Abu Dhabi Road on a rainy day - I wish it rains here too.
Abu Dhabi city streets
Sheikh Zayed Road, Dubai
Abu Dhabi Corniche Road
Abu Dhabi Eastern Ring Road
Abu Dhabi - Maqta Bridge
Roads in Muscat
Parking area - Dubai
Parking area - Abu Dhabi
Thursday, 4 October 2007
Photo Speaks - Passing shots - One for the Road
I haven't attended to the Photo Speaks session for quite some time and I will be doing injustice if I don't update it today. So, here they are - "One for the Road" - is the title for these passing shots, as I call them always. A few scenes from UAE, Oman taken while driving around.
Abu Dhabi Road on a rainy day - I wish it rains here too.
Abu Dhabi city streets
Sheikh Zayed Road, Dubai
Abu Dhabi Corniche Road
Abu Dhabi Eastern Ring Road
Abu Dhabi - Maqta Bridge
Roads in Muscat
Parking area - Dubai
Parking area - Abu Dhabi
Abu Dhabi Road on a rainy day - I wish it rains here too.
Abu Dhabi city streets
Sheikh Zayed Road, Dubai
Abu Dhabi Corniche Road
Abu Dhabi Eastern Ring Road
Abu Dhabi - Maqta Bridge
Roads in Muscat
Parking area - Dubai
Parking area - Abu Dhabi
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan grants Dh370m for endowment drive
Shaikh Abdullah honoured key sponsors, philanthropists and winning students in the endowment campaign for their support and contribution to the drive.
Khalifa grants Dh370m for endowment drive WAM Published: October 03, 2007, 23:52
Abu Dhabi: President His Highness Shaikh Khalifa Bin Zayed Al Nahyan granted Dh370 million for the endowment campaign organised by the General Authority for Islamic Affairs and Awqaf.
The grant was announced during a ceremony held on Tuesday under the patronage of General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
Shaikh Abdullah Bin Zayed Al Nahyan, Foreign Minister, honoured key sponsors and philanthropists and the winning students in the endowment campaign for their support and contribution to the success of the campaign. He presented mementos, cash prizes and certificates of appreciation.
The campaign, launched on the first day of Ramadan, aims at reviving the Sunna Waqf and helping alleviate the burden of the poor and the needy.
It sponsors orphans and needy students and poor people. It also provides healthcare, helps to build and renovate mosques.
Dr Hamdan Musallam Al Mazroui, chairman of the authority, said: It gives me great pleasure to honour the participants in the endowment campaign.
The sponsors of the campaign will help to fulfil its maximum potential, Al Mazroui said. The ceremony began with the national anthem presented by students of the Emirates School in Abu Dhabi, followed by recitation of some verses from the Quran in the presence of Islamic scholars and preachers invited by Shaikh Khalifa to give lectures during Ramadan.
Al Mazroui hailed Shaikh Khalifa, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Their Highnesses the Supreme Council Members and Rulers of the Emirates for their generous support to Islamic endowments.
The campaign, launched on the first day of Ramadan, aims at reviving the Sunna Waqf and helping alleviate the burden of the poor and the needy.
Upholding family values
Upholding family values
By Manal Alafrangi, Staff Writer GULF NEWS Published: October 03, 2007, 23:52
There is a certain universality when it comes to the term "family values" but because the concept itself is rooted in individual cultures, ideals and morals can come across as different. So then, what happens when people of different creeds and nationalities live in one society? Do they agree on what constitutes family values? Do they share the same ideals and principles?
According to our latest survey, there is a concern when it comes to cultural values being present in the UAE. That is, more than two thirds of our respondents feel family values are being eroded in the UAE. This opinion is particularly high amongst Arabs, excluding Emiratis (73 per cent). Moreover, 62 per cent of those surveyed feel people in the UAE are courteous and respectful to others but there is a difference of opinion amongst the various nationalities; 71 per cent of Emiratis compared to 39 per cent of Westerners.
Similarly, Arabs (excluding Emiratis) and Asians are also split on whether they think UAE residents have a community spirit. Emiratis and Westerners on the other hand are on opposite ends of the spectrum with the former saying they do and the latter saying they don't.
That is one of the main conclusions from the latest Gulf News survey undertaken by YouGov-Siraj where by 1,191 people answered questions on family, growing old, and challenges to family time. (Of the total surveyed, 119 were Emiratis, 147 other Arabs, 168 Westerners, 669 Asians, and 88 others).
We asked our respondents who each of them considers to part of their own family. Across all nationalities, 'parents', 'brothers and sisters' and 'spouse' top the family member ladder. 'Children' and 'grandparents' are not far behind in the family members consideration set. Interestingly, despite no blood connection, 25 per cent believe friends are family and 16 per cent find employed household staff to also be part of family.
Who do they live with? More than half of our respondents say they currently live in the UAE with their spouse- this is clearly observed among Westerners and Asians (75 per cent and 63 per cent respectively) as compared to Arabs (42 per cent). Moreover, both Arabs and Asians seem to have more of their parents living with them in the UAE compared to Westerners. Arab scores are largely observed among Emiratis (6 in 10 Emiratis vs. nearly 3 in 10 other Arabs).
On the other hand, almost 1 in 10 lives alone in the UAE. This is primarily because their families live in different countries (numbers being highest amongst Western and Asian respondents). Some respondents simply say that they "prefer to live alone" (with 2 in 10 Emiratis saying so).
There is unanimity amongst our respondents when it comes to caring for their elderly parents. 95 percent said they would be supportive towards helping their parents as they grow older and become dependent upon others for help. What options would they seek in such a scenario? Nearly 6 out of 10 say they would nurse them at home themselves. But a closer look reveals that while 60 per cent of Arabs and 67 per cent of Asians feel this way, only 34 per cent of Westerners feel the same.
Instead, 40 per cent of Westerners say they would employ a nurse at home. Sending elderly parents to a nursing home proved the least popular option for our respondents.
Through this survey, we got an insight as to why respondents would consider helping their elderly parents. The overwhelming majority say they would do it out of love for their parents. 7 in 10 say it is because they feel a sense of gratitude to be repaid to parents and many feel it is expected of them to be with their family.
Our respondents are equally supportive of their spouse's parents with 92 per cent saying they would care for them as the need arrives. Across all nationalities, Asians tend to be more supportive in assisting spouse's elderly parents (95 per cent of Asians vs. 89 per cent for Arabs and 85 per cent for Westerners). Half of the respondents claimed they would be willing to nurse their spouse's parents at home by themselves however, among Westerners, scores are directionally low.
As of now, over two thirds of our respondents prefer to live with their families than to live by themselves. This is especially the case with Asian respondents (82 per cent). What's more, respondents aged 30-49 are more likely to want to live with family than younger respondents (aged below 30).
We asked UAE residents to peer into the future when they themselves become elderly; what then would they prefer their living arrangements to be? 48 per cent say they would like to with their own grown up children - assuming they had any. It should be noted that of the total, only 23 per cent of Westerners feel this way compared to 52 per cent of Arabs and 53 per cent of Asians..
Another option is to live in a nursing home or a retirement village. While it has proved unpopular amongst the Arab and Asian respondents, 27 per cent of Westerners choose it as their preferred option.
An extended family has its benefits. The majority of our respondents feel having them around is advantageous namely for emotional support. They also improve family bonding and help maintain a sense of belonging. But by the same token, having an extended family means a lack of privacy and lack of personal space for the majority of our respondents- irrelevant of their demographic profile.
Working life affecting private life
Our respondents are split on whether their or their partner's working life has impacted their private life. 39 per cent said it has impacted their private life a lot, while 30 per cent say the impact has been small. A closer look at the survey shows that more females claim their partner's working life has greatly impacted their private life. On the other hand, 16 per cent find there has been no impact whatsoever.
Fifty six per cent have at least 1 child in their household. They say that on average, they spend 3 hours and 50 minutes with their children on a typical work day. Emirati parents tend to spend fewer hours with their children as compared to other Arabs.
On average, it is likely that parents waste 5 hours and 4 minutes without being with their children due to work related issues outside of regular office hours or other commitments. Such work related issues include traffic congestion, which is by far, the most recalled factor that makes people stay away from being with their families (this is clearly observed among Asians). Shopping, socialising, and going to the gym are also reasons that feature lightly on the survey.
Importance of family values
UAE residents believe that family values are important in today's world. Asians in particular have the highest scores when it comes to this conviction. We asked our respondents if they thought their family values are being eroded here in the UAE. Close to two thirds said yes. This opinion was particularly high amongst other Arabs (73 per cent). The three main reasons behind this are: lack of time for families to be together, economic pressure, and lack of parental guidance.
Other explanations including lack of proper role models and having too many temptations also feature prominently on the survey.
So then, how do our respondents generally feel about people in the UAE? Are they courteous and do they have a community spirit? Sixty-two per cent of those surveyed said yes but there is a difference of opinion amongst the various nationalities; 71 per cent of Emiratis compared to 39 per cent of Westerners.
By Manal Alafrangi, Staff Writer GULF NEWS Published: October 03, 2007, 23:52
There is a certain universality when it comes to the term "family values" but because the concept itself is rooted in individual cultures, ideals and morals can come across as different. So then, what happens when people of different creeds and nationalities live in one society? Do they agree on what constitutes family values? Do they share the same ideals and principles?
According to our latest survey, there is a concern when it comes to cultural values being present in the UAE. That is, more than two thirds of our respondents feel family values are being eroded in the UAE. This opinion is particularly high amongst Arabs, excluding Emiratis (73 per cent). Moreover, 62 per cent of those surveyed feel people in the UAE are courteous and respectful to others but there is a difference of opinion amongst the various nationalities; 71 per cent of Emiratis compared to 39 per cent of Westerners.
Similarly, Arabs (excluding Emiratis) and Asians are also split on whether they think UAE residents have a community spirit. Emiratis and Westerners on the other hand are on opposite ends of the spectrum with the former saying they do and the latter saying they don't.
That is one of the main conclusions from the latest Gulf News survey undertaken by YouGov-Siraj where by 1,191 people answered questions on family, growing old, and challenges to family time. (Of the total surveyed, 119 were Emiratis, 147 other Arabs, 168 Westerners, 669 Asians, and 88 others).
We asked our respondents who each of them considers to part of their own family. Across all nationalities, 'parents', 'brothers and sisters' and 'spouse' top the family member ladder. 'Children' and 'grandparents' are not far behind in the family members consideration set. Interestingly, despite no blood connection, 25 per cent believe friends are family and 16 per cent find employed household staff to also be part of family.
Who do they live with? More than half of our respondents say they currently live in the UAE with their spouse- this is clearly observed among Westerners and Asians (75 per cent and 63 per cent respectively) as compared to Arabs (42 per cent). Moreover, both Arabs and Asians seem to have more of their parents living with them in the UAE compared to Westerners. Arab scores are largely observed among Emiratis (6 in 10 Emiratis vs. nearly 3 in 10 other Arabs).
On the other hand, almost 1 in 10 lives alone in the UAE. This is primarily because their families live in different countries (numbers being highest amongst Western and Asian respondents). Some respondents simply say that they "prefer to live alone" (with 2 in 10 Emiratis saying so).
There is unanimity amongst our respondents when it comes to caring for their elderly parents. 95 percent said they would be supportive towards helping their parents as they grow older and become dependent upon others for help. What options would they seek in such a scenario? Nearly 6 out of 10 say they would nurse them at home themselves. But a closer look reveals that while 60 per cent of Arabs and 67 per cent of Asians feel this way, only 34 per cent of Westerners feel the same.
Instead, 40 per cent of Westerners say they would employ a nurse at home. Sending elderly parents to a nursing home proved the least popular option for our respondents.
Through this survey, we got an insight as to why respondents would consider helping their elderly parents. The overwhelming majority say they would do it out of love for their parents. 7 in 10 say it is because they feel a sense of gratitude to be repaid to parents and many feel it is expected of them to be with their family.
Our respondents are equally supportive of their spouse's parents with 92 per cent saying they would care for them as the need arrives. Across all nationalities, Asians tend to be more supportive in assisting spouse's elderly parents (95 per cent of Asians vs. 89 per cent for Arabs and 85 per cent for Westerners). Half of the respondents claimed they would be willing to nurse their spouse's parents at home by themselves however, among Westerners, scores are directionally low.
As of now, over two thirds of our respondents prefer to live with their families than to live by themselves. This is especially the case with Asian respondents (82 per cent). What's more, respondents aged 30-49 are more likely to want to live with family than younger respondents (aged below 30).
We asked UAE residents to peer into the future when they themselves become elderly; what then would they prefer their living arrangements to be? 48 per cent say they would like to with their own grown up children - assuming they had any. It should be noted that of the total, only 23 per cent of Westerners feel this way compared to 52 per cent of Arabs and 53 per cent of Asians..
Another option is to live in a nursing home or a retirement village. While it has proved unpopular amongst the Arab and Asian respondents, 27 per cent of Westerners choose it as their preferred option.
An extended family has its benefits. The majority of our respondents feel having them around is advantageous namely for emotional support. They also improve family bonding and help maintain a sense of belonging. But by the same token, having an extended family means a lack of privacy and lack of personal space for the majority of our respondents- irrelevant of their demographic profile.
Working life affecting private life
Our respondents are split on whether their or their partner's working life has impacted their private life. 39 per cent said it has impacted their private life a lot, while 30 per cent say the impact has been small. A closer look at the survey shows that more females claim their partner's working life has greatly impacted their private life. On the other hand, 16 per cent find there has been no impact whatsoever.
Fifty six per cent have at least 1 child in their household. They say that on average, they spend 3 hours and 50 minutes with their children on a typical work day. Emirati parents tend to spend fewer hours with their children as compared to other Arabs.
On average, it is likely that parents waste 5 hours and 4 minutes without being with their children due to work related issues outside of regular office hours or other commitments. Such work related issues include traffic congestion, which is by far, the most recalled factor that makes people stay away from being with their families (this is clearly observed among Asians). Shopping, socialising, and going to the gym are also reasons that feature lightly on the survey.
Importance of family values
UAE residents believe that family values are important in today's world. Asians in particular have the highest scores when it comes to this conviction. We asked our respondents if they thought their family values are being eroded here in the UAE. Close to two thirds said yes. This opinion was particularly high amongst other Arabs (73 per cent). The three main reasons behind this are: lack of time for families to be together, economic pressure, and lack of parental guidance.
Other explanations including lack of proper role models and having too many temptations also feature prominently on the survey.
So then, how do our respondents generally feel about people in the UAE? Are they courteous and do they have a community spirit? Sixty-two per cent of those surveyed said yes but there is a difference of opinion amongst the various nationalities; 71 per cent of Emiratis compared to 39 per cent of Westerners.
Giving back to Society
Giving back to Society
By Robert Ditcham, Staff Reporter GULF NEWS Published: October 03, 2007, 23:52
Ask company employees about the importance of addressing global poverty, illiteracy, homelessness and environmental decay and most will say they care deeply.
Although they may do their bit, financial restraints and limited time may hinder their charitable efforts.
Their employer, on the other hand, has the financial muscle, brand status and human resources to tackle these issues head on. But is it actively engaging in corporate social responsibility (CSR) programmes?
In the UAE, the answer is more often than not a negative one. Brand analysts and companies say CSR in the UAE is in its infancy compared to North America, the Far East and Western Europe.
"Developed markets have been open for longer, commercial models and structures have been established, while consumers and pressure groups have grown in importance and in their ability to scrutinise and apply pressure to companies," said Manal Shaheen, director, sales, marketing and customer service at real estate giant Nakheel.
However, she and many others say the UAE could be on the verge of embracing the global CSR phenomenon, with the recently-launched Dubai Cares campaign providing the much-needed catalyst.
At the time of going to press, nearly Dh700 million have been raised under the initiative, which will put one million children through primary education.
"Of course, there is still some way to go in this part of the world, but I believe that CSR will grow more rapidly than it did in those other regions because the momentum has built up, and lessons - both good and bad - have been learned," Shaheen said.
As with any decision in the corporate world, there needs to be clear benefit to the firm itself. Why should companies invest in society at large when their primary concern should be their shareholders? After all, isn't it the job of politicians to tackle society's ills?
Obligation
According to CSR promoters, companies have a moral obligation to support society and the environment.
"We believe that CSR initiatives are a means for us to give something back to the society and the nation that has handed us everything to get us to where we are now," said Princy Philip, manager for marketing and corporate communications at UAE property developer Memon Investments. "This fact makes it our moral responsibility to care for the unfortunate and provide for the unloved."
Defining the business case for CSR is often more of a challenge. But, in a world where brand value and reputation are increasingly seen as a company's most valuable assets, the pros are becoming more apparent to UAE chief executives.
According to an Ernst & Young survey in Europe, 94 per cent of company executives believe the development of a CSR strategy can deliver real business benefits.
"CSR is becoming more and more important in terms of building a strong corporate brand image, while companies are facing increasing pressure from their clients, customers and staff to be responsible corporate citizens," said Hermann Behrens, the Dubai-based managing director of brand consultants Enterprise IG.
Behrens stressed that in the Gulf's competitive job market, potential employees factor in a company's CSR record when choosing their future job, selecting those that can make a positive impact on society.
According to the organisation CSR Europe, 78 per cent of employees would rather work for an ethical and reputable company than receive a higher salary.
CSR Europe argues that a "responsible attitude" towards society and the environment can make a business more competitive, more resilient to shocks, and more likely to attract and hold both consumers and the best employees.
Business sense
And in a world where socially responsible investment is growing, CSR can also attract investment and save businesses money in dealing with regulators, banks and insurers, the organisation adds. It says socially responsible investment accounts for nearly 13 per cent of the $16.3 trillion in investment assets under professional management in the US.
"The reason companies are taking the issue more seriously because it makes good business sense," said Shaheen.
"Firstly, it has become clear recently that financial markets are factoring in some of the 'sustainability' issues into their valuations and decisions to invest or move their funds.
"Secondly, as customers get more savvy, it's getting easier to compare the Good and the Bad. There is enormous value with your customers if they know you are one of the good guys and it's no coincidence that people are prepared to pay a premium for this."
But adopting CSR initiatives doesn't always result in a rosy picture being painted of a company. Those that throw money at environmental causes and champion human rights, but also pollute the atmosphere and exploit their workers, will soon be found out, resulting in spectacular public relations disasters.
Behrens said good CSR is about a lot more than donating large sums to noble causes. A CSR campaign that engages the whole company in its ethos and gets its staff involved in charities or social work will have the best results, he said.
Shaheen said Nakheel is aware that CSR is much more than making "token gestures".
"Although it's quite normal for companies to make big statements, huge promises, or grand gestures, negative impressions can often be caused by what I'd call 'tokenism' - when companies obviously bolt-on campaigns or initiatives that are clearly superficial gestures and not integrated into the ethos of the company," she said.
"I think that a lot of companies are on the journey from one to the other at the moment."
The corporate sector's swift response to the Dubai Cares campaign is among several examples of CSR being pursued in the UAE.
Memon Investments, a Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, recently announced its participation in the 'Safe & Sound' campaign - BurJuman's breast cancer awareness programme - as the official annual sponsor.
This will mark Memon Investments' first CSR undertaking in the region.
Giant property developer Nakheel said it has established initiatives such as Bidaya, an educational and leadership programme aimed at discovering and nurturing the UAE's next generation of leaders.
The programme offers university scholarships to outstanding male and female candidates from the country's public high school system.
As one of its key CSR initiatives during 2007, Dubai Holding recently said it has pledged nearly Dh1.5 million to two organisations - the UAE Beit Al Khair and the Dubai Autism Centre.
Over the past two years, Dubai Holding has contributed more than Dh80 million in projects such as a facility for Zayed University and Dubai Education Council.
"Even as we rapidly drive our business to cross new milestones, we regard it as our duty to share the responsibility of the general welfare of the community," said Mohammad Al Gergawi, executive chairman of Dubai Holding.
Meanwhile, a golf team from oil and gas major BP decided to use its $1,000 prize money won in a golf tournament recently to pay for a facility for autistic children at the Future Centre in Abu Dhabi.
Multinational corporation Halliburton has also made donations to The Future Centre, which provides schooling for children with special needs, through its Halliburton International Fund.
By Robert Ditcham, Staff Reporter GULF NEWS Published: October 03, 2007, 23:52
Ask company employees about the importance of addressing global poverty, illiteracy, homelessness and environmental decay and most will say they care deeply.
Although they may do their bit, financial restraints and limited time may hinder their charitable efforts.
Their employer, on the other hand, has the financial muscle, brand status and human resources to tackle these issues head on. But is it actively engaging in corporate social responsibility (CSR) programmes?
In the UAE, the answer is more often than not a negative one. Brand analysts and companies say CSR in the UAE is in its infancy compared to North America, the Far East and Western Europe.
"Developed markets have been open for longer, commercial models and structures have been established, while consumers and pressure groups have grown in importance and in their ability to scrutinise and apply pressure to companies," said Manal Shaheen, director, sales, marketing and customer service at real estate giant Nakheel.
However, she and many others say the UAE could be on the verge of embracing the global CSR phenomenon, with the recently-launched Dubai Cares campaign providing the much-needed catalyst.
At the time of going to press, nearly Dh700 million have been raised under the initiative, which will put one million children through primary education.
"Of course, there is still some way to go in this part of the world, but I believe that CSR will grow more rapidly than it did in those other regions because the momentum has built up, and lessons - both good and bad - have been learned," Shaheen said.
As with any decision in the corporate world, there needs to be clear benefit to the firm itself. Why should companies invest in society at large when their primary concern should be their shareholders? After all, isn't it the job of politicians to tackle society's ills?
Obligation
According to CSR promoters, companies have a moral obligation to support society and the environment.
"We believe that CSR initiatives are a means for us to give something back to the society and the nation that has handed us everything to get us to where we are now," said Princy Philip, manager for marketing and corporate communications at UAE property developer Memon Investments. "This fact makes it our moral responsibility to care for the unfortunate and provide for the unloved."
Defining the business case for CSR is often more of a challenge. But, in a world where brand value and reputation are increasingly seen as a company's most valuable assets, the pros are becoming more apparent to UAE chief executives.
According to an Ernst & Young survey in Europe, 94 per cent of company executives believe the development of a CSR strategy can deliver real business benefits.
"CSR is becoming more and more important in terms of building a strong corporate brand image, while companies are facing increasing pressure from their clients, customers and staff to be responsible corporate citizens," said Hermann Behrens, the Dubai-based managing director of brand consultants Enterprise IG.
Behrens stressed that in the Gulf's competitive job market, potential employees factor in a company's CSR record when choosing their future job, selecting those that can make a positive impact on society.
According to the organisation CSR Europe, 78 per cent of employees would rather work for an ethical and reputable company than receive a higher salary.
CSR Europe argues that a "responsible attitude" towards society and the environment can make a business more competitive, more resilient to shocks, and more likely to attract and hold both consumers and the best employees.
Business sense
And in a world where socially responsible investment is growing, CSR can also attract investment and save businesses money in dealing with regulators, banks and insurers, the organisation adds. It says socially responsible investment accounts for nearly 13 per cent of the $16.3 trillion in investment assets under professional management in the US.
"The reason companies are taking the issue more seriously because it makes good business sense," said Shaheen.
"Firstly, it has become clear recently that financial markets are factoring in some of the 'sustainability' issues into their valuations and decisions to invest or move their funds.
"Secondly, as customers get more savvy, it's getting easier to compare the Good and the Bad. There is enormous value with your customers if they know you are one of the good guys and it's no coincidence that people are prepared to pay a premium for this."
But adopting CSR initiatives doesn't always result in a rosy picture being painted of a company. Those that throw money at environmental causes and champion human rights, but also pollute the atmosphere and exploit their workers, will soon be found out, resulting in spectacular public relations disasters.
Behrens said good CSR is about a lot more than donating large sums to noble causes. A CSR campaign that engages the whole company in its ethos and gets its staff involved in charities or social work will have the best results, he said.
Shaheen said Nakheel is aware that CSR is much more than making "token gestures".
"Although it's quite normal for companies to make big statements, huge promises, or grand gestures, negative impressions can often be caused by what I'd call 'tokenism' - when companies obviously bolt-on campaigns or initiatives that are clearly superficial gestures and not integrated into the ethos of the company," she said.
"I think that a lot of companies are on the journey from one to the other at the moment."
The corporate sector's swift response to the Dubai Cares campaign is among several examples of CSR being pursued in the UAE.
Memon Investments, a Dubai-based property developer and part of the international business conglomerate, the Memon Group of Companies, recently announced its participation in the 'Safe & Sound' campaign - BurJuman's breast cancer awareness programme - as the official annual sponsor.
This will mark Memon Investments' first CSR undertaking in the region.
Giant property developer Nakheel said it has established initiatives such as Bidaya, an educational and leadership programme aimed at discovering and nurturing the UAE's next generation of leaders.
The programme offers university scholarships to outstanding male and female candidates from the country's public high school system.
As one of its key CSR initiatives during 2007, Dubai Holding recently said it has pledged nearly Dh1.5 million to two organisations - the UAE Beit Al Khair and the Dubai Autism Centre.
Over the past two years, Dubai Holding has contributed more than Dh80 million in projects such as a facility for Zayed University and Dubai Education Council.
"Even as we rapidly drive our business to cross new milestones, we regard it as our duty to share the responsibility of the general welfare of the community," said Mohammad Al Gergawi, executive chairman of Dubai Holding.
Meanwhile, a golf team from oil and gas major BP decided to use its $1,000 prize money won in a golf tournament recently to pay for a facility for autistic children at the Future Centre in Abu Dhabi.
Multinational corporation Halliburton has also made donations to The Future Centre, which provides schooling for children with special needs, through its Halliburton International Fund.
Utterly Amul: The naughty turns forty
Utterly Amul: The naughty turns forty
3 Oct, 2007, 0500 hrs IST,Mitul Thakkar, TNN
AHMEDABAD: She has been a traffic-stopper since 1967. Her wit, her sharp sense of humour and her unique style of analysing current affairs have always been a subject of fascination. Towering over at all prominent landmarks of all major Indian cities, she has been attracting more eyeballs than even Bollywood bombshells. And at 40, she continues to be envied by even the best in the industry.
The Amul girl, apart from promoting a $1-billion brand, has been bringing smiles to millions. And this smile has spelt a huge success and changed the livelihood of over 2.5 million Gujarat farmers. The sales figures of Amul butter have jumped from a few lakh rupees in 1966 to over Rs 500 crore now. Apart from rapid growth and trustworthiness, the four-year-old girl has also ensured a virtual monopoly for Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) that sells Amul brand of dairy products. It may be mentioned here that GCMMF became a billion-dollar entity in March 2007.
In the last four decades, the girl has dealt with all the contemporary issues; be it politics, sports, society, entertainment, art, weather, infrastructure, science or technology. But here’s something that would shock admen and brand managers. Despite the cut throat competition in FMCG sector, GCMMF is not spending more than Rs 2 crore on Amul butter advertisements annually on the country’s oldest running campaign.What would further surprise them is the fact that the agency, daCunha Communications, which gave a face to brand Amul, doesn’t need to run to the client every time for getting the art work approved. The agency claims that even the top management comes to know about the art work when the advertisement goes on the hoardings.
daCunha Communications has been handling the campaign since its promoter Mr Sylvester daCunha bagged the account in 1966. daCunha not only created the moppet, but also inked the tag line ‘Utterly Butterly Delicious Amul’. In one of its first advertisements in late 1960s, the girl wearing a white apron was called ‘Taste Tube baby’, referring to the developments in medical science. Since then, the Amul girl has never looked back.
The first escalator in Mumbai in 1979 was celebrated with a slogan ‘Automatically Amul’. When the city witnessed a power shortage, the Amul girl said ‘Ta ta power?, Amul, Unlimited Supply’. When the Mumbai police were dealing with underworld don Dawood Ibrahim’s sister Haseena Parkar in cases ranging from extortion to cheating and forgery in May this year, the hoarding simply said ‘Haseena Maan Jayegi?’ In the early ‘90s, when the colas were getting popular, the tongue-in-cheek remark was ‘Eat the Real Thing’. When the world feared a collapse on Y2K, Amul girl interpreted the phenomenon as ‘Yes to Khana’.
However, despite dishing out the smartest copy, the journey has not really been smooth for daCunha. The agency faced a major challenge when the then daCunha copy writer Bharat Dabholkar tried to carry Amul Butter account with him after working on it for 15 years.
