Business

AMMAN — Forbes Middle East has revealed its flagship annual list of the region’s most powerful businesswomen for 2023, ranking the female leaders championing business success in the Middle East and beyond. 

The list was constructed based on the size of the business, the individual’s impact, achievements, and performance over the last year, and the scope of CSR and other initiatives led by the person, according to a statement sent to The Jordan Times.  

Hana Al Rostamani, Group CEO of the First Abu Dhabi Bank (FAB), climbed two spots to land first place this year. In June 2022, FAB completed a merger with Bank Audi Egypt under the umbrella of FABMISR, making it one of the largest foreign banks in Egypt, with assets worth $10 billion as of March 2022. 

Raja Easa Al Gurg, Chairperson and Managing Director of Easa Saleh Al Gurg Group, and Lubna S. Olayan, Chair of the Saudi British Bank and Chair of the Executive Committee and Deputy Chair of Olayan Financing Company, rounded up the top three. 

NBK’s Sheikha Khaled Al Bahar ranks first in Kuwait and fourth regionally. Al Rostamani and Al Gurg were also both recognised on Forbes’ 2022 list of the World’s 100 Most Powerful Women. 

The 2023 ranking celebrates business titans from 27 different nationalities across 27 sectors. Emirati and Egyptian women dominate the list, with 15 and 12 entries, respectively. They are followed by Saudi with 11 listees, Kuwait with eight, and Lebanon, Oman and Qatar with six each. 

AMMAN — The Jordan Phosphate Mines Company (JPMC) in 2022 realised "record" total operational profits of JD1.058 billion, marking an increase of 96 per cent compared with 2021, JPMC Chairman Mohammed Thneibat said on Wednesday.

Thneibat said that the company achieved JD964 million as pre-tax profits in 2022, and net post-tax profits of JD735.682 million, including 2 per cent allocated as a production allowance for employees, the Jordan News Agency, Petra, reported.

The chairman said that the JPMC's contribution to the commercial balance and payment balance stood at $3.085 billion, noting that the company's contribution to supporting the Treasury with taxes, mining revenues and fees stood at JD350 million. 

Thneibat noted that in 2022, the company managed to achieve the highest production of phosphate since its establishment, reaching some 11.3 million tonnes. Sales reached 10.8 million tonnes, and fertiliser sales increased to 724,200 tonnes, he said.

For his part, JPMC CEO Abdelwahab Rawad said that the report showed an improvement in the performance of subsidiaries and allies, referring to high quantities of production of the Indian-Jordanian Chemical Company fully owned by JPMC, reaching 308,000 tonnes of phosphoric acid (P2O5). Sales rose by 302,000 tonnes, he noted.

Rawad said that the Jordan-India Fertiliser Company achieved an increase in its acid production, reaching more than 487,000 tonnes of P2O5 and sales hikes of 488,000 tonnes.

The CEO also added that Nippon Jordan Fertiliser Company in 2022 achieved an unprecedented increase in profits, where its production volume increased to 244,000 tonnes and its sales went up to 232,000 tonnes of various kinds of fertilisers.

He also added that the joint project with Indonesia also achieved unprecedented profits in 2022, reaching JD20 million and high production levels of P2O5, which stood at around 181,000 tonnes. 

WASHINGTON — Retail sales in the United States rebounded in January, said government data released on Wednesday, on improving auto supply while policymakers watch for signs that consumer demand is cooling in the longer run.

The US central bank has been working to ease demand as policymakers try to rein in stubborn inflation, raising interest rates rapidly over the past year.

While there have been signals that the effects of policy are rippling across sectors including previously resilient consumer spending, the latest data could spark concern.

Sales bounced by 3 per cent last month to $697 billion after two months of contraction, said a Commerce Department report on Wednesday, markedly higher than analysts expected.

Sales at auto and other vehicle dealers provided a boost, jumping 6.4 per cent from December to January.

Also robust were sales at department stores, which surged 17.5 per cent, while that at restaurants and bars spiked 7.2 per cent, the report said.

Officials are looking for indications that consumers are pulling back, as they consider when to halt their campaign of rate increases.

LONDON — British unemployment held close to its historical low but wages continue to be outstripped by rampant inflation, official data showed on Tuesday.

