Here’s what you need to know in UAE business and globally on this Monday morning:
• US Federal Reserve meets
Fed policymakers meet on March 15-16, and are expected to hold interest rates steady as global markets seek some semblance of calm after a volatile start to the year. The S&P 500 dropped almost 10 per cent from January through mid-February on fears over China’s rebalancing, a global growth slowdown and low oil prices. Concerns, however, are fading.
• Retailers feel the pinch
Emaar Malls has increased rents for retailers already tackling a slowdown in economic activity in Dubai. The company raised base rents at its properties, which include "trophy asset" The Dubai Mall, by 25 per cent for renewals in 2015, it said. Read the full story here.
• New iPhone imminent?
Apple has announced a launch event for March 21 when it is widely expected to unveil a new iPhone. It won’t be a follow up to the iPhone 6S, however. Instead, a smaller, cheaper version, more like the iPhone 4 and 5, is expected to be showcased.
• Oil steadies at $40
Brent crude swung between gains and losses near $40 a barrel this morning as a dwindling rig count in the US countered Iran's plans to expand production. Iran plans to boost output to 4 million barrels a day before it will consider joining other suppliers in seeking to rebalance the market, oil minister Bijan Namdar Zanganeh said yesterday.
• Optimism in the UAE
A Bayt and YouGov survey found that 51 per cent of respondents expect improvements to their personal finances within the next six months, despite negative economic projections. Read the full story here.
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