Author: head dubai

Technology

Musk’s ‘devil mode’ and erratic mood swings are described by his biographer.

head dubai September 12, 2023 No Comments

In a series of interviews leading up to the publication of his biography on Elon Musk on Tuesday, Walter Isaacson discussed the tech mogul’s “demon mode,” erratic mood swings, and traumatic upbringing. During the two years that Isaacson spent following Musk and speaking with more than 100 people in his social and professional circles, he shared memorable incidents and important insights he learnt. It wasn’t difficult, according to Isaacson, to persuade Musk to allow him to write the biography, he said in an interview with NBC’s “Today” show on Monday.

According to Isaacson, “He views himself as an epic hero on the global stage.” Therefore, it wasn’t difficult to convince him. I believe he desired a biography.

He continued, adding that Musk frequently upholds the principle of transparency: “I just said I got to be with you at all times, I must monitor you, and you have no authority over the book.” Musk was described by Isaacson as a man who is constantly “looking for some drama” while simultaneously trying to push himself to do more. “I can’t hold back a victory.

Before Musk acquired Twitter, Isaacson remembers Musk telling him, “I’ve always placed chips back on the table. He was the richest man in the world at the time and had achieved great success with Tesla and SpaceX. However, Isaacson remarked that Musk occasionally demonstrates erratic behavior and said that Musk’s emotionally harsh upbringing has left lasting scars.

“Musk was a socially awkward child who was thin and frequently bullied on the playground. However, those wounds paled in comparison to having to watch silently as his father sided with the bullies and others who beat him up while having to stand in front of him for up to an hour at a time, Isaacson said. The danger for Elon is that he grows his father, and Elon can turn dark too and get extremely hard on people, at times, as his mother Maye says, Isaacson said on “Today” and making a similar point in an interview in The Atlantic. “And throughout his life, those demons have been bouncing around in his head,” Isaacson said.

When Musk becomes progressively enraged, Claire Boucher, a musician better known by her stage name Grimes, has been referred to as being in his “demon mode,” according to Isaacson. He has a variety of personas, and sometimes you’re around a really, you know, half-joking guy or a guy who is extremely amazing at engineering. But there are times when he enters what his sporadic girlfriend Claire Boucher, better known as Grimes, calls “demon mode,” and that’s when he turns dark, according to Isaacson.

Musk has not received a formal diagnosis, according to Isaacson, but he occasionally “talks about bipolar” when describing his symptoms. He had also been taking a variety of prescription drugs, according to Isaacson. He claims that he hasn’t had an official diagnosis, yet he speaks about being bipolar.

He occasionally consumes a lot of prescription medications. He can have mood swings and occasionally exhibits a Jekyll and Hyde aspect. For example, he might get into a dark, melancholy mood and say things—sometimes things his father said to him—before changing his mind when you ask him about them a few hours later. And he appears to be practically memoryless.

Technology

How Alma Health is improving the lives of those with chronic diseases is described in Generation Start-up.

head dubai September 12, 2023 No Comments

The HealthTech startup intends to build on its achievement in Abu Dhabi and increase its user base in Saudi Arabia and Dubai.
Khaldoon Bushnaq, a software developer, and Tariq Seksek launched Alma Health in the midst of the Covid-19 outbreak in 2020.

The moment was right to start a business that would benefit those with chronic illnesses.

Through its smartphone application, Alma Health, a direct-to-patient digital healthcare platform, offers direct medical consultations to people with diseases like diabetes, hypertension, high cholesterol, and asthma.

The business, headquartered in Abu Dhabi Global Market, offers lab testing that can be completed at home and has a staff of qualified general practitioners on hand.

The technology, which was a part of Hub 71’s initial cohorts, also enables patients to complete their prescriptions without having to travel to a clinic or a hospital, with full coverage by the user’s health insurer.
Both co-founders have degrees in software engineering and have experience working in the UAE’s thriving business community.

Mr. Bushnaq, the head of strategy and business performance at Careem, earned his engineering degree from Carleton University in Canada and his MBA from the University of Cambridge in 2015.

A University of Western Ontario engineering graduate, Mr. Seksek has held product management positions with businesses like Dubizzle and Starzplay in the past.

The two created a strategy based on their corporate expertise and the disruptive impact of technology on various sectors in an effort to differentiate Alma’s solutions.