The unemployment rate was unchanged at 3.7 per cent in the three months to the end of December compared with the three months to the end of November, the Office for National Statistics (ONS) said.

Wages excluding bonuses rose 6.7 per cent in the same period — but sank 2.5 per cent when inflation is taken into account.

"Overall pay... continues to be outstripped by rising prices," said ONS Economic Statistics Director Darren Morgan.

In recent months, strikes have multiplied across Britain — particularly in the communication, education, transport and health sectors — as workers protest at pay that has fallen in value.

A total of 843,000 working days were lost to walkouts in December, which was the highest since November 2011, the ONS added on Tuesday.

The news comes on the eve of official UK inflation data for January.

Inflation had slowed slightly to 10.5 per cent in December.

However, the rate remains close to a four-decade high, propelled by surging energy bills after key gas producer Russia invaded Ukraine almost one year ago.

Britain's economy narrowly avoided recession with zero growth in the fourth quarter, recent data showed.

But Finance Minister Jeremy Hunt has warned it is "not out of the woods yet", particularly where inflation is concerned.

STRASBOURG — The European Parliament on Tuesday gave its final approval to a ban on new sales of carbon-emitting petrol and diesel cars by 2035, with a view to getting them off the continent's roads by mid-century.

European Union member states have already approved the legislation and will now formally nod it into law at an upcoming ministerial meeting, despite opposition from conservative MEPs, the parliament's biggest group.

Supporters of the bill had argued to that it would give European carmakers a clear timeframe in which to switch production to zero-emission electric vehicles, and spur investment to counter competition from China and the United States. 

This, in turn, will also support the European Union's ambitious plan to become a "climate neutral" economy by 2050, with net-zero greenhouse gas emissions.

"Let me remind you that between last year and the end of this year China will bring 80 models of electric cars to the international market," EU Vice President Frans Timmermans warned MEPs.

"These are good cars. These are cars that will be more and more affordable, and we need to compete with that. We don't want to give up this essential industry to outsiders."

But opponents argued that neither European industry nor many private motorists are ready for such a dramatic cut off in production of internal combustion engine vehicles — and that hundreds of thousands of jobs are at risk.

"Our proposal is... to let the market decide what technology is best to reach our goals," said MEP Jens Gieseke, a member of the centre-right European People's Party.

Gieseke declared that arguments from Green and socialist MEPs that electric cars are cheaper to run had been rendered "null and void" by the crisis of soaring energy costs.

"In Germany 600,000 people work on ICE production, those jobs are at risk," he declared, urging the European Commission to rethink plans to also extend the ban to trucks and buses.

The EPP group warned of what it said would be the "Havana effect" — Europeans continuing to drive vintage fuel-burning cars after new sales are banned because they can't find or afford an electric.

Opponents also argue car batteries are produced abroad by Europe's competitors like the United States, but Timmermans argued that thanks to EU-backed investment European production would increase. 

Green MEPs stressed the importance of the ban in reducing emissions and pollution.

Victory for the planet? 

Karima Delli, president of the transport committee, declared: "Today's vote is a historic vote for the ecological transition. 

"We will no longer, or almost no longer, have petrol or diesel cars on our roads in 2050 ... it is a victory for our planet and our populations"

Cars currently account for about 15 per cent of all CO2 emissions in the EU, while transportation overall accounts for around a quarter.

In October last year, EU member states, the European Commission and parliament's negotiators agreed on a proposal to reduce CO2 emissions from new cars in Europe to zero by 2035.

In practice, in the final legislation, this means a halt to sales of new petrol and diesel cars, light commercial vehicles and hybrids in the bloc by that date, in favour of all-electric vehicles.

US green subsidies 

Car-making giant Germany and conservative MEPs have been dubious about the new rules, fearing the burden of re-tooling their plants and retraining workers while global rivals have looser targets.

But the European car industry itself did not lobby hard against the law, with many firms already jockeying for position in the race to become electric vehicle giants. 

Since the law began its journey through the EU legislative process, however, the United States has unveiled a huge plan to subsidise the green transition of its own industry with government hand-outs. 

This has led to fears in Europe that its US rival will siphon away investment and jobs in electric vehicle and battery production. 

Currently around 12 per cent of new cars sold in the European Union are electric, with consumers shifting away from CO2-emitting models as energy costs and greener traffic regulations bite.

