Oil prices rallied on Wednesday after Russian President Vladimir Putin said his country was calling up its army reserves in a “partial mobilisation” before referendums in occupied regions in Ukraine.
He vowed that Russia would use “all means at its disposal” if Russia's territorial integrity was threatened.
“This is not a bluff,” Mr Putin said.
Brent, the benchmark for two thirds of the world’s oil, was 1.91 per cent higher trading at $92.35 a barrel at 4.05pm UAE time on Wednesday. It had jumped more than 3 per cent following the announcement.
West Texas Intermediate, the gauge that tracks US crude, had also climbed more than 3 per cent earlier in the day and was up 2.05 per cent to $85.66 a barrel.
Both benchmarks had posted their third consecutive weekly decline last Friday due to mounting concerns about a global recession and China maintaining its restrictive Covid-19 policies that could hit fuel demand in addition to an expected increase in interest rates this week.
The US dollar, already strong, jumped to a 20-year high following Mr Putin's announcement, putting pressure on major currencies.
The euro fell back to below parity and was trading at $0.9903 to the greenback at 11.49am, while Britain's pound dropped to $1.13.
Europe's Stoxx 600 index was up 0.12 per cent at 12.25pm, France's Cac 40 was down 0.34 per cent, Germany's Dax was 0.42 per cent weaker.
On Wednesday, the US Federal Reserve is expect to announce an interest-rate increase at the end of a two-day meeting.
The US central bank is expected to is expected to raise interest rates by at least 75 basis points after three-quarters of a percentage point increases in both July and June.
Some analysts believe the Fed could be more hawkish and increase rates by a full percentage point in an effort to combat four-decade high inflation.
US consumer prices rose by 8.3 per cent in August, exceeding economists' expectations of 8.1 per cent and above the Fed’s 2 per cent target.
“Opec+ may have a strong case to lower output after this week’s central bank decisions,” said Edward Moya, a senior market analyst at Oanda.
“A global economic slowdown is here and unless the oil market sees some surprise disruptions or broader market rally, crude prices could remain heavy.”
In response to a slowing global economy, the 23-member alliance of Opec+ producers agreed earlier this month to cut their October output by 100,000 barrels per day, reverting to August production levels to support prices.
The group convenes again on October 5 to review and decide future output levels, but it could hold an emergency meeting if market dynamics change and require it to intervene.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has said the group would “be attentive, pre-emptive and proactive in terms of supporting the stability and the efficient functioning of the market”.
Higher energy prices and soaring inflation have exacerbated fears of a recession and prompted the World Bank and International Monetary Fund to cut their growth projections for this year.
In July, the IMF lowered its growth forecast for the global economy to 3.2 per cent this year, from its previous projection of 3.6 per cent.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
More from Rashmee Roshan Lall
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
3%20Body%20Problem
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
FULL%20RESULTS
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
