Driver 'assaulted female tourist'



DUBAI // A female driver assaulted a tourist who made an offensive gesture at her, a court heard today.

AA, a 24-year-old Emirati bank employee, told the Dubai Misdemeanours Court that she was driving on the right hand side of Jumeirah Road at about 5pm on January 15 when the Iranian SR, 32, began honking her horn at her, before driving alongside and raising her middle finger towards her.

The two women then stopped their cars and the bank employee stepped out of her vehicle.

"When I asked her to respect the law she told me she was a paying tourist and said that I can call the police," said the bank employee, who said that she was on the phone to Dubai Police during the confrontation.

The tourist's sister told the court that the bank employee had opened the door to their car and pushed SR twice.

The bank employee denied a charge of assault, while the tourist failed to show up to court to enter a plea against a charge of committing an indecent act.

The next hearing will be on April 14.

salamir@thenational.ae

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.”

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Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Total votes: 1.8 million

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Company name: Fine Diner

Started: March, 2020

Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka

Based: Dubai

Industry: Technology and food delivery

Initial investment: Dh75,000

Investor: Dtec Startupbootcamp

Future plan: Looking to raise $400,000

Total sales: Over 1,000 deliveries in three months

THE BIO

Age: 30

Favourite book: The Power of Habit

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Everton - Ronald Koeman

Manchester City - Pep Guardiola

Manchester United - Jose Mourinho

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Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5