Recession fears hammer markets


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Share prices crumbled again today as recession stalked the US economy on still more bleak economic news and as governments mobilised to confront the coming downturn. European exchanges fell hard shortly after the start of trade on Wall Street, where gloom deepened on news that the current banking and credit crisis had taken a sharp bite out of the manufacturing sector. The Federal Reserve said US industrial production plunged 2.8 per cent in September, the steepest decline since 1974. "Today's industrial production report was one of the worst ever," said Aaron Smith on Economy.com. A separate report by the Philadelphia Federal Reserve on factory activity in the mid-Atlantic eastern region also showed extremely weak conditions. The index plunged 41 points ? its biggest drop ever ? to minus 37.5, the worst level since 1990. "Recession is on its way," said Carl Weinberg, chief economist at High Frequency Economics. "The seeds of recession germinated during the (credit) crisis and the likelihood is that most of the world ? although not China ? will be in recession long after the uncertainty about the world's banking sector has dissipated." The heavy falls on US, European and Asian exchanges yesterday and today occurred in the absence of major finance sector catastrophes, suggesting that investor jitters now stem from the likelihood of recession in the United States and Europe. In fact, two key interbank lending rates, Libor and Euribor, eased further on today despite the sharp losses on world stock markets, an indication that banks were becoming less reluctant to lend money among themselves. Bank skittishness over the past few weeks, when lenders were weighed down by soured mortgage-related debt, had contributed to an acute credit crisis that threatened the health of the global financial system. In Europe today, the London FTSE 100 index of leading shares fell 5.35 per cent to close at 3,861.39 points, while in Paris the CAC 40 lost 5.92 per cent to finish at 3,181. The Frankfurt Dax closed 4.91 per cent in negative territory at 4,622.81. Elsewhere there were declines of 5.69 per cent in Amsterdam, 6.54 per cent in Brussels, 3.26 per cent on the Swiss Market Index, 4.11 per cent in Madrid and 6.78 per cent in Milan. Both of Russia's main stock markets dropped more than nine per cent today after steep falls in the United States and Asia added to investor concerns about plunging oil prices. The headline index on the dollar-denominated RTS exchange shed 9.52 per cent to close at 713.90 points, while the benchmark index on the rouble-denominated MICEX market dropped 9.11 per cent to close at 626.85 points. The day's rout began in Asia, where the Tokyo exchange gave up 11.4 per cent, its worst showing in more than two decades. Elsewhere, Hong Kong lost 4.8 per cent, Seoul sank 9.4 per cent, Mumbai shed 2.11 per cent and Sydney tumbled 6.7 per cent. * AFP

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

THE BIO

Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking

Juvenile arthritis

Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.

The specs: 2019 GMC Yukon Denali

Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm​​​​​​​
​​​​​​​Fuel economy, combined: 12.9L / 100km

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Warlight,
Michael Ondaatje, Knopf 

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LA LIGA FIXTURES

Friday (UAE kick-off times)

Levante v Real Mallorca (12am)

Leganes v Barcelona (4pm)

Real Betis v Valencia (7pm)

Granada v Atletico Madrid (9.30pm)

Sunday

Real Madrid v Real Sociedad (12am)

Espanyol v Getafe (3pm)

Osasuna v Athletic Bilbao (5pm)

Eibar v Alaves (7pm)

Villarreal v Celta Vigo (9.30pm)

Monday

Real Valladolid v Sevilla (12am)

 

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills