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NEW YORK — A federal judge cleared the way on Tuesday for T-Mobile to acquire wireless rival Sprint, in the final legal hurdle for the blockbuster deal to combine the third- and fourth-largest US mobile carriers.

US District Judge Victor Marrero turned back an antitrust challenge from New York, California and other states that had sought to block the deal, saying he was "not persuaded" by the contention that the new company would pursue anticompetitive behavior after the deal.

The two firms said in a statement they were "now taking final steps to complete their merger to create the New T-Mobile".

The states had filed the suit last June, seeking to block a proposed $26 billion tie-up they argued would cause "irreparable harm" leading to higher costs that would price out low-income consumers.

Backers of the deal have argued that combining T-Mobile and Sprint will create a strong number three US wireless carrier behind Verizon and AT&T, with the resources to invest in 5G, or fifth-generation, networks.

Marrero acknowledged that ruling in such a case "virtually turns the judge into a fortuneteller" who must weigh competing claims from specialists on both sides.

But in the end, he was unconvinced by key arguments posed by states, including that Sprint, absent the deal, "would continue operating as a strong competitor in the nationwide market for wireless services". 

As part of approval of the deal by the Federal Communications Commission (FCC), the companies must divest its prepaid division Boost Mobile to the satellite broadcast group Dish, which will begin building a new national wireless network.

FCC Chairman Ajit Pai applauded the ruling, saying "the T-Mobile-Sprint merger will help close the digital divide and secure United States leadership in 5G," and, pointing to a pledge from T-Mobile to expand telecom services to rural areas in the United States.

Shares of Sprint surged 73.8 per cent to $8.34 in early trading, while T-Mobile jumped 11.2 per cent to $94.02.

SYDNEY — Australia and Indonesia announced a 100-day plan on Monday to implement a long-awaited trade deal, as the two countries hailed a "new beginning" for their sometimes troubled relationship.

The two G-20 economies hope to deepen trade currently worth a modest $12 billion a year, in a region increasingly dominated by China's economic and military might.

Addressing Australia's parliament on a landmark state visit, President Joko Widodo cast the two nations as would-be "Avengers" — "forces of good" uniting to defeat a "common enemy" and shared challenges like protectionism, intolerance and climate change.

Widodo said his visit to Australia marked "a new beginning of a new relationship" between the two nations.

The 58-year-old former furniture manufacturer was sworn in for a second term late last year, promising to reduce widespread poverty as Indonesia becomes one of the world's largest economies.

Negotiations over the Australia-Indonesia trade deal began in 2010 and it was ratified by Indonesia's parliament last week, ahead of Widodo's visit.

The agreement will eventually see the elimination of all Australian trade tariffs, while 94 per cent of Indonesian duties will be gradually eliminated.

Greater access to the Australian market is expected to spur Indonesia's automotive and textile industries, and boost exports of timber, electronics and medicinal goods.

The pact also includes improved access for Australia's agriculture industry to Indonesia's vast market of 260 million people.

Australian universities, health providers and miners will also benefit from easier entry to southeast Asia's biggest economy.

In a joint public appearance with Widodo in Canberra, Australian Prime Minister Scott Morrison outlined a 100-day "action plan" for implementation. 

He called the long-delayed deal a "mutually beneficial arrangement, one that sees the cooperation of our economies for the strong growth that we will see over the next decade and beyond".

The leaders also eyed talks aimed at making it easier for Indonesians to enter Australia and a review of Australian travel advice for tourist destinations in Indonesia, Morrison said.

Ties between Canberra and Jakarta have often been strained, including over Australia's hardline approach to asylum seekers.

The trade deal was meant to be signed in 2018, but stalled when Morrison proposed the relocation of Australia's embassy in Israel to Jerusalem — a move that angered Indonesia, the world's most populous Muslim country.

Both countries have also struggled to manage their relationship with a more assertive Beijing.

Last month, Indonesia sent jets and warships to patrol islands near the disputed South China Sea, accusing Chinese vessels of "trespassing".

MONROVIA — Liberians have faced long queues at petrol pumps for nearly two weeks as sloppy bookkeeping and poor port infrastructure have triggered economically damaging fuel shortages.

