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JUBA — War-ravaged South Sudan has hiked work permit fees 100-fold for foreign aid workers to $10,000, officials said, despite suffering from famine.

The world's youngest nation has been mired in civil war since 2013, when President Salva Kiir fired his deputy Riek Machar, sparking a conflict that has increasingly split the country along ethnic lines.

Last month, the United Nations declared that parts of the country are experiencing famine, the first time the world has faced such a catastrophe in six years. 

Nearly half the population, or about 5.5 million people, is expected to lack a reliable source of food by July.

Despite the catastrophe, Juba will now charge $10,000 for foreigners working in a "professional" capacity, $2,000 for "blue collar" employees and $1,000 for "casual workers" from March 1, the labour ministry said in a decree.

Edmund Yakani, executive director of the local charity Community Empowerment for Progress Organisations (CEPO), said the move aimed to reduce the number of humanitarian workers. 

"Actually, the work permit is too expensive for humanitarian workers, since over 90 per cent of the foreigners seeking to work in South Sudan are humanitarian workers", he told Reuters. 

Aid groups say they often face restrictions in South Sudan. In December, Juba expelled the country director of the Norwegian Refugee Council (NRC) after security agents held him without charge for more than 24 hours.

The UN defines famine as when at least a fifth of the households in a region face extreme food shortages, acute malnutrition rates exceed 30 per cent, and two or more people in every 10,000 are dying each day.

The fighting has uprooted more than 3 million people. Continuing displacement presents "heightened risks of prolonged [food] underproduction into 2018," the United Nations said in a report last month.

KUWAIT CITY — Kuwait is building one of the world's longest causeways to its remote north where it will pump billions into "Silk City", aiming to revive the ancient Silk Road trade route.

The oil-rich emirate is eager to inject life into the uninhabited Subbiya region on its northern tip that has been chosen as the location for Silk City.

The plan is to reinvigorate the ancient Silk Road trade route by establishing a major free trade zone linking the Gulf to central Asia and Europe.

The 36-kilometre bridge, three-quarters of it over water, will cut the driving time between Kuwait City and Subbiya to 20-25 minutes from 90 minutes now.

Investment in the Silk City project is expected to top $100 billion, and a 5,000-megawatt power plant has already been built in Subbiya.

At a cost of 904 million dinars ($3.0 billion), the Sheikh Jaber Al Ahmad Al Sabah Causeway, named after the emir who died in January 2006, is one of the largest infrastructure ventures in the region.

It is already nearly three-quarters completed.

Despite the sharp drop in oil income, which made up 95 per cent of public revenues, the emirate has pledged to keep spending on capital projects almost intact.

'A strategic link'

Kuwait boasts a $600-billion sovereign wealth fund, and is in the middle of a five-year development plan stipulating investments worth $115 billion.

"The causeway project is a strategic link connecting Kuwait City to the northern region," said Ahmad Al Hassan, assistant undersecretary for road engineering at the public works ministry.

In addition to the fully integrated residential Silk City, other economic ventures are planned for Subbiya and its surroundings, he indicated.

A large container port is under construction on nearby Bubiyan, Kuwait's largest island.

Completing the causeway and harbour projects will pave the way for transforming the area into a commercial and investment hub with a free trade zone planned on five small islands nearby.

The causeway project consists of the main bridge north to Subbiya and a 12.4-kilometre bridge running west, dubbed the Doha Link.

The two bridges start from the same point at Shuwaikh Port, the country's main commercial port.

"If we take the Subbiya bridge alone, it is the fourth longest in the world," Hassan said.

The Lake Pontchartrain Causeway in the United States is the world's longest bridge over water, stretching 38.44 kilometres.

The two Kuwaiti bridges are scheduled for completion in November next year, project engineer Mai Al Messad said.

"We have already completed 73 per cent of the project and hope to finish it ahead of the contractual period," Messad told AFP.

In late 2015, the Cabinet gave the green light to establish a free economic zone on the five islands near Subbiya and the coastlines of Iraq and Iran.

