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Dubai stocks limp to end of worst year since financial crisis | UAE News

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Dubai’s stock market ended 2018 on Monday with a 25-percent annual loss, the worst year since the global financial crisis a decade ago, as the real estate and tourism sectors struggled.

The plunge in the Dubai Financial Market Index was the biggest among Gulf and Arab bourses amid signs of a slowdown in the emirate’s highly diversified economy.

“The performance of traditional growth engines for UAE – real estate and retail – have been lacklustre,” MR Raghu, head of research at Kuwait Financial Center (Markaz), said.

But it was not as bad as in 2008 when the Dubai stock market dove 72 percent after the financial crisis triggered a debt problem for the emirate.

In 2018 Oman’s small bourse dropped 15 percent while stock markets in other energy-rich Arab Gulf monarchies ended the year in positive territory, buoyed by an increase in oil prices.

The Qatar Stock Exchange led the gainers with a 21-percent rise despite an 18-month-old economic and political blockade by its neighbours led by Saudi Arabia.

The Dubai market’s sister bourse in Abu Dhabi rose more than 10 percent.

The Saudi stock market, the largest in the Arab world, ended the year up 8.3 percent despite dipping to a three-year low in October after Saudi journalist Jamal Khashoggi was murdered in the kingdom’s Istanbul consulate.

“2018 has been a volatile year for the Saudi stock market,” as it began on a strong note but lost ground because of “political uncertainties,” Raghu told AFP.

In December, the Dubai Financial Market Index dropped to a five-year low before slightly recovering to close the year at 2,529.75 points.

The stock market’s dive was attributed to a sharp drop in real estate sales and prices due to oversupply and weak demand.

The property market, which makes up around 13 percent of Dubai’s gross domestic product, has been in decline since 2014 but its slide accelerated in 2018.

In the third quarter alone, the price of houses dropped 7.4 percent in Dubai, according to the UAE central bank, after declining by more than six percent in the first half of 2018.

Shares in Emaar Properties, the largest developer in the Middle East, lost almost half their value over the past year, mirroring sharp falls for the sector as a whole.

“The UAE real estate market continues to be oversupplied and it has exerted pressure on sales, occupancy and rentals. The market has witnessed an approximately 30 percent fall in capital values in various pockets,” Raghu said.

“This coupled with increasing input prices and VAT (value-added tax) implementation has impacted the margins for businesses. All these factors have sustained the selling pressure on the Dubai bourse,” he said.

Raghu expects that the UAE market will fare better next year as the government has taken some measures and the international trade fair Expo 2020 is likely to lift the economy.

Economic growth in Dubai, which is not directly dependent on oil, is expected to have slowed to 2.3 percent in 2018, from 2.8 percent the previous year, according to the central bank.

A glut of housing units and weak demand are also key reasons for the property market downturn, the Standard and Poor’s ratings agency said earlier this year.

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Tiger-Cats claim victory against the Argos to maintain home record on Labour Day

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The Hamilton Tiger-Cats were at their devastating best against the Toronto Argonauts when the two locked horns on Labour Day at the Tim Hortons Field.

Just like with previous Labour Day fixtures, the Ticats produced a stellar performance with Dane Evans throwing two touchdown passes while Frankie Williams scored on a 67-yard punt return as they claimed a 32-19 victory on Monday. With this vital win, the Ticats extended their Labour Day home record to 7-0.

For players and fans of the Tiger-Cats, games on Labour Day are a lot more special and losing is something the Ticats aren’t used to.

“We know the fans are going to be behind us, we know Toronto is going to be chippy, we know it’s going to be sunny; we know it’s going to be windy. Everything that happened (Monday) we prepared for. There is something extremely special about Tim Hortons Field on Labour Day . . . you can feel it in the air, I can’t put it into words,” said Evans.

After the COVID-19 induced hiatus, the CFL is back in full action and fans can now bet on their favourite teams and just like with online slots Canada, real money can be won. Hamilton (2-2) recorded its second straight win to move into a tie atop the CFL East Division standings with Montreal Alouettes (2-2). Also, the Ticats lead the overall Labour Day series with Toronto 36-13-1.

In the sun-drenched gathering of 15,000—the maximum allowed under Ontario government COVID-19 protocols—the fans loved every minute of this feisty game. After all, this was the Ticats first home game in 659 days, since their 36-16 East Division final win over Edmonton in November 2019.

The contest between the Ticats and Argos was certainly not bereft of emotions, typical of a Labour Day fixture, as it ended with an on-field melee. But the Argos often found themselves on the wrong end of the decisions with several penalty calls and most of the game’s explosive plays.

Hamilton quarterback Evans completed 21-of-29 passing for 248 yards and the two touchdowns while Toronto’s make-shift quarterback Arbuckle completed 18-of-32 attempts for 207 yards. Arbuckle also made a touchdown and two interceptions before eventually being substituted by McLeod Bethel-Thompson.

Bethel-Thompson made an eight-yard TD pass to wide receiver Eric Rogers late in the final quarter of the game.

