FILE - In this Thursday, April 27, 2017, file photo, Mario Draghi, president of the European Central Bank, speaks during a news conference in Frankfurt, Germany. Federal Reserve Chair Janet Yellen and Draghi give high-profile speeches from the annual meeting of central bankers in Jackson Hole, Wyo., Friday, Aug. 25, 2017. (AP Photo/Michael Probst, File)
Mario Draghi, president of the European Central Bank, had for months put off any official discussion over the path of quantitative easing beyond 2017. Michael Probst / AP

Euro to stay buoyant on ECB taper talk



It has been all about the euro this month, with the Dubai Gold & Commodities Exchange (DGCX) EUR/USD contract soaring to multi-year highs this past week.

The September contract peaked just below 1.21, the highest level since December 2014, following a combination of hawkish European Central Bank policy and sustained US dollar weakness.

Over the course of the past few months, markets have been lapping up comments from the ECB president Mario Draghi on the timing of an ECB easing taper and this past Thursday’s rate decision perhaps solidified future ECB action and served euro longs a nice treat.

As largely expected, the central bank kept rates unchanged. However, it hugely hinted at the start of a balance sheet drawdown, this autumn "deciding on the calibration of their policy instruments beyond the end of the year" and adding that "a bulk of the decisions" will be taken at their meeting in October, rather than December.

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Following the announcement, the euro accelerated to multi-year highs against the US dollar. The euro has been the best performing major over the course of 2017, up more than 12 per cent on the year and the gains are set to continue through the weeks ahead.

Euro longs will be going to the candy store as Mr Draghi’s comments pave the way for further upsides in the currency in the weeks ahead. Fundamentally, speculative buying will continue following last week’s comments and continued dollar weakness expected. With EUR/USD in now multi-year high territory, we identify initial resistance at the 100-month moving average at 1.2165 followed by 1.2375 in extension.

The Dollar Index, a measure of the value of the US dollar against a basket of major currencies, has now slipped to 32 month lows at 91.56 and has taken out several key technical support levels in the process. A closing below the April 2016 low at 91.88 exposes further downsides in the US Dollar.

This Thursday sees the US inflation reading release which is expected to show price growth at 1.8 per cent year on year, with inflation less food and energy coming in at 1.6 per cent. We do not expect to see much divergence in this number and, barring any surprises, the next major data point for the US sollar will be the US interest rate decision due out late September 20.

Again, there are no changes expected in US interest rates, instead focus will be on the Fed Chair Janet Yellen’s comments to the media. Judging by the recent uneven US data docket, it seems unlikely Ms Yellen will commit to any solid policy action at September’s meeting and, instead, attention will again turn to December’s meeting.

Crude oil continues to range between $45 to $50 a barrel and will find similar price action in the weeks ahead. Curiously, we have noticed crude prices forming a direct correlation to US weekly Energy Information Administration crude inventory reports. Since the beginning of August, there has been a combined 19.535 million barrel drawdown in US crude inventories yet crude prices have fallen more than 3.7 per cent over the same period. Typically, such a supply and demand picture would be largely supportive of crude prices but the DGCX crude contract seems to run out of steam in the lead up to 50. Technically, strong support comes in at 47 with upsides capped at 50.20 in the weeks ahead.

And finally, we expect volatility in the British pound crosses to pick up this week. At the time of writing, UK inflation data year-on-year is expected at 2.8 per cent versus a previous reading of 2.6 per cent. This will precede the Bank of England interest rate decision due out on Thursday. We have seen a clear shift in the voting patterns over the past two meetings and we expect the split to remain at 7:2 in favour of holding. The GBP/USD has gone through a mini renaissance over the past two weeks but we expect more upside moves to be exhausted with resistance coming in at 1.327 levels in the weeks ahead.

Amid all the rate decisions in the next two weeks, coupled with sustained dollar weakness, markets are facing heightened levels of uncertainty. Therefore, perhaps it is best to focus on Mr Draghi’s recent sweet serving and instead focus on the sweetest option - the euro - in September.

Gaurav Kashyap is a market strategist at EGM Futures

GRAN TURISMO

Director: Neill Blomkamp

Stars: David Harbour, Orlando Bloom, Archie Madekwe, Darren Barnet

Rating: 3/5

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

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)

India squads

Test squad against Afghanistan: Rahane (c), Dhawan, Vijay, Rahul, Pujara, Karun, Saha, Ashwin, Jadeja, Kuldeep, Umesh, Shami, Pandya, Ishant, Thakur.

T20 squad against Ireland and England: Kohli (c), Dhawan, Rohit, Rahul, Raina, Pandey, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh.

