The five important things in business right now

Here’s what you need to know in UAE business and globally on this Monday morning.

Oil reacts to meeting failure

The price of oil fell the most in two months as output talks in Doha stumbled yesterday. The summit ended with no final accord, and as a result Brent dropped as much as $3, or 7 per cent, to $40.10 a barrel on the London-based ICE Futures Europe exchange this morning. Read more on the oil talks here.

Dubai inflation eases

Inflation in Dubai is cooling off. The Dubai Statistics Centre said the consumer price index increased 1.51 per cent year-on-year compared to 1.43 per cent in February – inflation in the country was running at about 4 per cent for much of last year. The fall has been driven lower by cheaper rents and utility bills. Read more here.

Saudi to reveal plan for the future

April 25 – mark the date in your diary. This is when Saudi Arabia will announce a comprehensive plan to prepare the kingdom for the post-oil era, deputy crown prince Mohammed bin Salman said. The “Vision for the Kingdom of Saudi Arabia” will encompass several developmental, economic, social and other programmes.

New fee for Abu Dhabi residents

The dust has now settled on the announcement by the Abu Dhabi Government that a 3 per cent municipality charge is to be levied against rental contracts. The reaction has been mixed, with expat tenants bemoaning the rising cost of living, while developers don’t see a big effect on the property market. Read more here.

Qantas hits two-year low

Emirates partner Qantas fell the most in more than two years after Australia’s largest carrier cut its planned domestic capacity expansion as the prospect of a federal election and a drop in consumer confidence weigh on demand. The shares fell as much as 14 per cent and were trading 11.6 per cent lower at A$3.59 at 12.31pm in Sydney, the biggest intraday decline since December 2013. Expected capacity additions in the six months to June 30 will be 0.5 per cent to 1 per cent compared with a 2 per cent forecast in February. This month, the carrier removed three US services and redeployed planes to fly to Hong Kong and Singapore, it said.

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