60 a barrel, one in Tür-
kiye and one in the United Arab
Emirates (UAE), in an effort to
close loopholes in the mecha-
nism designed to punish Mos-
cow for its war in Ukraine.
The U.S., other G-7 coun-
tries and Australia imposed
the cap last year, seeking to
reduce Russia’s revenues from
seaborne oil exports as part
of sanctions for its invasion of
Ukraine.
The cap bans Western com-
panies from providing mari-
time services, including insur-
ance, finance and shipping, for
Russian seaborne oil exports
sold above $60 a barrel, while
seeking to keep oil flowing to
markets. Caps also were im-
posed on Russian fuel exports.
U.S. President Joe Biden’s
administration placed sanc-
tions on Türkiye-based Ice
Pearl Navigation SA, owner of
the Yasa Golden Bosphorus,
which the Treasury said carried
Russian ESPO crude priced
above $80 a barrel after the
cap took effect in December
last year.
The U.S. also imposed them
on UAE-based Lumber Marine
SA, owner of the SCF Primorye,
which the Treasury said was
Amid a mental health crisis, toy industry takes on a new role
AGENCIES
AS more children emerge from
the pandemic grappling with
mental health issues, their par-
ents are seeking ways for them
to build emotional resilience.
And toy companies are pay-
ing close attention.
While still in its early phase,
a growing number of toy mar-
keters are embracing MESH or
mental, emotional and social
health as a designation for toys
that teach kids skills like how
to adjust to new challenges,
resolve conflict, advocate for
themselves, or solve problems.
The acronym was first used
in child development circles
and by the American Camp
Association 10 years ago and
gained new resonance after the
pandemic.
Rachele Harmuth, head
of ThinkFun, a division of toy
company Ravensburger, and
resilience expert and fam-
ily physician Deborah Gilboa,
formed a MESH taskforce earli-
er this year with the goal of get-
ting manufacturers to design
toys with emotional resilience
in mind and to have retailers
market them accordingly.“We
just need to educate parents
and educators just a little bit
to know that we could be using
their play time a little bit inten-
tionally,” Gilboa said.
The plan is to certify MESH
toys by mid-2024 the same
way the Toy Association did for
STEAM toys, which emphasize
science, tech, engineering, arts,
and math. Adrienne Appell, a
spokeswoman at the Toy As-
sociation, notes that MESH
carrying Novy Port Russian
crude above $75 per barrel.
“Because of the actions
we’re announcing today, and
the further actions we will
take in the coming weeks and
months, these costs will contin-
ue to rise and Russia’s ability
to sustain its barbaric war will
continue to weaken,” a senior
Treasury official, speaking on
condition of anonymity, told
reporters in a call.
The measures identify and
block access to all property and
interests owned by the com-
panies in the U.S.The price
cap coalition also issued rec-
ommendations for the mari-
time industry including: a re-
quirement for “appropriately
capitalized” protection and in-
demnity insurance, agreed pro-
tocols on the use of Automatic
Identification Systems and
enhanced checks of high-risk
ship-to-ship cargo transfers.
Both tankers, which con-
ducted port calls in Russia,
used U.S.-based service pro-
viders while transporting the
Russian origin oil, the Treasury
said without answering ques-
tions about those providers.
The U.S. service providers
would not be at risk of sanc-
tions if they had been provided
false or misleading information
by others in the shipping chain
about the price of Russian oil,
said a price cap coalition offi-
cial on condition of anonymity.
Quinn Byrne, 5 left, shops with her mother, Jamie Byrne, at a Learning Express store in Lake Zurich, Ill
is an area it will continue to
monitor as it evolves.Many
toys that could be considered
MESH happen to already be
in children’s toy chests — like
memory games, puppets, cer-
tain types of Legos, Pokémon
trading games, and Dungeons
& Dragons.
The concept was highlight-
ed at the toy industry’s recent
four-day annual show in New
York, which featured an abun-
dance of toys from the likes of
hand2mind and Open the Joy
that encourage children to ex-
press their feelings with mir-
rors or puppets. James Zahn,
editor- in-chief of the trade
publication the Toy Book,
noted the bulk of the new toys
being developed with MESH
in mind will be out starting
Economy & Business
Türkiye’s Yasa Holding, op-
erator of the Golden Bospho-
rus, said it had necessary docu-
mentation from major London
insurers for it to carry Russian
origin cargoes and that it has
been company policy for more
than a year to not carry Russian
crude.
Yasa said the vessel is cur-
rently under time-charter for
three to five months with Exxon
Mobil.The U.S. oil major said it
does not trade Russian oil or oil
products. “These deliveries are
certified products of Canadian
origin,” Exxon said about the
chartering.
A price cap coalition official
speaking on condition of ano-
nymity said Exxon was not a
target of the sanctions and that
the company had chartered the
vessel after it had carried Rus-
sian oil.
Ghost fleet Global oil pric-
es have risen to around $85
a barrel in recent months on
production cuts and thin world
spare production capacity.
That has helped to limit the ef-
ficacy of the cap, but the coali-
tion can toughen enforcement
to make it more effective, ac-
cording to people who advised
the Treasury.
Russian crude oil exports
last month stood at 4.9 million
barrels per day, down about
100,000 bpd from the May-
June average, the International
Energy Agency (IEA) estimated
next year. But some worry the
MESH approach might end up
promising parents something it
can’t deliver. There’s also a risk
of companies preying on par-
ents’ anxieties about their kids’
mental health.
“My fear is that MESH will
be used as the next marketing
gimmick,” said Chris Byrne,
an independent toy analyst. “It
will create a culture of fear that
their children are not develop-
ing socially and emotionally.
And that’s not really the job of
the toy industry. ” Experts say
childhood depression and anxi-
ety were climbing for years, but
the pandemic’s unrelenting
stress and grief magnified the
woes, particularly for those
already grappling with men-
tal health issues who were cut
on Thursday. But it also said
Russia’s total exports of crude
oil and products in September
rose by 460,000 bpd to 7.6 mil-
lion bpd, with crude account-
ing for 250,000 bpd of the in-
crease.
The cap has forced Rus-
sia and traders to invest in
what the industry refers to as
a ghost fleet of old tankers vul-
nerable to leaks and oil spills.
Those vessels are undertaking
long voyages to deliver crude
to refiners in China and India,
which have become the largest
buyers of Russian crude. Nei-
ther country has imposed sanc-
tions on trade with Russia.
The cap forces Russia to
pay about $36 a barrel for those
non-Western maritime servic-
es, expenses that go to “tankers
not tanks” in the Ukraine war,
the U.S. Treasury official said.
Treasury Secretary Janet
Yellen on Wednesday said
the price cap had sharply re-
duced Russian revenues over
the past 10 months, and that
it was critical to keep imposing
severe and increasing costs on
Russia.
Andriy Yermak, the head of
Ukraine’s presidential office,
said on the Telegram messag-
ing app the sanctions resulted
from studies by an interna-
tional working group he helped
create and that violations of the
Russian oil price cap will be
punished.
off from counselors and other
school resources during re-
mote learning. Many educators
began emphasizing social emo-
tional learning in response,
which teaches children soft
skills like helping them manage
their emotions and create posi-
tive rapport with others.
Dave Anderson, vice presi-
dent of school and community
programs and a senior psy-
chologist in the ADHD and Be-
havior Disorders Center at the
Child Mind Institute, applaud-
ed the toy industry’s efforts to
likewise address emotional re-
silience.
But he said parents need
to be careful about claims that
companies may be making.
While there’s evidence that
skills highlighted by the MESH
As China’s economy
slows, Hong Kong
aims to rebuild its
international image
AGENCIES
HUNDREDS of executives,
diplomats and foreign busi-
ness chambers congregated
at Hong Kong’s landmark
M+ art museum over canapés
and cocktails last month with
a clear mission – reinvigorate
appeal for the financial hub.