Their business case for speeding the development of services for persons with chronic diseases in the region was bolstered by the high smartphone penetration rates in the area.

“I realized the effect that technology had on transportation industries in the UAE, Saudi Arabia, and in the other parts of the region during my tenure at Careem between 2016 and 2020,” says Mr. Bushnaq, who is also the company’s chief executive.

“I have a very strong core conviction that many technology companies and services will solve a significant problem for the population and will experience a very rapid adoption rate,” the author says.

Although the pandemic was a trying period for everyone, he adds it was also a chance to learn an important lesson: to be ready for the next pandemic or endemic.

According to Mr. Bushnaq, “the two critical trends we have observed and strongly capitalized on to start a digital health care business are: the regulators’ agility to licence digital health care providers, doctors’ rapid adoption of digital health, and patients’ rising expectations from their health care providers.”

Mr. Bushnaq, who has a chorionic problem himself, could see that there were numerous chances for transformation and simplification.

For instance, if the condition is stable, there is no need to visit the hospital to renew and refill a prescription.

Alma offers a substitute, but the platform’s value proposition outweighs that of the other telemedicine providers in the region and the United Arab Emirates.

“Our business model is quite different from that of a normal telemedicine company, where a physician may or may not work for the business. These medical professionals work for Alma Health. This enables us to provide our members a high-quality, customized care plan, he claims.

The Department of Health in both Abu Dhabi and Dubai has granted the company’s workers and physicians a license. Part-time professionals are also registered by their local health authorities.

According to a recent research by Dealroom, an Amsterdam-based provider of data and insight on start-ups and digital ecosystems, health tech start-ups in the Mena region are booming, having garnered more than $400 million in VC funding since 2016.

According to Dealroom, the region’s HealthTech companies currently have an enterprise value of more than $1.7 billion, a growth of 8 times since 2017.

The amount invested in health technology in Mena last year increased to $106 million from $73 million. The UAE got the most venture capital funding in Mena between 2018 and 2022 ($192.7 million).

According to Dealroom, the telemedicine and biotechnology sectors have garnered the most VC funding thus far since 2018.

Alma Health, which is a member of the Department of Health’s Technology Hub in Hub 71, has benefited greatly from the regulator’s advice on how to set up online pharmacies and clinics as well as how to acquire the appropriate licenses to provide consumers with safe and high-quality healthcare.

According to Mr. Bushnaq, “this region of the world has one of the highest prevalence rates of chronic conditions worldwide and it’s time for a serious push to improve access to health care.”

He claims that as many as 120 million people in Mena currently struggle with chronic diseases and frequently rely on a primary care system that is ineffective and has not undergone significant adjustment in more than a century.

There are 15 million people in Saudi Arabia who have at least one chronic disease which is highest in the region.

“There are only 13 general practitioners and one pharmacist for every 10,000 people in Saudi Arabia, despite the fact that persons with chronic conditions see a doctor at least four times a year and need at least eight prescriptions filled. In sharp contrast, the US has eight pharmacists and 26 general practitioners per 10,000 people, he notes. According to Mr. Bushnaq, health care spending will have climbed three times in the United Arab Emirates and 3.5 times in Saudi Arabia between 2004 and 2020 as a result of the annual increases in the prevalence of diabetes, heart disease, obesity, asthma, and other ailments.

However, regional authorities pay careful attention and are continually updating legislation to make it easier for people with certain illnesses to get health care.

The business will keep its primary emphasis on chronic care.

Through our coverage of their end-to-end journey guided by our skilled and specialized physicians, “we have clear indications that we are successfully changing the lives of people living with chronic conditions.”

Technology

India hopes to work with the UAE on smart cities and other technology.

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An Indian official stated on Monday that India is eager to collaborate closely with the UAE on smart cities and technologies.

There are many areas for cooperation among the two countries, most notably smart cities, digital traffic systems, and technology integration in healthcare, according to Abhishek Singh, President and CEO of the National e-Governance Division (NeGD) at the Ministry of Electronics and Information Technology of India and MD and CEO of the Digital India Corporation (DIC), in a statement to the Emirates News Agency (WAM) on the sidelines of the “Digital India Experience Zone” exhibition.

“We are looking forward to working more with the UAE, particularly as there are many sectors in which it has accomplished great achievements,” he said, pointing out that the country has adopted a cutting-edge digital government policy that many Indian cities look up to.
According to Singh, these cities are working with the UAE to share information and are attempting to emulate some of the UAE’s practices in this area. Singh also noted that India’s technology sector is a significant one, contributing about 10% of the country’s GDP.

