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ABU DHABI — The Organisation of Petroleum Exporting Countries (OPEC) will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday.

United Arab Emirates Energy Minister Suheil Al Mazrouei said the oil market had rebalanced after OPEC and non-OPEC producers agreed to cut output in a historic deal last year. 

The deal has boosted prices, which currently hover at around $55 a barrel, the minister said.

“The next OPEC meeting will discuss whether there will be a need to extend the output cuts deal and for how long,” Mazrouei told reporters.

Major crude producers — OPEC and non-OPEC countries — agreed late last year to cut production by about 1.8 million barrels per day for six months.

The agreement was then extended for an additional nine months until March 2018.

“The meeting will also discuss adding new producers to the cuts deal,” the minister said.

Mazrouei said OPEC will also discuss imposing the quota system to countries that have so far been exempted.

OPEC members Libya, Iran and Nigeria have been spared in the current deal.

He said the United Arab Emirates, OPEC’s fourth largest producer with around 2.7 million barrels per day, has “cut 10 per cent of its production in the past two months” and is prepared to do more to boost the market.

The oil market is rebalancing as inventory levels are dropping and the number of drilling rigs is falling, Mazrouei said.

But inventory levels have not reached the average of the past five years, he said.

Oil prices collapsed starting in mid-2014 as a result of a production glut and weak demand.

WELLINGTON — The New Zealand dollar (NZD) is set for more volatility in coming weeks after a general election left New Zealand's major parties with no majority to govern, forcing them to enter negotiations with the nationalist New Zealand First Party.

The ruling National Party secured the largest number of votes in Saturday's election, but two of its possible allies lost seats in parliament, making it rely on New Zealand First and its outspoken leader, Winston Peters, to form a coalition.

Labour could also still be in a position to rule, if together with the Green Party, it gets New Zealand First on board. Negotiations are likely to carry on for weeks, with a final tally, including a large number of overseas votes, not due until October 7.

"I wouldn't be surprised to see the Kiwi a little more volatile on this result," Stuart Ive, dealer at OM Financial said on Sunday, referring to New Zealand dollar.

"Clearly when we open on Monday morning, we're at the moment no better off — it's either going to be Labour or National leading the country."

Last month, the New Zealand dollar fell more than 4 per cent against the US dollar to be the worst performer amongst major currencies, and underperformed its Australian counterpart as political jitters and worsening data weighed.

Policy implications

The Kiwi, which was the 11th most traded currency in the world in 2016, has tended to fall when the Labour Party led in the polls due to their "unknown" factor and risen when it showed a lead for National, which has been in power for nearly a decade.

New Zealand has out-performed most of its developed market peers since the global financial crisis, with growth averaging 2.6 per cent a year over the past 2.5 years and the government balancing its books.

Critics say much of the growth has come from immigration which has helped fuel a sharp jump in house prices that has in turn widened the gap between rich and poor.

Labour is planning to reduce immigration by up to 30,000 from a record 70,000 a year currently. It also plans to renegotiate certain trade deals to accommodate for a planned ban on foreign ownership of existing homes.

Some economists say those policies would stifle two key sources of New Zealand's robust growth of recent years, although the impact on growth could be somewhat offset by its plan to build 100,000 affordable homes over 10 years.

Both National and Labour were expected to maintain a policy of fiscal prudence if they form the next government, with Labour aiming to cut net debt at a slightly slower pace.

But they are likely to differ on monetary policy, with Labour pushing to add employment to the central bank's inflation-targeting mandate which could mean more stimulatory monetary policy, weighing on the Kiwi at first instance.

Markets favour national

Nick Tuffley, chief economist at ASB Bank, said markets were likely to put the odds in favour of another National-led coalition given its wide lead over Labour.

"Based off the way the NZD lifted in response to opinion polls that showed swings back to National, the NZD is likely to have a floor under it while the prospects of a National-led government remain," he said.

New Zealand's small stock market has performed strongly, with its benchmark S&P/NZX 50 Index up 13.6 per cent year to date. Volatility has increased around the election too, but it remains within striking distance of its August all-time high.

New Zealand First, which has worked under governments led by both parties, said it would not be rushed to decide with which party it would work.