It is hoped that once complete, the zone, spread over several thousand square kilometres, will become the economic gateway to the northern Gulf.

However, nothing tangible has yet been done to advance the free economic zone project itself.

The Subbiya Causeway contract was awarded to a consortium led by South Korea's Hyundai Engineering and Construction Co. along with Kuwait's Combined Group Contracting Co.

Another South Korean firm, GS Engineering & Construction, won the smaller Doha Link contract.

AMMAN — London Stock Exchange (LSE) and Deutsche Bank, in partnership with Al Mawared Brokerage, a subsidiary of Investbank are holding a conference on depositary receipts on Monday, as part of their on-going efforts to develop new financial products.  

The conference is also held in cooperation with the Amman Stock Exchange (ASE), according to a statement received by The Jordan Times from the conference organisers.  

 The Jordan Securities Commission (JSC), the capital markets regulator, has recently issued new regulations regarding the issuance, listing and trading of depositary receipts. 

At the conference, experts and senior managers from LSE and Deutsche Bank will highlight opportunities for Jordanian public shareholding companies to issue depositary receipts and list them on the LSE.  

Commenting on the participation of the LSE in the conference, Tom Attenborough, head of Large Cap Primary Markets, said “London Stock Exchange has a long history of supporting companies from the region. There are 37 Middle East and North Africa companies with a combined market capitalisation of US$66 billion listed in London”. 

“We are excited by recent developments in Jordan’s securities regulations and believe that there is an excellent opportunity to work in partnership with the Amman Stock Exchange to showcase Jordanian companies to the international investor base that London attracts,” he added.

Moreover, Deutsche Bank’s ongoing efforts to develop new financial products serving the capital market needs of the Middle East and North Africa region includes promoting depositary receipts, the statement said.  

In comments, Deutsche Bank’s director and head of Product Development, Depositary Receipts, Peter Gotke said: “The global capital markets have welcomed many of the MENA region’s leading companies, and both investors and issuers continue to see depositary receipts as providing a key route to listing and raising capital on key exchanges, including London. Global depositary receipts provide access to new pools of investment, and broaden the participation of global investors, thereby allowing issuers to impact their valuation, and local market liquidity.”

Al Mawared’s CEO Hana Harasis said the conference is an opportunity for Jordanian companies to benefit from the deep liquidity pool at the LSE, as well as the international exposure that comes with such a listing.  

The conference will be held at the Jordan Capital Markets premises, according to the statement.

AMMAN — Euromoney Conferences will hold its annual Euromoney Jordan Conference on Wednesday, March 22 to highlight the role that financial entities can play to shape the country’s financial future. 

Co-hosted by the Jordanian Ministry of Finance, this year’s conference will bring together 300 financiers, donors, investors, business leaders, entrepreneurs, policymakers and government officials to explore how Jordan can fund its future, according to a statement of the organising parties.

Titled “Meeting the Financial Challenge”, the upcoming Euromoney Jordan Conference will consist of interactive panel discussions, debates and interviews.

During the event, expert panellists will examine the macroeconomic outlook for 2017 and beyond, discussing global economic and geopolitical events and their impact on the Kingdom. 

The Conference’s programme will also include an assessment of the soundness of Jordan’s financial sector, as well as a review of regulation, bank strategy, de-risking, financial technology and private finance.

The event will include keynote addresses from, Minister of Finance Omar Malhas and Minister of Planning and International Cooperation Imad Fakhoury as well as Nemeh Sabbagh, CEO of the Arab Bank. 

Moreover, the programme will include a special session on activating financial inclusion in Jordan, as well as a discussion on expanding public-private partnerships in the education, medical and service sectors. 

“This year’s Euromoney Jordan Conference will serve as a rare platform for participants to hear directly from a high-level line-up of financial leaders and decision makers, each of whom plays a critical role in shaping Jordan’s financial future,” said Victoria Behn, director of Middle East and Africa at Euromoney Conferences. 

