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Oil Gains As Resurgence of Virus Threatens Demand 18 OCTOBER 2020 | 01 RABI UL AWAL 1442 HIJRI | VOLUME NO. 08 | ISSUE 63 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0353 B r e n t Crude $42.93/bbl buLLION trump can’t ignore vote results without help Abu Dhabi - ADX 4,554.37 EuRo 4.3171 CHF 4.0551 WTI Crude $40.88 /bbl Claiming election fraud and refusing to accept a clear loss would precipitate a constitutional crisis on a scale not seen since Civil GBP 4.7536 CAD 2.8032 N a t u r a l G as $2.77 /MMBtu Dubai - DFM 2,194.63 War, writes Noah FeldmaN PRECIOUS METALS AmEricAs PAGE 07 New york - NYA 13,169.32 EXCHANGE RATE Sri Lankan Rs 50.12 Gold $1,906.40/t oz US budget gap triples to record $3.1trn on virus relief Indian Rs 19.83 Philippine Peso 13.01 Gold-Dubai AED230.25/gm Buy for London - UKX 5,919.58 Bangladesh Taka 22.32 (AED) 26,856.36 The increase brought deficit as a share of GDP to 16% in year ending Pakistani Rs 43.87 Silver $24.41/t oz in September, the largest since 1945, a Treasury report shows Sunday Price UAE: AED 2 anti-lockdown rally in london UAE announces AI-powered Alef Platform in public schools The Ministry of Education’s initiative will turn challenges faced in distance learning into promising opportunities abu dhabi / WAM The AI-powered ‘Alef The Ministry of Education Platform’ will be launched (MoE) announced the imple - mentation of the "Alef Plat - in 196 schools in Dubai, form" in all UAE public Sharjah, Ajman, Umm Al schools, which will allow the Qaiwain, Ras Al Khaimah ministry to use the Alef Plat - and Fujairah in stages, form to achieve its goals of Al Qaiwain, Ras Al Khaimah developing a digital educa - and Fujairah in stages, the the final of which will tion system capable of final of which will be by be by December adapting with all possible December this year. changes caused due to Covid- The initiative aims at pro - 19 pandemic and turn the viding the UAE’s educational cational system. This pro - challenges faced in distance system with the latest inno - gramme serves the UAE’s fu - learning into promising vations in digital education turistic strategies and opportunities. including AI and Big Data. supports the application of Alef Education will launch This will facilitate the smart education in the UAE its innovative award-win - achievement of the national to provide students with A protester holds a placard during an anti-lockdown rally on Oxford Street, London on Saturday. As fresh curbs on movement took effect, ning, AI-powered Alef Plat - agenda of the United Arab world-class education that British Prime Minister Boris Johnson has vowed to do everything possible to keep country’s economy running —DPA form in 196 schools in Emirates, which includes fulfills their educational Dubai, Sharjah, Ajman, Umm developing a first-rate edu - needs. page 2 opec+ is contending with unexpected return of libyan oil output, which hit 500,000 barrels a day this week Aldar signs deal to support UAE’s frontline professionals abu dhabi / WAM The agreement allows Aldar to directly support Oil gains as resurgence of Aldar Properties (Aldar) the Frontline Heroes Of - signed a Memorandum of fice’s mission to raise Understanding (MoU) with awareness of the key role the Frontline Heroes Office played by frontline profes - (FHO) to recognise and sionals during crises and virus threatens demand support UAE’s frontline emergencies in 2020 and Futures edged lower, but still managed to record an advance of 0.7 percent on professionals. beyond. shrinking US crude stockpiles and signs of improving demand in China and India BlooMBerg n The crude market’s Wizz Air Abu Dhabi all Oil posted a small weekly gain structure continues to on tentative signs that demand strengthen, with the set to launch operations is picking up even as a new wave of coronavirus cases casts spread between Brent’s abu dhabi / WAM a shadow over the market. nearest contracts at its Futures in New York edged narrowest since late July Wizz Air Abu Dhabi, the new lower, but still managed to record national airline of the UAE’s, an advance of 0.7% this week on officially received its Air shrinking US crude stockpiles n Prices pared earlier Operator Certificate (AOC) and signs of improving demand losses after American from the UAE General Civil in China and India. Gains were retail sales and Aviation Authority (GCAA). Wizz Air demonstrated capped by record new virus Receiving the AOC com - its operational cases from Germany to Portugal consumer sentiment pletes the last step in the reg - and the biggest surge in US daily Crude futures in New York clung close to the $40-a-barrel mark since September amid indicators topped ulatory processes for starting capabilities to the uncertainty around a demand recovery as coronavirus pandemic rages infections in two months. estimates the airline and is the confir - GCAA during special “We had some bright spots, demand