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The UK's top share index is facing its worst day since the financial crisis after it fell 8% in early trade, wiping billions off the value of major firms. The drop follows global falls as a row between Russia and Saudi Arabia saw oil prices plunge by more than a fifth. Shares were already reeling from fears of the impact of the coronavirus as cases globally continue to rise. The day has already been dubbed "Black Monday" by analysts who described the market reaction as "utter carnage". The FTSE 100 index fell more than 8% in the first few minutes of trade, before recovering slightly to stand 6% lower. 

Oil prices are down more than 20% with Brent crude trading at $35.98 a barrel.

"It shows a level of nervousness in the market which I haven't seen in a long time," said Justin Urquhart-Stewart, co-founder of Seven Investment Management.

Investors are selling stocks at such a rate because they cannot quantify what Saudi Arabia and Russia might do, he said. The hefty falls were also seen elsewhere in Europe, with stock markets in France and Germany opening 7% lower. Norway - a major oil exporter - saw its main stock exchange fall 12% in early trade. Earlier on Monday, Asian markets had fallen sharply, with Japan's Nikkei 225 index down 5% while Australia's ASX 200 slumped 7.3% - its biggest daily drop since 2008. In China, the benchmark Shanghai Composite fell 3%, while in Hong Kong, the Hang Seng index sank 4.2%. As well as the slump in the oil price, Asian investors also reacted to a steep fall in Chinese exports, and figures showing the Japanese economy shrinking at a faster pace than expected//BBCnews

Two Afghan politicians - who both claim they won the presidential election - have declared themselves president at rival inauguration ceremonies. The electoral commission says incumbent Ashraf Ghani narrowly won September's vote, but Abdullah Abdullah alleges the result is fraudulent. The old rivals both held positions in the previous government. It comes as Afghanistan prepares to enter peace talks with the Taliban, hoping to end years of violence. Experts have warned the current political rivalry will "gravely affect the government's position in the upcoming intra-Afghan talks".

"Unity is the only way [forward] if they want to win on the negotiating table," political analyst Atta Noori told news agency AFP. 

Mr Ghani, who has been president since 2014, held his inauguration ceremony at the Presidential Palace. Mr Abdullah held his at the Sapedar Palace - despite his team earlier saying they would be prepared to cancel it, following the intervention of US Special Envoy Zalmay Khalilzad. Mr Khalilzad is trying to work out a power-sharing arrangement between the two camps, with people on the ground clear-eyed about what two rival administrations would mean for Afghanistan.The political showdown comes days after Mr Abdullah escaped unharmed from an attack claimed by Islamic State militants, which saw at least 32 people killed. It was the first major attack in the capital since the US and Taliban signed a deal in late February, which required the Taliban will hold talks with the Afghan government//BBC news

Oil prices suffered an historic collapse overnight after Saudi Arabia shocked the market by launching a price war against onetime ally Russia.

US oil prices crashed as much as 34% to a four-year low of $27.34 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share.

Crude was recently trading down 27% to $30.04 a barrel. Brent crude, the global benchmark, plunged 26% to $33.49 a barrel. Both oil contracts are on track for their worst day since 1991, according to Refinitiv.

The shock to oil also rattled equity markets, which were already in a panic because of the novel coronavirus outbreak. Stocks in Asia plunged during Monday trading hours, while US futures recorded massive declines.

The turmoil comes after the implosion of the oil alliance between OPEC and Russia on Friday.

Russia refused to go along with OPEC's efforts to rescue the coronavirus-battered oil market by cutting production. The failure of the Vienna meeting left the oil industry shell-shocked, sparking a 10% plunge in oil prices Friday. Oil prices were already stuck in a bear market because of the coronavirus outbreak that has caused demand for crude to fall sharply.

But then Saudi Arabia escalated the situation further over the weekend. The kingdom slashed its April official selling prices by $6 to $8, according to analysts, in a bid to retake market share and heap pressure on Russia.