“We look forward to a robust and productive exchange of ideas as we take a deeper look at the role of finance in delivering Vision 2025, Jordan’s 10-year blueprint for economic and social development.”

LONDON — European stock markets paused Tuesday as investors waited on this week's interest rate call in the eurozone and crucial jobs data in the United States. 

The European Central Bank (ECB) will unveil the outcome of its latest monetary policy gathering on Thursday, with no change expected in borrowing costs.

Traders will then zero in on this Friday's eagerly-anticipated US non-farm payrolls (NFP) data, a key indicator for the health of the world's biggest economy, ahead of next week's Federal Reserve interest rate meet.

"Markets remain becalmed for yet another day, hampered by a lack of data and a general wariness ahead of the ECB on Thursday, NFPs on Friday and a Fed meeting next week," said analyst Chris Beauchamp at trading firm IG.

The region's equities fell Monday with the financial sector hit by shock plans from Germany's troubled Deutsche Bank to raise 8 billion euros ($8.5 billion) in fresh capital.

Markets had been given a shot in the arm last Wednesday from hopes of a US spending spree under President Donald Trump.

"Equities have been taking a breather since last Wednesday's Trump-fuelled rally. I think we are looking for fresh direction now — Trump tax plans, ECB, Federal Reserve maybe," added ETX Capital analyst Neil Wilson.

"Wait-and-see mode for now. The ECB might deliver some fresh impetus on Thursday but think we'll be looking for US to lead the way."

Further impetus came as Federal Reserve Chair Janet Yellen signalled last Friday that an interest rate increase could be on the way this month — if US employment and inflation remain in line with expectations.

Analysts interpreted that as a clear sign that the central bank will raise the benchmark lending rate at the March 14-15 policy meeting.

A time to reflect 

"The build up to this week's big data point — the US jobs report — has offered the opportunity for some reflection for investors," said Oanda analyst Craig Erlam.

"The last few weeks have seen the focus switch from Donald Trump's plans to revitalise the US economy with tax cuts, substantial infrastructure spending and deregulation, back to the Fed — partly because we still have little idea of what the former will entail, and partly because the Fed suddenly decided to send a coordinated message that it plans to raise interest rates."

Wall Street opened lower, with the Dow Jones Industrial Average sliding nearly a tenth of a percentage point.

"US stocks are dipping in early action, following yesterday's modest declines.

"The global markets continue to deal with a surge as of late in Fed rate hike expectations for next week as well as political risk on both sides of the Atlantic," said analysts at US brokerage Charles Schwab.

In foreign exchange activity, the European single currency has been on the back foot since Friday, also dented by uncertainty over the French presidential elections.

Most Asian markets rose Tuesday in cautious deals over Trump as well as geopolitical risks. While Trump's speech to Congress last week fired optimism that he would press on with a big-spending, tax-cutting programme, he has yet to flesh out his plans.

On the downside, Tokyo stocks shed 0.2 per cent, extending Monday's losses that came after North Korea's quadruple missile launch, three of which landed in Japanese-controlled waters, stoking regional security fears. 

PARIS — French carmaker PSA announced on Monday the acquisition of General Motors' (GM) European subsidiary, which includes the Opel and Vauxhall brands, for 1.3 billion euros ($1.38 billion).

The move will let PSA regain its position as Europe's second-largest automobile manufacturer, after Germany's Volkswagen, overtaking its rival French firm Renault.

PSA said in a statement it was also buying GM Europe's financial operations for 900 million euros in a joint deal with the bank BNP Paribas, taking the total value of the deal to 2.2 billion euros.

The takeover includes six assembly plants and five component-making facilities, and about 40,000 employees.

Plans for the takeover of the Opel division by PSA, which owns the Peugeot and Citroen brands, were unveiled in the middle of February, sparking fears in Germany and Britain that the prospective new owner could cut non-French jobs. 

