Business confidence hits new low


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  • Arabic

Business sentiment among Dubai traders is at its lowest in five years, prompted by concerns about instability in financial markets, project cancellations and the restructuring of Dubai World. The findings are in a survey conducted by the Dubai Chamber of Commerce and Industry (DCCI) in the three months ending in January. Its sentiment index fell to 5.7 from 5.9 a year earlier.

Although overall confidence dropped, more than a third of the companies surveyed believed sales would improve this year. Volatility in international financial markets and the delay or cancellation of projects were cited by respondents as the two main reasons for their negative outlook. Dubai World's efforts to restructure US$26 billion (Dh95.49bn) of debt and the restrictive policies of banks for providing credit were also given as factors.

The survey results reflected the changing economic conditions that Dubai traders would have to adapt to in the post-financial crisis era, said Hamad Buamim, the director general of the DCCI. "We are changing from a supply-driven economy to a demand-driven economy," said Mr Buamim. "The issue of controlling costs is more important." More than half of the firms surveyed believed it would take more than a year for the liquidity crunch to ease. A total of 45 per cent said the financial crisis would end within a year, with just 4 per cent believing it would be over by the end of the first quarter.

Smaller companies with less than 10 employees were more pessimistic than larger companies. Lower profits and lower sales were cited by companies as the biggest impact of the financial crisis. Generally, companies operating within the consumer goods and general trade industries displayed more optimism than those in other sectors. Across product lines, household goods were seen as showing the least signs of a recovery in demand. Most demand was expected to be seen for general trade items.

About 59 per cent of the companies surveyed believed that obtaining credit would be harder this year, compared with last year. Securing letters of credit from buyers and working capital lines of credit were highlighted as the most pressing financial needs of companies. Reducing visa fees, introducing easier rental payment schemes and providing comprehensive financial support were among suggestions on how the Government could make business easier for traders.

TechniLine Electronics, an importer and distributor of sound systems, has seen its turnover drop 15 per cent since the financial crisis emerged. "We are cautious," said Bhagwan Shivlani, the managing director of the company based in Deira. "We've put on hold growth plans until the economy settles down. We've found while our business is down our business expenses, including rental charges, are up."

The DCCI survey was conducted between November and January and covered a sample of 1,400 members operating in the trading sector. The results of the survey were released on the same day as another report that showed confidence among investors in the GCC declined last month. The investment bank Shuaa Capital said its GCC investor confidence index fell 8.9 points last month, the second consecutive monthly fall, as a lack of clarity on Dubai World's debt restructuring weighed on investor sentiment.

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WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House

The biog

Name: Sarah Al Senaani

Age: 35

Martial status: Married with three children - aged 8, 6 and 2

Education: Masters of arts in cultural communication and tourism

Favourite movie: Captain Corelli’s Mandolin

Favourite hobbies: Art and horseback ridding

Occupation: Communication specialist at a government agency and the owner of Atelier

Favourite cuisine: Definitely Emirati - harees is my favourite dish

Getting%20there
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Always use only regulated platforms

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Courtesy: Crystal Intelligence

Scorebox

Dubai Sports City Eagles 7 Bahrain 88

Eagles

Try: Penalty

Bahrain

Tries: Gibson 2, Morete 2, Bishop 2, Bell 2, Behan, Fameitau, Sanson, Roberts, Bennett, Radley

Cons: Radley 4, Whittingham 5

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

A general guide to how active you are:

Less than 5,000 steps - sedentary

5,000 - 9,999 steps - lightly active

10,000  - 12,500 steps - active

12,500 - highly active

'The Last Days of Ptolemy Grey'

Rating: 3/5

Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro

Writers: Walter Mosley

Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins

If you go

 

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as  Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
WITHIN%20SAND
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4.30pm: Maiden Dh80,000 1,400m
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'Nightmare Alley'

Director:Guillermo del Toro

Stars:Bradley Cooper, Cate Blanchett, Rooney Mara

Rating: 3/5

Bundesliga fixtures

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 

RB Leipzig v Freiburg (4.30pm) 

Hoffenheim v Hertha Berlin (4.30pm) 

Fortuna Dusseldorf v Paderborn  (4.30pm) 

Augsburg v Wolfsburg (4.30pm) 

Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),

Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

Other IPL batting records

Most sixes: 292 – Chris Gayle

Most fours: 491 – Gautam Gambhir

Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Highest strike-rate: 177.29 – Andre Russell

Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)

Highest average: 52.16 – Vijay Shankar

Most centuries: 6 – Chris Gayle

Most fifties: 36 – Gautam Gambhir

Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)

 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

UAE cricketers abroad

Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.

Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.

Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

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Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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8.55pm Downtown Dubai Cup – Rated Conditions (TB) $80,000 (D) 1,400m

9.30pm Zabeel Mile – Group 2 (TB) $180,000 (T) 1,600m

10.05pm Dubai Sprint – Listed (TB) $100,000 (T) 1,200m