Here’s what you need to know in UAE business and globally on this Monday morning.
• Oil dips as meeting hope fades
Oil declined amid doubts producers will agree on a deal to stabilise the market when suppliers meet next month for informal talks. “The likelihood of them actually agreeing to some kind of production freeze is relatively low,” Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group in Sydney, said. Brent for October settlement lost 59 cents, or 1.2 per cent, to $49.33 a barrel on the London-based ICE Futures Europe exchange this morning. (Bloomberg)
• Set your alarm clock
There was a surprise in store for Dubai Land Department and Department of Economic Development yesterday. They were paid a visit by Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai who was greeted by …. empty desks and chairs. “He certainly wanted to send a message,” said Mona Al Marri, director general of the Dubai Media Office. Read the full story here.
• Rate hike now on the cards
Almost unthinkable two months ago, a September rate hike in the US is now on the table, with the probability of such a move having jumped to 42 per cent from 22 per cent in the space of a week. Fed chair Janet Yellen said on Friday at a gathering of central bankers in Jackson Hole, Wyoming, that the case to raise borrowing costs was getting stronger, while vice chairman Stanley Fischer indicated an increase is possible at the next review. The US dollar rose to a two-week high against the yen this morning. (Bloomberg)
• Adnoc marks Emirati Women’s Day
Sultan Al Jaber, Abu Dhabi National Oil Company’s chief executive, confirmed that he plans to appoint a woman chief executive at one of the operating companies. He also said the state oil and gas company would commit to filling 15 per cent of its senior management roles with women by 2020. Read the full story here.
• Property better bet than pension?
It is according to the Bank of England’s chief economist, Andy Haldane. He told The Sunday Times that “it ought to be pension but it’s almost certainly property”. “As long as we continue not to build anything like as many houses in this country as we need to … we will see what we’ve had for the better part of a generation, which is house prices relentlessly heading north.”
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