The French carmaker's shares rose 2.7 per cent on the Paris stock exchange on Monday to 19.58 euros. Shares in GM were down around 2.1 per cent to $37.43 in midday trading in New York.

PSA chief executive, Carlos Tavares, said the company was "deeply committed to continuing to develop this great company and accelerating its turnaround".

"We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees," Tavares said.

Vauxhall employs around 5,000 people in Britain. Opel operates across six European countries, and had 35,600 employees at the end of 2015, of which 18,250 were in Germany.

Founded in 1862, Opel, with its lightning-bolt emblem, is a familiar sight on European roads, but in recent years the company has booked repeated losses, costing Detroit-based GM around $15 billion since 2000.

Britain, where it sells vehicles under the Vauxhall brand, is Opel's largest European market.

A sharp fall in the pound since Britain's vote to quit the EU last June sank Opel's hopes of getting back into profitability in 2016, and it ended up reporting a loss of $257 million.

'Difficult decision' 

Britain's Unite trade union said the productivity of the UK plants and the strength of the Vauxhall brand meant that it "makes sense" for PSA to continue manufacturing there.

Unite boss Len McCluskey also called on the British government to end the uncertainty surrounding trade relations with the EU after Brexit.

"We need every assistance from the government to give this sector a fighting chance," he said.

"That absolutely includes committing now to securing access to the single market and customs union."

PSA said the deal would enable substantial economies of scale and savings in purchasing, manufacturing and research, and the company aims to return Opel-Vauxhall to profit in the next three years.

GM's Chairman and Chief Executive Mary Barra said at a press conference on Monday that the sale had been "a difficult decision for General Motors... but the right one".

In a statement confirming the sale, Barra hailed the move as "another major step" in the company's efforts to improve its performance.

"We believe this new chapter puts Opel and Vauxhall in an even stronger position for the long term and we look forward to our participation in the future success and strong value-creation potential of PSA through our economic interest and continued collaboration on current and exciting new projects," Barra said.

PSA said that all of Opel-Vauxhall's pensions would remain with GM, apart from a German pension pot and some smaller plans which will be transferred to the French manufacturer. GM is to pay PSA 3 billion euros for settlement of these obligations.

GM said that the sale would force it to account for deferred tax assets and pension losses and that it would make a one-time charge of up to $4.5 billion.

AMMAN — The Amman Stock Exchange (ASE) on Sunday launched its accounts on social media networks Facebook and Twitter under the name "Amman Stock Exchange" or "ASE".

The initiative has come as social media is playing an important role in strengthening communication channels with investors, securities’ dealers and those interested in Jordan Capital Market, according to the ASE website.

The social media platforms will enhance accessibility of information and increase speed of access to information for the public, the ASE added.

BEIJING — China on Sunday trimmed its 2017 GDP growth target to "around 6.5 per cent" as the world's second-largest economy, already expanding at the slowest pace in a quarter-century, faces an array of challenges.

The target, detailed in a report to be presented to China's rubber-stamp parliament by Premier Li Keqiang beginning at 9:00am (01:00 GMT), was lower than last year's range of 6.5 to 7 per cent. 

The economy ended up growing 6.7 per cent in 2016, its slowest rate since 1990.

"GDP is projected to grow by 6.5 per cent approximately, however in practice, we will strive for better," according to a copy of Li's planned address to the National People's Congress (NPC), the Communist Party-controlled legislature. 

Li's remarks said the target was still sufficient to meet the Communist Party's target of doubling the size of the economy by 2020, compared to 2010.

The NPC brings together thousands of politicians from across China, touted by the ruling party as proof that it answers to the people despite a monopoly on power, and is used to outline top national priorities and policies.

The target came in slightly below the expectations of analysts in a sign that authorities are prioritising risk control over short-term
growth rates. 

China is trying to pivot from hyper-fast growth based on investment and exports towards a steadier consumer-driven model.

