Traders work on the floor of the New York Stock Exchange at the end of the trading day in New York, New York, on Nov 6 2008.
Traders work on the floor of the New York Stock Exchange at the end of the trading day in New York, New York, on Nov 6 2008.

US jobless rate bolts to 14-year high



WASHINGTON // The US unemployment rate bolted to a 14-year high of 6.5 per cent in October as another 240,000 jobs were cut, the government said today. It was stark proof the economy is almost certainly in a recession. The worse-than-expected jobs report shook Wall Street's resolve to rebound from a two-day selloff. The new snapshot, released by the Labour Department, shows the crucial jobs market deteriorating at an alarmingly rapid pace. The jobless rate zoomed to 6.5 per cent in October from 6.1 per cent in September, matching the rate in March 1994.

Employers have cut jobs each month this year. Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 per cent in June 2003. Employers got rid of 240,000 jobs in October, marking the 10th straight month of payroll reductions. Job losses in August and September turned out to be much deeper. Employers cut 127,000 positions in August, compared with 73,000 previously reported. A whopping 284,000 jobs were axed last month, compared with the 159,000 jobs first reported. So far this year, a staggering 1.2 million jobs have disappeared. The employment market is much weaker than economists expected. They were forecasting the unemployment rate to climb to 6.3 percent in October and for payrolls to fall by around 200,000.

When people lose their jobs, they tend to pare back family budgets and fall behind on their debt - not a promising prospect for an economy suffering a simultaneous credit crisis and spending slowdown. While Barack Obama's election to the White House was preceded by a big rally, and then followed by a two-day loss of about 10 per cent in the major indexes, Dow Jones industrial futures slipped 7, or 0.08 per cent, to 8,693, after rising more than 100 in earlier trading.

Standard & Poor's 500 index futures added 4.50, or 0.50 percent, to 909.00, and Nasdaq 100 index futures rose 16.75, or 1.35 per cent, to 1,257.25. Yesterday was Wall Street's second straight day of massive losses - this time set off by Cisco Systems Inc.'s warning about waning demand and retailers posting dismal sales figures for October. Today, the dollar fell against most other major currencies, while gold prices rose. Light, sweet crude rose 23 cents to $61.61 a barrel in premarket trading on the New York Mercantile Exchange. The three-month Treasury bill's yield was at 0.33 per cent, up modestly from 0.30 per cent late yesterday.

A low yield suggests high demand for safe assets. Bank-to-bank lending rates fell again, though, suggesting that banks are more willing to lend to one another - a positive signal for the tight credit markets. The London interbank offered rate, or Libor, for three-month loans in dollars dropped for the 20th straight day by 0.10 per cent to 2.29 per cent, the lowest level since November 2004. In Asian trading, Japan's Nikkei index fell 3.55 per cent, and Hong Kong's Hang Seng Index rose 3.29 per cent. In afternoon trading in Europe, Britain's FTSE 100 rose 0.76 per cent, Germany's DAX index rose 0.01 per cent, and France's CAC-40 fell 0.12 per cent.

*AP

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

Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

Rating: ★★★★

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

Bullet Train

Director: David Leitch
Stars: Brad Pitt, Aaron Taylor-Johnson, Brian Tyree Henry, Sandra Bullock
Rating: 3/5

THE FLASH

Director: Andy Muschietti
Stars: Sasha Calle, Ben Affleck, Ezra Miller
Rating: 3/5

The bio:

Favourite film:

Declan: It was The Commitments but now it’s Bohemian Rhapsody.

Heidi: The Long Kiss Goodnight.

Favourite holiday destination:

Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.

Heidi: Australia but my dream destination would be to go to Cuba.

Favourite pastime:

Declan: I love brunching and socializing. Just basically having the craic.

Heidi: Paddleboarding and swimming.

Personal motto:

Declan: Take chances.

Heidi: Live, love, laugh and have no regrets.

 

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

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

As You Were

Liam Gallagher

(Warner Bros)

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

WWE Super ShowDown results

Seth Rollins beat Baron Corbin to retain his WWE Universal title

Finn Balor defeated Andrade to stay WWE Intercontinental Championship

Shane McMahon defeated Roman Reigns

Lars Sullivan won by disqualification against Lucha House Party

Randy Orton beats Triple H

Braun Strowman beats Bobby Lashley

Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship

Mansoor Al Shehail won the 50-man Battle Royal

The Undertaker beat Goldberg

 

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

The Roundup

Director: Lee Sang-yong
Stars: Ma Dong-seok, Sukku Son, Choi Gwi-hwa
Rating: 4/5

57 Seconds

Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5

Company Profile

Name: Raha
Started: 2022
Based: Kuwait/Saudi
Industry: Tech Logistics
Funding: $14 million
Investors: Soor Capital, eWTP Arabia Capital, Aujan Enterprises, Nox Management, Cedar Mundi Ventures
Number of employees: 166

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

Pakistanis at the ILT20

The new UAE league has been boosted this season by the arrival of five Pakistanis, who were not released to play last year.

Shaheen Afridi (Desert Vipers)
Set for at least four matches, having arrived from New Zealand where he captained Pakistan in a series loss.

Shadab Khan (Desert Vipers)
The leg-spin bowling allrounder missed the tour of New Zealand after injuring an ankle when stepping on a ball.

Azam Khan (Desert Vipers)
Powerhouse wicketkeeper played three games for Pakistan on tour in New Zealand. He was the first Pakistani recruited to the ILT20.

Mohammed Amir (Desert Vipers)
Has made himself unavailable for national duty, meaning he will be available for the entire ILT20 campaign.

Imad Wasim (Abu Dhabi Knight Riders)
The left-handed allrounder, 35, retired from international cricket in November and was subsequently recruited by the Knight Riders.

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

UAE currency: the story behind the money in your pockets

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