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Bahrain: Commercial, Industrial Activities to Resume Under Strict Conditions

Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri
Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri
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Bahrain: Commercial, Industrial Activities to Resume Under Strict Conditions

Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri
Employees sit behind their desks, as they wait for customers at a travel agency, following the outbreak of coronavirus, after the decision to ban travel to several countries, in Riyadh, Saudi Arabia March 12, 2020. REUTERS/ Ahmed Yosri

Bahrain announced the resumption of commercial and industrial activities that provide direct services to customers as of Thursday, under strict precautions and health measures that include continuous sterilization, reducing the number of employees, working remotely as much as possible, and ensuring social distancing.

The announcement came in a press conference on Tuesday, in the presence of Fayekah Al-Saleh, Minister of Health, and Zayed al-Zayani, Minister of Trade, Industry, and Tourists, who in turn emphasized the closure of sports clubs, cinemas, buffets, cafes, and restaurants, except for food take-away and deliveries.

Zayani added that the concerned governmental committee has decided to resume commercial and industrial activities that provide services and goods directly to customers while taking the necessary health precautions and applying teleworking when possible.

The Minister of Health stressed that people in public places are required to wear masks.

For his part, Lt. Col. Manaf Al-Qahtani described as normal the increase in the number of people infected with the virus.

“But all these increases are within the pre-emptive precaution plans developed by the Kingdom of Bahrain,” he said, noting that the expectations indicate a further increase in infections next week.

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.