Anti-government protests
in 2019, followed by Beijing’s
swift imposition of a sweep-
ing national security law in
2020 and three years of dra-
conian COVID lockdowns
prompted an exodus of tens
of thousands of people from
Hong Kong, taking a toll on
its reputation and economy.
Sino-U.S. tensions and
China’s slowing economy
have piled additional chal-
lenges on Hong Kong, hurt-
ing its traditional role as a
gateway between the West
and the mainland, said diplo-
mats and business executives.
“The last few years have
created a very negative image
of Hong Kong,” said Inaki
Amate, chairman of the Eu-
ropean chamber in Hong
Kong, one of the speakers at
the M+ event.
Other speakers included
government officials, Europe-
an Union representatives and
executives including from the
city’s banks, aviation industry
and its stock exchange.
The event is among many
trying to rebuild ties between
the West and the former
British colony, with visi-
tors mainly coming from the
mainland and Asia, while visa
applicants are primarily from
China, said Amate.
Executives point to the
changing fabric of Hong Kong
with mainlanders making up
China’s and Hong Kong’s flags are seen on the pedestrian foot-
bridge as decorations for the celebration of National Day, at the
financial central district in Hong Kong, China
taskforce can build resilience,
there’s no evidence that the
toys themselves will, he said.
“The concepts are evidence
based; the toys themselves are
not,” he said.
Bryne notes that the skills
being highlighted by the MESH
taskforce are the basics of play,
whether it’s skateboarding that
builds perseverance or learning
how to share toys to help with
conflict resolution.
“In my opinion, if you live
in a healthy home and you’re
having healthy play and your
parents are engaged, the MESH
stuff kind of happens automati-
cally, ” he said. The U.S. toy in-
dustry itself has been in need
of a jolt following a weak year,
particularly a lackluster holi-
day 2022 season when retail-
ers were stuck with a surplus of
toys after enjoying a pandemic-
induced toy splurge by parents.
The malaise has continued
so far this year, with toy sales in
the U.S. down 8% from January
through August, based on Circa-
na’s retail tracking service data.
For its part, the MESH
taskforce is initially work-
ing with specialty stores like
Learning Express and small
toy companies like Crazy
Aaron’s, which has expanded
beyond its Thinking Putty to
add activity kits that teach
kids problem solving like how
magnets work with putty. One
game ThinkFun is marketing:
Rush Hour, a sliding block
logic game that has kids battle
traffic gridlock.
But large retailers like Am-
azon are also waking up to the
MESH approach.
more than nine-out-of-ten of
all those approved to work
under government talent
schemes.
“If we believe that Hong
Kong will be able to recover
its most international Asia
city status by continuing
on this trend, we are very
wrong,” said Amate. “Hong
Kong needs diversity.”
Finance Secretary Paul
Chan held a marketing blitz
tour in European cities in
September, while Hong
Kong’s Monetary Authority is
holding a high profile bank-
ing conference in November
to enable people to see Hong
Kong’s “vibrancy” and “show
guests the best” of the city.
For many outside Hong
Kong however, the percep-
tion is still very negative, said
executives.“For people who
haven’t lived in Hong Kong,
they see a really battered and
negative image that’s been
present since the protests in
2019,” said former American
Chamber of Commerce Presi-
dent Tara Joseph.
“You’ve got what hap-
pened with the national se-
curity law, the pandemic and
now you’ve got a pretty big
problem with China’s econo-
my. People have a very deeply
damaged image and it’s go-
ing to take more than having
a banking conference in the
Four Seasons hotel to really
get people to go ‘wow this is
exciting.’”
BAD PR Hong Kong’s ef-
forts to attract high calibre tal-
ent are hindered by concerns
over Beijing’s imposition of the
security law, said a diplomat in
the city, citing the bounty on
opposition figures which have
fueled adverse publicity.
“The rising popularity of
MESH toys speaks to the pow-
er of play and the important
role that toys play in our lives,”
said Anne Carrihill, Amazon’s
director of toys and games.