“But it was Verghese Kurien who insisted that GCMMF would like to continue with us only. He trusts talent blindly. The campaign has been able to reach this stage solely because of the relationship that the client and agency enjoy,” says Mr Rahul daCunha of daCunha Communications.
Meanwhile, there are also instances when the country’s probably the most appealing moppet did not appear on the hoardings. For instance, the hoardings with black background carried only text ‘Avjo JRD’ when the icon industrialist, JRD Tata passed away. She also changed her get up and appeared in ghaghra-choli to sing, ‘Roti Ke Niche Kya Hai?, Amul, Asalnayak’ when the Bollywood blockbuster Khalnayak’s ‘choli ke pichhe kya hai’ song created ripples in 1993.
The butter girl has turned 40, but she has been able to retain the charm while dealing with contemporary issues. You ask his reaction and GCMMF CGM R S Sodhi shoots back: “What? Don’t tell me! She is just 4.” He adds, “We have a policy to spend only 1% of our pervious year’s turnover this year for advertising. But for butter, we don’t spend even 1% of revenues generated from its sale.” Mr Sodhi promises that the little girl will continue to tickle our funny bone in days to come. GCMMF has no plans to alter its communication strategy for Amul butter as of now
Savings potential for NRIs declines
Savings potential for NRIs declines
By Babu Das Augustine, Banking Editor GULF NEWS Published: October 03, 2007, 23:52
Dubai: Non-resident Indian (NRI) deposits, which account for a major share of India's foreign exchange reserves, are declining fast due to the weakening dollar, lower interest rates and the Gulf's rising cost of living.
The Gulf countries, a major source of NRI remittances to India, have been experiencing unprecedented growth in the cost of living on the one hand and the steep decline in exchange rates due to most Gulf currencies' peg to the dollar.
According to the latest statistical bulletin from the Reserve Bank of India, the country's central bank, NRI deposits declined by almost $500 million in the April-June quarter, and the current quarter is expected to post a further decline due to the continuing weakness of the dollar and falling interest rates.
"The saving potential of an average Indian working in the Gulf has come down by more than 30 per cent during the past two years. Although many of them are remitting the same amount or more in dollars, the reduced exchange rates of Gulf currencies are directly hitting their saving potential," said Sudhir Shetty, General Manager of the UAE Exchange Centre.
At the state level Kerala- banks were hit the hardest. According to figures released by the State Level Bankers Committee meeting held in Thiruvananthapuram yesterday, non-resident deposits in Kerala banks amounted to Rs319.95 billion as of last June, which is 34.56 per cent of total deposits in these banks.
Diversification
"While falling rates and the interest rate cap on foreign currency deposits are the main reasons attributed to the decline in deposits, people have also started diverting funds to other investment options such as real estate and the stock market," said a senior State Bank of India official.
Dollar denominated deposits are no longer attractive due to the decline in the dollar's value against the rupee and falling interest rates. Currently, foreign currency deposits pay in the range of 3.8 per cent to five per cent. "NRIs were pumping money into India due to the high interest rate differential. Lower interest rates combined with four to six per cent domestic inflation could mean negative return on bank deposits," said a senior banker.
Although NRI deposits are falling, exchange houses said remittances are not affected. "People with fixed commitments such as mortgages, loans, education costs and other family expenses cannot reduce their remittances. However, with falling exchange rates, people's saving potential has come down. That is reflected in declining bank deposits, " said Shetty.
NRIs in the UAE have lost about 12 per cent of their earnings due to exchange rate losses and about 10 per cent is lost in the increased cost of living. It means that in rupees, earnings have fallen by a minimum of 22 per cent, reducing the savings and investment potential of UAE-based NRIs.
By Babu Das Augustine, Banking Editor GULF NEWS Published: October 03, 2007, 23:52
Dubai: Non-resident Indian (NRI) deposits, which account for a major share of India's foreign exchange reserves, are declining fast due to the weakening dollar, lower interest rates and the Gulf's rising cost of living.
The Gulf countries, a major source of NRI remittances to India, have been experiencing unprecedented growth in the cost of living on the one hand and the steep decline in exchange rates due to most Gulf currencies' peg to the dollar.
According to the latest statistical bulletin from the Reserve Bank of India, the country's central bank, NRI deposits declined by almost $500 million in the April-June quarter, and the current quarter is expected to post a further decline due to the continuing weakness of the dollar and falling interest rates.
"The saving potential of an average Indian working in the Gulf has come down by more than 30 per cent during the past two years. Although many of them are remitting the same amount or more in dollars, the reduced exchange rates of Gulf currencies are directly hitting their saving potential," said Sudhir Shetty, General Manager of the UAE Exchange Centre.
At the state level Kerala- banks were hit the hardest. According to figures released by the State Level Bankers Committee meeting held in Thiruvananthapuram yesterday, non-resident deposits in Kerala banks amounted to Rs319.95 billion as of last June, which is 34.56 per cent of total deposits in these banks.
Diversification
"While falling rates and the interest rate cap on foreign currency deposits are the main reasons attributed to the decline in deposits, people have also started diverting funds to other investment options such as real estate and the stock market," said a senior State Bank of India official.
Dollar denominated deposits are no longer attractive due to the decline in the dollar's value against the rupee and falling interest rates. Currently, foreign currency deposits pay in the range of 3.8 per cent to five per cent. "NRIs were pumping money into India due to the high interest rate differential. Lower interest rates combined with four to six per cent domestic inflation could mean negative return on bank deposits," said a senior banker.
Although NRI deposits are falling, exchange houses said remittances are not affected. "People with fixed commitments such as mortgages, loans, education costs and other family expenses cannot reduce their remittances. However, with falling exchange rates, people's saving potential has come down. That is reflected in declining bank deposits, " said Shetty.
NRIs in the UAE have lost about 12 per cent of their earnings due to exchange rate losses and about 10 per cent is lost in the increased cost of living. It means that in rupees, earnings have fallen by a minimum of 22 per cent, reducing the savings and investment potential of UAE-based NRIs.
Suite escape
Suite escape By Ameer Al Marzouqi GULF NEWS Published: October 03, 2007, 23:52
Celebrate Eid with your family in some of the world's most exotic and luxurious destinations. Here are some of the best offers up for grabs.
VENICE
Experience the passion and romance of Italy in its sumptuous cuisine, celebrated arts and magnificent architectural treasures. Glide along Venice's famous canals in a gondola, watching the light change softly on the glorious palaces.
Luna Hotel Baglioni
The Luna Hotel Baglioni is the oldest hotel in the city and is perfectly located to discover the city's unique charms.
Duration: Three nights
Cost: Dh8,285 per person on Emirates airlines including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
ISTANBUL
Turkey is an exciting holiday destination that celebrates its roots in Asia and Europe, and welcomes visitors both traditional and modern. Famous for its mosques, castles and bazaars, Istanbul has a reputation for being a hospitable country.
Ciragan Palace Kempinski
The Ciragan Palace combines the architectural grandeur of an Ottoman palace with the modern comforts of a deluxe hotel.
Duration: Three nights in a sea-view room
Cost: Dh5,185 per person on Singapore Airlines including airfare
Validity: 12-15 October
Agency: Dnata
Contact: 8008118
LONDON
Explore London's historic monuments, high fashion and vibrant theatre scene or journey to Shakespeare's birthplace. London is home to some of the most famous sights in the world, such as Westminster Abbey and Buckingham Palace.
InterContinental Park Lane
It is located near the Houses of Parliament, Bond Street and the Buckingham Palace.
Duration: Three nights in an inner court room
Cost: Dh5,630 per person on Aer Lingus including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
KUALA LUMPUR
Malaysia is unmatched in the rich diversity of its culture and the contrast of its geography. Enjoy cool mountain highlands, relax on the peaceful, white-sand beaches, trek through ancient rainforest or shop in the heart of the city.
Mandarin Oriental
This hotel is adjacent to the world famous 88-storey Petronas Twin Towers.
Duration: Three nights in a deluxe city-view room
Cost: Dh4,110 per person on Emirates airline including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
BANGKOK
Thailand is famous for its temples and spectacular beaches. Thai culture blends with Chinese, Malay and Indian influences.
Four Seasons Hotel
The hotel is ideally located in Bangkok's vibrant city centre and only 40 minutes from the airport.
Duration: Three nights in a deluxe room
Cost: Dh4,490 per person on Emirate Airline including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
Majestic Hotel
Duration: Three nights
Cost: Dh2980 per person including Dubai-Bangkok return airfare
Validity: 10-21 October
Contact: 8005252 or visit www.emirates-holidays.com
SINGAPORE
Singapore has several ethnic neighbourhoods, including Chinatown and Little India. Its cuisine is an example of its diversity with a fusion of Chinese, Indian, Malay and Tamil influences.
York Hotel
Duration: Three nights in a double room
Cost: Dh3,910 per person on Emirates Airlines including airport/hotel transfers.
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
MALDIVES
A thousand islands offer dazzling beauty, both above and below the waters of the Indian Ocean. The vast coral island of the Maldives is full of peace and tranquility. Go diving, snorkelling and enjoy the sandy beaches .
Four Seasons Resort Maldives at Kuda Huraa
Thirty minutes by speedboat from the airport, the hotel is an island sanctuary with a traditional Maldivian village setting.
Duration: Four nights in a beach pavilion
Cost: Dh4,890 per person on Sri Lankan Airlines including airfare
Validity: October 11-16
Agency: Dnata
Contact: 8008118
SECHELLES ISLANDS
Experience the ultimate in natural beauty and tranquility in the Seychelles Islands archipelago, one of the world's premiere tropical paradises. The 115 granite and coral islands are unique sanctuaries of flora and fauna, forests, beaches and lagoons.
Labriz Silhouette
Silhouette, the third largest island in the Seychelles, is an unspoiled natural wonder, covered in rainforest and white sandy beaches.
Duration: Four nights in a garden villa
Cost: Dh7,240 per person on Emirates Airlines including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
OMAN
Oman is a country of stunning natural beauty, blue-domed mosques and world-class hotels. Visit the Sultan Qaboos Grand Mosque and the traditional Muttrah Souk.
Shangri-La Barr Al Jissah Resort and Spa
This package gives guests at Al Bandar access to the resort's private Turtle Beach.
Duration: Four nights in a pool view room
Cost: Dh2,600 per person
Validity: October 11-15
Agency: Dnata
Contact: 8008118
SRI LANKA
Although Sri Lanka is just 350 kilometres long, its dramatically varied landscape and ancient history ensure that visitors enjoy a holiday full of wildlife, culture and adventure, as well as some of the world's most beautiful beaches.
Taj Exotica
This luxurious beach resort is located along the golden mile beach at Bentota, on Sri Lanka's south-west coast.
Duration: Three nights in a standard room
Cost: On Emirates airlines at Dh3,070 per person.
Validity: October 1-31
Agency: Dnata
Contact: 8008118
MALTA
Walk through the narrow medieval streets of Madina, the silent city. The sound and light show in Valletta is a masterpiece of Renaissance designs with the Triton fountain.
Corinthia San Gorg Hotel
This 4-star hotel is located at the entrance to St. George's Bay and designed around cascading pools.
Duration: Three nights in a double room
Cost: Dh3,060 per person on Emirates Airlines including airport/hotel transfers.
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
ATHENS
Visit Athens to discover the roots of Western civilisation. It was here that democracy, drama, philosophy and scientific investigation were born. Athens is a mix of the modern and the ancient.
Titania Hotel
The Titania is a 3-star hotel in the heart of the historic and commercial centre of Athens between Syntagma and Omonia squares.
Duration: Three nights in a double room
Cost: Dh3,810 per person on Emirates airlines including airport/hotel transports.
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
MAURITIUS
Apart from its beaches, Mauritius is known for its cuisine which is a blend of Indian, Creole, Chinese and European food.
Sugar Beach Resort
Duration: Three nights
Cost: Dh5,546 per person including Dubai-Mauritius return airfare
Validity: October 10-21
Contact: 8005252 or visit www.emirates-holidays.com
NAIROBI
Nairobi, the capital of Kenya, is famous for its zoos, snake parks, temples and exquisite parliament house.
Stanley Hotel
Duration: Three nights
Cost: Dh3,655 per person including Dubai-Nairobi return airfare
Validity: October 10-21
Agency: Emirates Holidays
Contact: 8005252 or visit www.emirates-holidays.com
ZURICH
Zurich's churches, museums and parks are great examples of European architecture.
Swissotel Zurich
Duration: Three nights
Cost: Dh3,352 per person includes, Dubai-Zurich return airfare
Validity: October 10-21
Contact: 8005252 or visit www.emirates-holidays.com
GOA (Via Mumbai)
Goa is a major tourist destination. Its beaches, relaxed atmosphere and friendly people are the main draws.
Holiday Inn
Duration: Three nights in a double room
Cost: Dh3,540 per person on Emirates Airlines including airfare
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
MUMBAI
The city is always bustling with activity and theres always somewhere to go to.
Taj President
Duration: Three nights in a double room
Cost: Dh3,560 per person on Emirates Airlines including airfare
Validity: 11-17 October
Agency: Al Futtaim
Contact: 04 3410237
Celebrate Eid with your family in some of the world's most exotic and luxurious destinations. Here are some of the best offers up for grabs.
VENICE
Experience the passion and romance of Italy in its sumptuous cuisine, celebrated arts and magnificent architectural treasures. Glide along Venice's famous canals in a gondola, watching the light change softly on the glorious palaces.
Luna Hotel Baglioni
The Luna Hotel Baglioni is the oldest hotel in the city and is perfectly located to discover the city's unique charms.
Duration: Three nights
Cost: Dh8,285 per person on Emirates airlines including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
ISTANBUL
Turkey is an exciting holiday destination that celebrates its roots in Asia and Europe, and welcomes visitors both traditional and modern. Famous for its mosques, castles and bazaars, Istanbul has a reputation for being a hospitable country.
Ciragan Palace Kempinski
The Ciragan Palace combines the architectural grandeur of an Ottoman palace with the modern comforts of a deluxe hotel.
Duration: Three nights in a sea-view room
Cost: Dh5,185 per person on Singapore Airlines including airfare
Validity: 12-15 October
Agency: Dnata
Contact: 8008118
LONDON
Explore London's historic monuments, high fashion and vibrant theatre scene or journey to Shakespeare's birthplace. London is home to some of the most famous sights in the world, such as Westminster Abbey and Buckingham Palace.
