By the Numbers

Under the terms of the 10year agreement, GMG will open around 50 stores under the JD fascia by 2028, across the UAE, Saudi Arabia, Kuwait and Egypt

During a meeting held at the Ministry of Energy and Infrastructure in Dubai, he said that UAE is employing AI in various fields to accelerate digital transformation

Lance Gokongwei recently spent 73.6 billion pesos ($1.3 billion) in order to ready his sprawling conglomerate to reap the fruits of a post-pandemic recovery

Prices have risen around the world as pandemic restrictions were eased and the war in Ukraine pushed up the cost of essential commodities

Biopharma deals hit new heights in 2020, with a remarkable 107% increase compared to 2018

Japanese workers seeing rise in pay

Japanese workers' wages rose at a record pace after the government urged companies to help their workers after rising prices. Official figures show that wages rose 1.8% year-on-year (y-o-y) in May, the fastest pace in 28 years. However, taking inflation into account, people's real purchasing power continued to fall. Inflation in Japan, the world's third-largest economy, has been rising for more than a year.

In recent months, prices have risen around the world as pandemic restrictions were eased and the war in Ukraine pushed up the cost of essential commodities like oil and wheat. In Japan, the cost of everyday items has also been pushed up by the weakening currency. The latest official measurement of Japan's inflation rate showed that core consumer prices rose 3.2% y-o-y in May. For decades, the salaries of many people in Japan have increased little since there has been almost no inflation.

In March, as the cost of living continued to rise, the country's Prime Minister Fumio Kishida urged employers to take action. This year, com- panies including Fast Retailing, which owns fashion chain Uniqlo, and car giants Toyota and Honda said they would increase wages for their employees. Recently, Japan's largest labour union, Rengo, said the companies had agreed on the biggest wage increases in three decades in annual labour negotiations.

According to research analysts from Japanese investment bank Nomura, the pay rises represent a symbolic structural change in the Japanese economy. Japan's potential labour pool shifted to a rapid decline around the end of 2021. This should put sustained upward pressure on wages.

Fast Retailing announced earlier this year that it was raising wages to 'compensate each and every employee appropriately for their ambition and talents.' The business continued by saying that it wanted to increase the company's growth potential and competitiveness in line with global standards. Koji Sato, the CEO of Toyota, expressed his optimism that the decision will benefit the whole Japanese auto sector and 'lead to frank discussions between labour and management at each company.'

Qatar's edge in pharma industry

The pharmaceutical industry is poised for remarkable growth in the coming years, fueled by a growing middle class and an ageing world population. With the pharmaceutical market expected to grow by 165.2% between 2020 and 2030, the sector offers lucrative opportunities for investors and stakeholders worldwide. The post-pandemic era has further propelled the industry, leading to a record number of biopharmaceutical deals and significant investments in healthcare systems. This trend has also attracted attention in the Middle East, particularly in the Gulf Cooperation Council, where a new frontier for the pharmaceutical industry is emerging.

According to a recent industry study by the Investment Promotion Agency Qatar (IPA), the global pharmaceutical market is on an upward trend. Biopharma deals hit new heights in 2020, with a remarkable 107% increase compared to 2018. The R&D spending also saw significant growth, reaching $189 billion in 2020.

This projected growth is a sign of the industry's steady post-pandemic expansion and significant investment in global healthcare systems. It is estimated that the market will reach $2,051 billion by 2025, a 70% increase from 2020. Likewise, drug sales are expected to grow 32% from 2020 to $1,181 billion in 2024.

The Middle East is quickly becoming an important driver of expected growth. The region benefits from improved drug accessibility and robust economic development prospects, making it an attractive market for pharmaceutical investments. As countries actively focus on improving healthcare delivery and easy access to personalized digital services, GCC countries are seeing their $9 billion consumer healthcare market surge.

There are several key demand drivers for the pharmaceutical industry: an ageing population and an increase in chronic diseases, stress-related illnesses and pandemics are contributing factors. At the same time, supply-side drivers such as speciality medicines, patent expiry, generics and over-thecounter medicines offer additional growth opportunities within the sector.

The growing presence of working mothers is a key driver behind the expansion of the baby food packaging market

AI robots say, they have the potential to rule the world more effectively than humans

Baby Food Market: $17.67B Australia's GDP expands 2.3%

The global baby food packaging market was valued at $11.29 billion in 2022. It is projected to reach $17.67 billion by 2032, with a compound annual growth rate of 5.1% over the entire forecast period. The growth of this market is primarily driven by several factors, including an increasing number of working mothers, a growing preference for a comfortable lifestyle, and growing concerns about infant health and hygiene.

The growing presence of working mothers is a key driver behind the expansion of the baby food packaging market. As more mothers enter the workforce, the demand for convenient and easy-to-use baby food products increases. This led to an increase use of packaged baby food.

Australia's gross domestic product grew 2.3% year-on-year in the first quarter, just slightly below analysts' expectations. Economists polled by Reuters had forecast growth of 2.4%, compared with 2.7% in the fourth quarter of 2022. On a quarterly basis, GDP grew by 0.2%, compared to the 0.3% expected in the Reuters poll. The GDP readings are key to the Reserve Bank of Australia’s decision-making process for its monetary policy.

"This is the sixth straight rise in quarterly GDP, but the slowest growth since the COVID-19 lockdowns in September quarter 2021," Katherine Keenan, head of National Accounts at Australia’s Bureau of Statistics said.

WB lends $600 loan to PH AI robots make bold claim

At a United Nations conference, a group of AI-powered humanoid robots delivered a thought-provoking message: they have the potential to rule the world more effectively than humans. However, these social robots stressed that caution should be exercised as humanity explores the rapidly advancing realm of artificial intelligence. While they acknowledged their inability to fully comprehend human emotions, they urged humans to tread carefully while harnessing AI's potential to address pressing global challenges, reported AFP.

Using AI to Address of problems such as climate change, hunger and social welfare, these advanced humanoid robots attended the United Nations AI for Good Global Summit in Geneva.

The Philippine Ministry of Finance (DOF) announced that it had signed a $600 million loan agreement with the World Bank (WB) to fund a rural development project aimed at modernizing agriculture and improving infrastructure. The loan agreement was signed for the Philippine Rural Development Project (PRDP) scale-up, which aims to transform agriculture into a modernized and industrialized sector through public infrastructure measures and strengthening the commodity value chain, reports the Xinhua news agency.

PRDP Scale-Up, an initiative by the Department of Agriculture (DA), is an expanded response to the ongoing challenges facing the country's agricultural and fisheries (A&F) sectors and rural communities.

Like the NFC chip used in payment systems like Apple Pay and Google Pay, an eSIM is essentially a tiny chip within your smartphone