UAE's non-oil foreign trade increased to Dh401 billion in the first quarter. Pawan Singh/The National
UAE's non-oil foreign trade increased to Dh401 billion in the first quarter. Pawan Singh/The National

Big pick up in world trade despite anti-globalisation fears



Donald Trump’s election as the US president sparked warnings of damaging trade wars and an end to globalisation as we know it.

So far, those predictions haven’t played out. International trade is having its best performance in years as global growth enjoys its strongest synchronised upswing since 2010.

Globalisation is showing signs of resilience to Mr Trump’s America First agenda. Ford Motor last month cancelled plans to build the Focus in Mexico and announced it would assemble the car in China instead, underscoring the ability of multinational firms to circumvent trade threats in a world of global supply chains. The model - the first made-in-China vehicle for American buyers - may become the Asian nation’s biggest automotive export ever to the US.

Tesla also has its eyes on China. The maker of electric cars is close to an agreement with the city of Shanghai to make vehicles in China for the first time, Bloomberg News reported.

The better mood is a key reason central banks are adopting a more hawkish tone, or at least a more upbeat one, after years of pumping cheap money into their economies.

At the European Central Bank, policymakers have expressed confidence the global recovery is increasingly supporting trade and euro-zone exports, underpinning an upswing that has so far been largely driven by domestic forces. the Bank of Canada governor Stephen Poloz, who is expected to raise interest rates next week, has been citing the synchronised nature of global growth as a major positive for the recovery.

British manufacturers are enjoying what the Bank of England deputy governor Ben Broadbent has called a “sweet spot” in which firms still have access to the European Union’s single market until Brexit is complete while already enjoying a boost in competitiveness because of the weaker pound.

"At the beginning of the year, we thought there would be much greater trade-related risks," said Helen Qiao, Bank of America Merrill Lynch's chief economist for Greater China. "That has largely died down."

Still, fears of a damaging trade spat between the world’s two biggest economies have not gone away. Fresh tensions are emerging between the United States and China. The Chinese president Xi Jinping has complained of a negative turn in relations ahead of a planned meeting with Mr Trump on the sidelines of a G20 summit in Germany this week.

For his part, the US president has repeatedly accused key trading partners, including China, of unfair trade. His administration is weighing whether to impose sweeping tariffs on steel imports, according to people familiar with the matter.

Criticism of globalisation is fuelled by the fact that while the trade rebound has inflated corporate profits, it has not translated into substantial wage gains, said Stephen Roach, a senior fellow at Yale University and the former chairman of Morgan Stanley Asia.

“We can’t underestimate the political power of the hollowing out of middle class wage structure in developed economies like the US,” said Mr Roach. “That has created a significant backlash against trade, correctly or not.”

Politics aren not the only factor that could upend the trade recovery. Weakening commodity and energy prices will hurt emerging economies in particular. So will the fading impact from a cycle of smartphone upgrades that has driven demand for Chinese purchases of electronics components.

“The best is likely behind us,” said Santitarn Sathiratha, the head of emerging Asia economics for Credit Suisse.

Still, the picture is relatively robust for now. Trends in global trade remain strong, especially in Asia where exports are growing at the fastest pace since 2011. South Korean shipments abroad, a useful indicator of global demand, expanded almost 14 per cent in June from a year earlier, an eighth straight month of gains.

Many countries are forging ahead with trade deals. The Trans-Pacific Partnership, from which the US withdrew in January, could still be resurrected by the end of this year even without America’s involvement, the New Zealand prime minister Bill English said last month.

The European Union and Japan have overcome differences on farm and car exports to clear the way for a free-trade agreement between two partners that make up more than a quarter of the world’s economic output.

The degree of connectivity between global supply chains, companies and customers also makes it more unlikely political tensions will derail world growth.

“Our strong hunch is that international trade volumes will continue to expand,” said Mickey Levy, the chief US and Asia economist at Berenberg Capital Markets. “Any new barriers that are actually erected as a consequence of the populist thrusts toward nationalism will get a lot of attention but have only minor macro impacts.”

A new report by the World trade Organisation found that traderestrictions in the Group of 20 economies have risen only at a moderate rate, despite the fears of rising protectionism.

All of which gives grounds for optimism, said Chetan Ahya, a co-head of global economics and the chief Asia economist at Morgan Stanley.

“We are seeing a big pick up in trade numbers,” he said.

|* Bloomberg

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
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  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Company%C2%A0profile
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MATCH INFO

Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)

Delhi won the match by 11 runs

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs

Engine: 2.3-litre, turbo four-cylinder

Transmission: 10-speed auto

Power: 300hp

Torque: 420Nm

Price: Dh189,900

On sale: now

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

The British in India: Three Centuries of Ambition and Experience

by David Gilmour

Allen Lane

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

The Indoor Cricket World Cup

When: September 16-23

Where: Insportz, Dubai

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Haemoglobin disorders explained

Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.

Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.

The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.

The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.

A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.

The specs: Fenyr SuperSport

Price, base: Dh5.1 million

Engine: 3.8-litre twin-turbo flat-six

Transmission: Seven-speed automatic

Power: 800hp @ 7,100pm

Torque: 980Nm @ 4,000rpm

Fuel economy, combined: 13.5L / 100km

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Mercedes-AMG GT 63 S E Performance: the specs

Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor

Power: 843hp at N/A rpm

Torque: 1470Nm N/A rpm

Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

Price: From Dh875,000 (estimate)

ARGENTINA SQUAD

Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
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The biog

Name: Greg Heinricks

From: Alberta, western Canada

Record fish: 56kg sailfish

Member of: International Game Fish Association

Company: Arabian Divers and Sportfishing Charters

Second Test

In Dubai

Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)

Day 3: New Zealand trail by 197 runs with 8 wickets remaining

Honeymoonish
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