Richard Derr, owner of the
Learning Express franchise
in Lake Zurich, Illinois, said
that he trained his workers
on helping parents this past
spring to pick the right toys.
But the challenge is not to
scare parents. “You don’t want
to rush up to somebody and
say, ‘Hey, how’s your mental
health today of your kids?’”
Derr said.
“That’s why local toy stores
are a great place to start be-
cause of our relationships with
the community, customers
and teachers.” But he noted
toymakers can’t be overusing
the word MESH without any
meaning.
Sarah Davis, the mother
of three boys ages 3, 6 and 9,
is open to the idea of MESH
toys. The Great Falls, Virginia
resident said her 6-year-old
had delayed speech because he
was wearing a mask during the
heart of the pandemic, while
her 9-year-old son has some
issues with social interaction
after being isolated and glued
to his laptop.
“My kids don’t have an is-
sue with anxiety in terms of
school,” she said, but added.
”I still worry about the long-
term effects of what that was
like.” More than the prom-
ise of building emotional re-
silience through MESH is
whether the toys themselves
will actually be fun.

Economy & Business
What Google’s antitrust trial
means for your search habits
AGENCIES
IF government regulators pre-
vail against Google in the big-
gest U.S. antitrust trial in a
quarter century, it’s likely to
unleash drastic changes that
will undermine the dominance
of a search engine that defines
the internet for billions of peo-
ple.
As the 10-week trial prob-
ing Google’s business practices
nears its midway point, it’s still
too early to tell if U.S. District
Judge Amit Mehta will side
with the Justice Department
and try to handcuff one of the
world’s most dominant tech
companies.
If Mehta rules that Google
has been running an illegal mo-
nopoly in search, the punish-
ment could open up new online
avenues for consumers and
businesses to explore in pursuit
of information, entertainment
and commerce.
“The judge can compel
Google to open the floodgates
so more startups and third-
party competitors can put
greater competitive pressure
on Google, which will create
higher quality online services,”
said Luther Lowe, senior vice
president of public policy at
Yelp.
The online business review
site has been one of Google’s
harshest critics while spend-
ing more than a decade railing
against a strategy that favors its
own services in search results.
Google’s search engine
earned its huge market share
by almost instantaneously pre-
senting people with helpful in-
formation culled from the bil-
lions of websites that have been
indexed since former Stanford
University graduate students
Larry Page and Sergey Brin de-
veloped the technology during
the late 1990s.
In addition to its technolog-
ical wizardry, Google also pays
billions of dollars each year to
ensure its search engine is the
default choice for answering
queries entered in the world’s
most popular smartphones and
web browsers.
These agreements don’t
preclude users from switching
to a different search engine in
their settings, but it’s a tedi-
ous process that few people
bother to navigate. This reality
is why Google is willing to pay
so much for the privileged po-
sition, according to the Justice
Department.
Google’s payments for
preeminent search placement
Microsoft’s Activision acquisition: For Xbox CEO, the easy part is over
AGENCIES
AFTER two years co-piloting
the biggest acquisition in video
game history past an onslaught
of challenges, Xbox CEO Phil
Spencer now moves on to his
next quest: making Microsoft’s
takeover of Activision Blizzard
worth the hassle.
Microsoft, which owns the
Xbox gaming system, closed its
$69 billion deal to buy game-
maker Activision Blizzard on
Friday after fending off global
opposition from antitrust regu-
lators and rivals.
It marks a career-defining
moment for Spencer, who first
joined Microsoft as an intern
in 1988 and has helmed Xbox
since 2014.
After years of lagging be-
hind rival Sony’s PlayStation,
acquiring Activision’s collec-
tion of popular game titles
gives Microsoft a rare chance
to catch up.“His job really just
starts today,” said analyst Gil
Luria, technology strategist at
D.A. Davidson, after the deal’s
closure. “All he’s been doing is
preparing for today where he
actually gets to integrate the
business.”
