Most Gulf markets rise in early trade tracking firmer oil prices
Oil prices - a catalyst for markets in the Gulf - rose by $1 on Thursday, with Brent crude futures rising 1.6% to $65.93 a barrel, as of 0630 GMT.
The Court of International Trade on Wednesday ruled that Trump overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners.
The ruling boosted risk appetite across global markets, which have been on edge about the impact of levies on economic growth. Analysts, however, say that the relief might be temporary given the Trump administration said it will appeal the ruling.
Supply risks continue to persist, with Chevron (CVX.N), opens new tab terminating its oil production and other activities in Venezuela. Its key license was revoked by the Trump administration in March.
Markets were also on the watch for a potential new U.S. sanctions curbing Russian crude flows alongside decision from OPEC+ on accelerating oil production hikes in July, expected in a meeting later this week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up 0.26% in early trade, with investment company Sinad Holding (4080.SE), opens new tab advancing 4.62%.
The kingdom's largest lender by assets Saudi National Bank (1180.SE), opens new tab was up 1.01%.
Markets in the UAE were subdued, with Abu Dhabi's benchmark index (.FTFADGI), opens new tab inching 0.14% lower and Dubai's main share index (.DFMGI), opens new tab down 0.49%.
Maritime and shipping company Gulf Navigation Holding (GNAV.DU), opens new tab was the top loser on the index in Dubai, falling 1.68%. Construction materials provider National Cement (NCC.DU), opens new tab was the top gainer, up 5.57%.
The index is set to snap five consecutive sessions of gains.
Qatar's benchmark stock index (.QSI), opens new tab was up 0.24% in early trade, with consumer goods conglomerate Industries Qatar (IQCD.QA), opens new tab gaining 1.40%.
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The Independent
an hour ago
- The Independent
Calls to Social Security may be rerouted to other field offices that have no jurisdiction over person's case
Phone calls to Social Security are being rerouted to other field offices where workers don't have jurisdiction over some claims, according to staffers, as the beleaguered agency struggles to cut down on wait times amid thousands of staff losses and high demand. Amber Westbrook, a union chapter president and field office employee serving the Chicago region, said the system means that when certain calls come in, she can't 'actually take care of the issue.' "Our system is very specific to the office that we can do things in," she told NPR, which reported on the phone routing plan. "So I, physically, if another claim is open in another office, I cannot clear their case. It's just kind of the way that they retain that to make sure that things are accurate and complete." The agency confirmed the phone routing plan, but said, 'All [Social Security Administration] field offices are equipped to handle inquiries and resolve issues for callers, irrespective of where a caller lives or where their case originated.' Social Security has been in turmoil throughout the Trump administration. By April, it had lost about 7,000 employees or about 12 percent of its workforce, through resignations, retirements, and firings under the Trump administration's DOGE initiative. At the same time, retirees flooded the system with calls, waiting an average of 93 minutes for a response during the first five months of the Trump administration. In July, the agency pulled some workers from its field offices to provide support on the Social Security 1-800 number. The beginning of that month was also the last time the government updated a site showing call wait times, dismaying observers. 'The 1-800 number — they do offer a critical role at the agency, but it's triage, whereas customer service representatives actually clear work for the agency,' Jessica LaPointe, president of Council 220 of the American Federation of Government Employees, told The Washington Post at the time. The move created what she called a 'vicious cycle of work not getting cleared, people calling for status on work that's sitting because the claims specialists now are going to have to pick up the slack of the customer service representatives that are redeployed to the tele-service centers.' Benefit recipients have complained of declining service. "Whatever cuts they're making or whatever they're doing — I've dealt with Social Security before, and I never had these long wait times," 72-year-old Robert Zeidler previously told Business Insider. "You have to go through some major hoops to get anything done." The administration has already abandoned some Trump-era initiatives. In July, it announced it was rolling back a plan to limit telephone-based service for four routine processes like reporting a change in address or getting tax documents, after an outcry that moving to more online-based systems could hinder access for less technologically savvy seniors on Social Security. That month, Social Security also backed off a plan to ' as a means to pressure them out of the country.
Time Out Dubai
an hour ago
- Time Out Dubai
10 major parking changes in Dubai you need to know about
Parking in Dubai can be challenging with so many other drivers to compete with for a space. You may have a specific spot in mind, but it's often the case that someone else has got there first, and that means you'll need to find a new place to park. Parking has already changed a lot in 2025, with new rates, systems and zones introduced all across the city throughout the year. To allow you to keep on top of things and not get caught out when you're driving around, we've rounded up the big parking changes you need to know about this year in Dubai. 1) Salik payments available on 36,000 Dubai parking spaces (Credit: Dubai Media Office) Parkonic, a UAE-based smart parking solutions provider, and Salik, the city's toll gate operator, have partnered on 36,000 spaces across the emirate. The two companies will provide the region's first fully autonomous, AI-powered on-street and off-street parking solution at sites operated by Dubai Holding. It means that next time you park your car in Dubai, you may not even need a ticket or pay with cash. Payments will now be automatic and linked with your Salik account, so make sure you're topped up. The project aims to reduce congestion, cut carbon emissions, and directly support Dubai's Net Zero goals, while enhancing the overall customer experience. 2) Parkin to operate 29.6k new paid parking spaces (Credit: Dubai Media Office) Parkin, the leading provider of paid public parking facilities and services in Dubai, will start operating paid public parking facilities and services across several of Dubai Holding's master-planned communities. It means that 29.6k paid parking spaces will now be operated by Parkin in the city, following increading pressure on the availability of parking spaces across key destinations. 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The Beach JBR, Park Islands, Heera Beach, Park Islands, Marina Walk, West Palm Beach, Opus Tower, Lulu Al Qusais and Azure Residence are also included in the new Salik/Parkonic locations. 6) Barrierless parking introduced at major Dubai malls Mall of the Emirates (Credit: Mall of the Emirates) In recent times, some of the city's biggest malls have removed parking barriers to make it quicker to get in and out of car parks. As long as your timing is right, you can make some major savings on parking at some of the city's biggest malls and focus, instead, on grabbing bargains. BurJuman has introduced Automatic Number Plate Recognition to calculate fees. It means that there's no longer a need for a ticket but you'll still need to pay at a machine and rates have not changed. City Centre Deira, Mall of the Emirates and City Centre Mirdif all removed barriers in their respective parking zones. Rates have not changed as a result of the changes. 7) Parking to change at Dubai public parks (Credit: Supplied) The city's official parking operator, Parkin, is set to take over public parking facilities at some of the emirate's biggest and most popular public parks. An agreement between Parkin and Dubai Municipality means that the parking operator will now manage several select free public parking facilities that are owned by Dubai Municipality. The two parties will develop planning and regulatory standards, streamline permit procedures and enable data exchange to support services. It has not yet been revealed which sites Parkin will begin operating the parking facilities at. But Dubai Municipality do operate the likes of Al Safa Park, Dubai Frame and Quranic Park. 8) New parking rates across Dubai In 2025, new parking tariffs have been introduced across the city at Parkin-controlled on-street and off-street zones. 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Parking during major events at Dubai World Trade Centre has seen a significant spike to Dhs25 per hour. The area surrounding DWTC is now known as a Grand Event Zone, with parking now priced at Dhs25 per hour during big conferences. In April, Parkin doubled fees in four of the emirate's biggest neighbourhoods. Rates increased in Al Karama, Al Qusais, Madinat Dubai Al Melaheyah and Al Kiraf. Previously, Zone W parking spots cost Dhs2, but this latest announcement means that the price is now double. In February, fees increased in the Al Sufouh 2 area, which meant a hike in hourly prices in Barsha Heights, Dubai Media City and Dubai Internet City. 10) Teachers and students to get cheaper parking (Credit: Canva) The city's official parking operator, Parkin, just announced it is changing the rules around parking fees, offering certain individuals a budget subscription fee. 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Reuters
2 hours ago
- Reuters
Oil prices seesaw as Rubio questions potential Russia sanctions
NEW YORK, Aug 6 (Reuters) - Oil prices pared earlier gains and eased to fresh five-week lows after U.S. Secretary of State Marco Rubio indicated there would be an announcement later on Wednesday on whether potential sanctions against Russia over its war in Ukraine would proceed this week. "We'll have more to say about that later on today," Rubio said when asked about the timing of the possible sanctions, adding that there would hopefully be some announcements soon. "Maybe positive, maybe not." Russia, the second-biggest crude producer after the U.S., said U.S. envoy Steve Witkoff held "useful and constructive" talks with Russian President Vladimir Putin on Wednesday, two days before the expiration of a deadline set by President Donald Trump for Russia to agree to peace in Ukraine or face new sanctions. Prices had risen earlier in the session on supply and demand worries after Trump issued an executive order imposing an additional 25% tariff on goods from India, saying it directly or indirectly imported Russian oil. India, along with China, is a major buyer of Russian oil. A larger-than-expected U.S. crude storage draw last week also boosted prices. Brent crude futures were down 35 cents, or 0.5%, to $67.29 a barrel at 12:03 p.m. EDT (1603 GMT), while U.S. West Texas Intermediate (WTI) crude fell 41 cents, or 0.6%, to $64.75. Those moves marked a fifth consecutive day of losses for both crude benchmarks, with Brent on track for its lowest close since July 1 and WTI on track for its lowest close since June 24. "Prices bounced up on the potential higher tariffs on India, but the market is waiting for some sort of a formal implementation as well as which elements in the market are to be affected," said Janiv Shah, an analyst at Rystad Energy. Shah said a planned supply increase from the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and allies like Russia, would offset a potential decline in Russian oil supply. Indian Prime Minister Narendra Modi, meanwhile, will visit China for the first time in over seven years, a government source said on Wednesday, in a further sign of a diplomatic thaw with Beijing as tensions with the U.S. rise. Oil markets also found support earlier in the day from a bigger-than-expected decline in U.S. crude inventories last week. The U.S. Energy Information Administration said energy firms pulled 3.0 million barrels of crude from inventories during the week ended August 1. , That was much bigger than the 0.6-million barrel draw analysts forecast in a Reuters poll but was smaller than the decline of 4.2 million barrels that market sources said the American Petroleum Institute trade group cited in its figures on Tuesday.
