Here’s what you need to know in UAE business and globally on this Monday morning.
• The future is digital
Another sign of the times for the world’s media as Qatar’s Al Jazeera Media Network said it had axed 500 jobs in a move aimed at cost-cutting and an increased focus on digital platforms. The Doha-based network will reduce its staff by about 11 per cent, with most of the job losses coming from its workforce in Qatar. This follows the printing of the final edition of the UK’s Independent newspaper at the weekend. The title, launched in 1986, is moving to an online-only format.
• Oil on the rise
Oil rose for the first time in three sessions after the number of active rigs fell in the US, potentially easing a supply glut Bloomberg reported. Futures advanced as much as 1.1 per cent in New York, paring a 4.8 per cent loss in the previous two sessions. Rigs targeting oil in the US fell by 15 to 372, according to Baker Hughes. Brent for May settlement rose as much as 33 cents, or 0.8 per cent, to $40.77 a barrel on the London-based ICE Futures Europe exchange. For further signs that US oil sector pain is deepening click here.
• Dollar winning streak
A gauge of the US dollar rose for a seventh day, the longest winning streak since January, before US economic data this week that may add to speculation the economy is strong enough to handle higher interest rates. The greenback strengthened against most of its major counterparts Monday after some Federal Reserve officials said last week they would consider raising rates at the next meeting in April. US employers added 208,000 workers in March, after hiring 242,000 the previous month, according to a Bloomberg survey before the Labour Department releases the figure on April 1. Data to be released on Monday include personal income and spending and the Fed’s favoured inflation gauge. Bloomberg
• Adia at 40
For anyone that missed last week’s fascinating insight into the inner workings of the Abu Dhabi Investment Authority, you can find all of the coverage here.
• Most popular Muslim travel destinations
MasterCard and CrescentRating has launched the annual Global Muslim Travel Index 2016, and the UAE comes in an impressive second place for non-OIC locations. Check out the full results here.
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