Business Extra

Oil prices touched their highest level since 2008 — surging past $130 a barrel — after US President Joe Biden banned crude, gas and coal imports from Russia on Tuesday, in retaliation for Moscow's invasion of Ukraine.

Wheat and other soft commodities are also rising on supply concerns, as both Russia and Ukraine are big producers. There is already a knock-on effect on food costs. Metals, including aluminium and nickel, are experiencing similar record price jumps and industries such as car making will feel the pinch.

There has been a feeling of chaos these past few days on global markets.

In this episode:

• Russia-Ukraine conflict to have 'severe impact' on global economy, IMF says

• Oil prices jump as US bans Russian crude imports

• IEA to release 60 million barrels of oil from emergency stocks

As the consequences of the Covid-19 pandemic recede, the most critical issue faced by those leading the energy industry becomes the transition to a less carbon-intensive world after the commitments made at Cop 26 climate summit in Glasgow.

How will this be managed amid an evolving global landscape which also includes heightened geopolitical risk and the concern around security of energy supplies.

Randy Bell, senior director and Richard Morningstar Chair for Global Energy Security at the Atlantic Council joined hosts Mustafa Alrawi and Kelsey Warner in the studio in Abu Dhabi to look ahead at what could be the main factors shaping the sector in the coming twelve months.

• John Kerry: Ukraine conflict cannot be a distraction from climate change action

• Cop26 showed a key shift in thinking to resolve climate crisis, report says

• Dr Sultan Al Jaber says diversified approach crucial to ensure transition to green energy

The future of ownership or a passing fad?

NFTs, or non-fungible tokens, a digital object underpinned by the blockchain, have taken the digital art world by storm — and Sotheby's is taking note.

The storied auction house credited an “influx of younger, tech-savvy collectors” interested in luxury goods and NFTs for its success in 2021, when it reported its highest sales figure since it opened in 1744.

But the digital space is not without its grifters, spammers and scammers.

OpenSea, the world's biggest NFT marketplace by volume, said last month that 80 per cent of the NFTs minted on its platform are “plagiarised works, fake collections and spam".

To better understand the world of NFTs and art — and what still needs to be done to make the market less fraudulent — host Kelsey Warner is joined this week by Michael Bouhanna, the co-head of digital art sales at Sotheby's.

In this episode:

• Celebrities and NFTs: why your favourite stars are trying to sell you cryptocurrency

• John Lennon’s son Julian to sell his father’s Beatles clothes as NFTs

• Biggest auction sales of 2021: from Beeple's NFT record to the Macklowe Collection

Rising geopolitical tensions, an energy crunch and the thrum of pandemic economic recovery are setting an uncertain path to net zero.

Alexis Crow, a senior fellow at the Atlantic Council with a background in geopolitics and economics, joins co-hosts Mustafa Alrawi and Kelsey Warner to lay out what to expect in the year ahead for fossil fuels, renewables and the push and pull of the “old” versus “new” economies.

Read more on our website:

• Crude prices at $100 could prompt major rise in US tight oil output

• Opec+ agrees to continue output rise in March amid higher demand

• Energy crisis: North Sea booms with six new oil and gas fields in the pipeline

Amid inflation, an energy crisis, volatile stock markets and increasing scrutiny of big technology firms, there is concern over how tensions between global powers such as the US and Russia might spill over into conflict.

The major crisis is around Ukraine, but there are other pain points, including North Korea's ballistic missile programme, the war in Yemen, ISIS's enduring threat and the continuing talks over Iran's nuclear programme.

Higher oil and gas prices are a symbol of these worries. What should decision makers and senior executives do to mitigate the rising risk profile?

Co-hosts Mustafa Alrawi and Kelsey Warner talk to The National's UK-based business commentator Chris Blackhurst about how industry and commerce could be affected by the higher levels of uncertainty.

In this episode:

• Oil continues to trade higher as geopolitical tensions grow

• Global trade exceeds pre-Covid levels in January despite Omicron and supply chain woes

• Debt spirals and fine cuisine do not mix in the crunch over The Wolseley

On Monday the UAE announced it will introduce a new federal corporate tax on business profits in a landmark move that will reshape the economic landscape.

Co-hosts Mustafa Alrawi and Kelsey Warner answer the basics of how it will work, why now and what to expect when the tax goes into effect on June 1, 2023.

Later, they are joined by Anurag Chaturvedi, chartered accountant and chief executive of the Chartered House Tax Consultancy in Dubai.

He explains why the new tax regime is competitive for attracting multinationals and foreign direct investment, what consumers can expect and how businesses should be preparing.

In this episode:

• UAE to introduce federal corporate tax from June 2023

• Why employees will continue to pay no income tax in the UAE

• UAE labour law: Relaxed visa rules for jobseekers a radical shift for employment market

Web3 is the next generation of the internet.

Though it is difficult to understand and seemingly easy to dismiss, the advent of a decentralised internet demands our attention as it is a fundamental shift away from how we use the web today.

So says Noor Sweid, a veteran venture capitalist in Dubai who has been tracking the rise of the technology and eyeing opportunities.

She joins Kelsey Warner this week to explain her current thinking on Web3 and what to expect.

Ms Sweid is the founder and general partner of Global Ventures, an emerging markets venture capital firm backed by some of the world’s best-known investors such as General Atlantic and Capria. Global Ventures will shortly close its second fund and has now invested in more than 40 companies including Kitopi, Mumzworld and Red Sea Farms.

In this episode:

• Jack Dorsey's Square changes name to Block as it pursues new businesses

• Kevin O'Leary on the future of finance and Abu Dhabi

• Blockchain and decentralised systems can play big role in fighting identity theft

With Abu Dhabi Sustainability Week and the World Future Energy Summit under way in the UAE, the path to net zero is becoming clearer with an energy mix of hydrogen, nuclear and renewables alongside innovations such as carbon capture and battery storage.

Co-hosts Mustafa Alrawi and Kelsey Warner discuss the latest developments and then, Kelsey interviews The National's energy contributor Robin Mills in this bonus episode of Business Extra.

They discuss Adnoc's business continuity response to the Houthi militia's Monday attack, the challenges that remain for sustainable fuels and how record-high oil prices influences net zero ambitions.

In this episode:

• Rolls-Royce brings mini nuclear power plant technology to World Future Energy Summit

• Pace of energy transition must be ‘organised’, Mubadala chief says

• Abu Dhabi’s Taqa to press ahead with Dh40bn investment plan as part of renewables push

This is the decade of ‘talentism’ rather than capitalism, the World Economic Forum’s president said as it begins a week of high-level online meetings to address climate action, the pandemic and the economic recovery.

Borge Brende, a former Norwegian foreign minister, tells the Business Extra podcast that the success of a business is now also being measured by its ability to recruit and develop young talent.

In this episode:

• Can the Middle East be the centre of the post-pandemic world?

• WEF: Climate crisis seen as ‘world’s most critical danger’

• World Economic Forum: Leaders must ensure global post-pandemic economy benefits all

With the UAE's move to a Monday-Friday working week and a reduction of hours for public sector employees to four-and-a-half days, the country is leading the charge of a milestone shift in the way we work in the 21st century.

Less than a month into the new model, the private sector is following suit. One in four companies plan to move to a four-and-a-half-day working week, a survey by management consultancy Mercer found.

To talk about the broader implications of this working culture shift, future of work expert Diana Wu David, founder of Future Proof Lab and the author of Future Proof: Reinventing Work in the Age of Acceleration joins co-hosts Kelsey Warner and Mustafa Alrawi this week.

In this episode:

• UAE weekend change: One in four private sector firms to switch to 4.5 day week

• Dubai private schools can extend learning day in line with new working week

• What the UK can learn from the UAE's 4.5-day working week