And it marks the end of an
era for Activision Blizzard CEO
Bobby Kotick, who’s led the
Southern California maker of
Call of Duty and other block-
buster franchises since 1991
— including an estimated $15
billion to $20 billion per year to
Apple alone — are at the head of
the Justice Department’s case,
making it probable the judge
would prohibit them if he rules
against Google. Google’s search
engine earned its huge market
share by almost instantaneous-
ly presenting people with help-
ful information culled from the
billions of websites that have
been indexed since former
Stanford University graduate
students Larry Page and Sergey
Brin developed the technology
during the late 1990s.
In addition to its technolog-
ical wizardry, Google also pays
billions of dollars each year to
ensure its search engine is the
default choice for answering
queries entered in the world’s
most popular smartphones and
web browsers.
These agreements don’t
preclude users from switching
to a different search engine in
their settings, but it’s a tedi-
ous process that few people
bother to navigate. This reality
is why Google is willing to pay
so much for the privileged po-
sition, according to the Justice
Department.
Google’s payments for
preeminent search placement
Xbox CEO Phil Spencer arrives at the Phillip Burton Federal Building and U.S. Courthouse in San Francisco.
after helping to buy it from
bankruptcy. Kotick said he’s
assisting with the transition
until the end of the year.
Activision Blizzard was still
reeling from worker protests,
lawsuits and government in-
vestigations over allegations of
workplace harassment against
women and unequal pay when
Microsoft privately reached out
about buying the company in
2021.
— including an estimated $15
billion to $20 billion per year
to Apple alone — are at the
head of the Justice Depart-
ment’s case, making it prob-
able the judge would prohibit
them if he rules against Google.
Should that happen, experts
believe the most likely remedy
in the U.S. would be a require-
ment for smartphones and web
browsers to display a palette of
different search engines during
the setup process. That’s some-
thing already being done in
Europe, where all indications,
so far, are that most people are
still opting for Google.
That could be because they
believe Google truly is the best
search engine — as Google
argues in their defense — or
they just trust the brand more
than rival options such as Mi-
crosoft’s Bing or the privacy-
focused DuckDuckGo.
Microsoft CEO Satya Na-
della asserted Google has an
almost hypnotic hold on us-
ers while testifying earlier this
month during the trial.
“You get up in the morn-
ing, you brush your teeth and
you search on Google,” Nadel-
la said. He then added that the
only way to break the habit is
by changing the default choice.
When the companies an-
nounced a planned merger in
January 2022, Microsoft CEO
Satya Nadella made clear it
would be “critical for Activision
Blizzard to drive forward” on
its commitments to improve its
workplace culture.
That was just the start of
Microsoft’s challenges in bring-
ing home the deal. After nego-
tiations with Spencer faltered,
top rival Sony brought its con-
As long as a ruling doesn’t
exclude Google’s rivals from
paying to be the automatic
search engine on smartphones
and web browsers, Microsoft
could buy the default position
for Bing — an opportunity
Nadella indicated he would
seize.“There’s defaults — the
only thing that matter in terms
of changing search behavior,”
Nadella testified.
Florian Schaub, associ-
ate professor of information
at the University of Michigan,
believes the fairest outcome in
the trial would an across-the-
board ban on all default agree-
ments between two companies.
“The current environment
is being shaped by an archi-
tecture that’s designed by the
big companies that control the
space,” Schaub said. “What
the government can do is in-
ject some neutralism into this
and give consumers some ac-
tual choices.
If people still choose to
use Google, that is at least
a consumer choice, which
would better than having peo-
ple stick to a default because
they are conditioned to that
default.”
In his testimony dur-
ing the trial, Apple executive
cerns about losing access to the
Call of Duty franchise to regu-
lators around the world.
The strongest opposition
came from U.S. antitrust en-
forcers emboldened by Presi-
dent Joe Biden’s administra-
tion to take a tougher look at
big tech deals, as well as their
counterparts in the United
Kingdom who finally relented
in approving the deal Friday
only after Microsoft agreed to
Monday, October 16, 2023
Eddy Cue said the company
has embraced Google as the
preferred search engine on
the iPhone and other products
because it provides the best
experience for its customers.