Incorrect fuel-reserve figures in the impoverished west African country partly led to the shortage, which has dragged on since late January, an industry official said. 

But an undredged port in the capital Monrovia has also prevented large fuel tankers from docking, according to port and government officials.

Liberia’s Commerce Minister Wilson Tarpeh told AFP the shortage has caused an “economic downtrend”, without giving precise figures. 

Consumers are spending less on household items as fuel prices rise, he said, and businesses are operating under capacity.

Liberia suffers frequent fuel shortages, but the current one has lasted an unusually long time. Queues forming before dawn at petrol stations are now commonplace, and scarcity has forced taxis and buses to hike fares. 

“I have been here since 5am but until now I am yet to receive gasoline,” said Victor Gray, 45, at a Monrovia petrol station at 8am this week.

“I think the kids will miss class today,” he added, exhausted after he and his children slept in the car.

The shortage is another blow to President George Weah, who is under increasing pressure to improve living conditions in the country of some 4.8 million people. 

He inherited an economy already devastated by back-to-back civil wars from 1989 to 2003, and by the 2014-2016 west Africa Ebola outbreak.

Inflation is now running at about 30 per cent, according to the World Bank, which has incited anger and protests. 

Compounding economic difficulties, fuel scarcity means it is harder to move goods around the country. 

“My store is empty,” said Anthony Kai, who sells dried goods in the town of Zwedru, some 550 kilometres east of Monrovia. 

“Very soon the population will lack the necessary things they need,” he added.

Fuel distributors which overstated their reserves are also partly to blame for the shortage, according to an official from the Liberia Petroleum Refinery Company (LPRC) who requested anonymity. 

The LPRC is a state-owned company charged with ensuring a consistent oil supply.

The greater problem, officials say, is that large petrol tankers have been unable to dock in the port of Monrovia for weeks because of unusually shallow waters.

Silt and detritus have accumulated in the port since summer, when heavy rains prevented crews from dredging, said the managing director of the National Port Authority, Bill Tweahway.

Ships with a draft of more than 10 metres can no longer enter the port, Tweahway said, although smaller ones can still dock, which has averted a crisis. 

The government said it would start dredging, after which ships with a draft of over 13 metres would be able to dock. 

Losses and frustration 

Liberia is also expanding the port so that more than one vessel can dock at a time, Weah’s office told AFP, pointing to the port as the main cause of the fuel shortage.

An importer who declined to be named said that businesses are losing “a huge amount of money” chartering several smaller ships rather than one freighter.

But a foreign official in Monrovia, who declined to be named, said the smaller ships meant that some petrol was still arriving. 

“I don’t think this is an existential crisis, just a screw-up,” he said.

Everyday frustration is nonetheless rife. 

Civil servant Emmanuel Gaye said he would not be able to afford his fare to work if the fuel shortage lasts another week, since it has doubled.

“We can’t continue like this,” said Solomon Fayah, a driver, sitting in a fuel queue in Monrovia. 

PARIS — France's consumer watchdog said on Friday that Apple had agreed to pay 25 million euros ($27.4 million) for failing to tell iPhone users that software updates could slow down older devices.

The scandal erupted in December 2017, when the US tech giant admitted that its most recent iOS software was slowing the performance of older telephones whose battery life was deteriorating.

Critics accused the firm of surreptitiously forcing users to buy phones sooner than necessary, and the outcry forced Apple to upgrade its software and offer steep discounts on battery replacements.

French prosecutors opened an inquiry in January 2018 at the request of the Halt Planned Obsolescence (HOP) association.

"IPhone owners were not informed that installing iOS updates [10.2.1 and 11.2] could slow down their devices," the DGCCRF anti-fraud agency said in a statement.

"This is a historic victory against scandalous ready-to-rubbish practices, for consumers as well as the environment," HOP co-founders Laetitia Vasseur and Samuel Sauvage said, adding that they will consider filing claims for additional damages for iPhone clients.

Apple said it welcomed the accord with the DGCCRF, which will allow it to avoid a potentially embarrassing public trial.

"Our goal has always been to create secure products appreciated by our clients, and making iPhones that last as long as possible is an important part of that."