InterContinental Park Lane
It is located near the Houses of Parliament, Bond Street and the Buckingham Palace.
Duration: Three nights in an inner court room
Cost: Dh5,630 per person on Aer Lingus including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
KUALA LUMPUR
Malaysia is unmatched in the rich diversity of its culture and the contrast of its geography. Enjoy cool mountain highlands, relax on the peaceful, white-sand beaches, trek through ancient rainforest or shop in the heart of the city.
Mandarin Oriental
This hotel is adjacent to the world famous 88-storey Petronas Twin Towers.
Duration: Three nights in a deluxe city-view room
Cost: Dh4,110 per person on Emirates airline including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
BANGKOK
Thailand is famous for its temples and spectacular beaches. Thai culture blends with Chinese, Malay and Indian influences.
Four Seasons Hotel
The hotel is ideally located in Bangkok's vibrant city centre and only 40 minutes from the airport.
Duration: Three nights in a deluxe room
Cost: Dh4,490 per person on Emirate Airline including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
Majestic Hotel
Duration: Three nights
Cost: Dh2980 per person including Dubai-Bangkok return airfare
Validity: 10-21 October
Contact: 8005252 or visit www.emirates-holidays.com
SINGAPORE
Singapore has several ethnic neighbourhoods, including Chinatown and Little India. Its cuisine is an example of its diversity with a fusion of Chinese, Indian, Malay and Tamil influences.
York Hotel
Duration: Three nights in a double room
Cost: Dh3,910 per person on Emirates Airlines including airport/hotel transfers.
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
MALDIVES
A thousand islands offer dazzling beauty, both above and below the waters of the Indian Ocean. The vast coral island of the Maldives is full of peace and tranquility. Go diving, snorkelling and enjoy the sandy beaches .
Four Seasons Resort Maldives at Kuda Huraa
Thirty minutes by speedboat from the airport, the hotel is an island sanctuary with a traditional Maldivian village setting.
Duration: Four nights in a beach pavilion
Cost: Dh4,890 per person on Sri Lankan Airlines including airfare
Validity: October 11-16
Agency: Dnata
Contact: 8008118
SECHELLES ISLANDS
Experience the ultimate in natural beauty and tranquility in the Seychelles Islands archipelago, one of the world's premiere tropical paradises. The 115 granite and coral islands are unique sanctuaries of flora and fauna, forests, beaches and lagoons.
Labriz Silhouette
Silhouette, the third largest island in the Seychelles, is an unspoiled natural wonder, covered in rainforest and white sandy beaches.
Duration: Four nights in a garden villa
Cost: Dh7,240 per person on Emirates Airlines including airfare
Validity: October 12-15
Agency: Dnata
Contact: 8008118
OMAN
Oman is a country of stunning natural beauty, blue-domed mosques and world-class hotels. Visit the Sultan Qaboos Grand Mosque and the traditional Muttrah Souk.
Shangri-La Barr Al Jissah Resort and Spa
This package gives guests at Al Bandar access to the resort's private Turtle Beach.
Duration: Four nights in a pool view room
Cost: Dh2,600 per person
Validity: October 11-15
Agency: Dnata
Contact: 8008118
SRI LANKA
Although Sri Lanka is just 350 kilometres long, its dramatically varied landscape and ancient history ensure that visitors enjoy a holiday full of wildlife, culture and adventure, as well as some of the world's most beautiful beaches.
Taj Exotica
This luxurious beach resort is located along the golden mile beach at Bentota, on Sri Lanka's south-west coast.
Duration: Three nights in a standard room
Cost: On Emirates airlines at Dh3,070 per person.
Validity: October 1-31
Agency: Dnata
Contact: 8008118
MALTA
Walk through the narrow medieval streets of Madina, the silent city. The sound and light show in Valletta is a masterpiece of Renaissance designs with the Triton fountain.
Corinthia San Gorg Hotel
This 4-star hotel is located at the entrance to St. George's Bay and designed around cascading pools.
Duration: Three nights in a double room
Cost: Dh3,060 per person on Emirates Airlines including airport/hotel transfers.
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
ATHENS
Visit Athens to discover the roots of Western civilisation. It was here that democracy, drama, philosophy and scientific investigation were born. Athens is a mix of the modern and the ancient.
Titania Hotel
The Titania is a 3-star hotel in the heart of the historic and commercial centre of Athens between Syntagma and Omonia squares.
Duration: Three nights in a double room
Cost: Dh3,810 per person on Emirates airlines including airport/hotel transports.
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
MAURITIUS
Apart from its beaches, Mauritius is known for its cuisine which is a blend of Indian, Creole, Chinese and European food.
Sugar Beach Resort
Duration: Three nights
Cost: Dh5,546 per person including Dubai-Mauritius return airfare
Validity: October 10-21
Contact: 8005252 or visit www.emirates-holidays.com
NAIROBI
Nairobi, the capital of Kenya, is famous for its zoos, snake parks, temples and exquisite parliament house.
Stanley Hotel
Duration: Three nights
Cost: Dh3,655 per person including Dubai-Nairobi return airfare
Validity: October 10-21
Agency: Emirates Holidays
Contact: 8005252 or visit www.emirates-holidays.com
ZURICH
Zurich's churches, museums and parks are great examples of European architecture.
Swissotel Zurich
Duration: Three nights
Cost: Dh3,352 per person includes, Dubai-Zurich return airfare
Validity: October 10-21
Contact: 8005252 or visit www.emirates-holidays.com
GOA (Via Mumbai)
Goa is a major tourist destination. Its beaches, relaxed atmosphere and friendly people are the main draws.
Holiday Inn
Duration: Three nights in a double room
Cost: Dh3,540 per person on Emirates Airlines including airfare
Validity: October 11-17
Agency: Al Futtaim
Contact: 04 3410237
MUMBAI
The city is always bustling with activity and theres always somewhere to go to.
Taj President
Duration: Three nights in a double room
Cost: Dh3,560 per person on Emirates Airlines including airfare
Validity: 11-17 October
Agency: Al Futtaim
Contact: 04 3410237
Abu Dhabi Taxi shortage
Gulf News continues with their support to draw attention of the authorities to control and provide better solutions to Abu Dhabi public.
Luxury water bus service takes to the waves on Dubai Creek
Luxury water bus service takes to the waves on Dubai Creek By Ashfaq Ahmed, Staff Reporter GULF NEWS Published: October 02, 2007, 23:09
Dubai: Residents can beat the traffic to reach shopping malls, offices, hotels and banks along Dubai Creek by using the new water bus service, said a top official.
"There is a massive concentration of government offices, banks, shopping areas, and tourist sites along Dubai Creek and the water bus is the answer to avoiding traffic congestion in the area," Eisa Abdul Rahman Al Dossari, Chief Executive Officer of the Marine Agency at the Dubai Roads and Transport Authority (RTA) told Gulf News at the launch of the Dubai Creek water bus routes.
"People can beat traffic congestion, save time, money and hassle in finding parking by simply using the water bus to commute in the area," he added.
Integrated plan
The new water transport is part of an integrated public transport plan to curb traffic congestion. It will serve the congested central business districts of Deira and Bur Dubai.
All five routes of the luxury water bus service are now operational as part of the first phase of a strategic plan for marine transport.
"By introducing air-conditioned water buses, we are targeting new types of commuters and encouraging them to park their cars and use water transport to commute along the creek," said Al Dossari.
He said the water buses were not in competition with the abra service (traditional boats that traverse the Creek) but would complement it.
Around 20 million passengers use the abra service every year.
"We hope at least 2 million people will use the water bus every year," he added.
Regarding the price difference between the abra fare (Dh1) and the new water bus fare (Dh4) he said passengers would be travelling in luxury on the water bus as it has proper seating, air-conditioning and facilities for the disabled.
The RTA has also introduced a smart card for the water bus service. Those, who use Dh40 worth will also get a 10 per cent discount. Passengers can also purchase tickets from the machine installed at abra stations.
Al Dossari said the water bus service is part of the first phase of the marine public transport project launched by the RTA' s Marine Agency which has earmarked Dh1.5 billion to have integrated water transport services to implement its marine transport strategic plan 2020. Initially, eight out of a total of 10 water buses with the capacity to take 36 passengers each will be used while two water buses will be reserved for tourists. The operation will be seven days a week for 17 hours every day, from 6am to 11pm.
Abras: No new licences
With the launch of the service the RTA has stopped issuing licences for abras to cross the creek.
"No new abra licences will be issued because we understand the present 149 are more than enough to handle the current demands of passenger traffic," Eisa Abdul Rahman Al Dossari, CEO, told Gulf News.
Wednesday, 3 October 2007
Dark chocolate helps fight fatigue
Dark chocolate helps fight fatigue
2 Oct 2007, 0032 hrs IST,Kounteya Sinha,TNN
They are delicious. And now, they also seem to be beneficial for your health. A daily dose of yummy dark chocolate may help patients suffering from the chronic fatigue syndrome (CFS).
According to scientists from Hull York Medical School, dark chocolates have been found to lower levels of serotonin, a brain chemical related to CFS. Serotonin is also believed to play an important role in the regulation of anger, aggression, body temperature, mood, sleep, vomiting and appetite.
The team said patients with CFS found that their symptoms were alleviated when they consumed dark chocolate, much more so than when they consumed milk chocolate that had brown dye added to it. The scientists, however, stressed that the quantity of dark chocolate consumed should be moderate.
Endocrinologist Steve Atkin said, “Although it was a small study, two patients went back to work after being off for six months. Dark chocolate is high in polyphenols, which have been associated with health benefits such as reduction in blood pressure. Also, high polyphenols appear to improve levels of serotonin in the brain, which has been linked with CFS.”
According to nutritionist Dr Shikha Sharma, consuming two cubes of dark chocolate is good enough. “Dark chocolates better preserve the benefits of cocoa as they have less sugar in it. Cocoa is rich in antioxidant properties. It’s even better when added with resins or nuts. But it has to be consumed in moderation. Consuming bars of dark chocolate can overstimulate the nervous system,” Sharma said.
Atkin and his team then carried out a trial on 10 patients to check whether dark chocolate benefited them also. As part of the experiment, the patients received a daily dose - 45g - of dark chocolate or white chocolate dyed to look like dark chocolate for two months.
This was followed by a month in which they were not given any chocolate, before being given the other type of chocolate for two months.
To their surprise, the researchers noted that patients taking dark chocolate reported significantly less fatigue when they started eating the sweet. They also reported more fatigue when they stopped eating it.
kounteya.sinha@timesgroup.com
2 Oct 2007, 0032 hrs IST,Kounteya Sinha,TNN
They are delicious. And now, they also seem to be beneficial for your health. A daily dose of yummy dark chocolate may help patients suffering from the chronic fatigue syndrome (CFS).
According to scientists from Hull York Medical School, dark chocolates have been found to lower levels of serotonin, a brain chemical related to CFS. Serotonin is also believed to play an important role in the regulation of anger, aggression, body temperature, mood, sleep, vomiting and appetite.
The team said patients with CFS found that their symptoms were alleviated when they consumed dark chocolate, much more so than when they consumed milk chocolate that had brown dye added to it. The scientists, however, stressed that the quantity of dark chocolate consumed should be moderate.
Endocrinologist Steve Atkin said, “Although it was a small study, two patients went back to work after being off for six months. Dark chocolate is high in polyphenols, which have been associated with health benefits such as reduction in blood pressure. Also, high polyphenols appear to improve levels of serotonin in the brain, which has been linked with CFS.”
According to nutritionist Dr Shikha Sharma, consuming two cubes of dark chocolate is good enough. “Dark chocolates better preserve the benefits of cocoa as they have less sugar in it. Cocoa is rich in antioxidant properties. It’s even better when added with resins or nuts. But it has to be consumed in moderation. Consuming bars of dark chocolate can overstimulate the nervous system,” Sharma said.
Atkin and his team then carried out a trial on 10 patients to check whether dark chocolate benefited them also. As part of the experiment, the patients received a daily dose - 45g - of dark chocolate or white chocolate dyed to look like dark chocolate for two months.
This was followed by a month in which they were not given any chocolate, before being given the other type of chocolate for two months.
To their surprise, the researchers noted that patients taking dark chocolate reported significantly less fatigue when they started eating the sweet. They also reported more fatigue when they stopped eating it.
kounteya.sinha@timesgroup.com
Health benefits of watermelon
Health benefits of watermelon
4 Oct 2007, 0000 hrs IST,TNN
Watermelon is not only delicious, but extremely healthy, as well.
In fact, most melons are rich in potassium, a nutrient that may help control blood pressure, regulate heart beat, and possibly prevent strokes.
Another arm that’s well represented is beta-carotene. Researchers believe that beta-carotene and vitamin C are capable of preventing heart disease, cancer, and other chronic conditions. No matter which way you cut them, when it comes to nutrition, melons are number one.
Watermelon is a valuable source of lycopene, one of the carotenoids that have actually been studied in humans. Research indicates that lycopene is helpful in reducing the risk of prostate, breast, and endometrial cancers, as well as lung and colon cancer.
Whether you choose watermelons for their health benefits or simply for their good flavour, they can be an excellent snack, summer dish.
4 Oct 2007, 0000 hrs IST,TNN
Watermelon is not only delicious, but extremely healthy, as well.
In fact, most melons are rich in potassium, a nutrient that may help control blood pressure, regulate heart beat, and possibly prevent strokes.
Another arm that’s well represented is beta-carotene. Researchers believe that beta-carotene and vitamin C are capable of preventing heart disease, cancer, and other chronic conditions. No matter which way you cut them, when it comes to nutrition, melons are number one.
Watermelon is a valuable source of lycopene, one of the carotenoids that have actually been studied in humans. Research indicates that lycopene is helpful in reducing the risk of prostate, breast, and endometrial cancers, as well as lung and colon cancer.
Whether you choose watermelons for their health benefits or simply for their good flavour, they can be an excellent snack, summer dish.
Sobha JV to build township in NCR
Sobha JV to build township in NCR
NDTV Correspondent
Wednesday, October 3, 2007 (New Delhi):
Bangalore-based Sobha Developers will develop a township project in Haryana with an investment of Rs 2,000 crore along with real estate firm QVC Realty and Chintels India.
The Gurgaon-based township, undertaken as a part of joint development agreement, would spread over 192 acres, consisting of single-family homes, apartments, commercial, retail and office space.
The project would spread for more than 6.5 million sq ft and is located in sector 106-109. This project is an addition to the list of integrated township projects already launched by Sobha in Kochi and Thrissur.
The integrated township would be strategically located in sectors 106- 109 and is connected to Delhi and Gurgaon by two proposed sector roads. Delhi Metro under Phase III will further connect the site.
"With this, Sobha would establish its footprint in the National Capital Region and will continue to enter new regions," said JC Sharma, MD, Sobha Developers.
Despite the development, the stock at Rs 884 levels slipped marginally into the red in late noon deals. It is trading at Rs 884 levels, down 0.8 per cent.
NDTV Correspondent
Wednesday, October 3, 2007 (New Delhi):
Bangalore-based Sobha Developers will develop a township project in Haryana with an investment of Rs 2,000 crore along with real estate firm QVC Realty and Chintels India.
The Gurgaon-based township, undertaken as a part of joint development agreement, would spread over 192 acres, consisting of single-family homes, apartments, commercial, retail and office space.
The project would spread for more than 6.5 million sq ft and is located in sector 106-109. This project is an addition to the list of integrated township projects already launched by Sobha in Kochi and Thrissur.
The integrated township would be strategically located in sectors 106- 109 and is connected to Delhi and Gurgaon by two proposed sector roads. Delhi Metro under Phase III will further connect the site.
"With this, Sobha would establish its footprint in the National Capital Region and will continue to enter new regions," said JC Sharma, MD, Sobha Developers.
Despite the development, the stock at Rs 884 levels slipped marginally into the red in late noon deals. It is trading at Rs 884 levels, down 0.8 per cent.
Shell to buy BPCL’s 49% stake in Bharat Shell
Shell to buy BPCL’s 49% stake in Bharat Shell
Both BPCL and Shell recognised the need for building their own brands independently in India and the state-run firm decided to exit BSL
PTI Wed, Oct 3 2007. 3:36 PM IST
New Delhi: Global oil major Royal Dutch Shell will buy Bharat Petroleum Corp Ltd’s (BPCL) 49% stake in lubricant marketing firm Bharat Shell Ltd (BSL) for Rs145.80 crore.
BPCL plans to exit the joint venture company, floated in 1993 to market Shell branded lubricants in India, as it has developed a competing product.
Official sources said the Petroleum Ministry has moved a Cabinet note for sale of BPCL’s 49% stake in BSL to Shell. Shell holds 51% stake in BSL.
Besides paying BPCL Rs145.8 crore in cash, Shell will also takeover the state-run firm’s 49% of BSL’s debt amounting to Rs31.2 crore as on March 31, 2006.
BSL incurred losses till financial year 2001-02 but after hiving off its loss-making LPG business, the company showed signs of turnaround and posted a net profit of Rs12.12 crore in 2006-07.
Sources said BSL was formed to strengthen BPCL’s position in the lubricant market by availing the opportunity for blending and marketing high performance speciality lubricants. BPCL did not have its own production of base oil at that time.
Both BPCL and Shell recognised the need for building their own brands independently in India and the state-run firm decided to exit BSL.
Sources said the board of Shell had on 10 May approved share purchase agreement with BPCL to acquire its 49% stake in BSL at a price not exceeding Rs177 crore.
After the acquisition, Shell would remove the ‘Bharat´ name in BSL. Shell currently has operational control of BSL.
Both BPCL and Shell recognised the need for building their own brands independently in India and the state-run firm decided to exit BSL
PTI Wed, Oct 3 2007. 3:36 PM IST
New Delhi: Global oil major Royal Dutch Shell will buy Bharat Petroleum Corp Ltd’s (BPCL) 49% stake in lubricant marketing firm Bharat Shell Ltd (BSL) for Rs145.80 crore.
BPCL plans to exit the joint venture company, floated in 1993 to market Shell branded lubricants in India, as it has developed a competing product.
Official sources said the Petroleum Ministry has moved a Cabinet note for sale of BPCL’s 49% stake in BSL to Shell. Shell holds 51% stake in BSL.
Besides paying BPCL Rs145.8 crore in cash, Shell will also takeover the state-run firm’s 49% of BSL’s debt amounting to Rs31.2 crore as on March 31, 2006.
BSL incurred losses till financial year 2001-02 but after hiving off its loss-making LPG business, the company showed signs of turnaround and posted a net profit of Rs12.12 crore in 2006-07.
Sources said BSL was formed to strengthen BPCL’s position in the lubricant market by availing the opportunity for blending and marketing high performance speciality lubricants. BPCL did not have its own production of base oil at that time.
Both BPCL and Shell recognised the need for building their own brands independently in India and the state-run firm decided to exit BSL.
Sources said the board of Shell had on 10 May approved share purchase agreement with BPCL to acquire its 49% stake in BSL at a price not exceeding Rs177 crore.
After the acquisition, Shell would remove the ‘Bharat´ name in BSL. Shell currently has operational control of BSL.
Sensex nearing 18,000 pts, Chidambaram cautions retail investors
Sensex nearing 18,000 pts, Chidambaram cautions retail investors
Mumbai, Oct. 3 (PTI): Tracking the global bull-run, Indian stocks led by refinery and power sector zoomed to push the benchmark Sensex closer to another peak of 18,000 points level on the Bombay Stock Exchange in early trading today.
The bull-run that entered the 11th straight day today kicked up the benchmark Sensex higher by 624.56 points at 17,953.07 at noon, and just 47 points away from a new historic peak at 18,000 points level.
Marketmen said if the Sensex succeeded in gaining this new height, then it would be the shortest 1,000 point journey in the bourse's history, surpassing the previous 16,000 to 17,000 in six trading sessions on September 26.
Buying activity gathered momentum on reports of global stock markets, including the U.S., Hong Kong and Japan surging to record high in previous day's trading when Indian and Chinese markets were closed.
As the buying activity picked up, the second wide-based National Stock Exchange index Nifty also crossed 5200 points level by adding 192.40 points at 5261.35 as most of the power stocks led by Tata Power, and refinery stocks led by Reliance Industries (RIL) shot up on fresh buying.
Tata Power stocks were higher after rival Reliance Energy said a unit will sell shares to increase generating capacity in order to meet electricity demand.
RIL, which has the most influence on the Sensex movement, surged along with other energy scrip ONGC lending maximum support to the indices.
Chidambaram cautions
Finance Minister P Chidambaram today advised retail investors in the stock market to exercise caution as the benchmark index nears the 18,000-point level, while welcoming the interest shown by foreign institutional investors.
"I do not think retail investors are entering the market at this level. I would advise them caution," he told reporters here.
There is apparently lot of interest from foreign institutional investors, the Finance Minister said, adding: "Why should we not welcome it."
Mumbai, Oct. 3 (PTI): Tracking the global bull-run, Indian stocks led by refinery and power sector zoomed to push the benchmark Sensex closer to another peak of 18,000 points level on the Bombay Stock Exchange in early trading today.
The bull-run that entered the 11th straight day today kicked up the benchmark Sensex higher by 624.56 points at 17,953.07 at noon, and just 47 points away from a new historic peak at 18,000 points level.
Marketmen said if the Sensex succeeded in gaining this new height, then it would be the shortest 1,000 point journey in the bourse's history, surpassing the previous 16,000 to 17,000 in six trading sessions on September 26.
Buying activity gathered momentum on reports of global stock markets, including the U.S., Hong Kong and Japan surging to record high in previous day's trading when Indian and Chinese markets were closed.
As the buying activity picked up, the second wide-based National Stock Exchange index Nifty also crossed 5200 points level by adding 192.40 points at 5261.35 as most of the power stocks led by Tata Power, and refinery stocks led by Reliance Industries (RIL) shot up on fresh buying.
Tata Power stocks were higher after rival Reliance Energy said a unit will sell shares to increase generating capacity in order to meet electricity demand.
RIL, which has the most influence on the Sensex movement, surged along with other energy scrip ONGC lending maximum support to the indices.
Chidambaram cautions
Finance Minister P Chidambaram today advised retail investors in the stock market to exercise caution as the benchmark index nears the 18,000-point level, while welcoming the interest shown by foreign institutional investors.
"I do not think retail investors are entering the market at this level. I would advise them caution," he told reporters here.
There is apparently lot of interest from foreign institutional investors, the Finance Minister said, adding: "Why should we not welcome it."
Shaikha Maitha bint Mohammed bin Rashid Al Maktoum sees hope for Sudanese children
Maitha sees hope for Sudanese children
By a staff reporter KHALEEJ TIMES 3 October 2007
DUBAI — The enormous challenges being faced by children in Sudan can be overcome only through humanitarian initiatives such as the ‘Dubai Cares’ campaign, according to Shaikha Maitha bint Mohammed bin Rashid Al Maktoum.
During her first-ever visit to Sudan as part of the Dubai Cares initiative, Shaikha Maitha toured the country to personally understand the children’s struggle to obtain basic education.
Senior government officials in Khartoum briefed her on the educational needs of the country, decimated by over 20 years of civil war. In Juba, Unicef officials Peter Crowley, Director, and Douglas Higgins, Deputy Representative, Southern Sudan, highlighted the country’s situation in the south.
Isa Abdullah Al Bashah Al Nu’aimi, UAE Ambassador to Sudan, was present during the briefings and Shaikha Maitha’s visits to the schools.
Shaikha Maitha said: “Dubai Cares believes in every child’s right to education and is committed to ensuring that no child is denied education. I wanted to tell the children we are here to help them and to, ultimately, help their country.”
Shaikha Maitha and her delegation visited Kuku-A Primary School and Juba 1 Girl’s Primary School, where the children welcomed her with songs and dances.
Recalling the experience of visiting the 4x3-metre classroom shared by nearly 60 students, she said: “I am touched by the warmth and strength of these children — a testament to their will to live and learn. We owe it to them to keep their hopes alive.”
In Khartoum, Shaikha Maitha visited the Mustapha Hamad School for Girls. She said: “Having seen the situation and the conditions children endure to obtain education, I am overwhelmed with their capacity to cope with the unbelievable. My heart goes out to them. Through campaigns such as Dubai Cares, we will empower them, their families and the community.”
Five burnt to death as speeding car overturns
Five burnt to death as speeding car overturns
By Alia Al Theeb, Staff Reporter GULF NEWS Published: October 02, 2007, 23:09
Dubai: Five people were burnt to death in a horrific traffic accident early on Tuesday, police said.
According to preliminary investigations, speeding was the cause of the accident that took place near the entrance of Al Karama tunnel connecting Shaikh Rashid Road to Shaikh Zayed Road. A police official said the bodies have not been identified yet.
This was the second major traffic accident in four days. Early Friday, seven people were killed on Emirates Road when the tyre of the minibus they were travelling in burst and the minibus turned over. Police also blamed speeding for the accident.
In yesterday's accident, the driver of the car was speeding and as a result he hit the side pavement of the tunnel. The car turned over and caught fire. None of the passengers was able to escape from the car and were burnt to death.
In another incident, a fire broke out in the cabin of a ship loaded with cars in Al Hamriya Port. However, the fire did not reach the cars and no injuries were reported.
Flexible hours for office workers aim to ease traffic
Flexible hours for office workers aim to ease traffic
By Ashfaq Ahmed, Staff Reporter GULF NEWS Published: October 02, 2007, 23:09
Dubai: Government departments have been asked by the Dubai Executive Council to adopt flexible working hours to improve their performance.
The system would not only benefit government departments but would also dramatically alleviate traffic congestion on the roads, the Council says.
"We expect up to a 30 per cent decrease in traffic congestion, especially during peak hours if flexible working hours are adopted by both the private and public sectors," an RTA official told Gulf News.
The General Secretariat of the Dubai Executive Council has sent a letter to all government departments urging them to apply flexible working hours.
The system is in line with Dubai's strategic plan 2015 launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, calling for the creation of an ideal work environment
Positive environment
Flexible working hours would ensure a positive work environment ideal for government employees to serve customer needs, a DEC statement said.
A Roads and Transport Authority (RTA) official told Gulf News the RTA has also proposed a change in the private sector's working pattern to ease traffic and it has been having talks with major companies.
"Based on our studies, we have categorised three sectors for flexible working hours. They are public and private sectors and schools. In addition to having flexible workings hours within the private and public sectors, we want to have a "window" between the timings of these categories," the official said.
Municipality already working on system
Dubai Municipality has already started working on applying a flexible working hours system for its employees, said an official.
"The system aims to improve the performance of staff and extract the maximum out of official working hours. One of the purported objectives is also to help solve the traffic woes of office-goers, especially during rush hour," he said.
He said the system neither proposes to cut the total working hours nor staff attendance.
The Municipality, on an experimental basis, is considering implementing three timings for checking in and checking out of staff. They are 6.30am to 1.30pm, 7.30am to 2.30pm, and 8.30am to 3.30pm.
By Ashfaq Ahmed, Staff Reporter GULF NEWS Published: October 02, 2007, 23:09
Dubai: Government departments have been asked by the Dubai Executive Council to adopt flexible working hours to improve their performance.
The system would not only benefit government departments but would also dramatically alleviate traffic congestion on the roads, the Council says.
"We expect up to a 30 per cent decrease in traffic congestion, especially during peak hours if flexible working hours are adopted by both the private and public sectors," an RTA official told Gulf News.
The General Secretariat of the Dubai Executive Council has sent a letter to all government departments urging them to apply flexible working hours.
The system is in line with Dubai's strategic plan 2015 launched by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, calling for the creation of an ideal work environment
Positive environment
Flexible working hours would ensure a positive work environment ideal for government employees to serve customer needs, a DEC statement said.
A Roads and Transport Authority (RTA) official told Gulf News the RTA has also proposed a change in the private sector's working pattern to ease traffic and it has been having talks with major companies.
"Based on our studies, we have categorised three sectors for flexible working hours. They are public and private sectors and schools. In addition to having flexible workings hours within the private and public sectors, we want to have a "window" between the timings of these categories," the official said.
Municipality already working on system
Dubai Municipality has already started working on applying a flexible working hours system for its employees, said an official.
"The system aims to improve the performance of staff and extract the maximum out of official working hours. One of the purported objectives is also to help solve the traffic woes of office-goers, especially during rush hour," he said.
He said the system neither proposes to cut the total working hours nor staff attendance.
The Municipality, on an experimental basis, is considering implementing three timings for checking in and checking out of staff. They are 6.30am to 1.30pm, 7.30am to 2.30pm, and 8.30am to 3.30pm.