"At this stage, we have very little clue as to which way they will go," said Stephen Toplis, head of research at Bank of New Zealand. "With that in mind, I am not sure the market will have anything to come on. If there is anything, I guess it's uncertainty."

SAN FRANCISCO/LONDON — Half a million people have signed an online petition in under 24 hours backing Uber's bid to stay on roads of London, showing the company is turning to its tried-and-tested tactic of asking customers for help when it locks horns with regulators.

London's transport authorities stunned the powerful start-up on Friday when they deemed Uber unfit to run a taxi service for safety reasons and stripped it of its licence from next week, although it can continue to operate while it appeals. 

The regulator cited Uber's failure to report serious criminal offices, conduct sufficient background checks on drivers and other safety issues, threatening the US firm's presence in one of the world's wealthiest cities. 

Uber immediately e-mailed users in London and urged them to sign a petition that said the city authorities had "caved in to a small number of people who want to restrict consumer choice". 

By (12:00GMT) on Saturday, more than 515,000 people had signed in support of Uber. 

It counted 3.5 million active users in London in the past three months. Even if many tourists are probably included in the total, the figure represents a potential political force of commuters who face long journeys between their home and offices and who use Uber as a cheaper alternative to other taxi firms. 

Turning to users for help is one of the first steps in Uber's playbook. In Jakarta, Budapest, Toronto and Portland, it asked riders to sign petitions and built online tools to contact lawmakers to show their support.

Regulators have at least partly relented in Portland, Toronto and Jakarta, but Budapest remains a work in progress.

Uber now faces a showdown with London's Mayor Sadiq Khan, who this month said he would not let his teenage daughters use cabs like Uber on their own over fears for their safety. 

Khan, a leading figure in the opposition Labour Party, said on Friday: "All private-hire operators in London need to play by the rules. The safety and security of Londoners must come first."

As mayor, Khan is chairman of Transport for London, the regulator which stripped Uber of its licence.

London's decision is the first major challenge for new Uber Chief Executive Dara Khosrowshahi, who took over from co-founder and ex-CEO Travis Kalanick. He was forced out after internal and external investigations into sexual harassment complaints, the thwarting of government inquiries and potential bribery. 

DUBAI — Standing behind her stall at a Dubai exhibition centre, Dai Dong He offered passersby what looked like carefully wrapped biscuits or chocolates.

"This is dry beef, beef snacks," said Dai, general manager of Anhui Central Asia Food Co., one of eight Chinese firms from Anhui Province displaying products at Halal Expo Dubai 2017.

Dubai is hosting the show for the ninth year running, with the Gulf emirate positioning itself as a major hub for the halal industry, a booming $3 trillion market for goods and services that are permissible under Islamic law.

In recent years, Chinese firms have increasingly looked to tap the market, with organisers of the two-day show, which was set to close on Tuesday, saying the Chinese halal sector is forecast to hit $1.9 trillion by 2021, an average growth rate of 9 per cent from its 2015 level.

Exhibitors from China said one of the keys to gaining a foothold in the market was winning the trust of consumers.

"We make sure our food is halal," Dai told AFP, noting that the company buys meat from Chinese Muslims to ensure slaughtering is done according to Islamic tradition.

Nicholas Hsiu, a manager with ARA Halal Development Service Centre, said the show was an opportunity to promote the company's exports.

“We want to export to Muslim countries... We hope to introduce our products and export to the United Arab Emirates and the Middle East," he told AFP.

The company manufactures various types of halal noodles and has obtained certificates from recognised Islamic accreditation bodies in Hong Kong and elsewhere, Hsiu said.

Seventy-five exhibitors from 15 countries, including Malaysia, the global leader in halal exports, Pakistan, Kazakhstan, Thailand, Switzerland and others took part in the show.

Global halal hub

The industry encompasses food, beverages, fashion, cosmetics, tourism, and the $2 trillion Islamic financial industry. For food products the key is ensuring no traces of pork or alcohol, which are strictly banned by Islamic teachings.

Exhibitors from Malaysia displayed a wide-range of cosmetics, beauty care products and agricultural seeds that one firm claimed "are better than Viagra".

Mountain honey processed to conform with Islamic requirements was displayed by one Pakistani firm, while exhibitors from Kazakhstan presented various types of chocolates.

