Here’s what you need to know in UAE business and globally on this Monday morning.
• The future is digital
Another sign of the times for the world's media as Qatar's Al Jazeera Media Network said it had axed 500 jobs in a move aimed at cost-cutting and an increased focus on digital platforms. The Doha-based network will reduce its staff by about 11 per cent, with most of the job losses coming from its workforce in Qatar. This follows the printing of the final edition of the UK's Independent newspaper at the weekend. The title, launched in 1986, is moving to an online-only format.
• Oil on the rise
Oil rose for the first time in three sessions after the number of active rigs fell in the US, potentially easing a supply glut Bloomberg reported. Futures advanced as much as 1.1 per cent in New York, paring a 4.8 per cent loss in the previous two sessions. Rigs targeting oil in the US fell by 15 to 372, according to Baker Hughes. Brent for May settlement rose as much as 33 cents, or 0.8 per cent, to $40.77 a barrel on the London-based ICE Futures Europe exchange. For further signs that US oil sector pain is deepening click here.
• Dollar winning streak
A gauge of the US dollar rose for a seventh day, the longest winning streak since January, before US economic data this week that may add to speculation the economy is strong enough to handle higher interest rates. The greenback strengthened against most of its major counterparts Monday after some Federal Reserve officials said last week they would consider raising rates at the next meeting in April. US employers added 208,000 workers in March, after hiring 242,000 the previous month, according to a Bloomberg survey before the Labour Department releases the figure on April 1. Data to be released on Monday include personal income and spending and the Fed’s favoured inflation gauge. Bloomberg
• Adia at 40
For anyone that missed last week's fascinating insight into the inner workings of the Abu Dhabi Investment Authority, you can find all of the coverage here.
• Most popular Muslim travel destinations
MasterCard and CrescentRating has launched the annual Global Muslim Travel Index 2016, and the UAE comes in an impressive second place for non-OIC locations. Check out the full results here.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
Company%20Profile
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COMPANY%20PROFILE
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
UAE currency: the story behind the money in your pockets
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Company%20Profile
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The years Ramadan fell in May
More from Armen Sarkissian
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Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
Company%20Profile
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Kill%20
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Bournemouth 0
Manchester United 2
Smalling (28'), Lukaku (70')
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
Company%20Profile
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FA%20Cup%20semi-final%20draw
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The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Company%20profile
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