That stance has raised specu-
lation that if Apple is blocked
from using Google as the de-
fault search engine on the iP-
hone, it might flex its muscle
as the world’s richest compa-
ny to develop its own search
technology.
However, a blanket ban
on default search agreements
that have been highly prof-
itable for Apple and other
companies such as wireless
provider Verizon could trig-
ger unintended consequences,
such as raising prices on other
popular products.
“If Google is no longer
paying big bucks to Apple and
other companies, they might
raise the prices for their de-
vices,” said David Olson, an
associate professor for the
Boston College Law School
who is following the antitrust
trial. “I don’t think they will
be big, but we could see some
price increases because Goog-
le has essentially been subsi-
dizing the cost of devices like
the iPhone.”
make concessions.“Microsoft
didn’t have a choice.
If they wanted to be long-
term competitive with Sony
and the PlayStation platform,
they need to have a much more
robust content offering,” Luria
said.
But, “in retrospect, they
should have read the writing on
the wall in terms of the difficulty
of closing the deal,” Luria said.
“They needed to do the deal
to stay competitive, but know-
ing what they know now, they
might have done it differently.”
A key moment came in June,
when a federal judge weighed
the U.S. Federal Trade Com-
mission’s attempt to block the
merger while it awaited further
review.
In an unusual move for a
CEO that telegraphed the deal’s
importance, Spencer spent the
better part of two weeks at the
defendant table of a San Fran-
cisco courtroom conferring
with Microsoft’s lawyers. The
judge eventually dismissed
the FTC’s request, though the
agency is still seeking to un-
wind the deal.
Microsoft’s success in inte-
grating Activision’s business is
“not guaranteed, especially as
its track record with acquisi-
tions has been a mixed bag,”
said George Jijiashvili, senior
principal analyst at research
and advisory firm Omdia.
11
Another offshoot of a ban
on default search agreements
is that Google still could have
a dominant advantage in
search if people continue to
proactively choose it and the
company would have billions
of dollars more to spend in
other areas that it once devot-
ed to deals that it really didn’t
need at all.
“Google must think they
getting a great benefit from
those default agreements,
but maybe they’re really not
worth that much,” Olson
said. “Maybe their cost/ben-
efit analysis is off and they
will wind up more money
and just as much dominance.
That would be ironic.” Al-
though the trial is focused
on Google’s search engine,
a government victory could
have more sweeping conse-
quences across the technol-
ogy industry if Mehta decided
all default settings are anti-
competitive and outlaws all
defaults in the settings.
“If one of the outcomes of
the trial is that there needs
to be more neutral choices, it
wouldn’t just affect Google on
Android phones, it could also
affect Apple and the iPhone,”
Schaub said.
Last year, Microsoft spent
$7.5 billion to acquire Zeni-
Max Media, the parent com-
pany of video game publisher
Bethesda Softworks, maker of
Elder Scrolls and Fallout.
Microsoft’s two key game
launches this year from its
Bethesda merger, Redfall and
Starfield, have “been met with
mixed reactions at best,” Jiji-
ashvili said. “However, with
globally popular game fran-
chises such as Call of Duty now
under its wing, the company
is strategically much better
positioned.”Another challenge
for Microsoft will be overcom-
ing the workforce challenges
that dogged Activision before
the takeover.
As of late last year, Acti-
vision Blizzard had 13,000
employees, about 72% in
North America, according
to a regulatory filing. Micro-
soft has already pledged it
will stay neutral if the nearly
10,000 workers in the U.S. and
Canada seek to organize into
a labor union, part of a 2022
agreement with the Commu-
nications Workers of America
meant to address U.S. political
concerns about the merger’s
effects.
“It is a new day for work-
ers at Activision Blizzard,” said
CWA President Claude Cum-
mings Jr. in a statement Fri-
day.