Singh continued by stating that India’s internet services are already worth $300 billion and that the country aspires to establish a digital economy worth $1 trillion by 2026. He also stated that India is spending substantially in the electronics sector in order to become the world’s second-largest maker of mobile phones.

He emphasized that India has made it a priority over the past ten years to use technology to improve the quality of life of its citizens. As a result, India has developed Aadhaar, the world’s largest platform for identity verification, as well as a digital payment system that processes more digital transactions than any other nation.

The latest G20 conference, according to Singh, covered a variety of technical efforts and solutions built on open standards that can be customized and used by any nation to adhere to their own laws and regulations, permitting their use for local requirements and objectives. The summit’s primary topics were technology, digital infrastructure, and the benefits of technology to humanity.

He concluded by saying that considerable investments led to India’s digital infrastructure and human capital in the technology sector, which allowed millions of people to work in the field directly or indirectly in the commercial and governmental sectors.

Food & Beverages

No Men , no women in the kitchen, we’re all cooks there, says a Ukrainian chef working in Dubai about her journey.

head dubai September 11, 2023 No Comments

Chef Alena Solodovichenko discusses overcoming gender preconceptions in the culinary industry, utilizing feminine power to create compassionate, avant-garde dishes, and the latest culinary fads in the city.
Chef Alena Solodovichenko, who was born in Kyiv, Ukraine, entered the restaurant industry in her late teens. There was no turning back once her childhood dream—which had only been a dream—became her life’s vocation. Her journey into the kitchen has taken her to places she never imagined calling home, the most recent of which is the United Arab Emirates, where she is currently employed as an Executive Chef for Sfumato, a local gastro atelier, and Soirée DXB.

Prior to her relocation to Dubai, Chef Alena was stationed in Moscow and employed by Doctor Zhivago, one of the most well-known restaurants in the country. The chef proudly claims that the foundation of her culinary comes from her multiracial heritage. Living in many nations has undoubtedly changed the way I view food, according to Chef Alena. “After relocating to Dubai, I saw how diverse ingredients can be. This knowledge broadens our perspectives and demonstrates how much broader the world is than we previously thought.

She recalls her formative years and states, “I know it sounds cliche, but it all comes from my childhood.” Due to the fact that Alena was raised in Ukraine, she has many food-related family customs. When I received poor grades at school, I would occasionally prepare a meal for my mother to cheer her up, says the chef. “Everyone in my family was a great cook — my mom, my grandmothers, and my aunt — and I always enjoyed assisting them, especially during holiday gatherings.”

Chef Alena secured her first restaurant position at the age of 19 as a result of her childhood observations and significant interest in pursuing the culinary arts. “I went to the chef a year later and told him that my goal is to work as a sous chef someday. Being a female chef in a field that is predominately male has been challenging, she recalls. “He laughed at me and said no girl could ever attain that position. Despite all the jeers, she continues, “but after two years, I actually was hired as sous chef and proved him wrong. In the future, Chef Alena won numerous prestigious prizes, including Super Woman of the Year from GQ Russia.

“At the start of my trip, I experienced a lot of male derision and mockery. Some of them even placed wagers on how long I would last. Even though it wasn’t easy, I’m happy for the experience since it has helped me become more resilient and strong. I become who I am because of it, the chef says.

The cook had to put up with a number of offensive remarks made callously by her male colleagues, but she didn’t let them deter her from her goals. Let’s face it, the kitchen is a tough place, she continues. But on the other hand, unpleasant feelings have no place in the kitchen. You have no time to mope around and cry.

You can either choose this career and advance in it gradually, or you can quit and look for something else, the speaker says. “I’ve made my decisions, accepted the restrictions, and shown that women are capable of being excellent managers and cooks and that we should be taken seriously. We are all chefs in the kitchen; there are no males and women there.
In order to change how people around the world view cuisine, Chef Alena’s main objective at Sfumato is to provide a very honest, sensuous, and graceful dining experience while highlighting her own feminine touch. The chef states that paying consideration to the original ingredients is our guiding principle.

Without overpowering it with sauces and spices, “my goal is to highlight the original taste, make it brighter, and make it more interesting.”

Chef Alena places a keen emphasis on using ingredients that are sourced sustainably since she is of the opinion that “Sustainability is crucial for every chef in every country. The quality of the local cuisine astounded me when I first arrived in Dubai. I’ve experimented with a variety of components, and the impact was so strong that I knew I had to put it to use in some way, she continues. “I want to demonstrate that vegetables can be the star of the show, a luxury, and the centerpiece of the dish.”

The chef claims that the city’s newly introduced culinary innovations have established standards of the highest caliber. The bar has been raised significantly by concepts that are debuting in renowned locations like Atlantis The Royal or One & Only One, Za’abeel. The chef will debut a whole new cuisine at Sfumato, which is housed in The Opus Tower.

Food & Beverages

350 food inspections in school cafeterias were conducted in Dubai.

head dubai September 11, 2023 No Comments

Authorities perform routine inspections to make sure that food safety regulations are followed and that food is stored properly.
In order to verify their compliance with the food safety regulations of the Emirate and make sure they adhere to all safeguards and health standards, the Dubai Municipality has carried out over 350 field inspections in canteens of public and private educational institutions throughout Dubai.

The action is consistent with the Municipality’s commitment to ensuring the highest standards of food safety in educational facilities, which will enhance students’ health, safety, and quality of life.

The goal of the regular inspection campaigns run in school canteens is to make sure that food safety regulations are followed and that food is kept in the best possible conditions. The Municipality also makes sure that vegetables and fruits are fully cleaned before being packed into boxes, as well as that food preparation and preservation are carried out at the proper temperatures.
To guarantee that pupils eat healthy food, it issued permits for food distribution, confirmed the school’s adherence to the food manual, and authorized the sale of certain food items. In order to provide outstanding public health and food safety for students, the campaign also aims to ensure that personnel are taught on safety and hygiene standards and requirements.

The Dubai Municipality conducted inspections in over 500 educational and commercial institutions in Dubai with a focus on the trade of school goods as part of its annual program, “Our schools are healthy and safe.”

The Municipality has been working to execute campaigns at regular intervals to maintain the highest possible level of safety and public health standards at educational institutions across Dubai as part of the program as it prepares for the new academic year 2023–2024.

Food & Beverages

In 2024, Bahrain will have its own Time Out Market.

head dubai September 11, 2023 No Comments

In 2024, Time Out Market Bahrain will debut.

In City Centre Bahrain, a gastronomy and cultural hub that will feature “The Best of the City” will debut.

Lisbon hosted the inaugural Time Out Market in 2014; in 2019, it expanded to New York, Boston, Montreal, and Chicago. Time Out Market Dubai debuted in this area in 2021.

The editorial curation of each Market is done by Time Out staff based there. 2009 saw the launch of Time Out Bahrain with the help of a franchise partner, ITP Media Group.

Where will the Bahrain Time Out Market be?

In order to deliver on the mall’s pledge to provide its communities with hyper-localized gastronomic experiences, The Market will be situated on the top floor of the City Centre Bahrain in Manama.

The area, which is more than 3,250 sq m, will be occupied by a combination of locally produced artists and food and beverage businesses.

11 kitchens serving a variety of cuisines, a dessert counter, a coffee shop, two bars, an exhibition area, a stage, and an outdoor rooftop will all be present.

There are 900 seats spread over two levels, and guests can congregate at communal tables to foster a true sense of community.

The Time Out Market Bahrain’s sellers are chosen in what way?

The Time Out Market team will test and taste food from various restaurants across the city to identify the top chefs, selecting only the best to join the portfolio of exhibitors at the Market.

“We are thrilled to partner with Majid Al Futtaim Properties Bahrain to launch Time Out Market Bahrain in City Centre Bahrain,” said Sandy Hayek, CEO of Time Out Market.

“We are excited to showcase the best local talent at Time Out Market Bahrain, where we will bring the best of Bahrain’s vibrant culinary scene together under one roof. The food here is incredibly diverse and culturally rich.”

How was Time Out Market founded?

Time Out Market has its roots in the Time Out brand’s history, which began in 1968 as a magazine published in a London kitchen. The mission of Time Out is to encourage individuals to experience interesting new cultures.

In 333 locations in 59 countries today, a worldwide team of local expert journalists curates the greatest things to do, see, and eat by utilizing websites, mobile apps, social media, videos, newsletters, and live events. Time Out Market has also been a part of this since 2014.

