CERAWeek, the annual gathering of global energy industry players, started in Houston this week at an interesting juncture where the US is the world's largest producer of crude and is now a net exporter.
US crude production hit 12 million barrels per day in mid-February, exceeding the forecast by the US Energy Information Administration that the figure would be crossed by the second quarter of the year.
The US is riding high on the oil wave, becoming a net exporter for the first time in 75 years, on the back of rising production from its shale basins. Exports are going to Europe and China.
CERAWeek, which is organised by IHS Markit, has played host to discussions between the North American independent energy producers as well as Opec, the organisation currently undertaking supply adjustments in the market.
Saudi Arabia will have only a muted presence at the largest gathering of energy professionals in North America as Saudi Aramco is holding its annual board meeting this week. But Saudi Arabia's caution stems also from the increasing shift in the global energy dynamics to the US as well as the legislation being pushed forward by Congress targeting Opec, which accuses the group of manipulating the market.
CERAWeek began with a geopolitical dialogue that weighs in on hot spots around the world and what impact they are likely to have on the markets. The UAE, an investor in the North American shale gas boom, had representation from Mubadala Petroleum and Petrochemicals, which last year concluded a deal for a refinery and chemicals complex in Texas in a joint venture with France's Total.
UAE Energy Minister Suhail Al Mazrouei, who held the presidency of Opec last year, overseeing quick changes in the alliance's policy, will also headline a panel on day two.
While the dialogue will largely be dominated by the North American players, developments in the Middle East are not far off the agenda.
Day three will play host to energy ministers from Egypt, Cyprus and Israel who will discuss the latest in the race to explore for oil and gas in the Eastern Mediterranean.
The region has become an epicentre for new finds and exploration activity since the 2015 discovery of the massive Zohr gas resource in the Egyptian sector of the Mediterranean Sea by Italian energy major Eni.
US majors such as Exxon are increasingly viewing Egypt as a lucrative new area for exploration. Exxon won its first licence to explore for hydrocarbons in Egypt last month, as the North African state awarded 12 concessions in its largest bid round yet.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Match info
Huddersfield Town 0
Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')
Killing of Qassem Suleimani
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
CONFIRMED%20LINE-UP
%3Cp%3EElena%20Rybakina%20(Kazakhstan)%3Cbr%3EOns%20Jabeur%20(Tunisia)%3Cbr%3EMaria%20Sakkari%20(Greece)%3Cbr%3EBarbora%20Krej%C4%8D%C3%ADkov%C3%A1%20(Czech%20Republic)%3Cbr%3EBeatriz%20Haddad%20Maia%20(Brazil)%3Cbr%3EJe%C4%BCena%20Ostapenko%20(Latvia)%3Cbr%3ELiudmila%20Samsonova%3Cbr%3EDaria%20Kasatkina%3Cbr%3EVeronika%20Kudermetova%3Cbr%3ECaroline%20Garcia%20(France)%3Cbr%3EMagda%20Linette%20(Poland)%3Cbr%3ESorana%20C%C3%AErstea%20(Romania)%3Cbr%3EAnastasia%20Potapova%3Cbr%3EAnhelina%20Kalinina%20(Ukraine)%3Cbr%3EJasmine%20Paolini%20(Italy)%3Cbr%3EEmma%20Navarro%20(USA)%3Cbr%3ELesia%20Tsurenko%20(Ukraine)%3Cbr%3EEmma%20Raducanu%20(Great%20Britain)%20%E2%80%93%20wildcard%3C%2Fp%3E%0A
Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
More from Neighbourhood Watch:
Brief scores:
Toss: Kerala Knights, opted to fielf
Pakhtoons 109-5 (10 ov)
Fletcher 32; Lamichhane 3-17
Kerala Knights 110-2 (7.5 ov)
Morgan 46 not out, Stirling 40
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
Brief scores:
Kashima Antlers 0
River Plate 4
Zuculini 24', Martinez 73', 90 2', Borre 89' (pen)
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports