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Bitcoin continues to pull away from stocks

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As the Ukraine war intensifies, cryptocurrencies continue to pull away from stocks.
Investors are looking for safe havens. Bitcoin jumped 18 per cent over the past three days, while the MSCI AC World Index has fallen in nine of the past 10 sessions, Bloomberg reported.
Proponents of Bitcoin dub it as a hedge against conflict and inflation, and cite its borderless nature and fixed supply.
Crypto’s image was hit when a crypto rout started in November. It sent Bitcoin plunging 52 per cent and there were concerns about central bank tightening.
It has made broad gains in digital tokens the past few days. This has revived the hope that they offer a shield against governments that can seize other types of assets.
It’s “fascinating that, after a week into geopolitical uncertainty, Bitcoin is outperforming gold, which is known as a safe-haven asset,” an analyst at UK-based digital asset broker GlobalBlock, Marcus Sotiriou, told Bloomberg.
On Wednesday, gold slipped 0.2 per cent, after rallying since late January.
There is likelihood of a crypto rebound and therefore, retail investors are piling in.
Most of the accumulation in Bitcoin over the last week came from smaller investors, according to data from Glassnode.
“This geopolitical environment is certainly a tailwind for crypto,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, reportedly told Bloomberg.
“This situation highlights the use case for a decentralised, neutral, algorithmic safe haven.”

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New electric bus, more stops and free rides in Ras Al Khaimah for all

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Ras Al Khaimah residents and visitors can now ride the emirate’s first electric public bus following the launch of the upgraded Purple Route, which also offers free travel during its first month of operation.

Introduced by the Ras Al Khaimah Transport Authority (RAKTA), the revamped route officially entered service on June 3 and forms part of the emirate’s push towards smarter and more sustainable transport solutions.

The upgraded Purple Route now covers an additional 14 kilometres and connects key destinations between Al Nakheel and Manar Mall, including hospitals, government centres, educational institutions and residential communities.

A major highlight of the launch is the introduction of Ras Al Khaimah’s first electric bus, supporting RAKTA’s plans to expand environmentally friendly transportation and reduce emissions across the public transport network.

The service operates 12 daily trips under an enhanced schedule designed to improve reliability, reduce waiting times and make commuting easier for passengers.

The Purple Route is one of five public bus routes operating across the emirate. With the latest expansion, Ras Al Khaimah’s public transport network now spans 215 kilometres, supporting the authority’s goal of increasing urban transport coverage to 65 per cent by 2026.

Passengers can also use the Sayer app to plan journeys, check schedules and track buses in real time.

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UAE summer working hours announced: Midday outdoor work ban begins on June 15

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The UAE’s annual midday work ban will come into effect on June 15, with authorities once again restricting outdoor work during the hottest hours of the day to safeguard workers from extreme summer temperatures.

The regulation prohibits work under direct sunlight and in open-air locations between 12:30pm and 3pm daily, and will remain in force until September 15.

Now in its 22nd consecutive year, the initiative reflects the UAE’s ongoing commitment to workplace safety and employee wellbeing, particularly during the peak summer season when heat-related health risks increase significantly.

Under the rules, employers must provide suitable shaded rest areas for workers during break periods. Companies are also required to ensure access to drinking water, hydration supplies and cooling equipment such as fans to help protect workers from heat stress.

The Ministry of Human Resources and Emiratisation stated that limited exemptions will apply to certain activities where work cannot be postponed due to technical or operational requirements.

These include asphalt paving, concrete pouring and emergency maintenance work necessary to restore essential public services such as water, electricity and traffic systems. Projects requiring special government permits because of their impact on public infrastructure or movement may also be exempt.

Authorities warned that companies failing to comply with the regulations could face fines of Dh5,000 per worker found in violation, with total penalties reaching up to Dh50,000 for multiple offences.

The ministry highlighted the strong compliance levels achieved in previous years, noting that 99 per cent of companies adhered to the regulations during last year’s Heat Stress Protection campaign.

As part of broader efforts to support outdoor workers, more than 10,000 air-conditioned rest stations equipped with essential amenities were made available to delivery riders across the country.

Officials urged businesses to continue prioritising worker safety and strictly follow the summer regulations to help reduce heat-related illnesses and maintain a safe working environment throughout the season.

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UAE confirms zero Ebola cases, issues residents reassurance as traveller tests positive abroad

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The UAE has confirmed that no Ebola infections have been recorded within the country, reassuring residents after reports emerged about a traveller who was diagnosed with the virus days after leaving the Emirates.

According to the Ministry of Health and Prevention (MoHAP), the UAE’s health system remains on high alert with robust disease surveillance and response mechanisms in place to monitor global health developments and emerging infectious threats.

Officials explained that the individual in question had travelled through the UAE before later testing positive for Ebola upon arrival in Uganda. The ministry noted that the traveller did not seek medical treatment or visit any healthcare facility during their stay in the Emirates.

MoHAP emphasised that there is currently no public health risk within the UAE and confirmed that no Ebola cases have been detected nationwide.

Health authorities said they are maintaining close coordination with international partners, including the WHO, to track developments and evaluate any potential risks related to the situation.

As part of the country’s precautionary public health strategy, relevant authorities have already implemented established response measures, including risk assessments, contact tracing procedures and preventive protocols aligned with national guidelines and international best practices.

The ministry reiterated that the UAE’s disease monitoring systems remain highly effective and capable of responding rapidly to any potential health concerns.

Residents were also urged to rely on official announcements for accurate information and avoid spreading rumours or unverified reports on social media and messaging platforms.

Authorities stressed that public awareness, transparency and preparedness remain key pillars of the UAE’s approach to safeguarding community health and wellbeing.

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