The five important things in business right now
Here’s what you need to know in UAE business and globally on this Monday morning.
• End of the oil bull market
Oil fell after the longest run of gains in four years as Iraq seeks to increase exports amid a global overhang of crude inventories and as Nigerian militants call an end to hostilities. West Texas Intermediate for September delivery, which expires Monday, slid 58 cents to $47.94 a barrel, while Brent for October settlement dropped 80 cents, or 1.6 per cent, to $50.08 a barrel on the London-based ICE Futures Europe exchange this morning. (Bloomberg)
• India unsettled by new bank governor
India bonds and rupee fell on Monday after the government said the Reserve Bank of India deputy governor Urjit Patel would be promoted to governor, a role in which he is expected to hold the line on inflation by keeping interest rates on hold. Patel is due to start his term on September 4 after his appointment on Saturday. (Reuters)
• Dubai property prices set to rise
Dubai’s residential market is on the verge of an “imminent” increase in prices as a result of improving economic conditions and a relatively stable supply, according to a new Reidin/Global Capital Partners report. Read more here.
• London house prices to wane next year
London’s soaring housing market will hit the brakes next year. Values will fall 1.25 per cent, their first annual decline since 2009, as home buyers await the fallout of the UK’s vote to leave the European Union, according to a forecast from Countrywide Plc. Values will rise again in 2018 as a shortage of homes in the capital and low interest rates support prices, the broker said. (Bloomberg)
• Going loopy over transport
Last week we revealed that Airbus is trying to bring flying taxis to the world’s skies. And now DP World, the Dubai shipping company, is also looking to revolutionise travel – although in this case how it moves containers at Jebel Ali Port rather than people after signed a memorandum of understanding with Los Angeles-based Hyperloop One. Read more here.
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