Oil prices slid back below US$100 a barrel yesterday as fears of a US recession trumped expectations that the country's lawmakers would pass a revised bank bailout plan. "I am pessimistic," Tetsu Emori, the commodity markets fund manager at ASTMAZ Futures Company in Tokyo, told Associated Press. "I think the US is already in a recession."
Based on downwards revisions to US government data on petrol consumption in July, and a continued slide in figures for traffic in the world's biggest oil-consuming nation, slowing US oil demand was "not going to be overridden by policymakers voting to buy the (banks') toxic assets", said Oliver Jakob of the Swiss firm, Petromax. "We have to go back 10 years to find a level of demand so low for a month of July," he added.
Crude oil for November delivery slid to $98.06 a barrel in morning trading on the New York Mercantile Exchange yesterday, in an abrupt retreat from an earlier intraday high of $102.84 a barrel. In the third quarter, oil futures declined 28 per cent in their steepest quarterly drop since the First Gulf War in 1991. On Sept 29, as the Standard & Poor's index of 500 stocks tumbled the most since the 1987 stock market crash, oil slumped $10.52 or 9.8 per cent to $96.37 in its biggest one-day decline since Nov 15, 2001.
A week earlier, oil prices had jumped a record 16 per cent in a single day. @Email:tcarlisle@thenational.ae
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
World Mental Health Day
The Killer
Director: David Fincher
Stars: Michael Fassbender, Tilda Swinton, Charles Parnell
Rating: 4/5
The 100 Best Novels in Translation
Boyd Tonkin, Galileo Press
Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
Specs: 2024 McLaren Artura Spider
Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
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
More from Neighbourhood Watch
The view from The National
Squads
India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.
Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.
RACE CARD
5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah
Plastic tipping point
Roll of Honour, men’s domestic rugby season
West Asia Premiership
Champions: Dubai Tigers
Runners up: Bahrain
UAE Premiership
Champions: Jebel Ali Dragons
Runners up: Dubai Hurricanes
UAE Division 1
Champions: Dubai Sharks
Runners up: Abu Dhabi Harlequins II
UAE Division 2
Champions: Dubai Tigers III
Runners up: Dubai Sharks II
Dubai Sevens
Champions: Dubai Tigers
Runners up: Dubai Hurricanes
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Not Dark Yet
Shelby Lynne and Allison Moorer
Four stars
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
HWJN
Director: Yasir Alyasiri
Starring: Baraa Alem, Nour Alkhadra, Alanoud Saud
Rating: 3/5
Turning waste into fuel
Average amount of biofuel produced at DIC factory every month: Approximately 106,000 litres
Amount of biofuel produced from 1 litre of used cooking oil: 920ml (92%)
Time required for one full cycle of production from used cooking oil to biofuel: One day
Energy requirements for one cycle of production from 1,000 litres of used cooking oil:
▪ Electricity - 1.1904 units
▪ Water- 31 litres
▪ Diesel – 26.275 litres
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)
The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
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
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Command Z
Director: Steven Soderbergh
Stars: Michael Cera, Liev Schreiber, Chloe Radcliffe
Rating: 3/5
Results
2.30pm: Park Avenue – Conditions (PA) Dh80,000 (Dirt) 2,000m; Winner: Rb Seqondtonone, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
3.05pm: Al Furjan – Maiden (TB) Dh82,500 (Turf) 1,200m; Winner: Bosphorus, Dane O’Neill, Bhupat Seemar
3.40pm: Mina – Rated Condition (TB) Dh105,000 (D) 1,600m; Winner: Royal Mews, Tadhg O’Shea, Bhupat Seemar
