The British pound surged against the dollar on Monday, gaining more than 1.6 per cent after Britain and the European Union extended discussions on a post-Brexit trade deal.
While the decision by British Prime Minister Boris Johnson and Ursula von der Leyen, the European Commission President to continue talks beyond Sunday saw sterling jump the most in two months to $1.3437 at 12.45pm London time on Monday, the extension was not welcomed by businesses which fear mass disruption if Britain exits the EU without a deal.
“The pound and FTSE 250 are enjoying a welcome boost in early trade, with traders reaching for UK-related markets amid tones of slight optimism that weekend talks provided a narrow opportunity for a trade deal,” said Joshua Mahony, senior market analyst at online trader IG.
“With less than three weeks left until the UK leaves the EU, brinksmanship is going to have to move aside in favour of compromise if a deal is going to pass before year-end. From a traders’ perspective, the prospect of a potential breakthrough does provide some floor for the pound for the time being.”
French Finance Minister Bruno Le Maire warned on Monday that in the event of no deal: "The losers will be the British. We don't lose much.”
According to French government estimates, Brexit would only snip 0.1 per cent off gross domestic product (GDP) in France next year and trade to Britain "was not much as far France's total global trade volume is concerned", Mr Le Maire told a French radio station.
S&P global ratings said on Monday that the economic and political consequences of not reaching a deal "are large enough for both sides to strive to find common ground”.
“A no-deal scenario would have important implications for the UK economy, the country's ability to attract inflows of capital and labour over time and its public and external finances,” S&P said.
A significantly weaker-than-expected economic recovery would place downward pressure on its sovereign ratings on the UK.
“This could happen, for instance, if merchandise and services exports from the UK lose access to key European markets for a prolonged period,” the ratings agency said.
A ratings downturn could also emerge if foreign financing for the UK’s large external deficit diminishes and sterling's status as a reserve currency comes under pressure.
The UK is expected to borrow a total of £394 billion ($528.2bn) this year, equivalent to 19 per cent of GDP, which is the highest recorded level of borrowing in the country's peacetime history.
“Any reduction in the appetite of non-residents to finance this deficit, or to roll over the UK private sector's elevated stock of short-term external debt, would also weigh on the UK’s growth prospects,” S&P said.
While the EU's Brexit negotiator Michel Barnier said a new trade pact with Britain was still possible, the ongoing delays are “frustrating” and costing businesses, said Tony Danker, director general of the Chamber for British Industry.
He urged the government to make use of the time to avoid “the looming cliff edge” of January 1 by taking three steps to ensure companies were not confused by the chaos. The first must involve more detailed guidance on border checks, while the second must involve grace periods to allow businesses time to adjust.
“And third, prepare support for firms who will face the greatest challenges in the short run. Those in sectors and supply chains that are badly hit will face extinction through tariffs, red tape and extra costs. We need to ensure those firms survive to play a role in post-Brexit Britain,” he said.
Supply issues have become a common feature in recent weeks as some retailers stockpile goods ahead of the end of the transition period.
Last week, Honda was forced to halt production at its Swindon factory in England after problems at ports delayed the arrival of required car parts.
While the Japanese carmaker resumed production on Monday, many other businesses have also been affected, with Swedish furniture store Ikea apologising to customers after facing stock shortages due to port congestion.
Felixstowe, Britain's largest port, reported congestion in November due to a surge in demand caused by Brexit, Covid-19 and Christmas, however, the problem has now filtered to other UK ports as well, including Southampton and London Gateway.
"The confluence of Covid, seasonal trade and Brexit is placing understandable pressure on the UK port network,” said a spokesman for DP World, which owns Southampton port and London Gateway.
“Our teams at London Gateway and Southampton are working tirelessly to manage the additional traffic through our ports while maintaining our high customer service standards."
The “uncertainty” is making it harder for companies to prepare for January 1, according to the British Retail Consortium (BRC), with a no-deal set to increase prices thanks to new checks and red tape.
“Without a deal, the British public will face over £3bn in food tariffs and retailers would have no choice but to pass on some of these additional costs to their customers who would see higher prices filter though during 2021,” said Helen Dickinson, chief executive of the BRC.
The consortium also urge shoppers not to stockpile supplies or buy more food than they need. “Retailers are doing everything they can to prepare for all eventualities on January 1 – increasing the stock of tins, toilet rolls and other longer-life products so there will be sufficient supply of essential products. They have also been building new customs and VAT processes, working with suppliers to ease logistics, and more,” said Ms Dickinson.
During the first lockdown earlier this year, supermarkets were forced to place limits on essential items such as toilet roll after Britons resorted to panic buying.
“While no amount of preparation by retailers can entirely prevent disruption, there is no need for the public to buy more food than usual as the main impact will be on imported fresh produce, such as fresh fruit and vegetables, which cannot be stored for long periods by either retailers or consumers," said Ms Dickinson.
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Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
INDIA V SOUTH AFRICA
First Test: October 2-6, at Visakhapatnam
Second Test: October 10-14, at Maharashtra
Third Test: October 19-23, at Ranchi
UAE currency: the story behind the money in your pockets
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
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RESULTS
Bantamweight title:
Vinicius de Oliveira (BRA) bt Xavier Alaoui (MAR)
(KO round 2)
Catchweight 68kg:
Sean Soriano (USA) bt Noad Lahat (ISR)
(TKO round 1)
Middleweight:
Denis Tiuliulin (RUS) bt Juscelino Ferreira (BRA)
(TKO round 1)
Lightweight:
Anas Siraj Mounir (MAR) bt Joachim Tollefsen (DEN)
(Unanimous decision)
Catchweight 68kg:
Austin Arnett (USA) bt Daniel Vega (MEX)
(TKO round 3)
Lightweight:
Carrington Banks (USA) bt Marcio Andrade (BRA)
(Unanimous decision)
Catchweight 58kg:
Corinne Laframboise (CAN) bt Malin Hermansson (SWE)
(Submission round 2)
Bantamweight:
Jalal Al Daaja (CAN) bt Juares Dea (CMR)
(Split decision)
Middleweight:
Mohamad Osseili (LEB) bt Ivan Slynko (UKR)
(TKO round 1)
Featherweight:
Tarun Grigoryan (ARM) bt Islam Makhamadjanov (UZB)
(Unanimous decision)
Catchweight 54kg:
Mariagiovanna Vai (ITA) bt Daniella Shutov (ISR)
(Submission round 1)
Middleweight:
Joan Arastey (ESP) bt Omran Chaaban (LEB)
(Unanimous decision)
Welterweight:
Bruno Carvalho (POR) bt Souhil Tahiri (ALG)
(TKO)
UAE currency: the story behind the money in your pockets
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
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MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
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UAE currency: the story behind the money in your pockets
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Mountain%20Boy
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Killing of Qassem Suleimani
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Mohammed bin Zayed Majlis
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
Company%20profile
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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South Korea
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Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
WHAT ARE NFTs?
Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.
An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.
This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.