DUBAI — Gulf countries must undertake much deeper reforms or risk seeing their wealth drain away in 15 years as global demand for oil slides, the International Monetary Fund (IMF) warned on Thursday.

"At the current fiscal stance, the region's financial wealth could be depleted by 2034," the IMF said in a study on "the future of oil and fiscal sustainability" in the region.

The Gulf countries, which heavily depend on the "black gold" that has enriched them for decades, have no choice but to accelerate and widen economic reforms to avoid becoming net borrowers, the IMF said.

The Gulf Cooperation Council (GCC), which groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates, accounts for a fifth of the world's crude supplies and oil income makes up 70-90 per cent of public revenues.

Banking on hefty oil revenues over nearly two decades through 2014, the six nations controlled by ruling dynasties accumulated some $2.5 trillion of financial assets invested mostly overseas through sovereign wealth funds.

But the oil price shock of mid-2014 has battered the finances of GCC nations, drastically reducing their revenues and forcing them to borrow and draw down on their assets to plug persistent budget deficits.

GCC gross domestic product plummeted as a result, with the IMF estimating the economies grew by just 0.7 per cent last year from an already meagre 2 per cent in 2018 — far from rates of above 4 per cent before the oil crash.

The global energy market is undergoing fundamental change as new technologies are increasing supply, while concerns over climate change see the world moving towards renewable sources, the IMF said.

"This outlook spells a significant fiscal sustainability challenge for the GCC region," which must adapt for the combination of long-term low demand and prices, the global lender said.

 Good times are over 

A legacy of sharply rising expenditure during 2007-14 thanks to high oil prices, followed by a steep decline in hydrocarbon revenues, has weakened fiscal positions in the region, it said.

The resulting deficits lowered the region's net financial wealth during 2014-18 by around $300 billion to $2 trillion, according to IMF estimates. The drop now is believed to be even deeper.

GCC government debt rose from around $100 billion in 2014 to nearly $400 billion in 2018.

As a result, net financial wealth is on track to turn negative by 2034 or even faster, turning the region into a net borrower, the report said.

Most GCC countries have embarked on economic diversification and reform programmes that include subsidy cuts, raising power prices and even imposing value-added tax and other forms of taxation. 

"Ongoing reforms are moving the GCC region in the right direction, but they need to accelerate," the IMF said.

Rapid diversification of economies will not be enough, the IMF warned, saying the process should be accompanied by reductions in government expenditure and the introduction of broad-based taxes.

GCC nations must also rationalise spending, reform their large civil service sectors, and reduce public wage bills which are high by international standards.

Most Gulf countries see these measures as highly sensitive and a political risk because of the potential adverse affect on citizens who have grown accustomed to subsidies and low taxes.

The proposed measures "would have a multitude of socioeconomic consequences affecting employment, household incomes, and business confidence and investment", the IMF admitted.

MUNICH, Germany — Under fire from climate protesters over his company’s part in a massive coal mine project, Siemens Chief Executive Joe Kaeser hammered home the group’s green credentials at its annual general meeting on Wednesday.

Siemens “did not see the whole picture correctly and in time” when agreeing to supply rail signalling equipment to the planned Carmichael mine in Australia, Kaeser told shareholders in Munich, as the chants of activists outside could be heard.

Kaeser said the company would make one billion euros ($1.1 billion) available between now and 2025 to identify and reduce greenhouse emissions in its supply chains.

But he complained about the company being the focus of “agitation”, warning demonstrators and activists that “protest alone offers no solutions”.

“Those who persist in rejecting dialogue and cooperation on solutions lose the moral right to discredit” companies and leaders who are taking climate action, Kaeser said.

In an earlier press conference, the 40 year Siemens veteran had called activists’ focus on his firm over the 18 million-euro coal mine contract “almost grotesque”.

Siemens products had helped slash almost 640 million tonnes of carbon dioxide emissions by its customers in 2018-19, Kaeser said, or 80 per cent of Germany’s annual output.

Outside the Munich Olympiahalle venue, around 300 people rallied against the firm’s contract with Indian mining company Adani, brandishing placards with messages like “We demand clean air” and “Healthy people on a healthy planet”.

“We will continue our protests for as long as Siemens doesn’t back down,” said Helena Marschall, a representative of the movement, at a Tuesday press conference.

The demonstrators plan to urge the company to “abandon coal” at a larger protest in the afternoon.

Groups like Extinction Rebellion and Fridays for Future have homed in on the shareholder meeting as an opportunity to renew the pressure on Siemens.

“What’s more important: a small financial loss in the short term, or the disastrous consequences such a project will have for generations?” Marschall asked.

She and other environmentalists have been invited to speak inside the cordon by a group of Siemens shareholders.

In mid-January, CEO Kaeser met leading German Fridays for Future activist Luisa Neubauer after protests across the country against Siemens.

He kept activists and observers on tenterhooks for weeks as he decided whether to stick with the coal mine contract.

But he later said in a statement: “We must fulfill our contractual obligations” relating to the signalling deal for the massive open-cast mine, not far from the iconic natural landmark the Great Barrier Reef.

“Only being a credible partner whose word counts also ensures that we can remain an effective partner for a greener future,” Kaeser insisted at the time.

Siemens says it backs the 2015 Paris Agreement and aims to become carbon-neutral by 2030.

The company also plans to create a “sustainability committee” with powers to block environmentally questionable projects.

Activist Neubauer said she was not satisfied.

“This isn’t just about one single coal mine,” she told the daily Bild.

“If Siemens wants to be climate-neutral by 2030 but invests in a project that will mine coal until 2080, something doesn’t add up.”

The open-cut Carmichael mine is set to become operational next year and produce up to 27 million tonnes of coal annually.

Adani spent years trying to secure private finance for the coal mine before announcing in 2018 it was self-financing a trimmed-down, $2 billion version of the project.

Supporters say the mine will bring hundreds of much-needed jobs to rural Queensland in eastern Australia.

But conservationists say the project threatens vulnerable local species and notes that the coal will have to be shipped from a port near the already damaged Great Barrier Reef.

Much of the coal from the mine will be burned in India, a country with some of the world’s highest levels of air pollution.

AMMAN — The International Air Transport Association (IATA) said 2019 saw a drop in demand for global air freight markets, according to IATA’s 2019 data, released on Wednesday. Demand, measured in freight tonne kilometers fell by 3.3 per cent compared to 2018 while capacity rose by 2.1 per cent.

This was the first year of declining freight volumes since 2012 and the weakest performance since the global financial crisis in 2009 (when air freight markets contracted by 9.7 per cent). In December, cargo volumes contracted 2.7 per cent year-on-year while capacity rose 2.8 per cent.

Air cargo’s performance in 2019 was dampened by weak growth in global trade of just 0.9 per cent. Softer business and consumer confidence, along with falling export orders, also contributed to air freight struggles. However, there are signs that confidence and orders could pick up in 2020, but it is too early, according to IATA. “For sure, 2020 will be another challenging year for the air cargo business,” said Alexandre de Juniac, IATA’s director general and CEO.

LONDON — Stock markets rallied strongly on Tuesday, as trading floors assessed the early impact of China’s deadly novel coronavirus on the economy.

Gains overnight on Wall Street saw Asia follow suit and leading European indices and Wall Street were all around 1.5 per cent ahead shortly after the US open.

The dollar largely firmed while the pound recovered, after heavy falls on Monday triggered by Britain and the European Union offering very different ideas regarding their new trade deal following Brexit.

Markets’ main focus remained on authorities’ efforts to contain an outbreak that has now infected over 20,400 people and killed more than 420 people, more than the SARS epidemic that hammered Asian economies in 2003.

Cautioning that “news is hardly uplifting on the virus front”, Edward Moya, senior market analyst at OANDA said “today’s bounce may not go much further.” With swathes of China in lockdown “the world’s second largest economy is shut down and it will be tough to see US stocks recapture record high territories until the virus peaks,” Moya forecast. 

Connor Campbell, analyst at Spreadex trading group, noted that “investors find themselves at an interesting, slightly difficult point in the coronavirus outbreak timeline”, ensuring investors are “picking and choosing what developments they are willing to pay attention to”.

“Further complicating matters is the fact... the impact on the Chinese economy won’t really be known until the next batch of data out of the country,” Campbell added.