But the transition is complicated by slowing growth, a slumping currency, massive capital flight by Chinese enterprises seeking better returns abroad and fears of a housing bubble and bad-loan crisis.

The government report also set an inflation target of "around 3 per cent" for the year. 

ABU DHABI — International healthcare operator Mediclinic is lobbying Abu Dhabi government to rethink a change in medical insurance rules that has damaged its business after it bet big on acquiring Al Noor Hospitals, its regional CEO told Reuters.

At least two other healthcare companies operating in Abu Dhabi are also in talks with authorities, seeking a reversal or amendment to the reform that reduces state insurance coverage for citizens using private hospitals, according to two industry sources who declined to be named due to the sensitivity of the matter. 

Abu Dhabi has cut insurance coverage under its Thiqa plan to 80 per cent from 100 per cent, meaning patients have to pay 20 per cent of bills if they seek treatment at private hospitals. 

The rule, which does not apply to government hospitals, was introduced last July — at the worst possible time for Mediclinic as it had just bought Abu Dhabi private hospital group Al Noor for about $1.7 billion.

The London and Johannesburg-listed company's experience illustrates the business risks in the Gulf's oil-exporting countries, as low crude prices dampen economies and strain state finances.

The firm has begun lobbying the state Health Authority of Abu Dhabi over the Thiqa change, David Hadley, chief executive of Mediclinic Middle East, told Reuters in an interview. 

"Other providers have done the same," said Hadley, adding that the reform had channelled patients to government hospitals.

"We don't have a problem with the policy on co-payments as long as it applies to the entire industry." 

One of the industry sources said that although authorities did not want to be seen as giving in to pressure in any way, the policy might be adjusted again around the end of this year — partly because reduced Thiqa coverage had led to higher costs at state hospitals, hitting the government's budget. 

The Health Authority of Abu Dhabi did not respond to requests for comment about the private sector's discontent with the Thiqa change or whether it planned to scrap the reform or extend it to all hospitals.

It has previously said that the rule change would contribute to its efforts to increase efficiency, standardise operations and increase the sector's financial viability for the benefit of patients and the healthcare system as a whole. 

‘Multitude of headwinds’

By many measures, the Gulf is an attractive destination for foreign healthcare providers; incomes are high and growing populations are burdened with some of the world's highest levels of lifestyle diseases, such as diabetes. 

Encouraged by such trends, Mediclinic, which has 73 hospitals and 43 clinics across South Africa, Namibia, Switzerland and the UAE, bought Al Noor last year. But since the Thiqa change, Al Noor's in-patient volumes have dropped 38 per cent and out-patient volumes by 43 per cent, Hadley said. 

To compound Mediclinic's problems, at around the same time as the reform, competition intensified in Abu Dhabi with three new players entering the sector, while thousands of expatriates and their families left because of job losses in a slowing economy. Also, 147 doctors out of 600 left Al Noor, many to join new hospitals in the area, and new doctors had to be hired. 

"We were hit by a multitude of headwinds. I think it was the timing — we couldn't have predicted. It is going to be a challenging year," said Hadley. 

Mediclinic's London-listed shares have dropped 8 per cent since the company issued a profit warning for its Middle East business last week. 

While timing played its part, other factors might also have contributed to the company's struggles in the region, however.

"In the long-term it will probably be clear that Mediclinic overpaid for the Al Noor acquisition," said Neil Brown, analyst at Electus, a South Africa-based fund manager. 

"However, at these Mediclinic share price levels of 120 rand, which are now around 40 per cent lower than mid-2016 when the above-mentioned rules changed in Abu Dhabi, we believe that Mediclinic is attractively priced for longer-term investors." 

'Need for a correction'

Mediclinic has not diversified across the region as broadly as some rivals to share out its risk.

Its stock performance stands in stark contrast to rival NMC Health, which has seen its shares rise almost 13 per cent year-to-date, according to Thomson Reuters data. 

