BEIJING // Sheikh Abdullah bin Zayed, the Minister of Foreign Affairs, met the Chinese president Hu Jintao yesterday, and the pair expressed their enthusiasm for strengthening bilateral relations. Sheikh Abdullah, in China to take part in the China-Arab Co-operation Forum, which ended yesterday, hailed the "growing relations" between the two countries, according to a statement released by the state news agency WAM.
During his meeting in Beijing with the Chinese president, Sheikh Abdullah conveyed regards from Sheikh Khalifa bin Zayed, President of the UAE and Ruler of Abu Dhabi, and wished both Mr Hu and the Chinese people good health, according to WAM. Mr Hu said China was keen to promote trade and investment ties with the UAE. Chinese state media reported that Mr Hu also reiterated his support for the Middle East peace process and for the efforts of Arab states looking to secure their "legitimate national rights".
The opening session of the forum, held on Thursday in Tianjin - a half-hour high-speed train journey from the capital - was attended by Wen Jiabao, the Chinese premier. He met Arab officials from the more than 20 countries involved in the forum, which is held every two years. dbardsley@thenational.ae
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Directors: Tarzan and Arab Nasser
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- 600-seat auditorium
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Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
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Dos
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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Director: Sanjay Leela Bhansali
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ASSASSIN'S%20CREED%20MIRAGE
Will the pound fall to parity with the dollar?
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