Oil prices were meanwhile bouncing back from tumbles since the deadly virus outbreak after Iraq’s oil ministry said members of the Organisation of the Petroleum Exporting Countries (OPEC) and their ally Russia were discussing a further cut to crude oil output because of the epidemic.

OPEC is holding a meeting of a “joint technical committee” in Vienna on Tuesday and Wednesday to discuss the virus’s impact and whether an output reduction is needed, it said.

Benchmark oil contract, Brent North Sea crude, recovered to $55.13 per barrel having earlier touched a 13-month low $53.95.

The WTI oil contract was similarly back off a 13-month-low of $49.66 per barrel at $50.98.

Shanghai’s main stocks index rose 1.3 per cent on Tuesday — boosted by China’s central bank injecting around another $60 billion into the financial markets.

It had dived 8 per cent on Monday, with Chinese traders catching up with losses elsewhere while away for the long Lunar New Year break.

AMMAN — The Aqaba Special Economic Zone Authority (ASEZA) will award the Hyatt Regency Aqaba Ayla Resort a five-star deluxe classification today [on Tuesday]. 

The award is in recognition of the exceptional levels of hospitality services, state-of-the-art facilities, and integrated range of facilities the hotel provides. 

The award granting will take place during a visit by representatives of hotel classifications at the ASEZA to Ayla facilities, considered one of the largest urban development projects in Jordan.

In a statement, Nayef Bakhit, Chief Commissioner of the Aqaba Special Economic Zone Authority (ASEZA) stressed the role of Ayla in developing a world-class tourism product which contributes all the factors of a primary destination for tourists from abroad and increases the number of distinctively rated hotel rooms to become one of the leading destinations for tourists in the Aqaba Special Economic Zone.

In remarks, Sharhabeel Madi, ASEZA commissioner of tourism and economic affairs said: “The classification of the Hyatt Regency Aqaba Ayla as a five-star deluxe hotel is a valuable addition to the tourism product and will have a great impact in strengthening the local tourism ecosystem. ”

During the visit, representatives of the classification committee are scheduled to  take a tour through the various hotel facilities and listen to an overview by Jean-François Durand, general manager of the Hyatt Regency Ayla, of the services and facilities offered by the hotel, considered some of the best in the region, starting from its unique design and quality facilities, and ending with itsworld-class services, uniquesupport for recreational activities, as well asits Spa and wellness centre.

Sahl Dudin, managing director of Ayla Oasis Development Company, will brief the classification committee on Ayla’s various facilities, including the brand-new retail zone in Ayla’s Marina Village, which will be launched in the second quarter of 2020.

 It will provide a one-stop service destination for Ayla’s residents and visitors alike, in addition to offering them the chance to explore the unique yacht marinas and plethora of real estate residential and hotel development areas.

Dudin added that Ayla is transforming into a fully-integrated youth community as it has started the delivery of residential units within the islands area to their owners, in addition to handing over 50 per cent of its golf apartments to their owners as well. 

Ayla pursues its work to offer integrated support services, provided by leading Jordanian brands in the retail, pharmacy, restaurants, cafés and other sectors, noting that Ayla is strongly contributing to the tourism activities in the city by offeringunique promotional campaigns and activities, as well as hosting and organising major sports events, and launching competitive tourism seasons, which have all helped in making Ayla a leading destination for both family and expatriate tourism. 

Ayla’s world-class facilities for water sports and golf have helped it attract high-level global, regional and local sports tournaments which are helping to promote Aqaba’s unique capabilities.

Ayla has completed the first phase of the project about a year ago, with the opening of the Hyatt Regency Aqaba Ayla Resort, a testament to its efforts to comply with a comprehensive plan that includes supplying the tourism sector in the Aqaba Special Economic Zone with about 1,500 new high-end hotel rooms, split among 5 hotels, in addition to adding 3,000 housing units and 20,000 square metres of shops, restaurants, cafés and other support services, and 300 berths for boat owners and enthusiasts, which are all adding to Aqaba’s ability to attractmore tourists, especially after the city exceeded the barrier of one million tourists in 2019, and is now gearing up for even further growth in the coming period.

The visit supports a participatory approach to work between the public and private sectors and reflects joint efforts to achieve development goals.