G20 leaders pledge quick action



PITTSBURGH // World leaders promised to work as "quickly as possible" to conclude long-running world trade talks and have their top trade officials hold a stock-taking session by early next year, a draft G20 document said today. "We remain committed to further trade liberalisation. We are determined to seek an ambitious and balanced conclusion to the Doha development round in 2010," the leaders said in the draft communique obtained by Reuters. Leaders of the Group of 20, which groups major industrialised and developing countries, were gathered in Pittsburgh for talks aimed at putting the world on a path to more sustainable growth following the worst economic downturn in decades. The final draft of their communique was due to be issued last night at the end of their two-day meeting. The Doha round, launched in late 2001 with the goal of helping poor countries prosper through trade, is already the longest set of world trade negotiations since the modern rules-based trading system began. After nearly eight years of negotiation, World Trade Organisation members still have not reached agreement on core formulae, known in trade jargon as "modalities", for cutting agricultural and industrial tariffs and reducing trade-distorting farm subsidies. "We note that in order to conclude the negotiations in 2010, closing those gaps should proceed as quickly as possible," the leaders said in the draft text. The language reflects a compromise between the US, which was wary of setting a target to reach a deal on modalities this year, and other countries, led by the European Union, Brazil and Australia, pushing for swift progress. The G20 leaders also said it was "imperative we stand together to fight against protectionism", repeating a pledge they made in two previous meetings and that critics say has been too often ignored in the past year. US president Barack Obama's decision this month to slap a 35 per cent tariff on tyre imports from China is one of the most recent examples singled out by such critics. US officials have defended the action as legal under a "safeguard" provision that Beijing accepted as a term of its entry into the WTO in 2001. * Reuters

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Hydrogen: Market potential

Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.

"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.

Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.

The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.

Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

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6.30pm: Maiden Dh 165,000 1,600m
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