Meanwhile, China — the world's biggest automobile market — wants at least half of all new cars to be electric, plug-in hybrid or hydrogen-powered by 2035.

The law passed the Strasbourg assembly by 340 votes to 279, with 21 abstentions.

GABORONE — Botswana's President Mokgweetsi Masisi on Sunday warned that his country may sever ties with diamond giant De Beers if talks to renegotiate a sales deal prove unfavourable to his government.

The country is Africa's leading diamond producer, and Masisi called on the nation to rally behind his government as it tries to hammer out a better deal.

A 2011 sales agreement governing terms for the marketing of diamonds produced by Debswana — a 50-50 joint venture between the government and De Beers, which auctions most of the gemstones — was set to end in 2021.

It was extended by the parties citing the outbreak of coronavirus as the reason for the delay to conclude negotiations and it will run through June 30, 2023.

"If we don't achieve a win-win situation each party will have to pack its bags and go," Masisi said at a rally of his ruling Botswana Democratic Party (BDP) in his home village, Moshupa, about 65 kilometres from the capital Gaborone.

Masisi said he was kickstarting the campaign for the 2024 legislative election, adding that Botswana was facing a "Goliath" as far as the negotiations were concerned.

Under the 2011 agreement De Beers sold 90 per cent of diamonds while Botswana auctioned 10 per cent through its Okavango Diamond Company. In 2020, Botswana's share was raised to 25 per cent.

Now "we got insight into how the diamond market works and we discovered that we had been receiving less than what we should get," said Masisi, who spoke both in English and the local Tswana language.

"We also discovered that our diamonds are making a lot of profit and that the (2011) agreement had not been beneficial to us". 

"We are upping the stakes because we want a larger share from our diamonds. It can't be business as usual," he warned. 

AMMAN — Gold prices in the local market are stable despite low demand, according to the General Syndicate of Owners of Trade and Jewellery Shops.

"Weak supply and demand in local markets is due to the uncertainty in the rise and fall of gold prices, which made buyers quite cautious and hesitant; we cannot deny that the decline in sales during the winter season is owed to a lack of many social occasions," reported Al Rai Arabic daily, citing the spokesperson of the syndicate. 

The gold trade in the Kingdom's local markets remains weak. On the other hand, the pace of trade will get back to normal after the holy month of Ramadan, the spokesperson said.

The demand for gold will increase in accordance with the holidays and the summer season, he added. 

The spokesperson urged those who are interested in investing to buy gold.

He also advised investors to buy jewellery manufactured locally. 

Citizens are urged to buy from licensed jewellers and to always ask for a official stamped receipt when making a purchase. 

AMMAN — The Department of Statistics on Sunday issued its monthly report, in which it revealed that the Consumer Price Index, an inflation measure, rose by 3.77 per cent in January, scoring 107.62 points in comparison with 103.71 for the corresponding period in 2021, the Jordan News Agency, Petra, report.

Fuel and lighting prices topped the list of drivers increasing the Kingdom’s CPI, recording a contribution of 31.82 per cent.

Culture and entertainment contributed to 10.40 per cent, followed by dairy produce and eggs with 7.88 per cent, rents with 5.17 per cent and transportation with 2.39 per cent. 

AMMAN — The 2022 total producer price index for industrial products increased by 13.97 per cent, reaching a current level of 141.72, compared with 124.34 in 2021, the Jordan News Agency, Petra, reported. 

In its monthly report, the Department of Statistics revealed that the most prominent industrial groups leading to the increase included manufacturing industries, with a contribution of 13.90 per cent and relative importance of 86.01 per cent. Extractive industries’ contribution stood at 34.17 per cent with a relative importance of 28.2 per cent.

In contrast, the energy price index decreased by 7.75 per cent, with a relative importance of 5.76 per cent.

According to the report, the industrial producer price index for December 2022 rose to 139.48 compared with 132.32 for the same period in 2021, marking an increase of 5.41 per cent. 

The most prominent industrial groups leading to this increase included manufacturing industries, with a contribution standing at 4.41 per cent and a relative importance of 86.01 per cent as well as extractive industries with a contribution of 28.55 per cent and a relative importance of 28.2 per cent.

In contrast, the energy price index decreased by 8.47 per cent, with a relative importance of 5.76 per cent.