Almost at the 11th hour, the UK’s prime minister managed to achieve her first Brexit breakthrough. As the end of the year raced into sight, the EU finally confirmed that it will allow the UK to move on to trade talks. With the question of citizens’ rights, the divorce bill and the Irish border apparently settled, talks can now begin on what the UK’s future relationship with the EU will be.
However, that could not mask the fact that UK companies have been having a harder time than most international peers.
"The UK market provided reasonably solid returns in 2017, once dividends are taken into account. However, those returns paled compared to what was on offer in Asia, Europe, Japan or the US," Russ Mould, investment director at wealth manager AJ Bell, tells The National.
Immediately after the Brexit referendum in June last year sterling’s value plunged, which was great news for the biggest companies on the UK stock market as many make their money overseas.
That situation has corrected this year as the pound has rallied.
London’s biggest companies look likely to end the year up around 4 per cent, which is nowhere near as emphatic a performance as either on Wall Street – where the Dow has been up as much as 23 per cent or in the euro zone, where the DAX has seen recent highs of 15 per cent on the year to date and the French CAC40 is up around 11 per cent.
“I think the real challenge is the lack of buyers for British stocks that's led to some pretty huge falls in a number of blue chip companies," says Neil Wilson, a senior market analyst at ETX Capital. "There just aren't the foreign investors to buy so we are seeing more pronounced share price drops like those at BT, Dixons, Provident Financial, WPP and Centrica. Foreign investors maybe just don’t want the exposure to the UK market that in the past they would have. That's as much about domestic political risks as Brexit.”
Mrs May's progress also increases the risk of political brinkmanship as the new phase between the UK and the EU is thrashed out.
As the start of the talks was confirmed the UK’s main business groups, from the CBI which represents big companies to the Federation of Small Business, issued a joint statement calling for a transition period to be agreed as soon as possible. “Further delays to discussions on an EU-UK trade deal could have damaging consequences for business investment and trade, as firms in 2018 review their investment plans and strategies,” the business organisations say.
The scorecard for the economy at the end of 2017 is mixed. The UK is ending the year with strong growth in the manufacturing sector, near record levels of employment, record levels of foreign direct investment and a rallying oil price. GDP growth is likely to come in at 1.5 per cent, slightly down on 2016’s 1.8 per cent and considerably down on 2015 and 2014 figures of 2.1 per cent and 3.3 per cent, respectively.
Squeezed consumers are spending less, because real incomes have fallen, which is having an impact on the high street. Inflation is at a six-year high and growth forecasts have been cut for next year and the three years after that.
And 2017 will be remembered as the year when the Bank of England’s interest rate setters called time on the decade-long period of ultra low interest rates. In August Mark Carney, the bank’s governor, presided over an interest rate rise for the first time in 10 years.
In reality, the increase from 0.25 per cent to 0.5 per cent will barely have registered with either borrowers or savers, but the fact that interest rates are now expected to rise at least twice more over the next three years is significant. Optimists like to see it as a return to near-normal, after the long, lingering global financial crisis.
This year was also remarkable for the UK’s extraordinarily resilient labour market. However, between August and October, the number of people in work fell for the first time in a year, signalling the possible end of Britain’s five-year run of rapid employment growth.
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Read more:
UK launches post-Brexit industrial strategy
Facebook opens new London office as UK prepares for Brexit
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The oil price was also increasing steadily from mid-summer, much to the pleasure of the UK’s oil majors BP and Royal Dutch Shell. With Brent crude now around $64 a barrel, and many commentators suggesting it will break through $68, the industry seems to be finally shaking off the deep rut it tumbled into three years ago when global oversupply caused prices to plunge.
UK house prices, however, have not seen the precipitous rises of recent years, with central London valuees actually falling as overseas buyers put purchases on hold.
Across the UK corporate scene there have been few deals, although two huge ones were pulled off as Christmas approached. Hammerson and Intu announced that they would merge in a £7.3 billion (Dh35.71bn) deal that brings the UK’s biggest shopping centres under combined ownership.
The US$52bn agreed merger between Disney and 21st Century Fox, the media giant owned by Rupert Murdoch, appears to resolve the uncertain future for Sky, the European pay TV company popular in the UK that was 39 per cent owned by Mr Murdoch.
Other big business stories this year included the late-summer collapse of Monarch, a charter airline and one of the oldest brands in the UK travel sector. Its planes were grounded in October and the taxpayer-funded Civil Aviation Authority had to step in to bring all its customers home at a cost of more than £60 million. It was the third European airline (after Alitalia and Air Berlin) to go bust this year.
Another airline, Ireland's Ryanair, infuriated customers in the autumn by cancelling flights and services when it was unable to roster enough pilots to keep on flying. With more than 700,000 passengers left stranded, Ryanair’s reputation has been damaged although profits are apparently unaffected.
Uber was another company hitting the headlines for all the wrong reasons. In the US, a young female engineer called Susan Fowler exposed the culture of harassment rife at the ride-hailing company. Meanwhile, in London, the ride-sharing app was told that its operating licence was not being renewed because of its failure to keep its passengers safe. Uber is appealing the decision in a case that will be closely watched around the world.
Car sales have also slowed in the UK in the past year, not helped by government announcements on diesel cars and a long-term plan to ban sales of cars that are not at least partly electric by 2030, which has left drivers confused and cautious.
In all 2017 was not a year to toast for most business leaders. That the UK got to the end of it without a major calamity is probably something they will at least be feeling relieved about.
Ukraine%20exports
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Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElggo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20August%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Luma%20Makari%20and%20Mirna%20Mneimneh%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Education%20technology%20%2F%20health%20technology%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%20Four%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
More from Rashmee Roshan Lall
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000 social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Bio
Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind.
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
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Killing of Qassem Suleimani
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
RACE CARD
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Manchester City (0) v Liverpool (3)
Uefa Champions League, quarter-final, second leg
Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD
Bib%20Gourmand%20restaurants
%3Cp%3EAl%20Khayma%0D%3Cbr%3EBait%20Maryam%0D%3Cbr%3EBrasserie%20Boulud%0D%3Cbr%3EFi'lia%0D%3Cbr%3Efolly%0D%3Cbr%3EGoldfish%0D%3Cbr%3EIbn%20AlBahr%0D%3Cbr%3EIndya%20by%20Vineet%0D%3Cbr%3EKinoya%0D%3Cbr%3ENinive%0D%3Cbr%3EOrfali%20Bros%0D%3Cbr%3EReif%20Japanese%20Kushiyaki%0D%3Cbr%3EShabestan%0D%3Cbr%3ETeible%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%206.5-litre%20V12%20and%20three%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E1%2C015hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C500Nm%20(estimate)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Eight-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Early%202024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh2%20million%20(estimate)%3C%2Fp%3E%0A
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
Sholto Byrnes on Myanmar politics
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.