Gold up as UAE condemns N. Korea missile over Japan

North Korean missile flew over Japan

ABU DHABI 30 August 2017: The United Arab Emirates has condemned North Korea’s firing of a missile that violated Japan’s airspace in an unjustifiable escalation of the tense situation in the region, affirming that such repeated military tests blatantly defy all relevant UN Security Council resolutions and the Non-Proliferation Treaty and pose a genuine threat to international security and stability.

The Ministry of Foreign Affairs and International Cooperation in a statement has reiterated the necessity of complying with international resolutions and conventions on banning the proliferation of weapons of mass destruction, calling upon the UN Security Council to put an end to such practices that are likely to undermine prospects of peace and stability in the Korean Peninsula and Northeast Asia, said Wam.

The UAE has requested N. Korea to abide by Security Council resolutions, urging all parties concerned to resort to dialogue and diplomacy to contain tensions and maintain international peace and security

Equities dip, gold up 

LONDON: Asian and European stocks slumped with havens, including gold, on the rise after N. Korea launched a ballistic missile over Japan. Gasoline edged down even as energy companies braced for another hit from Tropical Storm Harvey.

From London to Sydney equities retreated and volatility escalated amid classic risk-off moves, with U.S. stock futures also tumbling, according to a Bloomberg report.

Gold surged to the highest this year, while the Swiss Franc and the Yen were the best-performing major currencies. Most European bonds followed Treasuries higher, while the euro climbed above US$1.20 for the first time since 2015, providing yet another drag on the region’s stocks. Gasoline reversed an increase after five days rising, even as Harvey picked up strength again after inundating refineries along the Texas coast.

In the meantime, and while all three major indices were little changed Monday, energy markets, however, moved as Harvey continued to ravage Texas.

Energy markets moved as Harvey continued to ravage Texas. US gasoline futures jumped by as much as 6.8 percent early Monday. WTI crude, the US-benchmark, tumbled by as much as 3% in the afternoon, according to international reports.

Ten oil refineries in Texas have been shut down because of Harvey, according to a report by S&P Global Platts released earlier this week.

Together these plants have the capacity to refine about 2.2 million barrels a day. The storm has, so far, shut down one-quarter of oil production from the Gulf of Mexico.

Photo by: Akio Kon/Bloomberg provided by Wam.
Photo by: Akio Kon/Bloomberg provided by Wam.

Japanese PM confirms North Korean missile flew over Japan

TOKYO: Japanese Prime Minister, Shinzo Abe, has confirmed that a North Korean missile flew over Japan, the Deutsche Presse-Agentur, DPA, has reported.

“Japan will do its utmost to protect the lives of its people,” Abe told reporters.

Chief Cabinet Secretary, Yoshihide Suga, told a news conference that the missile flew over Cape Erimo on the northern island of Hokkaido, and that it apparently fell into the sea 1,180 kilometres east of the area.

Suga said the North Korean missile posed a serious, grave security threat to Japan, added DPA.

By Rajive Singh

Dubai Gazette