ODI squad against England: Kohli (c), Dhawan, Rohit, Rahul, Shreyas, Rayudu, Dhoni, Karthik, Chahal, Kuldeep, Sundar, Bhuvneshwar, Bumrah, Pandya, Kaul, Umesh

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

match info

Southampton 2 (Ings 32' & pen 89') Tottenham Hotspur 5 (Son 45', 47', 64', & 73', Kane 82')

Man of the match Son Heung-min (Tottenham)

The years Ramadan fell in May

1987

1954

1921

1888

The years Ramadan fell in May

1987

1954

1921

1888

The specs

Engine: 4-litre twin-turbo V8

Transmission: eight-speed PDK

Power: 630bhp

Torque: 820Nm

Price: Dh683,200

On sale: now

The biog

Job: Fitness entrepreneur, body-builder and trainer

Favourite superhero: Batman

Favourite quote: We must become the change we want to see, by Mahatma Gandhi.

Favourite car: Lamborghini

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

MATCH INFO

Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')

Leeds United 0 

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

Bombshell

Director: Jay Roach

Stars: Nicole Kidman, Charlize Theron, Margot Robbie 

Four out of five stars 

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

How I connect with my kids when working or travelling

Little notes: My girls often find a letter from me, with a joke, task or some instructions for the afternoon, and saying what I’m excited for when I get home.
Phone call check-in: My kids know that at 3.30pm I’ll be free for a quick chat.
Highs and lows: Instead of a “how was your day?”, at dinner or at bathtime we share three highlights; one thing that didn’t go so well; and something we’re looking forward to.
I start, you next: In the morning, I often start a little Lego project or drawing, and ask them to work on it while I’m gone, then we’ll finish it together.
Bedtime connection: Wake up and sleep time are important moments. A snuggle, some proud words, listening, a story. I can’t be there every night, but I can start the day with them.
Undivided attention: Putting the phone away when I get home often means sitting in the car to send a last email, but leaving it out of sight between home time and bedtime means you can connect properly.
Demystify, don’t demonise your job: Help them understand what you do, where and why. Show them your workplace if you can, then it’s not so abstract when you’re away - they’ll picture you there. Invite them into your “other” world so they know more about the different roles you have.

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

What is Diwali?

The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.

According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.

In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.  

 

Charlotte Gainsbourg

Rest

(Because Music)

What to watch out for:

Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways

The hulls of three ships will be used for the roof

The hulls will painted to make the largest Italian tricolour in the country’s history

Several pillars more than 20 metres high will support the structure

Roughly 15 tonnes of steel will be used

BABYLON

Director: Damien Chazelle

Stars: Brad Pitt, Margot Robbie, Jean Smart

Rating: 4/5

WHAT ARE THE PRODUCTS WITHIN THE THREE MAJOR CATEGORIES?

Advanced materials: specifically engineered to exhibit novel or enhanced properties, that confer superior performance relative to conventional materials

Advanced components: includes semiconductor components, such as microprocessors and other computer chips, and computer vision components such as lenses and image sensors

Advanced products: includes personal electronics, smart home devices and space technologies, along with industry-enabling products such as robots, 3D printing equipment and exoskeletons

Source: Strategy&

The specs: 2018 Kia Picanto

Price: From Dh39,500

Engine: 1.2L inline four-cylinder

Transmission: Four-speed auto

Power: 86hp @ 6,000rpm

Torque: 122Nm @ 4,000rpm

Fuel economy, combined: 6.0L / 100km

EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Women & Power: A Manifesto

Mary Beard

Profile Books and London Review of Books 

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Results

5pm: Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Aahid Al Khalediah II, Pat Cosgrave (jockey), Helal Al Alawi (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 2,200m; Winner: Whistle, Harry Bentley, Abdallah Al Hammadi

6pm: Wathba Stallions Cup - Maiden (PA) Dh70,000 (T) 1,600m; Winner: Alsaied, Szczepan Mazur, Ibrahim Al Hadhrami

6.30pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Mumayaza, Antonio Fresu, Eric Lemartinel

7pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi

7.30pm: President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Richard Mullen, Jean de Roualle

8pm: President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Medahim, Richard Mullen, Satish Seemar

UAE currency: the story behind the money in your pockets
Recycle Reuse Repurpose

New central waste facility on site at expo Dubai South area to  handle estimated 173 tonne of waste generated daily by millions of visitors

Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site

Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area

Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent  organic waste  and 13 per cent  general waste.

About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor

Recycling at Ras Al Khor unit:

Plastic items to be converted to plastic bags and recycled

Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays

Glass waste into bowls, lights, candle holders, serving trays and coasters

Aim is for 85 per cent of waste from the site to be diverted from landfill 

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.


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