There are nine other Time Out Market locations planned, including Vancouver, Porto, and Barcelona (all of which will open by the end of 2023).

There are currently Time Out Markets in Boston, Dubai, Lisbon, Montréal, and New York.

entreprenuership

Milan will now house Dubai International Chamber’s second office in Europe.

head dubai September 9, 2023 No Comments

Mohammad Ali Rashed Lootah: “Strengthening our standing in the European market reflects a further significant milestone that will allow us to capitalise on the possibilities generated by the Dubai Economic Agenda and bring us nearer to achieving the objectives of the emirate’s five-year foreign trade plan.”
“Our new office in Milan is set to drive further growth in Dubai’s non-oil trade with Italy and other European countries, as well as greater strategic investments from businesses in both markets,” says a statement from the company.
“We are happy to see the establishment of a representative office for Dubai International Chamber in Milan,” said Naser Al Khaja. This underscores our shared objective of fostering links and economic prospects, as well as creating a network of trade and investment between two vibrant markets.

The Milan office will cultivate close ties with significant players in the public and private sectors and offer the Italian business community highly targeted help.
The opening of the new office is a component of the ‘Dubai Global’ strategy, which aims to draw new business, investment, and talent to the emirate while facilitating the expansion of Dubai-based enterprises into key worldwide markets.
In 2022, bilateral non-oil commerce between Dubai and Italy reached AED 33.7 billion, an increase of 7% from the previous year.
During the first seven months of 2023, 228 new Italian firms registered with the Dubai Chamber of Commerce, up 49% over the corresponding time in 2022. With the recent additions, there are now 1,758 member companies from Italy overall.

To promote commerce and investment between Dubai and Italy, the Dubai International Chamber, one of the three chambers functioning under the Dubai Chambers umbrella, opened a new representative office in Milan. Following the opening of its London office in June, the opening further expands the chamber’s footprint in Europe and brings the total number of its international representative offices up to 23 worldwide.

The opening of the new office is a component of the ‘Dubai Global’ initiative, which was unveiled by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and aims to create a networked system of 50 representative offices globally by 2030.

The project aims to facilitate the international expansion of Dubai-based businesses into 30 priority countries while strengthening Dubai’s status as one of the top commercial centres in the world by luring investments, talent, and new business to the emirate.

Naser Al Khaja, Charge d’affaires at the UAE Embassy in Italy, and Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, participated in the official inauguration ceremony for the Milan office in the presence of esteemed members of the Italian business community.

Strengthening our footprint in the European market constitutes another crucial step that will allow us to take advantage of the opportunities presented by the Dubai Economic Agenda and bring more businesses to the region to achieve objectives of emirates five year foreign trade plan, said Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.

Our new office in Milan is expected to spur additional strategic investments from companies in both markets as well as further expansion in Dubai’s non-oil commerce with Italy and other European nations. I have faith that this strategic opening will further strengthen our already close bilateral ties.

“Over the years, the UAE has successfully built strong relationships with Italian companies and institutions,” said Naser Al Khaja, Charge d’affaires of the UAE Embassy in Italy. With the inauguration of the Dubai International Chamber’s representative office in Milan, we are happy to see how these collaborations have grown. This affirms our shared objective of fostering ties and business prospects between the two nations as well as creating a network of trade and investment between them.

In accordance with the UAE’s comprehensive vision and its balanced approach to economic and social development, he continued, “I think efforts such as these help in improving the distinguished connection between the UAE and Italy, drawing mutual investments, and establishing new partnerships and business projects throughout a variety of key knowledge- and innovation-driven sectors.

The Milan office, the ninth international representative office for the chamber to establish since the year’s beginning, will foster close ties with significant public and private sector players and provide a wide variety of assistance to the Italian business community.

The opening contributes to the objectives of the ‘Dubai Global’ initiative, which aims to draw foreign businesses, SMEs, investors, and international talent to Dubai by showing the emirate’s competitive advantages, sharing market intelligence, and enhancing engagement with important international stakeholders.

Dubai and Italy’s bilateral non-oil commerce reached AED 33.7 billion in 2022, an increase of 7% from the previous year. The number of Italian member businesses at Dubai Chamber of Commerce increased by 228 over the course of the first seven months of 2023, a 49% rise over the same period in 2022 and bringing the total to 1,758.

Machinery, precious stones and metals, aluminum, tobacco, auto parts, footwear, and leather goods are some of the major trade industries between the UAE and Italy. By seeing and seizing on fresh trade and investment opportunities in sectors including pharmaceuticals, agribusiness, the automotive industry, and consumer goods, Dubai International Chamber seeks to further strengthen the commercial links between the two nations.

Due to its advantageous location and top-notch logistical infrastructure, Dubai has become a top trading location for Italian businesses with international aspirations. The emirate provides easy access to more than 2.2 billion consumers and acts as a springboard for Italian companies to grow their presence throughout the Middle East and beyond. As part of its efforts to increase non-oil international trade to AED 2 trillion by 2026, in line with the challenging goals of the emirate’s five-year trade plan, Dubai International Chamber remains committed to enhancing bilateral trade and investment with Italy.

entreprenuership

The MoU between the Abu Dhabi Businesswomen Council and Jadwa Investment

head dubai September 9, 2023 No Comments

The objective of the MoU is to assist and advance businesswomen in the economic and investment sphere.

– It is Jadwa Investment’s first collaboration with a local businesswomen’s council.
A Memorandum of Understanding has been struck between the Abu Dhabi Businesswomen Council (ADBWC), a division of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), and Jadwa Investment, a prominent investment management and advising firm in the MENA area. In order to encourage and empower businesswomen, foster the expansion of their enterprises, and increase their visibility in the economic and investment scene, the MoU seeks to discover opportunities for cooperative cooperation.

The MoU was signed at the Chamber’s Building, marking Jadwa Investment’s first collaboration with a businesswomen council in the area.

Along with other members of the Council and Jadwa Investment, the ceremony was attended by Her Excellency Marwa Al Mansouri, a board member of the Abu Dhabi Businesswomen Council, and Mohammed Al Aswad, the company’s head of international relations.

According to the conditions of the Memorandum of Understanding, the two organizations will collaborate to support female business owners and SMEs. Together, the Council and Jadwa Investment will put on events including forums, conferences, forums, workshops, seminars, lectures, and more to further their shared objectives. They will also showcase the services offered by each party, exchange experiences, consultations, and studies that are pertinent to their shared interests.

The Abu Dhabi Businesswomen Council is always eager to work with different organizations to empower businesswomen and assure the growth and prosperity of their projects and businesses, according to Her Excellency Marwa Al Mansouri, a board member of the organization. This is essential for promoting the Emirate of Abu Dhabi’s sustainable economic growth and elevating women’s status as force-multipliers for change, innovation, and the UAE’s future.

“The Council’s cooperation with Jadwa Investment, one of the biggest investment management and investment services firms in the MENA region, is a unique chance to empower women in all areas of finance, business, trade, investment, and all business sectors,” Her Excellency continued.

In the MENA region, Jadwa Investment is a pioneering business in the fields of investment management and investment advice services. It offers a variety of investment alternatives to its clients that are in line with the rules and guidelines of Islamic Sharia.

entreprenuership

As global food prices decline in August, rice defies the trend.

head dubai September 9, 2023 No Comments

Meat, grains, and dairy items all saw declines, but sugar slightly increased.
According to the UN’s Food and Agriculture Organization, global food prices dropped in August as vegetable oil prices fell in response to declining import demand globally and an abundance of offers from significant producers. However, rice prices increased.

According to the UN organization, the FAO Food Price Index, which measures the monthly change in the international prices of a variety of food commodities, average 121.4 points in August, down 2.1% from July and up to 24% from its top in March 2022.

In contrast, the FAO’s rice index increased 9.8% on a monthly basis to reach a nominal high not seen in 15 years. According to FAO, this was caused by “trade disruptions following India, the world’s largest rice exporter, banning Indica white rice exports.”

“Uncertainty about the ban’s duration as well as worries over limitations on exports caused supply-chain actors to hold-on to stocks, renegotiate contracts, or cease submitting price offers, thus restricting most trade to small volumes and previously concluded sales,” it stated.

As the price of vegetable oils surged, the total index increased from a two-year low in May to 123.9 in July.

“The decrease [in August] was driven by falling price indices for dairy goods, vegetable oils, meat, and cereals, while the sugar price index increased moderately.

The vegetable oil price index fell by 3.1%, reversing a significant 12.1% increase in July that was primarily driven by an 8% reduction in the price of sunflower oil.