Tuesday, 2 October 2007
Oil prices fall as investors cash in on profits
Oil prices fall as investors cash in on profits
Reuters Published: October 02, 2007, 00:12
London: Oil fell below $81 a barrel yesterdayas investors took profits from near-record highs of last week. But a weak dollar helped check losses sparked by worries of an economic slowdown in top consumer the US.
US crude fell 83 cents to $80.83 by 1441 GMT, having sunk more than $1 to $80.59 in earlier trade. London Brent crude dropped $1.10 to $78.07.
Oil has surged more than 30 per cent this year to an all-time high of $83.90 in late September on expectations of a supply shortfall in the fourth quarter as heating demand peaks.
A weaker dollar has also propped up oil and other commodities as they become cheaper for holders of other currencies. Gold hit a 28-year high on Monday, while platinum neared a record peak.
"The weaker dollar, for now, is the most consistent bullish theme that explains the incredible bullish momentum we are seeing in a variety of commodity complexes," said Edward Meir at broker MF Global.
The dollar sank to a new low against the euro and a basket of currencies early yesterday, then rebounded as investors cashed in.
An Iranian oil official said on Sunday the price of US crude could gain $10 from current levels by December if the dollar continued to weaken.
Apart from a weak dollar, analysts said expectations of tightening fuel supplies heading into winter and the threat of supply disruptions due to hurricanes would also support prices in the near term.
The Organisation of the Petroleum Exporting Countries agreed last month to boost production by 500,000 bpd to soothe consumer concerns over high prices and tight supplies.
Reuters Published: October 02, 2007, 00:12
London: Oil fell below $81 a barrel yesterdayas investors took profits from near-record highs of last week. But a weak dollar helped check losses sparked by worries of an economic slowdown in top consumer the US.
US crude fell 83 cents to $80.83 by 1441 GMT, having sunk more than $1 to $80.59 in earlier trade. London Brent crude dropped $1.10 to $78.07.
Oil has surged more than 30 per cent this year to an all-time high of $83.90 in late September on expectations of a supply shortfall in the fourth quarter as heating demand peaks.
A weaker dollar has also propped up oil and other commodities as they become cheaper for holders of other currencies. Gold hit a 28-year high on Monday, while platinum neared a record peak.
"The weaker dollar, for now, is the most consistent bullish theme that explains the incredible bullish momentum we are seeing in a variety of commodity complexes," said Edward Meir at broker MF Global.
The dollar sank to a new low against the euro and a basket of currencies early yesterday, then rebounded as investors cashed in.
An Iranian oil official said on Sunday the price of US crude could gain $10 from current levels by December if the dollar continued to weaken.
Apart from a weak dollar, analysts said expectations of tightening fuel supplies heading into winter and the threat of supply disruptions due to hurricanes would also support prices in the near term.
The Organisation of the Petroleum Exporting Countries agreed last month to boost production by 500,000 bpd to soothe consumer concerns over high prices and tight supplies.
No need for Opec to boost output - Qatar
No need for Opec to boost output - Qatar
Reuters Published: October 02, 2007, 00:12
Dubai: More crude supply from Opec would do little to ease $80 oil as speculative investment flowing into the market from other assets is boosting the price, Qatar's oil minister said yesterday.
US crude was trading at $81.43 a barrel yesterday. The price has been above $80 for much of the last three weeks, despite Opec's agreement on September 11 to boost output by 500,000 barrels per day from November 1.
"I am confident that the price is not related to supply," Qatar's Oil Minister Abdullah Al Attiyah told Reuters by telephone.
"We increased at the last Opec meeting and were confident that it would help the market, but unfortunately the market is moving in a different direction. More oil won't help at all."
Members of the Organisation of Petroleum Exporting Countries (Opec) were not in consultations at the moment about boosting oil supply, he said.
Two weeks ago, an Opec source told Reuters the producer group would hold talks about a further supply boost if the price stayed above $80 for several weeks.
Al Attiyah said he did not know if Opec would consult on output before the heads of state of its 12 members gather at a summit in Riyadh in November. Oil ministers were due to meet ahead of the summit.
The global credit crunch had encouraged investors to switch to oil from other assets, Al Attiyah said.
"Our increase in output could not overcome the investment flow switch," he said. "Investors believe oil is safer than some others [assets]."
The weak dollar was not making Opec more resistant to an output change, Al Attiyah said. The higher price has helped insulate oil producers from the erosion of their spending power due to dollar weakness. The US greenback hit a new record low against the euro yesterday.
"The weak dollar and Opec's supply are not related," he said. "But it has affected us. A lot of our imports are in euros."
Qatar had no plans to change its policy to price and receive payment for all of its oil in dollars, Al Attiyah said.
Neighbouring Gulf Arab Opec members Saudi Arabia, the UAE and Kuwait also receive all their oil revenues in dollars.
Iran, locked in a row with Washington over its nuclear work, is aiming to boost oil export earnings in non-dollar currencies to 80 percent by the end of October.
It already receives more than 70 per cent in other currencies.
Qatar is Opec's smallest oil producer, with output of around 800,000 barrels per day.
Reuters Published: October 02, 2007, 00:12
Dubai: More crude supply from Opec would do little to ease $80 oil as speculative investment flowing into the market from other assets is boosting the price, Qatar's oil minister said yesterday.
US crude was trading at $81.43 a barrel yesterday. The price has been above $80 for much of the last three weeks, despite Opec's agreement on September 11 to boost output by 500,000 barrels per day from November 1.
"I am confident that the price is not related to supply," Qatar's Oil Minister Abdullah Al Attiyah told Reuters by telephone.
"We increased at the last Opec meeting and were confident that it would help the market, but unfortunately the market is moving in a different direction. More oil won't help at all."
Members of the Organisation of Petroleum Exporting Countries (Opec) were not in consultations at the moment about boosting oil supply, he said.
Two weeks ago, an Opec source told Reuters the producer group would hold talks about a further supply boost if the price stayed above $80 for several weeks.
Al Attiyah said he did not know if Opec would consult on output before the heads of state of its 12 members gather at a summit in Riyadh in November. Oil ministers were due to meet ahead of the summit.
The global credit crunch had encouraged investors to switch to oil from other assets, Al Attiyah said.
"Our increase in output could not overcome the investment flow switch," he said. "Investors believe oil is safer than some others [assets]."
The weak dollar was not making Opec more resistant to an output change, Al Attiyah said. The higher price has helped insulate oil producers from the erosion of their spending power due to dollar weakness. The US greenback hit a new record low against the euro yesterday.
"The weak dollar and Opec's supply are not related," he said. "But it has affected us. A lot of our imports are in euros."
Qatar had no plans to change its policy to price and receive payment for all of its oil in dollars, Al Attiyah said.
Neighbouring Gulf Arab Opec members Saudi Arabia, the UAE and Kuwait also receive all their oil revenues in dollars.
Iran, locked in a row with Washington over its nuclear work, is aiming to boost oil export earnings in non-dollar currencies to 80 percent by the end of October.
It already receives more than 70 per cent in other currencies.
Qatar is Opec's smallest oil producer, with output of around 800,000 barrels per day.
Market sees new Opec price plan
Market sees new Opec price plan
By Babu Das Augustine, Banking Editor GULF NEWS Published: October 02, 2007, 00:12
Dubai: International banks and analysts have hinted at the possibility that Opec will switch the pricing of oil from the dollar to a basket of currencies as the greenback sank to a record low against the euro yesterday.
"If the dollar were to lose its lustre as a reserve currency this could prove disruptive to the global financial system. In the Middle East the market has become concerned that more countries would drop the dollar peg with Opec potentially changing the oil price to a currency basket rather than the dollar," Merrill Lynch said in a note yesterday.
The euro hit a new all-time high of $1.4283 in early Tokyo trade. By late afternoon it stood at $1.4260, down from $1.4266 in New York late on Friday.
With oil exports still priced in dollars and more than 80 per cent of the Gulf countries' reserves denominated in dollars, Gulf central banks have been been reluctant to drop their peg to the dollar.
"Rising oil prices have been serving as a hedge against the decline of the dollar and its impact on exchange rate losses. From the (Gulf) governments' point of view, there hasn't been any urgent compulsion to revalue currencies," said John Sfakianakis, Group Chief Economist at Saudi British Bank. International banks say the situation is changing fast in the context of the rapidly eroding confidence in the dollar as a reserve currency.
Conviction
"Our greatest conviction is that the dollar will weaken further against the yen and Swiss franc. One more worrying facet of the recent dollar weakness has been the market concern that more countries might drop the dollar peg," Merrill Lynch said in a note.
Earlier this year, Kuwait and Syria dropped their peg to the dollar in favour of a basket of currencies. In the context of mounting pressure on account due to rate losses and surging inflation, there has been widespread speculation that some of the Gulf countries including the UAE and Qatar would either revalue or depeg their currencies. Despite Gulf central banks insisting their commitment to the dollar peg, the currency markets witnessed frenzied speculative buying of the UAE dirham, which virtually forced the UAE Central Bank to cut its three-month CD (certificate of deposit) rate by 15 basis points.
Although the market has already factored in poor US jobs data, currency traders are waiting to see if the Fed will reduce interest rates again. The UAE and Kuwait cut their lending rates by 50 basis points and 25 basis points respectively, last month in response to the US rate cut, while others such as Saudi Arabia and Oman have yet to respond.
Economists said any further rate cuts could place Gulf central banks in a difficult position as the rate cut could fuel inflation and any reluctance to cut interest will fuel speculation in currencies. "The (Gulf) economies are experiencing a period of strong growth and ample liquidity. Lower nominal interest rates will provide further stimulus to inflation," said Monica Malik, an econ-omist with EFG Hermes.
By Babu Das Augustine, Banking Editor GULF NEWS Published: October 02, 2007, 00:12
Dubai: International banks and analysts have hinted at the possibility that Opec will switch the pricing of oil from the dollar to a basket of currencies as the greenback sank to a record low against the euro yesterday.
"If the dollar were to lose its lustre as a reserve currency this could prove disruptive to the global financial system. In the Middle East the market has become concerned that more countries would drop the dollar peg with Opec potentially changing the oil price to a currency basket rather than the dollar," Merrill Lynch said in a note yesterday.
The euro hit a new all-time high of $1.4283 in early Tokyo trade. By late afternoon it stood at $1.4260, down from $1.4266 in New York late on Friday.
With oil exports still priced in dollars and more than 80 per cent of the Gulf countries' reserves denominated in dollars, Gulf central banks have been been reluctant to drop their peg to the dollar.
"Rising oil prices have been serving as a hedge against the decline of the dollar and its impact on exchange rate losses. From the (Gulf) governments' point of view, there hasn't been any urgent compulsion to revalue currencies," said John Sfakianakis, Group Chief Economist at Saudi British Bank. International banks say the situation is changing fast in the context of the rapidly eroding confidence in the dollar as a reserve currency.
Conviction
"Our greatest conviction is that the dollar will weaken further against the yen and Swiss franc. One more worrying facet of the recent dollar weakness has been the market concern that more countries might drop the dollar peg," Merrill Lynch said in a note.
Earlier this year, Kuwait and Syria dropped their peg to the dollar in favour of a basket of currencies. In the context of mounting pressure on account due to rate losses and surging inflation, there has been widespread speculation that some of the Gulf countries including the UAE and Qatar would either revalue or depeg their currencies. Despite Gulf central banks insisting their commitment to the dollar peg, the currency markets witnessed frenzied speculative buying of the UAE dirham, which virtually forced the UAE Central Bank to cut its three-month CD (certificate of deposit) rate by 15 basis points.
Although the market has already factored in poor US jobs data, currency traders are waiting to see if the Fed will reduce interest rates again. The UAE and Kuwait cut their lending rates by 50 basis points and 25 basis points respectively, last month in response to the US rate cut, while others such as Saudi Arabia and Oman have yet to respond.
Economists said any further rate cuts could place Gulf central banks in a difficult position as the rate cut could fuel inflation and any reluctance to cut interest will fuel speculation in currencies. "The (Gulf) economies are experiencing a period of strong growth and ample liquidity. Lower nominal interest rates will provide further stimulus to inflation," said Monica Malik, an econ-omist with EFG Hermes.
Monday, 1 October 2007
Sensex@17000 has 9 new trillion Re members
Sensex@17000 has 9 new trillion Re members
28 Sep, 2007, 1000 hrs IST, TNN
MUMBAI: The surprise bull run has generated so much of wealth that many top-rung companies can now boast of being part of the Rs 1-trillion market cap club.
The list of the biggest wealth creators is expanding with every 1,000-point rise in the Sensex . Nine companies, led by Reliance Industries (RIL), have already entered the hall of fame after their market caps soared beyond Rs 1,00,000 crore (trillion) amid unprecedented rally in their shares in the past few months.
RIL topped the list with Rs 3,23,322 crore as on Thursday when the Sensex soared past the historic 17k-mark to close with a gain of 229 points, or 1.4%, at 17,151. The stock has been on a dream run, jumping 27% to Rs 2,320 in one month. The market is still looking for clues as to what sparked the surge in the scrip.
Public sector oil and gas giant ONGC ranks second, but the company’s market cap at Rs 2,07,826 crore is substantially lower than that of RIL. Apart from RIL and ONGC, Bharti Airtel (Rs 1,82,256 crore), NTPC (Rs 1,59,880 crore) and DLF (Rs 1,26,432 crore) are among the top five wealth creators. Most of them, barring Bharti Airtel, have outperformed the Sensex in the past one month. The stocks have risen between 10% and 27% against a 16% gain in the index.
Two companies — DLF and ICICI Bank (market cap Rs 1,09,222 crore) — have found place in the list of high-fliers during the Sensex’s journey from 15K to 17K in the past two-and-a-half months.
A few more companies are close to touching the Rs 1 trillion-mark. Bhel and SBI, with a market cap of Rs 99,896 crore and Rs 99,260 crore, respectively, may soon achieve the milestone if these stocks continue to rise in the coming days.
28 Sep, 2007, 1000 hrs IST, TNN
MUMBAI: The surprise bull run has generated so much of wealth that many top-rung companies can now boast of being part of the Rs 1-trillion market cap club.
