Live updates: Follow the latest news on Israel-Gaza
Oil posted a weekly gain as Middle East tensions continue after Israel rejected a ceasefire proposal from Hamas, dealing another blow to efforts to end the four-month-long war.
Brent, the benchmark for two thirds of the world’s oil, rose 0.69 per cent to close at $82.19 a barrel.
West Texas Intermediate, the gauge that tracks US crude, surged 0.81 per cent to settle at $76.84 a barrel.
The Israel-Gaza war, which has entered its fifth month, has kept oil prices elevated.
Brent and WTI benchmarks surged on Thursday, settling around 3 per cent higher, rising above the $80 and $75 levels, respectively, for the first time this month.
High oil prices have been the result of "diminishing prospects of a ceasefire in the Israel-Gaza war", Han Tan, chief market analyst at Exinity Group, told The National.
"Markets have been prompted recently to restore geopolitical risk premiums into oil benchmarks amid still-persistent supply-side risks," he said.
"Oil prices are set to remain sensitive to the fluid developments surrounding the ongoing tensions in the Middle East, set against the broader context of global supply-demand dynamics."
Despite intense US and international efforts to bring about a truce, Israeli Prime Minister Benjamin Netanyahu appeared to dismiss such talk on Wednesday and vowed his country's military would keep fighting Hamas in an attempt to achieve “absolute victory”.
On Thursday, US President Joe Biden aimed some of his most direct criticism at Israel since it invaded the Gaza Strip in October, saying the actions of its military have been “over the top”.
Mr Biden also said he was working “tirelessly” to push for a deal that would lead to a “sustained pause” in the fighting.
Investors are also monitoring events related to the conflict, particularly Houthi attacks on ships in the Red Sea, said Rania Gule, a market analyst at XS.com.
"This cautious market movement is expected in the short term," she said.
In addition, crude oil futures may receive "positive support" if the Federal Reserve decides to lower interest rates this year, should the US economy meet expectations, Ms Gule said.
The US central bank held its interest rates steady on January 31, while also affirming they will remain elevated until the central bank is confident inflation is moving closer to its 2 per cent goal.
It also asked for patience, warning that cutting rates too soon could undo much of the progress they have made on taming inflation.
"I believe there is confusion in the markets due to conflicting signals from the Federal Reserve, causing markets to now await monetary easing for a prolonged period, heightening risk in the market," Ms Gule said.
Meanwhile, US crude stocks, an indicator of fuel demand, increased by 5.5 million barrels last week, according to the US Energy Information Administration.
However, distillate stocks fell by 3.2 million barrels and petroleum stocks dropped by 3.15 million barrels in the week that ended on February 2, EIA data showed.
Analysts were expecting distillate inventories to fall by a million barrels and gasoline stocks to increase by 140,000 barrels, according to Reuters.
Opec+, on the other hand, decided to keep its oil output policy unchanged at its meeting on February 1 but said it would “continue to closely assess market conditions” and stand ready “to take additional measures at any time”.
The group has 2.2 million barrels per day of voluntary production cuts in place until next month, which is in addition to production cuts of 3.66 million bpd agreed on earlier.
Swiss lender UBS expects Opec+ to extend the voluntary cuts to the middle of the year.
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
WE%20NO%20LONGER%20PREFER%20MOUNTAINS
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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Favourite things
Luxury: Enjoys window shopping for high-end bags and jewellery
Discount: She works in luxury retail, but is careful about spending, waits for sales, festivals and only buys on discount
University: The only person in her family to go to college, Jiang secured a bachelor’s degree in business management in China
Masters: Studying part-time for a master’s degree in international business marketing in Dubai
Vacation: Heads back home to see family in China
Community work: Member of the Chinese Business Women’s Association of the UAE to encourage other women entrepreneurs
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Stage results
1. Julian Alaphilippe (FRA) Deceuninck-QuickStep 4:39:05
2. Michael Matthews (AUS) Team BikeExchange 0:00:08
3. Primoz Roglic (SLV) Jumbo-Visma same time
4. Jack Haig (AUS) Bahrain Victorious s.t
5. Wilco Kelderman (NED) Bora-Hansgrohe s.t
6. Tadej Pogacar (SLV) UAE Team Emirates s.t
7. David Gaudu (FRA) Groupama-FDJ s.t
8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t
9. Bauke Mollema (NED) Trek-Segafredo s.t
10. Geraint Thomas (GBR) Ineos Grenadiers s.t
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Company%C2%A0profile
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KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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BANGLADESH SQUAD
Mashrafe Mortaza (captain), Tamim Iqbal, Liton Das, Soumya Sarkar, Mushfiqur Rahim (wicketkeeper), Mahmudullah, Shakib Al Hasan (vice captain), Mohammad Mithun, Sabbir Rahaman, Mosaddek Hossain, Mohammad Saifuddin, Mehidy Hasan Miraz, Rubel Hossain, Mustafizur Rahman, Abu Jayed (Reporting by Rohith Nair in Bengaluru Editing by Amlan Chakraborty)
SPECS
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
UAE currency: the story behind the money in your pockets
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
