Gold hits 4-week low on firm dollar

Updated 19 June 2017
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Gold hits 4-week low on firm dollar

LONDON: Gold hit four-week lows on Monday as the dollar rose after hawkish comments from a top Fed official but prices were supported by uncertainty created by the start of talks on the terms of Britain’s departure from the EU.
Spot gold was down 0.3 percent at $1,248.7 an ounce at 1338 GMT, up from an earlier $1,247.41, its lowest since May 24. US gold futures fell 0.4 percent to $1,251.6. New York Federal Reserve President William Dudley said that the US inflation is a little low but should rise alongside wages as the labor market improves, allowing the Fed to continue gradually tightening US monetary policy.
The potential for higher rates reinforced the dollar’s uptrend, which when it rises makes dollar-denominated commodities more expensive for holders of other currencies, potentially weakening demand. “The dollar is a large part of what is going on with gold,” said ING commodities strategist Warren Patterson. “I do see some support from uncertainty about the UK government and the start of Brexit negotiations.”
British Prime Minister Theresa May failing to win a parliamentary election earlier this month has, alongside Brexit negotiations starting on Monday in Brussels, fueled political uncertainty. Weighing on gold is a drop in holdings of physically backed exchange traded funds to 55.231 million ounces from 55.654 million ounces last Wednesday when the Fed raised rates and pushed the dollar index to two-week highs.
On the technical front, the first support is around $1,248 near the 100-day moving average and resistance sits at $1,260, near the 55-day moving average, traders said. “There is very strong support at the 200-day moving average, just below $1,240,” one trader said.


UAE to loosen visa rules for investors and innovators

Updated 21 May 2018
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UAE to loosen visa rules for investors and innovators

  • UAE cabinet announces the launch of an integrated visa system to attract talent and talent in all vital sectors of the national economy
  • The Council also announced changes in the system of foreign ownership of companies in the country, which allows the acquisition of 100% of the global investors by the end of the year

DUBAI: The United Arab Emirates, home to financial hubs Abu Dhabi and Dubai, is loosening its residency laws and will grant long-term visas for up to 10 years to investors and highly-skilled professionals.
The 10-year residency visas will be granted to specialists in science, medicine and research, and to “exceptional students.” The state-run WAM news agency says the plan aims to attract global investment and innovators.
The UAE Cabinet approved the new rules on Sunday, saying plans are also on track to allow foreign investors 100 percent ownership of their UAE-based companies this year.
His Highness Sheikh Mohammed bin Rashid Al Maktoum affirmed that the UAE will remain a global incubator for exceptional talents and a permanent destination for international investors. “The UAE has been open, governed by tolerance and contributed to by all who live on its land.
“Our open environment, tolerant values, infrastructure and flexible legislation offer the best opportunities to attract international investment and exceptional talent in the UAE,” he said. “Our country is the land of opportunity, the best environment for realizing human dreams and unleashing their extraordinary potentials.”
The new regulations include raising the percentage of global investors’ ownership in companies to 100% by the end of the current year. He directed the Ministry of Economy in coordination with the concerned parties to implement the decision and follow up on its developments and submit a detailed study in the third quarter of this year.
The new regulations approved by the Council of Ministers and the authorities concerned have also set the procedures for implementing them to grant investors residence visas of up to ten years for them and all members of their families, as well as granting residency visas of up to ten years for specialized competencies in the medical, scientific, research and technical fields.
The new regulations also include visas for students studying in the country for five years and a 10-year residency for exceptional students.
Under current laws, foreign companies must have an Emirati owning 51 percent of the shares, unless the company operates in a free zone. Major brands Apple and Tesla are believed to be exceptions to the rule.