Dirhams & Dollars

Just about 10 years ago, Lehman Brothers collapsed, ushering in a financial crisis that wiped billions of dollars off stock markets, took away thousands of jobs, and changed the course of the world's economy. Today, we look back at exactly what happened, and what the world looked like when Lehman collapsed. (Fun fact: Plenty of people refused to even acknowledge the crisis when it first started. Fun fact #2: The crisis also took away most cars off Dubai's usually-jammed streets.) We talk about what the world has (or hasn't) learned from the last financial crisis, and discuss whether a new one is just around the corner.

Week-ahead: Why the emerging markets sell-off could spread by Gulf News

Abu Dhabi's decision to purchase Manchester City for £210 million 10 years ago this week is looking like an increasingly shrewd business move; the team looks capable of long-term success, and its management team could last for many years. But sporting success aside, how profitable is owning a football club? And when is the right time to exit that investment? We delve in to the complex business of football clubs, the marketing value for a foreign sovereign investor, and who the next Gulf state might be to enter the foray (hint: Chelsea might be up for sale soon. Saudia Airways shirt sponsors, anyone?)

Trade tensions are still brewing, and this time, it's Canada that's at the receiving end of a series of threats by Donald Trump. The US President said Canada is not needed in the North American Free Trade Agreement, and that he may only negotiate with Mexico. And if that escalation wasn't enough, the US may be preparing yet another round of tariffs on China. (Yes, we, too, have lost track of just how much the tariffs amount to now.) We discuss China, Canada, the US, and the latest updates on the seemingly-endless Brexit negotiations.

Today is Emirati Women’s Day, so we took the opportunity to discuss some hot topics, including women in technology, the pervasiveness of the bro-code that has led to scandals at some of the largest start-ups, and more broadly, the obstacles facing businesswomen. We chat about what the recent controversy surrounding Elon Musk would’ve looked like if Musk was not a man. Would the criticism of him have been differently worded? We are joined by Natasha D’Souza, an independent journalist who focuses on issues surrounding women in the tech industry, who provides an insight in to how the UAE compares to fellow financial hubs Singapore and Hong Kong when it comes to diversity and gender parity.

Summer slump? No such thing in the world of politics, as developments in Washington DC threaten to shake the markets yet again. With the conviction of two of US President Donald Trump’s former aides, the spectre of a showdown looms large, potentially scaring investors who are currently enjoying the longest bull market in history (stocks have made uninterrupted gains since the market hit bottom in March 2009). Elsewhere, trade deals linger on the horizon, as Nafta (the North American trade pact) talks reportedly make progress, with the Mexicans claiming that Trump has dropped one of his stiffer demands regarding a ‘sunset clause’. The scarcely-reported trade talks between the US and China last week ended with nothing to show, potentially presenting yet another powerful headwind to global commerce. Finally, a slew of country economic data is on offer for number nerds this week. Huzzah!

Podcasts and audibooks have caught fire in recent years, offering publishers a brand new way to access their audiences. Despite scepticism from some that a return to what is essentially radio would ever be possible following the arrival of the television, and later the internet, the smartphone has enabled people to access audio content from anywhere. Its appeal has been huge: People enjoy listening to documentaries, discussions, comedies, serialised dramas, and all kinds of other genres, all without any visual accompaniment. This trend has yet to hit the Middle East, however, and on today's podcast we talk to the country manager for Storytel, one of the world's fastest growing audiobook platforms, about what it will take to make audio a success in the region, and how long before it truly catches on.

With Eid Al Adha dominating the minds of most Middle East residents this week, the next five days will be quieter than usual in the UAE. That being said, it won’t stop the relentless churn of news from around the world, as US sanctions on both China and Russia finally snap in to place at the end of this week. The value of tariffs on Chinese imports in to the US will rise to $50 billion on August 23, while trade sanctions on Russia are being dubbed as the “bill from hell.” These include potential curbs on the operations of state-owned Russian banks, restrictions on holding Russian sovereign debt as well as measures against Western involvement in Russian oil and gas projects, according to news agency Reuters. We discuss the blow-back from these sanctions, and what they mean for global trade. We also discuss currency fluctuations, and where the bombing Turkish lira now stands.

Are the titans of tech out of their depth? That was the question posed in a recent Bloomberg column, and on today's podcast, we look at the inability of some of the so-called geniuses to ran a company in a rational way. Musk, in particular, has come under scrutiny in recent months for his erratic behaviour, his offensive Twitter remarks, and his flashy private life. Zuckerberg, too, has been seen on many occasions as lacking basic compassion, and an understanding of what his customers really want. So the question becomes, should these visionaries be the ones actually executing their visions? Or should they entrust such grandiose, disruptive ideas to a Harvard MBA? Sounds a bit dull, no? We debate whether there is a perfect balance between ties and turtlenecks, suits and sandals, and corporate focus meeting the often lofty visions of Silicon Valley.

Considering a last minute Eid vacation? On today's podcast, we look at why it's such a good time to go on holiday to Turkey. With a brewing currency war between Turkey and the US, there have been some caught in the crossfire, such as the euro. The pound sterling, on the other hand, has simply crashed because of continuing fears over Brexit, and what will happen after Britain exits the European Union next year. Iran too continues to suffer, with its currency, the rial, entering a period of hyperinflation as it faces renewed sanctions courtesy of the US. This could be disastrous for an already weakened Iranian economy, and we look at the knock-on effects of Iran's financial woes.

Is television dead? Is this the consensus now? Well, possibly. According to a study by Britain's Office for National Statistics, nearly half of adults use paid internet-based services to watch content. The Gulf News Business team delves into this study to find out exactly how TV-watching patterns changed and the future of television. And if everyone is willing to pay to stream video content, will these paywalls eventually be up to on podcasts? And news? Tune in to hear more.

Our timing couldn’t be worse. Hours after finishing up a podcast taking about tech stocks, Apple releases its quarterly results and - *presto* - we get our first trillion dollar company. But that’s the only good news we have for now. With most of Wall Street’s big tech stocks now having released their results, we’re back to taking about trade wars and the Trump effect, such as the falling Iranian Rial. Hopefully, we’ll get some good news during the week. We’re still waiting for UAE property developers to release their results; maybe they’re keep the string of good results rolling.

Remember when social media used to be fun? Now, it’s causing political scandals, and giving a platform to some of the most caustic voices on the internet. It’s even been used to start trade wars. All this bad mojo has made investors think twice, too. Last week both Facebook and Twitter both saw their stock values drop 20 per cent, shaving almost $120 billion off of Facebook’s value alone. Could social media finally be wearing out its welcome? It may seem unthinkable, but it’s clear change is in the wind.

Social media is no longer where the money is, at least according to US stock markets last week. Facebook and Twitter should have deleted their own accounts after their share prices fell over 20 per cent on continuing concerns over privacy and fake accounts/trolls. It was a bad week for tech in general, with even Intel and Amazon sliding. So now it's all up to Apple, which will be the last of the FAANGs to post earnings for the quarter. Also in the finance world, the US Federal Reserve and the Bank of England will meet to discuss interest rate hikes and economic outlook.

The life of an influencer looks wonderful. Who wouldn’t want to have a job taking pictures of yourself in glorious settings holding fabulous products? Companies love them too, because - let’s face it – influencers aren’t likely to bite the hands that feed them. But what happens when an influencers starts making controversial statements. Last week social media star Sondos Alqattan criticized Kuwaiti labour laws, sparking backlash, with many viewers calling for a boycott of brands that sponsor her. We bring Alex Malouf, a local media expert, to talk about the incident and tell us what companies need to know about influencers.

It’s groundhog day in the news cycle; US President Donald Trump tweets about the economy, and inevitably, everyone goes up in arms. This week, the focus is on currencies, especially the US dollar, which Trump thinks is too strong. Meanwhile, US Treasury Secretary Steven Mnuchin is in Buenos Aires for the G20 finance ministers meeting discussing free trade. We discuss, as always, trade issues and Mnuchin’s visit. Lastly, we recap Chinese President Xi Jinping’s visit to the UAE, which just wrapped up a day ago. We discuss the main deals that were signed, and why the visit by the head of the world’s second largest economy was rather underwhelming.

Ahead of a state visit by Chinese President Xi Jinping to the UAE, we talk about exactly what to expect and why this visit matters. Why is the president of the world’s second largest economy coming to the UAE? And exactly how much business potential does he bring with him? We also talk about why every industry wants to capitalise on the Chinese economy, be it on Chinese tourists, trade with China, or the Asian country’s growing demand for oil imports. And no discussion about China these days would be complete without mentioning US President Donald Trump and his "yuge" tariffs on China. We discuss global trade, and the shifting of powers to the east as the US closes itself off and Europe grapples with domestic issues. Is red China the new face of globalization? Listen to hear more.

The World Cup has come to an end, but that doesn’t mean the international drama is over. This week, Russian President Vladimir Putin is scheduled to meet US President Donald Trump in a private summit that will reportedly not feature any aides or journalists. Will this rock the markets, or is the world used to political controversy by now? Elsewhere, the UAE will play host to one of its largest state visits ever, welcoming Chinese President Xi Jinping on a three day trip to the country. We discuss what his trip may entail, and what to look out for when he touches down. Lastly, it’s earnings season, and that means Sarah is excited. We discuss expectations for the season.

When you heard the news that all 12 boys and their coach had been rescued from the Thai cave where they had been trapped for over two weeks, were you glad? Or did you react with a shrug? For some, the answer is obvious; this was a story of hope, against all odds. It was a tale that tapped in to our primal fears of being trapped, of dying in the darkness. For others, there is a concern that too much attention is paid to such stories when people spur stories on human suffering on a much larger scale. We discuss as journalists exactly what makes this story so compelling. P.S. Arguments ensue as some of us don't see the appeal of the rescue story.

Dubai: In the end, the trade war began with a whimper, not a bang. Long in the making, the war of words between the US and China has officially turned in to something resembling an actual war, with both nations slapping billions of dollars of trade tariffs on one another. China, over the weekend, called it the biggest trade war ever. US President Donald Trump, previously, has said that trade wars are easy to win. The markets and the broader global economy will be watching closely to see how the situation unfolds in the weeks ahead. Elsewhere, reports have emerged that Twitter has been deleting as many as one million fake users and bots from its platform every day for the past two months. While some analysts have questioned what impact this will have on the social media network’s usage metrics, others have been quick to point out this is a positive step towards cleaning Twitter up. We discuss. And lastly, with Trump set to arrive in London on Saturday, can the UK withstand the controversial president’s