Standing at a stall packed with natural cosmetics, Nur Syarifatun Nadzirah, the managing director of Gaveno Green Resources in Malaysia, said the company ensured its products comply with halal rules.

"We make sure that all the ingredients are halal... We have certification" from well-established Malaysian bodies, she told AFP.

Dubai, which unlike its oil-rich Gulf neighbours has a highly diversified economy, has been vying to become the global hub for the halal industry.

The United Arab Emirates, of which Dubai is a component, imports about $20 billion in halal products every year, part of the some $50 billion imported annually by the six Gulf Cooperation Council states.

As well as holding conferences and exhibits, Dubai is establishing standardisation bodies like the Emirates International Accreditation Centre.

The centre is one of several international organisations that set guidelines and issue certificates for products that conform to Islamic rules.

The initiative is part of efforts "for Dubai to become the capital of the Islamic economy," Amina Ahmed Mohammed, the centre's CEO, told AFP.

The emirate is also looking to overcome one of the main challenges facing the industry — different and sometimes conflicting standards and requirements depending on interpretations of religious texts.

"The UAE has launched an international forum for the accreditation of halal organisations... in a bid to unify procedures around the world," Mohammed said.

LONDON — Global debt may be under-reported by around $13 trillion because traditional accounting practices exclude foreign exchange derivatives used to hedge international trade and foreign currency bonds, the Bank for International Settlements (BIS) said on Sunday.

BIS researchers said it was hard to assess the risk this "missing" debt poses, but that the main worry was a liquidity crunch like the one that seized FX swap and forwards markets during the financial crisis.

The $13 trillion unaccounted-for exposure exceeds the on-balance-sheet debt of $10.7 trillion that data shows was owed by firms and governments outside the United States at end-March. 

The fact these FX derivatives do not appear on financial and non-financial institutions' balance sheets under current accounting rules means little is known about where the debt lies.

"The debt remains obscured from view," Claudio Borio, head of the BIS's monetary and economic department, and two colleagues, Robert McCauley and Patrick McGuire, said in its latest quarterly report.

"Accounting conventions leave it mostly off-balance sheet, as a derivative, even though it is in effect a secured loan with principal to be repaid in full at maturity," BIS said. 

Explaining the risk they added: "In particular, the short maturity of most FX swaps and forwards can create big maturity mismatches and hence generate large liquidity demands, especially during times of stress." 

When buying a foreign asset, a domestic investor has three choices: buy a currency forward, undertake an FX swap or do a repurchase transaction. 

But while the first two are recorded on balance sheets on a net basis without taking the notional amount into consideration, a repo transaction is recorded on a gross basis, when all these three types of trades are essentially similar — secured debt. 

All these trades are used to remove the foreign exchange risk in a purchase of foreign securities.

In a swap, two parties exchange currencies and agree to reverse the swap later. In a forward contract, the parties agree to exchange currencies at a fixed date and price in the future. 

Swaps and forwards amounted to more than $3 trillion a day last year, equivalent to more than 60 per cent of total FX turnover, the BIS said. More than 90 per cent of the market was in dollars and FX swaps accounted for 75 per cent of the total. 

They are also overwhelmingly short-term. Three-quarters of positions had a maturity of less than a year at the end of 2016.

Though the outstanding amount of FX swaps and forward contracts has quadrupled since the early 2000s to $58 trillion — almost three times the $21 trillion value of world trade — it dropped after the financial crisis, reflecting a drop in hedging needs as both trade and investments collapsed.

The BIS said non-financial users employ FX forwards and currency swaps for speculation and to hedge international trade and foreign currency bonds. 

Institutional investors, asset managers and hedge funds used forwards to hedge their holdings and take positions while financial firms used swaps to hedge international bonds.

While this debt is mostly secured as counterparties usually enter into forward transactions to reduce currency exposure, the make-up of these largely short-term transactions means they are often the most vulnerable to strains in the financial system.

For example, European banks increased their reliance on these money market instruments during the global financial crisis to secure their dollar funding while the collapse of the structured products markets during the crisis sent shockwaves rippling through the system.

"Markets calmed only after coordinated central bank swap lines to supply dollars to non-US banks became unlimited in October 2008," the BIS report said.

As for who is lending the dollars to non-US banks, the BIS said the funding came from US banks, central banks European agencies, supranational organisations and private non-banks.

"All of these appear to provide some funding, with US banks and central banks together closing about half the gap," it said.

STOCKHOLM — Budget fashion group H&M has slashed prices to shift unsold summerwear, in the latest sign the Swedish company is struggling to keep pace with rivals as young buyers move online.

Seemingly unstoppable for decades, H&M has been hit by tougher competition in the past couple of years from cut-price brick-and-mortar rivals. It is also trying to improve its e-commerce offering to counter new online-only players.

H&M entered its third quarter with higher-than-usual inventories that needed to be sold before autumn collections arrived. On top of that, overall demand has been sluggish in some of its key markets, such as Germany. 

“The rapid shift from online to offline in the young value fashion market has been one factor behind disappointing sales trends in the past couple of years,” said Societe Generale analyst Anne Critchlow, who has a “sell” rating on H&M’s shares.

“In most countries, online is not yet integrated with the stores and free delivery and free returns are not available.”

Sales at H&M, the world’s second-largest clothing retailer after Zara owner Inditex, reached 51.2 billion crowns ($6.4 billion) in its June-to-August financial quarter against a forecast 51.6 billion in a Reuters poll.

Local-currency growth was 4 per cent, just below forecast.

H&M said the aggressive summer markdowns had led to an improved inventory position ahead of the fourth quarter and that autumn sales were off to a good start.

H&M’s shares, which have tumbled from all-time highs near 370 crowns in 2015, were up 2.2 per cent to 218.10 crowns at (14:00 GMT). 

The company has launched several independent and mostly higher-end brands in recent years to broaden its customer base in the face of growing competition in its budget segment, but the core H&M chain still accounts for the bulk of its sales. 

H&M is also intensifying efforts to catch up with services offered by pure-online players such as Asos and Zalando as shopper behaviour and expectations transform even faster than H&M had expected.

It is now testing “click-and-collect” —    picking up items bought online in stores — in Britain, and rolling out faster delivery options and online returns in stores in some markets.

RBC Capital Markets Richard Chamberlain with an “outperform” rating on H&M, said he expects sales and gross margin trends to improve next year helped by the online improvements.

WASHINGTON — Rising fuel and shelter costs drove up US consumer prices in August, a sign inflation could be gaining pace after remaining stubbornly sluggish for months, according to government data released on Thursday.

The new figures come the week before the Federal Reserve is due to review benchmark US interest rates and could boost the position of those who support a third rate increase this year, although that would be unlikely to happen before December.

The Consumer Price Index (CPI), which tracks the cost of household goods and services, jumped 0.4 per cent last month, its biggest increase since January and a tenth of a point higher than the consensus forecast.

The energy index rose 2.8 per cent, driven in large part by a 6.3 per cent jump in gasoline prices, while costs for shelter rose 0.5 per cent, its biggest monthly gain in ten years.

On a 12-month basis, the index rose 1.9 per cent over the same month in 2016, up from 1.7 per cent last month.

Economists had been flummoxed in recent months as inflation and wage gains remained tepid despite steady job growth and economic expansion. The Fed initially wrote off stagnant and falling prices, attributing them to a series of one-off “idiosyncratic” figures, but even they were starting to look deeper.

“The spell has been broken,” Ian Shepherdson of Pantheon Macroeconomics wrote in a client note, noting that the important categories of rent, and owners’ equivalent rent, had surged.

The Labour Department also reported that hotel stays had their largest one-month price increase in 26 years, adding 5.1 per cent.

“We expect core inflation to pop higher over the next few months as prices rise for both goods and services in short supply after the hurricanes,” Shepherdson said.

Officials said it was unclear how much Hurricane Harvey was responsible for rising fuel prices in the report, but the storm certainly interrupted the flow of survey responses from some areas in Texas.

Harvey made landfall in southeast Texas on August 26, causing much of US oil production and refining capacity to shut down, driving up prices in different regions of the country. But that information did not necessarily make it into the CPI report.

Excluding the volatile food and fuel categories, core CPI was up just 0.2 per cent, in line with analyst expectations.

The year-over-year core was steady at 1.7 per cent, where it has been for the past three months.

Labour Department officials said that year-to-date, however, CPI had risen only 1.4 per cent, slower than the 1.6 per cent gain in the January-to-August period last year.

In other notable moves, college tuition and fees fell 0.3 per cent in August, the largest drop in 17 years, while prices for roasted coffee fell 2.4 per cent in August, the biggest decline in 15 years.

At around $830 billion, Apple Inc.'s stock market value on the day of its newest iPhone launch towers over its next-largest rival and has Wall Street asking: Will it be the first listed company to crack the Big T?

 If history is any guide, the unveiling on Tuesday of the iPhone X — the 10-year anniversary edition of Apple's ubiquitous device — signals that the $1 trillion milestone could well be breached within the year.

Apple shares on average have gained around 33 per cent in the year following each of its previous iPhone launch events, dating back to the first one on January 9, 2007. It has gained in the following year after seven of the 10 announcements while falling in three.

From their current level, Apple shares need to gain roughly 20 per cent to sport the world's first 13-digit market cap. (Some analysts and the Saudi royal family have pegged global oil giant Saudi Aramco's value at $2 trillion or more, but there will be no public record to confirm that until after its initial public offering next year.)

 Of the 38 Wall Street analysts covering Apple, two already have price targets for the stock that see it driving above the $1 trillion level.

Brian White of Drexel Hamilton, whose $208 price target for the shares is highest on the Street and would equate to a $1.075 trillion market value at the current number of shares outstanding, came away from Tuesday's event convinced the stock has further to run.

"We continue to believe Apple's stock will not only benefit from the upcoming iPhone cycle but also the company's capital distribution initiative, attractive valuation and potential new innovations," White wrote in a note to clients. "As such, we do not believe Apple's run will end with today's iPhone event but still has attractive upside potential."

 Morgan Stanley's Katy Huberty said in a note to clients after Tuesday's event that the augmented reality features in Apple's new phone lineup "has the potential to become the next killer app that accelerates smartphone upgrades and drives increased services monetisation and growth".

 Her current price target of $182, which is 13 per cent above Tuesday's closing price of $160.86, would equal a market value of about $940 billion, but Huberty has a "bull case" target of $253 on the stock, or just over $1.3 trillion at current shares outstanding.

Apple shares are up 52 per cent in the last year.

Since Apple first announced the iPhone product line in January 2007, its stock has gained more than 1,200 per cent and delivered a total return, including reinvested dividends, of more than 1,375 per cent. Its annualised total return of 28.7 per cent in that period is nearly three times that of the Nasdaq Composite Index and almost four times what the benchmark S&P 500 has delivered.

And while at nearly $1,150, the new 256 gigabit iPhone X may seem like an eye-popping price, it is no more expensive — relative to Apple's stock price — than the first iPhone in 2007. The top-end version of the first generation iPhone, at $599, was worth a bit more than seven Apple shares at the time, around the same as today in nominal terms.

Insights and tips from travel specialists, Wego - the largest and most popular travel marketplace in the Middle East, covering Jordan,UAE,Saudi Arabia, and more.

Over 7,500 kilometers of coastline means India is packed with seaside gems. There are shimmering, white-sand beaches that would give any in Thailand a run for their money. Surf-washed party towns spill into the Indian Ocean and hippy retreats for yogis and sunbathers are kissed by the Arabian Sea.

Perhaps one of these five top spots will be enough to tempt you to cross into the subcontinent for some beach bliss…

Palolem, Goa

Palolem is the beach of choice for many a traveller to India. With its rambunctious row of bamboo restaurants and bars, its rolling Indian Ocean surf, its swaying groves of coconut trees and prime location in the heart of South Goa, there's plenty to love. It's much quieter than the throbbing resort towns to the north, too, which means there's loads of scope for lazy days of sea kayaking, sunbathing and munching on tikka-infused, fresh fish curries.

Radhanagar, Andaman and Nicobar Islands

Heading out to the far-flung Andaman and Nicobar Islands deep in the Bay of Bengal might mean adding a couple of extra legs to your journey, and a tad more bureaucracy with travel permits, but just one glimpse of paradisiacal Radhanagar Beach is sure to make it all worth the effort.

Home to sand so white it glows like magnesium, and seas of a pearly turquoise-blue, it's that real tropical beauty you've been waiting for. You'll find it on Havelock Island, where elephants often stroll the shores and jungle-clad mountains rise and fall on the horizon.

Varkala, Kerala

The whitewashed waves of the Indian Ocean forever crash against the ochre-hued sands of Varkala. The cliffs stand tall, and the fishermen bob on the swells from morning to night.

One of the hippest hangouts in all of Kerala, this beachside resort is a real looker. It's walled in by high bluffs to the back, and has a smattering of relaxed beach bars with their own deckchairs along the shore.

Nearby, the river town of Paravur also has some more deserted sand stretches, not to mention access to the world-famous Keralan Backwaters.

Tarkarli, Maharashtra

Far away from the hustle and bustle of Mumbai, sun-kissed Tarkarli can reveal a totally different side to Maharashtra state. It runs for a whopping 8 kilometers up the edge of the Arabian Sea, shimmering with its light-yellow sands that are broken only by the presence of the occasional fishing hut or wood-carved canoe.

Aside from watching the local folk haul in their daily catch as the sun sets dramatically on the horizon, SCUBA diving in the kaleidoscopic coral reefs of the Malvan Marine Sanctuary should be top of the menu.

Gokarna, Karnataka

If you're after the same glowing yellow sands and stooping groves of coconut palms that Goa has, but don't want to deal with the booming seasonal crowds, untrodden Gokarna could just be the choice for you.

Arcing their way around the Indian Ocean coast, the sands here encircle a ramshackle temple town of mysterious Hindu stupas and incense-scented shrines. Yogis and meditators, surfers and sunbathers all share the shoreline, which is broken into a number of separate beachfronts: lively Gokarna Beach itself, powdery Kudle Beach, and rustic Om Beach with its bamboo shacks and boulders.

DUBAI/CAIRO — Egypt is considering rejecting 59,000 tonnes of French wheat purchased by state grain buyer GASC due to the presence of poppy seeds, the second cargo to come under such scrutiny and raising fresh uncertainty over the country’s import policy.

The world’s biggest wheat importer threw the international grains market into confusion in 2015 by rejecting a cargo that contained the common wheat fungus ergot, triggering a row over policy in Cairo that is still simmering and worrying traders.

Egypt’s agricultural ministry said on Sunday its quarantine authority was examining seeds in the French cargo.

“If they prove to be poppy seeds, a decision will be taken to reject the shipment and transfer the case to the general prosecutor,” spokesman Hamid Abdel Dayim told Reuters.

That would be the second case transferred to the general prosecutor in less than a month after a 63,000 tonnes Romanian wheat cargo was rejected by quarantine and is now under review by the prosecutor’s office for re-export.

The back-to-back cases have raised red flags among traders, who called poppy seeds “the new ergot” and an attempt by Egypt’s agriculture quarantine service to tighten import rules after losing its fight to ban the fungus last year.

Transgrain France, a supply company responsible for the French cargo, said it seemed strange for “quarantine to suddenly discover this type of seed for the first time in decades” and said quarantine may have confused the seeds with another type of poppy found in France but which is not toxic.

Tougher inspections

In December 2015, the rejection of a French wheat shipment purchased by GASC for containing ergot set off a nearly year-long row over import requirements as Egypt’s quarantine authority imposed a ban on any trace level of the fungus.

Trading companies said the requirement was impossible to guarantee and boycotted state tenders, effectively cutting Egypt off from global grains markets.

Egypt spends billions of pounds each year on wheat and bread subsidies to secure food for tens of millions of its poorest. The political sensitivity of the availability and price of the staple makes ensuring supplies a top government priority.

Following the boycotts, Egypt scrapped its zero-ergot policy and came into line with international standards to win back traders to its tenders. It also stopped sending Egyptian quarantine inspectors abroad to check on grain shipments and started using private companies instead.

But the new system was successfully challenged in court by a group of quarantine inspectors who argued it had allowed contaminants hazardous to plants and animals into the country.

The government has not implemented the court order and is appealing the decision, leaving the new system in limbo.

“The agricultural quarantine is trying to put more pressure, they want delegations to travel abroad again,” one Cairo-based trader said.

Traders also said inspection companies abroad at ports of origin were being more meticulous in searching for poppy seeds to avoid problems when shipments arrive in Egyptian ports.

“There are currently two Romanian cargoes at ports of origin that have been told to change their wheat supply for the presence of poppy seeds,” another trader said.

“They are nervous now with what is happening,” he added.