Basra to host Gulf Cup next year

Basra will be the venue for next year's Gulf Cup, its 25th edition.

The eight nation football tournament includes the UAE, Kuwait, Saudi Arabia, Yemen, Bahrain, Qatar and Oman, as well as the hosts Iraq.

The decision was made at an extraordinary meeting of the Arab Gulf Cup Football Federation, held online on Monday. The heads of the football associations of the GCC countries, Iraq and Yemen unanimously agreed to hold the Gulf Cup in Basra, Wam reported.

Last week, a federation committee discussed the report provided by the inspection team that visited Basra and was to submit its findings to the executive committee at Monday's meeting.

The last edition, hosted by Qatar in 2019, was won by Bahrain.

Iraq last hosted the Gulf Cup in 1979, when they became champions. They also won the cup in 1984 and 1988. On Monday, Prime Minister Mustafa Al-Kadhimi said Basra hosting the tournament would be "a sign of Iraq's recovery" after years of conflict and political and economic crises.

Mr Al-Kadhimi pledged that the Iraqi government would do everything to ensure the Gulf Cup would be a success.

Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the UAE Football Association, who attended the federation meeting, said on Monday, "we are confident that the Iraqi Governorate of Basra will be well prepared for this mega event. Football means a lot to the people of Iraq, the cradle of civilisation and enlightenment".

"Football, the most popular sport in the world, is currently going through major challenges that we can overcome by more co-operation and creative initiatives," he said.

Also at the meeting were The meeting was also attended by Humaid Ahmed Al Tayer, UAEFA member and Mohammed Abdullah Hazzam Al Dhaheri, UAEFA Secretary General.

On Friday, Sheikh Rashid met Adnan Dirjal, Iraq's Minister of Youth and Sports, Wam reported.

Included in discussions was Iraq's bid to host the upcoming Gulf Cup.

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”