Local markets were subdued this morning after all the major indexes across Europe, the United States and Asia closed down last night amid the continuing global sell off following the first quarter rally in equities.
In the United States the Dow Jones Industrial Average closed down for the fifth straight day, ending the session at its lowest level since the end of January, as European sovereign debt fears resurfaced. The index fell 1.65 per cent, the biggest one day loss since Novemeber 2011. Japan's Nikkei hit its worse losing streak in 3 years after closing down for the seventh straight day.
Investor fears were focussed on Europe. Yields on Spanish 10 year bonds rose 22 basis points yesterday and reached a high of 5.99 per cent , up from less than 4.9 per cent on March 1, over worries the country has failed to stabalise its debt problem.
In a sign of the level of concern, investors flocked into safe haven holdings like German Bunds, sending yields falling.
The news weighed on local markets, which were buoyed in the first quarter by the global demand for equities, with both UAE bourses opening broadly flat. The Abu Dhabi Securities Exchange General Index edged lower at 2,546.68, down 0.01 per cent. The Dubai Financial Market General Index was 0.21 per cent down at 1,674.87.
Investors will hope for comfort when the US Federal Reserve publishes its Beige Book today, a survey of activity across Fed districts which provides a qualitative assessment of developments in economic activity.
lmiller@thenational.ae
twitter: Follow and share our breaking business news. Follow us
AIDA RETURNS
Director: Carol Mansour
Starring: Aida Abboud, Carol Mansour
Rating: 3.5./5
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8