4.15pm: Aliyah – Handicap (TB) Dh87,500 (T) 1,900m; Winner: Ursa Minor, Ray Dawson, Ahmad bin Harmash
4.50pm: Riviera Beach – Rated Conditions (TB) Dh95,000 (D) 2,200m; Winner: Woodditton, Saif Al Balushi, Ahmad bin Harmash
5.25pm: Riviera – Handicap (TB) Dh2,000 (T) 2,000m; Winner: Al Madhar, Antonio Fresu, Musabah Al Muhairi
6pm: Creek Views – Handicap (TB) Dh95,000 (T) 1,400m; Winner: Al Salt, Dane O’Neill, Erwan Charpy
LOS ANGELES GALAXY 2 MANCHESTER UNITED 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
SPEC SHEET: SAMSUNG GALAXY Z FLIP 4
Display: Main – 6.7" FHD Dynamic Amoled 2X, 2640 x 1080, 22:9, 425ppi, HDR10+, up to 120Hz; cover – 1.9" Super Amoled, 512 x 260, 302ppi
Processor: Qualcomm Snapdragon 8+ Gen 1, 4nm, octa-core; Adreno 730 GPU
Memory: 8GB
Capacity: 128/256/512GB
Platform: Android 12, One UI 4.1.1
Main camera: Dual 12MP ultra-wide (f/2.2) + 12MP wide (f/1.8), OIS, portrait, super slo-mo, hyperlapse
Video: 4K@30/60fps, full-HD@30/60fps, HD@30fps; slo-mo@240/960fps; HDR10+
Front camera: 10MP (f/2.4)
Battery: 3700mAh, 25W fast charging, 15W wireless charging, reverse wireless charging, 'all-day' life
Connectivity: 5G; Wi-Fi, Bluetooth 5.2, NFC (Samsung Pay)
I/O: USB-C
Cards: Nano-SIM + eSIM; no microSD slot
Colours: Bora purple, graphite, pink gold, blue; Bespoke Edition in select countries
In the box: Flip 4, USB-C-to-USB-C cable
Price: Dh3,799 / Dh3,999 / Dh4,449
The specs: Taycan Turbo GT
Engine: Dual synchronous electric motors
Power: 1,108hp
Torque: 1,340Nm
Transmission: Single-speed automatic (front axle); two-speed transmission (rear axle)
Touring range: 488-560km
Price: From Dh928,400
On sale: Orders open
While you're here
Hussein Ibish: Could it be game over for Donald Trump?
Joyce Karam: Trump's campaign thrown off balance
Trump tests positive: everything we know so far
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
TWISTERS
Director: Lee Isaac Chung
Starring: Glenn Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
While you're here
The National Editorial: The fragile future of jobs in the Middle East
Daniel Bardsley: Covid-19 effect on jobs – the occupations most at risk
Alice Haine: Sunak urged to rescue ailing car industry as production slumps
While you're here
Hend Al Otaiba: A year ago, Covid-19 forced us apart – now, vaccines can bring us back together
National Editorial: Iata travel pass – 'digital passports' will get the world moving again
Lucy Sherriff: Covid vaccine passports: safeguard or ethical nightmare?
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
SPEC SHEET: APPLE M3 MACBOOK AIR (13")
Processor: Apple M3, 8-core CPU, up to 10-core CPU, 16-core Neural Engine
Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour
Memory: 8/16/24GB
Storage: 256/512GB / 1/2TB
I/O: Thunderbolt 3/USB-4 (2), 3.5mm audio, Touch ID
Connectivity: Wi-Fi 6E, Bluetooth 5.3
Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging
Camera: 1080p FaceTime HD
Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10
Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)
Colours: Midnight, silver, space grey, starlight
In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers
Price: From Dh4,599
While you're here
COMPANY PROFILE
Company name: Clinicy
Started: 2017
Founders: Prince Mohammed Bin Abdulrahman, Abdullah bin Sulaiman Alobaid and Saud bin Sulaiman Alobaid
Based: Riyadh
Number of staff: 25
Sector: HealthTech
Total funding raised: More than $10 million
Investors: Middle East Venture Partners, Gate Capital, Kafou Group and Fadeed Investment
Company profile
Company name: Leap
Started: March 2021
Founders: Ziad Toqan and Jamil Khammu
Based: Dubai
Sector: FinTech
Investment stage: Pre-seed
Funds raised: Undisclosed
Current number of staff: Seven
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
More on Quran memorisation:
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
While you're here
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight