Iran says it needs time before talks with US but 'doors of diplomacy will never slam shut'

Price, base / as tested Dh525,000 / Dh559,000

Engine: 3.0L V6 biturbo

Transmission: Nine-speed automatic

Power: 369hp at 5,500rpm

Torque: 500Nm at 1,800rpm

Fuel economy, combined: 8.0L / 100km

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)

5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash

6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami

7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami

7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

Custom-made smuggling vests used to smuggle ivory onto aircraft

UAE ranks high for animal trafficking as smugglers target Dubai International Airport, report finds

Bataclan murderer's father and victim's dad form unlikely bond to write revealing book on grief

Director: Ali Abbas Zafar

Starring: Salman Khan, Katrina Kaif, Sunil Grover

Rating: 2.5 out of 5 stars

Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan

Normal People

Sally Rooney, Faber & Faber
 

• Over 500 Gazans have been evacuated to France since November 2023
• Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
• The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
• Artists and researchers fall under a programme called Pause that began in 2017
• It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
• Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
• Unlike students, they are allowed to bring their families to France

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.

Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

Falcon demand driving region's bird smuggling trade

Custom-made smuggling vests used to smuggle ivory onto aircraft

Jordan Spieth, Si Woo Kim, Henrik Stenson (12.47pm)

Justin Thomas, Justin Rose, Louis Oosthuizen (12.58pm)

Hideki Matsuyama, Brooks Koepka, Tommy Fleetwood (1.09pm)

Sergio Garcia, Jason Day, Zach Johnson (4.04pm)

Rickie Fowler, Paul Casey, Adam Scott (4.26pm)

Dustin Johnson, Charl Schwartzel, Rory McIlroy (5.48pm)

• Promises of high, fixed or 'guaranteed' returns.
• Unregulated structured products or complex investments often used to bypass traditional safeguards.
• Lack of clear information, vague language, no access to audited financials.
• Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
• Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Favourite drink: Must have karak chai and Chinese tea every day

Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour

Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour

Best vacation: Returning home to China

Music interests: Enjoys playing the zheng, a string musical instrument

Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes

Favourite book: Chairman Mao Zedong’s poems