NMC, one of the oldest healthcare players in Abu Dhabi, has operations in seven emirates of the UAE as well as Saudi Arabia and Qatar, while Mediclinic has operations in just Abu Dhabi and Dubai. 

Also, some rival companies say they disagree that the Thiqa change is negative for the private sector. 

"It is a measure to manage over-utilisation and over-diagnosis. When coverage is free, no one cares," said Prasanth Manghat, deputy CEO of NMC Health.

Shamsheer Vayalil, managing director of VPS Healthcare, said: "Unnecessary medical visits have stopped since the new policy took effect. There was a need for a correction." 

Mediclinic aims to complete the Al Noor integration and rebranding by the end of this year. A total of 432 jobs at Al Noor were cut in 2016 with another 511 to go in the next few months, said Hadley. Of the planned lay-offs, 183 jobs relate to the closure of small facilities and clinics, including one in Oman which was uneconomic, he said. 

BARCELONA — Phones rugged enough to survive falling from the sky or resistant to foaming hand soap — just some of the special features mobile phonemakers are offering to appeal to niche markets.

“The smartphone market is so enormous that even having a phone that is targeting a niche can still sell hundreds of thousands, if not millions of units over its life,” said Ian Fogg, head of mobile research firm IHS.

“1.5 billion smartphones will ship in 2017. Even a company that is targeting a fraction of a per cent can still have a product with very significant volumes.”

Several “niche phones” were on display at the four-day Mobile World Congress in Barcelona which wraps up Thursday seeking to attract markets ranging from adventure sport enthusiasts to busy mothers.

Bullitt Group, a small British firm, showcased its extremely rugged phones that carry the branding of US construction giant Caterpillar which can withstand heat up to 120 degrees Celsius and temperatures as low as minus 20 degrees Celsius.

The devices are also waterproof and come with a thermal imaging camera.

Bullitt sells over a million Caterpillar phones a year. They are popular with ski instructors, builders and others with rugged jobs or who like outdoor activities.

The phones have an ardent fan base. Videos posted on YouTube by satisfied customers show the devices surviving falls into fresh cement, falling down a flight of stairs or being run over by a car.

“We have even had one of our phones fall out of someone’s backpack when they were parachuting and land and work afterwards. It got banged up on the way down but it was still working,” said Bullitt’s chief executive Peter Stephens.

Bullitt plans to launch a Land Rover-branded phone later this year that targets adventurers. 

The company is reluctant to reveal details but Stephens said it will “have elements that appeal to someone who is away from energy sources for a very long time”.

Help for seniors 

Bullitt released a Kodak smartphone in December that features a retro design and a high-powered camera and software with exceptional tools to edit images.

“We have got a huge list of niches that you could enter,” said Stephens.

Swedish telecoms firm Doro began focusing on creating easy-to-use phones for the elderly a decade ago and is now the market leader in Europe in this segment.

The devices feature large icons, easy menus and loud, clear sound, as well as an alarm button that can be used to alert relatives in case its user needs help.

The company also makes it possible to manage its smartphone’s settings through a web service so more tech-savvy friends or family can help users add contacts or adjust the device’s volume from miles away.

“We realised that there was a segment in the market that nobody was really focusing on and that has a real need. Seniors feel lost, they feel abandoned,” said Doro’s marketing manager Caroline Kristensson Helin.

Smartphones with extra strong security measures to prevent hacking were also on display that target financial sector employees.

Reaching customers 

Japan’s Kyocera launched a new smartphone last month that is resistant to foaming hand soap and includes an app that allows users to scroll through recipes using just hand gestures.

The features are convenient “for people like busy mothers”, said the company’s general manager for strategic business planning, Takashi Nohara. 

However, reaching customers who may be interested in a niche phone can be a challenge, said David Eberle, the vice president of French firm Crosscall which makes phones geared for outdoor activities.

“Most users do not know that something else exists in the market,” he said.

The company sells its phones in sporting goods stores.

“The real challenge for these small brands, these small niche products, is finding what volumes do they need to be profitable,” said Fogg.