British pound and equity trading was muted a day after Prime Minister Theresa May survived a no-confidence vote as uncertainty over Brexit lingers.
The pound was up 0.23 per cent to $1.265 at 5:08pm UAE time on Thursday, after closing up 1.14 per cent to $1.262 the previous day. Mrs May saw off the challenge to her leadership on Wednesday by 200 MPs to 117.
"While this development removes an element of uncertainty at a time when Brexit talks are at such a critical stage, it certainly is a massive blow to May’s authority and this was reflected in the pound’s price action," said Lukman Otunuga, research analyst at broker FXTM. "With uncertainty over Brexit and what to expect next, weighing on the mind of many investors, the pound’s upside potential is limited."
The UK’s economy, aligned with the EU for the past 46 years, faltered this year as uncertainty over the outcome of Brexit rattled markets, with the pound losing 15 per cent of its value against the US dollar since the June 23, 2016 referendum to leave the EU.
A weakened May arrived in Brussels on Thursday to seek the help of European leaders, even though the EU has explicitly said it would not go back to the negotiating table and provided maximum concessions to the UK in the deal the British premier had planned to put to UK parliamentarians on December 11.
"There will be a strong focus on Theresa May’s trip to Brussels and if she is able to gain concessions from the EU on the Brexit deal," said Mr Otunuga. "If May’s trip ends in failure, this is likely to fuel uncertainty, consequently punishing the pound further."
The FTSE 100 fell 0.14 per cent at 5:08pm UAE time, one day after gaining 1.08 per cent.
The prime minister vowed on the steps of 10 Downing Street after the vote she would go back to Europe to bring up the issue of the backstop related to Ireland, which led to friction within her own Conservative party and with her allies the Democratic Unionist Party.
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"While the good news is that a time-consuming leadership contest could be avoided, offering the possibility to go back and work on Brexit immediately, it remains questionable whether the vote really strengthened her back," said David Meier, an economist at Julius Baer in a note. "The rebel Brexiteers will continue to torpedo the current Brexit withdrawal deal, and May has to seek changes to win back approval and bring it through the House of Commons."
A no-deal Brexit could lead to gross domestic product falling by as much as 8 per cent over five years as well as raise the unemployment rate to 7.5 per cent from 4.1 per cent, according to the Bank of England.
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
KILLING OF QASSEM SULEIMANI
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