“They got after us a bit . . . we didn’t block, or pass protect well,” said Ryan Dinwiddie, rookie head coach of the Argos in a post-match interview. “They just kicked our butts; we’ve got to come back and be a better team next week.”

The Labour Day contest was the first of four fixtures this year between Toronto and Hamilton. The two teams would face off again on Friday at BMO Field. Afterwards, the Tim Hortons Field will play host to the Argonauts again on Oct. 11 with the regular-season finale scheduled for Nov. 12 in Toronto.

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Roughriders looking to bounce back after Labor Day defeat

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In what an unusual feeling for the Saskatchewan Roughriders, they would now need to dust themselves up after a 23-8 loss to the Winnipeg Blue Bombers in what was a Labor Day Classic showdown in front of a full capacity crowd at Mosaic stadium.

Craig Dickenson, head coach of the Riders, witnessed his team with an unbeaten record get utterly dominated by a more superior team from Winnipeg. Now, he has got a lot of work on his hands getting his team back to winning ways as they visit the Banjo Bowl next.

“We’re going to see what we’re made of now…the jury’s out,” said Dickenson.

Dan Clark, who played centre for the Riders expressed his disappointment in losing what was “the biggest game of the year”.

 “If you lose every other game, you don’t want to lose that one. We’ve just got to take the next step,” said Clark in a report. “There are 12 steps to the Grey Cup left and it’s just about taking that next step and focusing on what Saturday will bring.”

With their first defeat to Winnipeg, the Riders (3-1) now rank second place in the CFL’s West Division, trailing the Bombers by one victory (4-1). However, the Riders will have the chance to even the season series during their trip to Winnipeg this Saturday. With the CFL heating up, fans can now enjoy online sports betting Canada as they look forward to their team’s victory.

The Rider’s offensive line will once again have a busy time dealing with the Blue Bombers’ defence.

Quarterback Cody Fajardo, who played one of the best games of his career two weeks earlier, had quite a stinker against the Bombers in the Labour Day Classic—which is the most anticipated game for Rider fans.

Fajardo had a 59 per cent completion percentage which wasn’t quite indicative of what the actual figure was considering he was at 50 per cent before going on a late drive in the final quarter with the Bombers already becoming laid back just to protect the win.

Fajardo also registered a personal worst when he threw three interceptions, but in all fairness, he was always swarmed by the Bomber’s defence.

While Fajardo has claimed responsibility for the loss and letting his teammates down, many would be curious to see how the team fares in their next game and with less than a week of preparation.

Dickenson is confident that his team would improve during their rematch in the 17th edition of the Banjo Bowl in Winnipeg. The only challenge now would be the loss of home advantage and dealing with the noisy home crowd, he added.

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Canadian report reveals spike in food-related litter during pandemic

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TORONTO — Restaurants’ inability to offer their usual dine-in service during much of 2020 may explain why an unusually high amount of food-related litter was found across the country, a new report says.

The Great Canadian Shoreline Cleanup (GCSC) is an annual program in which volunteers are encouraged to clean up green spaces and other natural areas.

Last year, single-use food and beverage containers made up 26.6 per cent of waste collected through the program – nearly twice as high a percentage as in 2019, before the pandemic.

“We suspect the change may be one of the many implications of COVID-19, including more people ordering restaurant takeaway and consuming more individually packaged foods,” GCSC spokesperson Julia Wakeling said in a press release.

While food- and beverage-related litter accounted for a greater percentage of waste uncovered by GCSC than in the past, it wasn’t the single largest category of items picked up through the program last year.

That dubious honour goes to cigarette butts and other smoking-related paraphernalia, which comprised nearly 29 per cent of all items collected. There were more than 83,000 cigarette butts among the 42,000 kilograms of waste found and clean up last year.

So-called “tiny trash” – little pieces of plastic and foam – also accounted for a sizeable share of the waste, making up 26.8 per cent of the total haul.

In addition to smoking-related items and tiny trash, the main pieces of litter removed by GCSC volunteers last year included nearly 22,000 food wrappers, more than 17,500 pieces of paper, more than 13,000 bottle caps and more than 10,000 beverage cans.

Discarded face masks and other forms of personal protective equipment were also detected and cleaned up, although not tallied in their own category.  PPE waste has been repeatedly cited as a concern by environmental advocates during the pandemic; a robin in Chilliwack, B.C. is the earliest known example of an animal that died due to coronavirus-related litter.

The GCSC is an annual program organized by Ocean Wise and the World Wildlife Fund Canada. Its operations were disrupted by the pandemic as well; only 15,000 volunteers took part in the program last year, versus 85,000 in 2019, due to delays and public health restrictions making large group clean-ups impossible.

Still, there was GCSC participation from every province and the Northwest Territories in 2020. Nearly half of the volunteers who took part were based in B.C., where the program began in 1994.

Data from past GCSC reports was used as part of the research backing Canada’s ban on certain single-use plastic items, which is scheduled to take effect by the end of 2021.

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