The list of the biggest wealth creators is expanding with every 1,000-point rise in the Sensex . Nine companies, led by Reliance Industries (RIL), have already entered the hall of fame after their market caps soared beyond Rs 1,00,000 crore (trillion) amid unprecedented rally in their shares in the past few months.
RIL topped the list with Rs 3,23,322 crore as on Thursday when the Sensex soared past the historic 17k-mark to close with a gain of 229 points, or 1.4%, at 17,151. The stock has been on a dream run, jumping 27% to Rs 2,320 in one month. The market is still looking for clues as to what sparked the surge in the scrip.
Public sector oil and gas giant ONGC ranks second, but the company’s market cap at Rs 2,07,826 crore is substantially lower than that of RIL. Apart from RIL and ONGC, Bharti Airtel (Rs 1,82,256 crore), NTPC (Rs 1,59,880 crore) and DLF (Rs 1,26,432 crore) are among the top five wealth creators. Most of them, barring Bharti Airtel, have outperformed the Sensex in the past one month. The stocks have risen between 10% and 27% against a 16% gain in the index.
Two companies — DLF and ICICI Bank (market cap Rs 1,09,222 crore) — have found place in the list of high-fliers during the Sensex’s journey from 15K to 17K in the past two-and-a-half months.
A few more companies are close to touching the Rs 1 trillion-mark. Bhel and SBI, with a market cap of Rs 99,896 crore and Rs 99,260 crore, respectively, may soon achieve the milestone if these stocks continue to rise in the coming days.
5 reasons why market is complacent
5 reasons why market is complacent
28 Sep, 2007, 0310 hrs IST,Pravin Palande, TNN
1. First, the equity earnings yields (the inverse of PE ratio) is at 4.77%. The equity market is attractive when earnings yield is higher than that of bond yield. Today, 10-year bond yield is at 8%. When earnings yield is almost half that of the government bond yield, it indicates a clear complacency. Investors want to look at the next year’s PE of 18.14 which gives an earnings yield of 5.51%. This, according to them, makes the market look very comfortable. Investors expect the equity market to go up irrespective of any events. Again, justifying that the market at a PE of 18.14 may not be a great idea.
2. The implied volatility of Nifty is falling. In other words, investors feel that the market will not be choppy, given that the Sensex has seen an amazing run. The volatility in Nifty is 14%, a level seen two months ago when it was at a lower level. Since, the market has moved up 7% in the past two months, the volatility number should have been higher. This shows that investors are under the impression that there are no bumps ahead.
3. Open interest positions in Nifty futures are rising. Almost 77% of the positions have been rolled over on Thursday to October contracts. Simply put, investors may be taking big bets in derivatives. The October contract of the Nifty is in heavy demand. The market looks optimistic for the coming month, at least going by the Nifty futures positions.
4. Bank stocks are moving up as the market is betting on a rate cut even though there are no such indications from RBI. Over the past two weeks, the Nifty banking index has moved up 15%. Any kind of rate cut is seen as a positive, since it makes money cheaper and leveraging easier. At a time when the Sensex has hit 17K, expecting cheaper money may be wishful thinking.
5. Investors are reading too much into the recent capital outflow liberalisation measures. Many feel that the rupee will turn weaker with more outflow and it’s time to buy IT stocks or cover short-positions in software scrips. The fact is it could be too little, too late. Besides, net FII investments are rising. Since September 20, FIIs have been net buyers of Indian equity. On September 27, net investment was Rs 1,004 crore. These numbers are fuelling in the feel-good sentiment.
28 Sep, 2007, 0310 hrs IST,Pravin Palande, TNN
1. First, the equity earnings yields (the inverse of PE ratio) is at 4.77%. The equity market is attractive when earnings yield is higher than that of bond yield. Today, 10-year bond yield is at 8%. When earnings yield is almost half that of the government bond yield, it indicates a clear complacency. Investors want to look at the next year’s PE of 18.14 which gives an earnings yield of 5.51%. This, according to them, makes the market look very comfortable. Investors expect the equity market to go up irrespective of any events. Again, justifying that the market at a PE of 18.14 may not be a great idea.
2. The implied volatility of Nifty is falling. In other words, investors feel that the market will not be choppy, given that the Sensex has seen an amazing run. The volatility in Nifty is 14%, a level seen two months ago when it was at a lower level. Since, the market has moved up 7% in the past two months, the volatility number should have been higher. This shows that investors are under the impression that there are no bumps ahead.
3. Open interest positions in Nifty futures are rising. Almost 77% of the positions have been rolled over on Thursday to October contracts. Simply put, investors may be taking big bets in derivatives. The October contract of the Nifty is in heavy demand. The market looks optimistic for the coming month, at least going by the Nifty futures positions.
4. Bank stocks are moving up as the market is betting on a rate cut even though there are no such indications from RBI. Over the past two weeks, the Nifty banking index has moved up 15%. Any kind of rate cut is seen as a positive, since it makes money cheaper and leveraging easier. At a time when the Sensex has hit 17K, expecting cheaper money may be wishful thinking.
5. Investors are reading too much into the recent capital outflow liberalisation measures. Many feel that the rupee will turn weaker with more outflow and it’s time to buy IT stocks or cover short-positions in software scrips. The fact is it could be too little, too late. Besides, net FII investments are rising. Since September 20, FIIs have been net buyers of Indian equity. On September 27, net investment was Rs 1,004 crore. These numbers are fuelling in the feel-good sentiment.
How bad can a good thing be?
How bad can a good thing be?
28 Sep, 2007, 0000 hrs IST
My bank’s relationship manager emails weekly parables - simple stories with a moral lesson - to his customers.
This week he sent this:
A father wanted to inculcate a sense of responsibility in his careless son. So he told him that for every careless act of his he would hammer a nail into a wooden pillar in their house, and for every positive act he would pull out one nail.
The boy saw that the pillar was getting crowded with nails, so he resolved to change his behaviour and soon the nails started coming out, till there were none left. The father was very proud. He said, "Son, you have done a great job, there are no more nails left on the pillar." The boy, however, started crying and replied, "The nails are gone but the holes remain."
The fable’s obviously been made up to teach a few pithy lessons such as that some mistakes are part of the learning process and may be unavoidable; or, mistakes even when corrected, leave marks forever. Also, that some mistakes are just not correctable and the price paid is very heavy - for example, carelessness while crossing the street can cost a life. etc.
However, if we leave out the boy’s last comment and halt the story at him just crying after there were no more nails left, we can discover an altogether different kind of message running through the story.
For instance, could he have begun crying because it might suddenly have dawned on him that there were no more mistakes left to be corrected? Because in that case he must have also realised his good behaviour and deeds were not as spontaneous as he believed they were.
Instead, the positive acts were those of redemption goaded by his earlier irresponsible behaviour that had nailed him to the wooden pillar in the first place. (The reason for crying could also have been due to the fact that once he knew his impetus for doing good arose from un-good acts, it turned out to be not a great feeling to live with.)
Something similar had happened to Emperor Ashok too, the man they used to call murderous and heartless. On the battlefield of Kalinga when he saw the scattered corpses - basically his own set of nails - he is supposed to have cried out, "What have I done?" Indeed, what had he? And so he spent the rest of his life pulling out one nail after another till there were none.
Could Ashok have been greater if he had been virtuous to begin with and had not required gutted soldiers to remind him he was doing something wrong? He could. That’s another moral of the relationship manager’s parable.
28 Sep, 2007, 0000 hrs IST
My bank’s relationship manager emails weekly parables - simple stories with a moral lesson - to his customers.
This week he sent this:
A father wanted to inculcate a sense of responsibility in his careless son. So he told him that for every careless act of his he would hammer a nail into a wooden pillar in their house, and for every positive act he would pull out one nail.
The boy saw that the pillar was getting crowded with nails, so he resolved to change his behaviour and soon the nails started coming out, till there were none left. The father was very proud. He said, "Son, you have done a great job, there are no more nails left on the pillar." The boy, however, started crying and replied, "The nails are gone but the holes remain."
The fable’s obviously been made up to teach a few pithy lessons such as that some mistakes are part of the learning process and may be unavoidable; or, mistakes even when corrected, leave marks forever. Also, that some mistakes are just not correctable and the price paid is very heavy - for example, carelessness while crossing the street can cost a life. etc.
However, if we leave out the boy’s last comment and halt the story at him just crying after there were no more nails left, we can discover an altogether different kind of message running through the story.
For instance, could he have begun crying because it might suddenly have dawned on him that there were no more mistakes left to be corrected? Because in that case he must have also realised his good behaviour and deeds were not as spontaneous as he believed they were.
Instead, the positive acts were those of redemption goaded by his earlier irresponsible behaviour that had nailed him to the wooden pillar in the first place. (The reason for crying could also have been due to the fact that once he knew his impetus for doing good arose from un-good acts, it turned out to be not a great feeling to live with.)
Something similar had happened to Emperor Ashok too, the man they used to call murderous and heartless. On the battlefield of Kalinga when he saw the scattered corpses - basically his own set of nails - he is supposed to have cried out, "What have I done?" Indeed, what had he? And so he spent the rest of his life pulling out one nail after another till there were none.
Could Ashok have been greater if he had been virtuous to begin with and had not required gutted soldiers to remind him he was doing something wrong? He could. That’s another moral of the relationship manager’s parable.
Air Arabia: Service To Coimbatore
Air Arabia: Service To Coimbatore
Air Arabia yesterday announced a new service to the Indian city of Coimbatore twice weekly beginning on October 1, increasing to three flights a week from November.
Kyle Haywood, Commercial Director of Air Arabia, said: “We are pleased to introduce our eighth destination in India, strengthening our ongoing commitment to offering passengers the widest choice of destinations in India at the best value for money.
"Such expansion provides our many customers in India with the added convenience of more destinations throughout MENA and South Asia.”
Coimbatore, also known as Koneyammanputhhur, is Air Arabia's eighth destination in India. It is one of the largest cities in the state of Tamil Nadu.
The flights will leave Sharjah International Airport at 8.05am local time and arrive in Coimbatore at 1.35pm local time every Monday and Friday. Return flights will depart at 2.20pm local time and arrive in Sharjah at 4.40pm local time on the same days.
Haywood added: "The addition of this destination for Air Arabia provides even greater opportunities for travelers between the MENA region and India for both holiday and business travel. We look forward to further enhancing our destination network in India in the future."
UAE to issue temporary work permits
In order to meet the shortage of expatriate workers, the UAE will issue temporary work permits for a six-month period, from today.
All companies in the country can now seek temporary work permits to facilitate the process of recruiting foreign manpower, said Obaid Rashid Al Zahmi, Assistant Under-secretary in the Ministry of Labour.
In the past, such permits were issued only to oil and energy firms.
The three-month temporary permit or 'mission visa' will cost Dh500. For a three-month extension of the permit, companies would have to pay an additional Dh500 along with a Dh3,000 bank guarantee, said Al Zahmi.
He says the permit is not expensive, and, according to him, it is, in fact, beneficial to all, as firms can check the credentials and the performance of the workers they have recruited. He added that workers' rights would also be protected.
Some sectors are reeling under staff shortages after more than 200,000 illegal workers left the country under a recent amnesty programme.
The mission visa will allow people to live and work in the UAE for up to six months.
All companies in the country can now seek temporary work permits to facilitate the process of recruiting foreign manpower, said Obaid Rashid Al Zahmi, Assistant Under-secretary in the Ministry of Labour.
In the past, such permits were issued only to oil and energy firms.
The three-month temporary permit or 'mission visa' will cost Dh500. For a three-month extension of the permit, companies would have to pay an additional Dh500 along with a Dh3,000 bank guarantee, said Al Zahmi.
He says the permit is not expensive, and, according to him, it is, in fact, beneficial to all, as firms can check the credentials and the performance of the workers they have recruited. He added that workers' rights would also be protected.
Some sectors are reeling under staff shortages after more than 200,000 illegal workers left the country under a recent amnesty programme.
The mission visa will allow people to live and work in the UAE for up to six months.
Dubai Cares
www.dubaicares.ae
Dubai Cares:
What is the Dubai Cares campaign?
"Dubai Cares" is a charitable campaign, lead by H.H. Sheikh Mohammed Bin Rashid Al Maktoum that serves to focus the multicultural community of Dubai on raising money to support a global cause.
What are the main goals of Dubai Cares?
The two main goals of the campaign are: To bring the multicultural community of Dubai together during the traditional time of giving – the Holy Month of Ramadan – and to focus their collective attention on raising funds for a global cause. This year, Children’s Primary Education globally. To proactively address Dubai’s role as a Global Citizen by delivering unrealized opportunities to the children in our beneficiary countries through providing them access to Children’s Primary Education.
Who are the beneficiaries of the campaign?
We are currently targeting the following regions to receive funds collected from the campaign. They include the Middle East, Africa and Asia.
Do you need volunteers for the campaign?
This year’s campaign was put together in 12 weeks which made it difficult to focus on securing and training volunteers to help us. However, we will definitely need volunteers for next year’s campaign. Once the campaign is complete we will add a section for volunteer registration.
What projects are you currently targeting to raise funds for in the campaign?
We will fund the value chain of education including:
* Building and renovation of schools
* Teacher training programs
* Teaching materials
* School scholarships
* School feeding programs
* School physicals including vaccinations
* School supplies
* School sports and recreation equipment
--------------------------------------------------------------------------------
Corporate Social Responsibility:
What is Corporate Social Responsibility Program?
Corporate Social Responsibility (CSR) is the commitment of businesses to contribute to sustainable economic development by working with employees, the local community and the global society at large to improve their lives in ways that are good for business and for development.
The Dubai Cares campaign has designed a CSR program that offers corporations the opportunity to play a significant role in the success of this campaign to provide education to children in Asia, Africa and Middle East.
Bonus bait for IIT-B faculty
Bonus bait for IIT-B faculty
Facing a talent crunch that is familiar to many companies, the elite Indian Institute of Technology (Bombay) is offering all new faculty members a signing bonus of Rs 3 lakh.
Significantly, the bonuses are being raised by donations from the IIT alumni, generally a high-achieving bunch, who in recent years, have become more active, organised and sophisticated in giving back to their alma mater.
“This is a first for any of the IITs,” says Deepak B Phatak, professor at IIT’s Kanwal Rekhi School of Information Technology.
As a retention measure, IIT Bombay has significantly increased seed research grants to Rs 10 lakh to new faculty members this year. Until last year, such grants were only about Rs 3 lakh.