"The signal is Saudi Arabia is looking to open the spigots and fight for market share," said Matt Smith, director of commodity research at ClipperData. "Saudi is rolling up its sleeves for a price war."

The biggest one-day percentage drop for US oil prices this century occurred in September 2001 when they plunged 15%, according to Refinitiv statistics that go back to 2000.

Analysts said that Russia's refusal to cut production amounted to a slap to US shale oil producers, many of which need higher oil prices to survive.

"Russia has been dropping hints that the real target is the US shale oil producers, because it is fed up with cutting output and just leaving them with space," analysts at energy consulting firm FGE wrote in a note to clients Sunday. "Such an attack may be doomed to failure unless prices remain low for a long time."

The 2014-2016 oil crash caused dozens of oil and gas companies to file for bankruptcy and hundreds of thousands of layoffs. However, the US shale industry emerged from that period stronger and the United States would eventually become the world's leading oil producer.

"The perils of playing a game of brinksmanship with Vladimir Putin were proven in dramatic fashion," Helima Croft, head of global commodity strategy at RBC Capital Markets, wrote in a Friday note to clients. "It is hard to see how the relationship can easily be put back on a solid footing." (CNN)

Women in the United Arab Emirates joined the international community on Sunday in celebrating International Women’s Day. The Middle Eastern country represents a beacon of hope for the advancement of women's empowerment in a region, which has been predominantly patriarchal, according to the UAE government.

The annual celebration is commemorated every March 8 to acknowledge women’s role and contributions to political, cultural, social and economic development.

In a statement made available to The Jakarta Post on Sunday, the Emirati government through its missions in Jakarta said the country had taken a strong position in women's empowerment.

“Women have been the key partner of the development in the country and have been playing a vital role in elevating [the capabilities] of UAE’s future generation,” the statement read.

UAE President Sheikh Khalifa bin Zayed Al-Nahyan has taken a clear position to empower women in the country by encouraging them to assume some of the highest positions in various sectors.

“Some of the ministerial posts within the Emirati government is being assumed by women. Some are also holding their positions as officials of the Federal National Council,” the UAE government said, adding that women had also maintained a decisive role in the country’s justice system.

In 2012, the UAE became the first country in the Arab region to allow women to participate as councillors.

The country’s constitution guarantees equal rights between men and women, which helped the emirates leader in various gender equality indices, supplementing its advances in education and literacy.

The UAE acknowledges that women’s participation in decision-making was a key factor in the country’s economic development. In 2012, for instance, the UAE government decided to give more leverage to women in leadership, allowing them to sit in the highest position in every institution.

Ever since, around 15 percent of the available seats in government institutions must be allocated to women and 50 percent for the Federal National Council, aligning with Al-Nahyan’s vision to further involve women in developing the country’s vital sectors.

“At least nine out of the 32 ministers in the current government are women. In the Foreign Affairs and International Cooperation Ministry, for instance, almost half of the employees are women,” the statement said.

The Gulf state bears the world's highest percentage of women in the public sector at 66 percent, of which 30 percent are in positions of leadership or related to decision-making.

At least 75 percent of the positions in the education and healthcare sectors are filled by women. Two-thirds of the country’s university graduates are women, of which 77 percent studied computer sciences and another 44 percent specializing in engineering – more than twice as many than in Western Europe or the United States.

In 2014, the UAE also opened the Khawla bint Al Azwar Military School as the first military academy for women in the region.

Currently, at least 23,000 women entrepreneurs in the UAE are running projects worth US$13.6 billion. Around 19 percent of the members of the country’s chamber of industry and commerce are women.

As such, the UAE has committed to empowering women globally to take on greater roles in entrepreneurship and has contributed at least $50 million to the Women Entrepreneurs Finance Initiative (We-Fi), a collaborative partnership among 14 governments, eight multilateral development banks (MDBs) and other public and private sector stakeholders hosted by the World Bank Group.