The British pound hit its strongest level this year as voting took place in the United Kingdom’s referendum on its European Union membership.
Currency traders speculating that the UK would vote to remain in the EU pushed the pound to almost 1.49 against the US dollar (Dh5.47) late afternoon UAE time, which is marginally above where it started the year.
The pound’s value has swung back and forth this year as traders feared turmoil would ensue if Britons voted to leave the EU.
The pound slumped to a two-year low of $1.40 in mid-March. It had rallied by the time the campaign began on April 15, but fell back to $1.41 earlier this month as the Leave campaign took a marginal lead in the polls.
Simon Smith, the chief economist at London-based broker FX Pro, said that volatility in currency markets was to be expected because “there is a binary outcome from this vote”.
A recent analyst’s report from Citi had also predicted that there would be a surge of support for Remain during the final days of the campaign as polls began to show a lead for the Leave campaign in early June.
“Voter flirtation with political alternatives in the run-up to a referendum with a late swing to the status quo is a feature of this stage of the pre-referendum curve,” it said. “It is, in essence, a low-cost opportunity for voters to register their discontent with the status quo and with elites.”
Citi argued that voter turnout could have a crucial effect on the result, with a lower turnout likely to favour those wishing to leave the EU. Although higher numbers overall expressed a desire to remain, the percentage of voters who described themselves as certain to vote was higher among the Leave bloc.
Mr Smith said the trading levels for the pound were likely to differ dramatically depending on the outcome: “On remaining in, I could easily see sterling moving up $1.51-$1.52. On a Brexit, then my feeling is more towards the $1.30 level.”
The UK pound has not traded at $1.30 since the mid-1980s.
John Harvey, the head of FX strategy at Saxo Bank, said it was “impossible to tell” what would happen if Britain voted to leave the EU, but he expected markets to adjust fairly quickly.
“The longer-run issues for sterling remain regardless, notably the world’s worst structural deficit for a developed country at more than 5 per cent of GDP, so even a relief rally in sterling in the event of a remain could prove short-lived,” he said.
mfahy@thenational.ae
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Zayed Sustainability Prize
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Star Wars: Episode I – The Phantom Menace
Developer: Big Ape Productions
Publisher: LucasArts
Consoles: PC, PlayStation
Rating: 2/5
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
Which products are to be taxed?
To be taxed:
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules
Afghanistan Premier League - at a glance
Venue: Sharjah Cricket Stadium
Fixtures:
Tue, Oct 16, 8pm: Kandahar Knights v Kabul Zwanan; Wed, Oct 17, 4pm: Balkh Legends v Nangarhar Leopards; 8pm: Kandahar Knights v Paktia Panthers; Thu, Oct 18, 4pm: Balkh Legends v Kandahar Knights; 8pm: Kabul Zwanan v Paktia Panthers; Fri, Oct 19, 8pm: First semi-final; Sat, Oct 20, 8pm: Second semi-final; Sun, Oct 21, 8pm: final
Table:
1. Balkh Legends 6 5 1 10
2. Paktia Panthers 6 4 2 8
3. Kabul Zwanan 6 3 3 6
4. Nagarhar Leopards 7 2 5 4
5. Kandahar Knights 5 1 4 2
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Francesco Totti's bio
Born September 27, 1976
Position Attacking midifelder
Clubs played for (1) - Roma
Total seasons 24
First season 1992/93
Last season 2016/17
Appearances 786
Goals 307
Titles (5) - Serie A 1; Italian Cup 2; Italian Supercup 2
The Boy and the Heron
Director: Hayao Miyazaki
Starring: Soma Santoki, Masaki Suda, Ko Shibasaki
Rating: 5/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
AUSTRALIA SQUAD
Steve Smith (capt), David Warner, Cameron Bancroft, Jackson Bird, Pat Cummins, Peter Handscomb, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Shaun Marsh, Tim Paine, Chadd Sayers, Mitchell Starc.
Spider-Man: No Way Home
Director: Jon Watts
Stars: Tom Holland, Zendaya, Jacob Batalon
Rating:*****
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates