Live updates: follow the latest news on Russia-Ukraine
Oil prices rallied overnight as markets await the outcome of EU discussions on banning Russian energy imports and weather conditions disrupt Moscow's oil supplies.
Brent, the global benchmark for two thirds of the world's oil, was 0.38 per cent higher, trading at $122.1 a barrel at 12.16pm on Thursday, while West Texas Intermediate, the gauge that tracks US crude, was down 0.05 per cent at $114.9 a barrel.
"Russia confirmed that oil exports via the Caspian Pipeline Consortium will fall by around a million barrels a day for up to two months as a result of storm damage. This comes at a time of significant tightness in the market and could contribute to further increases in the price in the coming weeks," said Craig Erlam, a senior market analyst at Oanda.
"That is of course unless other producers step up and utilise the spare capacity in order to prevent oil prices from hitting recessionary levels. But that still seems a stretch despite the efforts of leaders from a variety of consuming countries unless Russia decides to support such a move."
European Union members will discuss a possible oil embargo on Russian crude on Thursday in response to Moscow's military offensive in Ukraine, but are divided about imposing a ban due to the heavy reliance of some countries, namely Germany and Hungary, on Russia's oil. A decision on a ban requires the approval of all 27-member states of the EU.
"Though Europe has not firmly committed to cutting off its more than 2.1 million bpd of oil originating from Russian pipelines and ports, the meeting on Thursday could yield tougher measures against Moscow, potentially confirming the anticipated supply risks to Russian upstream oil in the short," said Louise Dickson, Rystad Energy’s senior oil market analyst.
"An EU embargo would tighten the market ... Filling refineries with more expensive crude would likely result in a decrease in European runs. A full-out oil ban almost 1 month into the Ukraine invasion would be a policy turning point for Europe, which has so far avoided any energy sanctions."
Russia is the world's second-largest energy exporter. It accounts for about 10 per cent of the world’s energy output, including 17 per cent of its natural gas and 12 per cent of its oil. It supplies about 40 per cent of Europe's gas, while Russian crude accounts for about 3 per cent of US oil imports, equal to about 200,000 barrels a day. Russian imports account for 8 per cent of total UK oil demand.
On Wednesday, Russian President Vladimir Putin said his country would only accept payment in roubles from hostile nations for Moscow's gas, which caused European gas prices to soar 30 per cent.
"Next week, colder weather is expected in continental Europe, a bullish factor for prices, however the geopolitical situation will continue to be the price driver for gas, the power price setter for peak hours in major markets," said Rystad Energy’s analyst Fabian Ronningen.
"Prices are expected to still be high, given the current forward curves, in the ranges of €200-250 per megawatt hour."
The US announced this month that it would ban crude, gas and coal imports from Russia, while the UK will phase out imports of Russian oil during the course of the year.
The Russia-Ukraine crisis has led to higher oil prices, which has added to inflationary pressures on the global economy boosting food costs and the price of commodities. The International Monetary Fund and other organisations have said the conflict will dent global growth this year, increase poverty and disrupt supply chains.
On Wednesday, White House national security adviser Jake Sullivan said the US and its partners had made progress in the Iran nuclear talks, but there are still challenges. The easing of Iranian export restrictions would ease some of the supply constraints in the market.
"The events in energy markets overnight were a harsh dose of reality to the world’s markets," said Jeffrey Halley, a senior market analyst at Oanda. "Even if the conflict in Ukraine stopped tomorrow, the inflationary wave from commodity disruptions will not. The world has changed, and globalisation is the loser."
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
COMPANY%20PROFILE
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RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Most%20polluted%20cities%20in%20the%20Middle%20East
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Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
((Disclaimer))
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SRI LANKA SQUAD
Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
Lahiru Thirimanne, Kusal Mendis, Milinda Siriwardana
Chamara Kapugedara, Thisara Perera, Seekuge Prasanna
Nuwan Pradeep, Suranga Lakmal, Dushmantha Chameera
Vishwa Fernando, Akila Dananjaya, Jeffrey Vandersay
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
The Good Liar
Starring: Helen Mirren, Ian McKellen
Directed by: Bill Condon
Three out of five stars
MATCH INFO
Manchester City 0
Wolves 2 (Traore 80', 90 4')
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
WORLD'S%2010%20HIGHEST%20MOUNTAINS
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Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