While soy oil prices declined as soy bean harvest conditions in the US improved, palm oil prices only slightly decreased despite leading South-East Asian producers’ seasonally higher output.

As double-digit food inflation affects poorer households and worsens food insecurity over time, it will have a negative impact on the expansion of Mena economies this year, according to a World Bank analysis published in April.

The analysis, which looked at the effects of rising food costs on the region, predicted that nearly eight million children under the age of five will go hungry this year and that one in five people living in developing nations in the Mena region will experience food insecurity.
August saw a 0.7% decrease in cereal prices from July as both the price of wheat and coarse grains fell globally by 3.8% and 3.4% respectively.

Prices for both sorghum and maize dropped for the seventh consecutive month, reaching their lowest level since September 2020. Prices for barley somewhat increased.

The dairy price index was down 4% from July, marking the eighth consecutive month of declines, and up to 22.4% below levels recorded during the same period in 2022.

Skimmed milk powder costs touched their lowest point since mid-2020, while prices for other dairy products fell internationally. Whole milk powder prices fell the greatest. Prices for cheese and butter both decreased.

Meanwhile, rising worries about how the El Nino weather phenomena could affect prospects for global output drove the sugar price index up 1.3% month over month and as high as 34.1% from a year earlier. The price of all forms of meat decreased, with the meat price index falling by 3% from July and by 5.4% from the same month last year.

entreprenuership

Chinese iPhone ban rumours caused a $190 billion drop in Apple market value in just two days.

head dubai September 9, 2023 No Comments

The largest overseas market and worldwide production hub for a tech company is China.
As China prepares to extend its ban on the use of iPhones to state-owned businesses and organizations with the support of the government, Apple shares dropped by roughly 3% on Thursday, wiping out $190 billion in market value in only two days.

The Cupertino, California-based company’s shares experienced their worst two-day decline in a month, falling 6.4%.

The largest component of the main US market indices is Apple, which has contributed to a wider sell-off that was partly spurred by a long list of problems in China.

The second-largest economy in the world has been in decline due to a lengthy real estate market crisis, which is endangering the demand for anything from commodities to consumer goods.

On Wednesday, it was revealed that employees of central government agencies had been instructed not to use their iPhones while at work or to bring them into the workplace.

The next day, it was revealed that Beijing intended to extend the ban on the use of iPhones in sensitive sections of state-owned businesses and government-backed agencies, a sign of mounting difficulties for Apple in its biggest foreign market and base of operations worldwide.

Beijing also plans to apply that limitation far more extensively to a large number of state-owned companies and other government-controlled organizations, according to people with knowledge of the situation.

Apple’s problems are made worse by rising US Treasury yields as bonds decline due to concerns that the US Federal Reserve would need to intensify its fight against inflation given how strong the US economy is.

The news is having a significant impact on the markets, and investors are dumping everything from semiconductors to US-listed Chinese equities to mega-cap technologies.

As one poor Apple ruins a number of mega-cap tech firms, the Nasdaq is falling, according to Edward Moya, senior market analyst at Oanda.

Apple’s development story is highly dependent on China, and if the crackdown in Beijing worsens, that might be problematic for the many other mega-cap tech businesses that also depend on China.

The timing of the proposed ban, according to Bank of America analyst Wamsi Mohan, is “interesting” given the recent release of Huawei Technologies’ premium 5G smartphone.

With Huawei’s Mate 60 Pro being powered by 7nm chips from Semiconductor Manufacturing International, the new device’s disassembly reveals that Beijing appears to be making early strides in a national push to sidestep US efforts to curb its rise.
If Beijing implements a ban, several additional US technology businesses that rely on Chinese sales and production may be impacted by the unprecedented blockade.

On Thursday, Apple suppliers traded lower on all continents as numerous sources corroborated China’s most recent moves.

The impact of a “iPhone ban is way overblown,” in the opinion of bullish analysts like Daniel Ives of Wedbush Securities, because it would only apply to fewer than 500,000 of the 45 million iPhones he projects will be sold in the nation during the following 12 months.

“Despite the loud noise, Apple has seen massive share gains in the China smartphone market,” Mr. Ives, who has an overweight rating on the stock

According to Amit Daryanani of Evercore ISI, Apple is unlikely to experience a major financial effect as a result of China’s restrictions.

Since most iPhones are made in the country, where most government officials work, it would be difficult for the country to take more serious action against Apple without impacting jobs there.