Steadying British pound lifts bourses


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The pound steadied and European markets traded higher on Wednesday on speculation that policymakers globally are prepared to hold and cut interest rates to contain the fallout from the Brexit vote.

Sterling shrugged off early declines to rise 0.6 per cent against both the dollar and the euro, despite predictions that the currency has further to fall in the coming weeks.

The Euro Stoxx 50 was up 2.3 per cent in mid-afternoon trading, while the FTSE 100 traded around 1.8 per cent higher. In the US, the S&P 500 opened 1 per cent higher.

“We had a bumpy week and we’re bouncing back,” said Patrick Spencer, the equities vice chairman at Robert W Baird & Co in London.

“Not raising rates any time soon should take some of the pressure off the US dollar and the domestic economy remains reasonable, which should support earnings improvement and market fears.”

Brent crude futures rose to their highest level since the Brexit vote, trading as high as US$48.80 a barrel during the late afternoon.

“Attention is now being focused more on the fundamental data again, which points to a tighter oil supply,” wrote Commerzbank yesterday.

Shares in Dubai proved to be the exception however, closing down 0.3 per cent at 3,271.38. Shares in the capital rose 0.2 per cent at 4,417.03, led by NBAD, ADCB and Etisalat.

The Dubai, Kuwait and Oman markets are set to close from Tuesday for the Eid Al-Fitr holiday and will reopen on July 10. Saudi Arabia’s bourse will be closed throughout next week and reopen on July 10, while the Egyptian Exchange will close today as a commemoration of the revolution, reopening on Sunday.

jeverington@thenational.ae

* with agencies

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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
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Parnell 59 not out; Tambe 5-15

Sindhis 104-1 (7.4 ov)

Watson 50 not out, Devcich 49

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A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

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ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

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Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


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Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.

Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.

UAE currency: the story behind the money in your pockets
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Name: Hassan Mohsen Elhais

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

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

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Favorite place to travel: Lebanon

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Director: Jesse Armstrong

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MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

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The UAE FTA requires following to be kept:

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Name: Thndr
Started: 2019
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