S. Korea Adds Fewest Number of Jobs in Over 3 Years in May

South Korea reported the slowest on-year job growth in more than three years in May and the unemployment rate among young people reported a marked growth, data showed Wednesday.

The number of employed people came to 28.92 million last month, up 80,000 from a year earlier, according to the data compiled by Statistics Korea.

It marked the fewest on-year job additions since February 2021, when the country shed 473,000 positions amid the COVID-19 pandemic, according to South Korea’s News Agency (Yonhap).

In April, the country had 261,000 new jobs, after adding 173,000 new positions a month earlier. In January and February, the monthly job additions surpassed the 300,000 level.

The decline also came as the number of jobs for those aged 15-29 dropped by 173,000, the largest fall since January 2021 when the country lost 314,000 jobs for young people.

The unemployment rate for the age group came to 6.7 percent by going up 0.9 percentage point, or the largest increase since February 2021.

Source: Qatar News Age

QSE Index Rises 32.43 Points at Start of Trading

Doha: The general index of Qatar Stock Exchange (QSE) rose 32.43 points, or 0.34%, at the beginning of trading on Wednesday, reaching 9,664 points, compared to yesterday’s closing.

The QSE general index was supported by a rise in five sectors: Telecoms by 0.73%; Consumer Goods and Services sectors by 0.60%; Banks and Financial Services by 0.53%; Industrials by 0.23%; and Insurance by 0.16%. On the other hand, the index saw a decline in Real Estate by 0.08%; and Transportations by 0.37%.

At 10:00 am, QSE registered trading of 34.029 million shares in 2,709 transactions valued QR 74.693 million.

Source: Qatar News Agency

IEA: Global Oil Demand Will Peak by 2029

The International Energy Agency (IEA) said Wednesday that global oil demand is expected to reach its highest point by 2029 and start to decrease the following year. Additionally, the IEA projects that oil supply capacity will significantly exceed demand by the end of this decade.

The IEAs June 2024 Oil Market Report published Wednesday forecasts that global oil demand, which includes biofuels, averaged just over 102 million barrels per day (mbbl/d) in 2023 and will level off near 106mbbl/d towards the end of this decade.

Global oil production capacity is expected to increase in the coming years, with the US leading the surge. This increase is anticipated to surpass the growth in demand until 2030. The report predicts that by 2030, total supply capacity will reach nearly 114mbbl/d, or 8mbbl/d more than the projected global demand.

Source: Qatar News Agency

Dollar Steadies as Market Await Key Economic Data

The dollar steadied on Wednesday after hitting a four-week high against peer currencies overnight as market players awaited key US inflation data and the Federal Reserve’s updated economic projections due later in the day.

The dollar index, which measures the greenback against a handful of other major peers, firmed at 105.29, after touching its strongest level since May 14 at 105.46 overnight.

The euro held steady at $1.073675, keeping off Tuesday’s low of $1.07195, its weakest level since May 2.

Sterling was flat at $1.2739 ahead of UK gross domestic production figures for April.

The offshore Chinese yuan was little changed at 7.2696 per dollar.

The dollar held the yen pinned at 157.235.

Source: Qatar News Agency

US Fed Keeps Interest Rates Unchanged

The US Federal Reserve (central bank) Wednesday kept the interest rate unchanged in the range of 5.25 percent to 5.5 percent.

At the conclusion of their two-day meetings, US Federal Reserve officials revealed their expectations to reduce the interest rate only once during the current year, after indicating the possibility of reducing it three times in estimates last March, amid the inflation rate approaching the target of about 2. percent slower than expected.

US monetary policymakers expect interest rates to average 4.1 percent by the end of next year, suggesting four additional one-time quarter-point cuts in 2025.

Source: Qatar News Agency

Mazaya Exits Its Properties Outside Qatar

Doha: Mazaya Real Estate Development company, Qatari Public Shareholding Company, announced Wednesday that it has exited all its properties outside the State of Qatar.

Mazaya announced the sale of land located in Dubai Island area – Dubai, with a total value estimated at 24.5 million UAE dirhams, equivalent to 24.3 million Qatari riyals.

This was the last piece of land owned by the company in Dubai. Thus, Mazaya has exited all its properties outside the State of Qatar, the company said in a statement published on Qatar Stock Exchange (QSE) website.

Source: Qatar News Agency