remains depressed. mation from the GCAA that demonstration flights but the outlook remains really Opec+ forecasts that global At the same time, the market’s Wizz Air Abu Dhabi is in com - conducted on board of challenged in terms of demand oil supplies could rise by structure continues to months, and that’s going to be pliance with all applicable re - and the rising Covid cases,” said strengthen, with the spread be - positive for crude,” said Edward quirements and is fully Airbus A321 Neo aircraft John Kilduff, a partner at Again 200,000 barrels a day next tween Brent’s nearest contracts Moya, a senior market analyst at capable of fulfilling its respon - Capital LLC. “We keep getting year if Libya manages to at its narrowest since late July. For Oanda Corp. sibilities and conducting a safe these dueling inputs where we revive supply and the West Texas Intermediate futures, The Opec+ is contending with and efficient operation. The tatives managed to obtain the get some hopefulness about pandemic hits demand the prompt spread rallied to its unexpected return of Libyan oil AOC processes have been necessary requirements to ac - things picking up and then get tightest contango in a month. output, which hit 500,000 barrels completed over the course of quire the operator certificate. knocked back down.” harder than expected Prices pared earlier losses a day. The group forecasts that eight months, during a period Wizz Air demonstrated its Crude futures in New York after American retail sales and global oil supplies could rise by of unprecedented crisis in the operational capabilities to the have clung close to the $40-a- consumer sentiment indicators 200,000 barrels a day next year if airline industry due to Covid- GCAA during special demon - barrel mark since September Petroleum Exporting Countries topped estimates. Libya manages to revive supply 19, travel restrictions and stration flights conducted on amid uncertainty around a de - (Opec) producers and allies see a “Everyone is going to be still and Covid-19 hits demand harder lockdowns of countries. De - board of the most modern air - mand recovery as the virus rages. risk of an oil surplus next year consuming a wide variety of than expected, according to a spite this, both the GCAA and craft currently available in the Meanwhile, the Organisation of if Libya’s production rises and goods going into these coming document seen by Bloomberg. Wizz Air Abu Dhabi represen - market, the Airbus A321 Neo. Dubai Customs sees 38.5% Covid-19: UAE FCA, Dubai Exports partner announces new growth in H1 transactions to facilitate business, trade 1,411 recoveries dubai / WAM abu dhabi / WAM Dubai Customs made another As per MoU, Federal Customs Authority will play a pivotal role in The Ministry of Health and success story thanks to the helping Dubai-based firms to expand and enter world markets Prevention (MoHAP) an - fruitful cooperation with its nounced that it conducted clients and strategic partners abu dhabi / WAM 130,567 additional Covid-19 as it raised the percentage of The MoU addresses leveraging tests over the past 24 hours, online services to 99.3 percent, The Federal Customs Authority collaboration and coordination using state-of-the-art med - completing 7.2 million transac - Dubai Customs (FCA) signed a memorandum of between FCA and Dubai Exports ical testing equipment. tions during first six months of completes 7.2 million understanding (MoU) with As part of its intensified this year, growing 38.5 percent Dubai Exports Corporation, a in sharing information, foreign testing campaign, MoHAP compared to 5.2 million trans - transactions during Dubai economic institutions, trade-relevant statistics and supporting announced 1,538 new coro - actions in the corresponding H1, 2020 as compared to with a view to boost joint col - ‘Exporters Gateway’ initiative navirus cases, bringing the period last year. 5.2 million transactions laboration, facilitate business total number of recorded This has led to reducing in the corresponding and trade for Dubai emirate’s cases in the UAE to 114,387. time and effort on clients and exporters and share informa - trade and customs operations tion between the two parties in The ministry also noted an reduced cost on businesses. period last year tion and expertise between the in the country, and the desire to sharing information, foreign additional 1,411 individuals With this in mind, Dubai Cus - parties. foster collaboration and coordi - trade-relevant statistics, sup - had fully recovered from toms, following its digital trans - The MoU was remotely exe - nation with these partners to porting "Exporters Gateway" Covid-19, bringing the total formation policy, announced site, smart applications, and cuted by Alia Almarmoom, pave the way for achieving UAE initiative to benefit from infor - number of recoveries to the closure down of some cus - self-service machines.
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