“We hope that this will influence what we call decision-making on the margins,” says Phatak, who is the convenor of IIT’s golden jubilee celebrations. The two initiatives are part of the anniversary celebrations.
The move shows how even the most prestigious institutes of higher education in India are no longer being able to overcome their relatively poor compensation packages and attract young talent. A growing dearth of students obtaining doctorates has also added to the pressure.
Remuneration for the faculty at IITs range between Rs 25,000 to Rs 50,000 a month, peaking at Rs 6 lakh annually. But the run-of-the-mill software professional, with under five years of experience, earns more than that, to about Rs 6.2 lakh, according to market researcher IDC India.
“Unless something is done to woo good teachers, the institute could face a serious faculty crunch as many members are due to retire in the near future,” said Ajay Ranade, chairman of the IIT Bombay Alumni Association and a 1982 graduate.
To get new faculty, IIT-Bombay’s Class of 1982, which celebrates its silver jubilee this year, pledged to raise about Rs 6 crore for the institute. Ranade notes that all alumni are welcome to donate for the cause.
While, IIT-Bombay has faculty strength of 420 with about 100 vacant positions, it is not alone: as an estimated figure of the seven IITs states a cumulative shortage of at least 900 faculty members.
Still, the IITs, which are India’s top-ranked technical educational institutes, have fared better than other engineering institutes across the country.
According to a report on revitalising technical education in the country, an additional 10,000 doctorates will be needed by 2008 to meet faculty requirements at Indian engineering institutions.
The Ministry of Human Resource and Development committee, headed by UR Rao, a prominent scientist and the former chair of the India Space Research Organization, authored the 2003 report.
Facing a talent crunch that is familiar to many companies, the elite Indian Institute of Technology (Bombay) is offering all new faculty members a signing bonus of Rs 3 lakh.
Significantly, the bonuses are being raised by donations from the IIT alumni, generally a high-achieving bunch, who in recent years, have become more active, organised and sophisticated in giving back to their alma mater.
“This is a first for any of the IITs,” says Deepak B Phatak, professor at IIT’s Kanwal Rekhi School of Information Technology.
As a retention measure, IIT Bombay has significantly increased seed research grants to Rs 10 lakh to new faculty members this year. Until last year, such grants were only about Rs 3 lakh.
“We hope that this will influence what we call decision-making on the margins,” says Phatak, who is the convenor of IIT’s golden jubilee celebrations. The two initiatives are part of the anniversary celebrations.
The move shows how even the most prestigious institutes of higher education in India are no longer being able to overcome their relatively poor compensation packages and attract young talent. A growing dearth of students obtaining doctorates has also added to the pressure.
Remuneration for the faculty at IITs range between Rs 25,000 to Rs 50,000 a month, peaking at Rs 6 lakh annually. But the run-of-the-mill software professional, with under five years of experience, earns more than that, to about Rs 6.2 lakh, according to market researcher IDC India.
“Unless something is done to woo good teachers, the institute could face a serious faculty crunch as many members are due to retire in the near future,” said Ajay Ranade, chairman of the IIT Bombay Alumni Association and a 1982 graduate.
To get new faculty, IIT-Bombay’s Class of 1982, which celebrates its silver jubilee this year, pledged to raise about Rs 6 crore for the institute. Ranade notes that all alumni are welcome to donate for the cause.
While, IIT-Bombay has faculty strength of 420 with about 100 vacant positions, it is not alone: as an estimated figure of the seven IITs states a cumulative shortage of at least 900 faculty members.
Still, the IITs, which are India’s top-ranked technical educational institutes, have fared better than other engineering institutes across the country.
According to a report on revitalising technical education in the country, an additional 10,000 doctorates will be needed by 2008 to meet faculty requirements at Indian engineering institutions.
The Ministry of Human Resource and Development committee, headed by UR Rao, a prominent scientist and the former chair of the India Space Research Organization, authored the 2003 report.
14-year-old boy gets admission to MCA
14-year-old boy gets admission to MCA
(PTI) 1 October 2007
NEW DELHI — In perhaps a first of its kind achievement, a 14-year-old boy, the son of a labourer, has secured admission to the Master’s in Computer Application course.
Despite living in abject poverty, Shailendra Kumar Verma, whose parents are illiterate, has proved to be a genius, completing his Bachelor in Computer Application this year from Lucknow University with 66 per cent marks.
The child prodigy is now pursuing MCA at the Indira Gandhi National Open University (IGNOU). The varsity has exempted the entire course fee for the boy, IGNOU’s Registrar (SRE) Srikant Mohapatra told PTI. “He is now the youngest student in IGNOU. The academic council of the university has taken his case as a special one and allowed waiver of fee during the three-year programme amounting to over Rs40,000,” Mohapatra said. Shailendra had passed Class XII examination from National Open School at the age of 11. Astonishingly, prior to that, he had never entered any formal education system. He has also cleared the Scholarship Aptitude Test (SAT). Shailendra later took admission in the Bachelor of Computer Science course in an American university, but could not pursue it due to financial constraints.
He has taken admission into the MCA programme at the Lucknow centre of IGNOU. In view of his poor financial condition, the regional head of the centre had sought waiver of fee for the student. "Whatever support the university can provide will be given to the student. We wish him all the best for the future," Mohapatra said.
(PTI) 1 October 2007
NEW DELHI — In perhaps a first of its kind achievement, a 14-year-old boy, the son of a labourer, has secured admission to the Master’s in Computer Application course.
Despite living in abject poverty, Shailendra Kumar Verma, whose parents are illiterate, has proved to be a genius, completing his Bachelor in Computer Application this year from Lucknow University with 66 per cent marks.
The child prodigy is now pursuing MCA at the Indira Gandhi National Open University (IGNOU). The varsity has exempted the entire course fee for the boy, IGNOU’s Registrar (SRE) Srikant Mohapatra told PTI. “He is now the youngest student in IGNOU. The academic council of the university has taken his case as a special one and allowed waiver of fee during the three-year programme amounting to over Rs40,000,” Mohapatra said. Shailendra had passed Class XII examination from National Open School at the age of 11. Astonishingly, prior to that, he had never entered any formal education system. He has also cleared the Scholarship Aptitude Test (SAT). Shailendra later took admission in the Bachelor of Computer Science course in an American university, but could not pursue it due to financial constraints.
He has taken admission into the MCA programme at the Lucknow centre of IGNOU. In view of his poor financial condition, the regional head of the centre had sought waiver of fee for the student. "Whatever support the university can provide will be given to the student. We wish him all the best for the future," Mohapatra said.
IGNOU will set up university for NRIs
IGNOU will set up university for NRIs
(IANS) 1 October 2007
WASHINGTON — India plans to set up a ‘knowledge bank’ to share the expertise of NRI doctors, engineers and other professionals to provide world-class education back home, Overseas Indian Affairs Minister Vayalar Ravi said here.
To this end, the Indira Gandhi National Open University (IGNOU) is preparing a project to set up an NRI university, Ravi said during an interaction with the Indian American community at the Indian embassy here Saturday.
An independent trust was also being set up in collaboration with the Confederation of Indian Industry (CII) to help Indians abroad do what they want back home.
A legislation has been introduced in the Indian parliament to encourage more collaboration with credible foreign universities to bring about the needed changes in the Indian system of education, Ravi said.
The proposal he said had run into political problems with some supporting parties having certain objections to it. But he personally felt that collaboration with foreign institutions would be good.
Ravi agreed that India's healthcare system needed an overhaul, but in order to provide access to basic healthcare down to the district level, government and the private sector needed to work together.
There was, he said, great demand for Indian manpower abroad, particularly in the Gulf region. To facilitate and regulate this, memoranda of understanding (MOUs) have been signed with Kuwait and the UAE. Similar MOUs were in the offing with Oman, Qatar and Bahrain, Ravi said.
(IANS) 1 October 2007
WASHINGTON — India plans to set up a ‘knowledge bank’ to share the expertise of NRI doctors, engineers and other professionals to provide world-class education back home, Overseas Indian Affairs Minister Vayalar Ravi said here.
To this end, the Indira Gandhi National Open University (IGNOU) is preparing a project to set up an NRI university, Ravi said during an interaction with the Indian American community at the Indian embassy here Saturday.
An independent trust was also being set up in collaboration with the Confederation of Indian Industry (CII) to help Indians abroad do what they want back home.
A legislation has been introduced in the Indian parliament to encourage more collaboration with credible foreign universities to bring about the needed changes in the Indian system of education, Ravi said.
The proposal he said had run into political problems with some supporting parties having certain objections to it. But he personally felt that collaboration with foreign institutions would be good.
Ravi agreed that India's healthcare system needed an overhaul, but in order to provide access to basic healthcare down to the district level, government and the private sector needed to work together.
There was, he said, great demand for Indian manpower abroad, particularly in the Gulf region. To facilitate and regulate this, memoranda of understanding (MOUs) have been signed with Kuwait and the UAE. Similar MOUs were in the offing with Oman, Qatar and Bahrain, Ravi said.
Count your exchange rate losses
Count your exchange rate losses
By Babu Das Augustine, Banking Editor Published: October 01, 2007, 00:41
Dubai: Did your employer recently give you a 10-15 per cent salary raise and a bit of motivational talk on your performance?
You might be surprised to find that your increment doesn't mean much. And if your employer didn't consider you for a raise in the last 18 months, you have a serious problem as your earnings have depreciated in the range of 23 to 31 per cent, depending on the currency in which you are saving and spending your money.
UAE residents already reeling under the rising cost of living are also losing heavily due to exchange rate losses.
Last year, the UAE's inflation hit a 19-year high of 9.3 per cent and the inflation this year is estimated around the same level by Standard Chartered Bank.
The exchange rate data for the last 19 months suggest that various groups of expatriates living in the UAE lost in the range of 12 to 21 per cent in exchange rate losses along (see table).
In simple terms it means, your earnings in purchasing power in your home currency is down about 12 per cent if you are earning in rupee, 15 per cent down in the peso and 20 per cent and 18.7 per cent in the euro and the sterling, respectively.
With the exchange rates of dirham falling against their home currencies, expatriate salary earners who have fixed commitments such as mortgages, bank loans and college fees are forced to dip into their savings or borrow to send money home.
By Babu Das Augustine, Banking Editor Published: October 01, 2007, 00:41
Dubai: Did your employer recently give you a 10-15 per cent salary raise and a bit of motivational talk on your performance?
You might be surprised to find that your increment doesn't mean much. And if your employer didn't consider you for a raise in the last 18 months, you have a serious problem as your earnings have depreciated in the range of 23 to 31 per cent, depending on the currency in which you are saving and spending your money.
UAE residents already reeling under the rising cost of living are also losing heavily due to exchange rate losses.
Last year, the UAE's inflation hit a 19-year high of 9.3 per cent and the inflation this year is estimated around the same level by Standard Chartered Bank.
The exchange rate data for the last 19 months suggest that various groups of expatriates living in the UAE lost in the range of 12 to 21 per cent in exchange rate losses along (see table).
In simple terms it means, your earnings in purchasing power in your home currency is down about 12 per cent if you are earning in rupee, 15 per cent down in the peso and 20 per cent and 18.7 per cent in the euro and the sterling, respectively.
With the exchange rates of dirham falling against their home currencies, expatriate salary earners who have fixed commitments such as mortgages, bank loans and college fees are forced to dip into their savings or borrow to send money home.
Savings remain nil despite better pay
Savings remain nil despite better pay
By Robert Ditcham, Staff Reporter Published: October 01, 2007, 00:41
Dubai: Private sector salaries in the UAE rose by 10.7 per cent on average over the last year, just beating the nine per cent GCC average, according to figures released yesterday by online recruitment firm GulfTalent.com.
Oman registered the biggest jump, from 5.6 per cent last year to 11 per cent this year, while wages in Saudi Arabia climbed just 7.7 per cent - the lowest of the countries surveyed.
Analysts say employers have been forced to raise wages to contend with intense competition for talented workers, healthy pay rises in the public sector, the depreciating US dollar and rising salaries in India, traditionally the main supplier of expatriate workforce to Gulf countries.
But better pay is unlikely to leave more money in the bank for workers due to spiraling inflation and depreciation of dollar-pegged currencies.
The UAE's official inflation reached 9.3 per cent in 2006, driven by soaring food prices and rent hikes, while Qatar's inflation increased to 14.8 per cent year-on-year in the first quarter before declining to 12.8 per cent in the second quarter.
Shortage of skills
Of the UAE-based expatriates surveyed by GulfTalent.com, 41 per cent reported making no savings on their income, the highest figure in the Gulf. And nine per cent of UAE-based expats reported that their salaries did not even cover their living costs, forcing them to borrow or live off their existing savings.
For employers the trend translates into difficulty recruiting and retaining staff, which has already had serious implications for the region's economy.
"While market demand was extremely healthy, skills shortages were limiting their companies' ability to grow, forcing them to turn down new business or, in some cases, causing them to miss targets on their existing projects," said Yasser Hatami, managing director of GulfTalent.com.
Abid Junaid, CEO of Dubai-based property developer ETA Star, said developers are becoming more realistic in the number of projects they launch and their delivery targets due to a lack of skilled labour among contractors, but he did not anticipate a major slowdown in the construction sector.
"It's a very concerning situation as it impacts our ability to attract expatriate workers, especially from Europe and the Indian sub-continent," he said.
Junaid said developers can reduce residents' expenditure on rent by building more low-cost housing.
According to the GulfTalent survey, the GCC construction sectors enjoying the highest pay rise, along with banking and energy. Healthcare and education registered the lowest increases.
Among job categories, engineers and finance staff received the biggest pay rises, followed by human resource professionals in third place, the survey revealed.
"Historically under-represented in the region, the HR function has recently been catapulted to the front line as Gulf-based employers grapple with the challenge of attracting, developing and retaining staff," the report stated.
In response to declining net disposable income, companies are now changing the structure of worker's pay packages to boost staff retention, said Hatami. Pensions, stock options, training initiatives, and a reduction in working hours are all being considered, he said.
The quality of life within a country is another important factor, the survey suggested. It revealed that the UAE, and Dubai in particular, still benefit from the relative popularity of the country with expatriates, thanks to attractive career opportunities, modern infrastructure and facilities, and a relatively liberal society.
"This is allowing UAE-based employers to continue to attract and retain professionals with below-inflation pay rises, albeit with greater difficulty than previously," the report said.
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