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Bahrain Welcomes Regional, Global Investments

Locals wear face masks as a precaution against the coronavirus, in Manama. (Reuters file photo)
Locals wear face masks as a precaution against the coronavirus, in Manama. (Reuters file photo)
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Bahrain Welcomes Regional, Global Investments

Locals wear face masks as a precaution against the coronavirus, in Manama. (Reuters file photo)
Locals wear face masks as a precaution against the coronavirus, in Manama. (Reuters file photo)

Bahrain’s Minister of Industry, Commerce and Tourism Zayed bin Rashid al-Zayani welcomed all global and regional investments in his country.

Zayani met Sunday with the CEO and Managing Director of El-Sewedy Electric, Ahmed el-Suwaidi, in the presence of Egypt's ambassador to Bahrain Yasser Shaaban, and a number of company officials.

Zayani said that the government welcomes all businessmen and regional and global investments aimed at establishing various projects in Bahrain that would improve the national economy and enhance the role and image of the Kingdom as a trade and investment hub.

He pointed out that his country possesses a suitable investment environment, especially in light of the great facilities provided by the government to all national and foreign investors.

During the meeting, Zayani reviewed the bilateral relations between Bahrain and Egypt and the means to enhance cooperation in the economic, industrial and tourism fields. They also discussed all issues of common concern.

Bahrain’s economy contracted by 8.9 percent year on year in the second quarter as the state suffered from restrictions to contain the coronavirus.

Hotel and restaurant activity declined by 61.3 percent compared to the same period a year earlier.

“This is mainly due to the widespread restrictions imposed on tourists, hotels and restaurants and other related economic activities in the country due to the COVID-19 pandemic,” the government said in a statement.

Bahrain’s oil sector is expected to grow 3.2 percent, while the non-oil sector declined 11.5 percent.

S&P Global Ratings said Bahrain’s real GDP could contract by 5 percent this year, due to the pandemic and the impact of lower oil prices on consumption and investment activities.

However, the agency did not expect its oil and gas sector to decline because Bahrain is a small producer and is not subject to OPEC production cuts.

Bahrain was bailed out in 2018 with a $10 billion aid package from Gulf neighbors to avoid a credit crunch.

The International Monetary Fund (IMF) expects Bahrain’s fiscal deficit to jump to 15.7 percent of the gdp this year from 10.6 percent in 2019.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.