Note: News U Wish to Read is a press review compilation and only covers articles published in the press, in the UAE and India. Its purpose is to keep us informed of important news items which we all wish to not miss. Enjoy reading the below news items and links. More sections will come as it takes shape and interest. Your response to this initiative is highly appreciated.
Energy
UAE oil and gas jobs on the wane amid price rout and regional security concerns
The National
Recruitment is waning in the UAE’s oil and gas sector amid the oil price rout and regional security concerns, a new report says. According to the Monster Employment Index report for last month, the index reading for online listings of oil and gas jobs in the UAE fell about 30 per cent to 73 from 103 in August last year. In the Middle East, hydrocarbons industry job postings declined 21 per cent. Monster, a New York-listed recruitment company, said the employment slowdown was not surprising given the global ramifications and the sector’s current hiring freeze. “While the UAE is putting firm actions in place to manage the global crunch, I do expect that hiring recovery in this sector will require some time,” said Sanjay Modi, the regional managing director of Monster.com. Oil prices continue to trade below US$50 per barrel, down from peaks of more than $110 last year. This has led to several companies cutting their capital expenditure, including downsizing their workforces.
Published: 17th September 2015
Read more: http://www.thenational.ae/business/economy/uae-oil-and-gas-jobs-on-the-wane-amid-price-rout-and-regional-security-concerns
Saudi Aramco names new chief executive
Bloomberg
Appointment made at initial meeting of supreme council. Amin Al Nasser was named president and chief executive of Saudi Arabian Oil Company, known as Saudi Aramco, at the first meeting of the newly created supreme council, the executive board managing the world’s biggest oil producer. The council also approved a five-year business plan at the meeting held overnight in Jeddah, the company said in a statement yesterday. Mr Al Nasser in May was named interim chief executive, replacing Khalid Al Falih who became chairman and health minister. The supreme council is restructuring the Dhahran-based company, which is no longer under the oil ministry. Mr Al Nasser is also on the board, below the supreme council. “More appointments are expected,” Mohamed Ramady, a London-based independent analyst and former professor of economics at King Fahd University for Petroleum and Minerals in Dhahran, said. “Many senior vice presidents retired lately and no replacements have been announced so far.” Saudi Aramco has the ability to pump 12 million barrels of crude per day, and is steering Opec to record production to keep market share amid a global glut. Brent crude was little changed at $49.79 per barrel yesterday
Published: 17th September 2015
Read more: http://www.thenational.ae/business/energy/saudi-aramco-names-new-chief-executive
Prepare for 15 years of weak oil prices, says Goldman Sachs
The National
A glut of crude may keep oil prices low for the next 15 years, according to Goldman Sachs.
There’s less than a 50 per cent chance that prices will drop to $20 a barrel, most likely when refineries shut in October or March for maintenance, Jeffrey Currie, head of commodities research at the bank, said in an interview in Lake Louise, Alberta. Goldman’s long-term forecast for crude is at $50 a barrel, he said. Goldman cut its crude forecasts earlier this month, saying the global surplus of oil is bigger than it previously thought and that failure to reduce production fast enough may require prices to fall near $20 a barrel to clear the glut. Prices may touch that level when stockpiles are filled to capacity, forcing producers in some areas to cut output, Mr Currie said on Wednesday. “When we think of the longer term oil price, yes we put it at $50 a barrel,” he said. “However the risks are to the downside given what’s happening in the other commodity markets and the macro markets more broadly.”
Published: 17th September 2015
Read more: http://www.thenational.ae/business/energy/prepare-for-15-years-of-weak-oil-prices-says-goldman-sachs
Abu Dhabi a symbol of the future, says Solar Impulse co-founder
The National
The capital of the UAE is a symbol of the future, the co-founder of a project to circumnavigate the world in a solar-powered aircraft told an audience on Monday. “Abu Dhabi is an oil producer that is diversifying to clean energy technologies and I think it is the perfect symbol,” said Bertrand Piccard, who was in the capital after being named the first Middle East Solar Industry Association Ambassador. Solar Impulse 2, the plane onboard which Dr Piccard and his co-pilot and co-founder, Andre Borschberg, are attempting the world first, took off from Abu Dhabi last March. Next year, the plan is for the plane to finish its journey where it started. As the team waits to resume the flight, Dr Piccard commended Abu Dhabi for looking ahead. “The goal is not to attack what exists. The goal is to support new ways of doing in diversification, and I like this approach.”
Published: 14th September 2015
Read more: http://www.thenational.ae/uae/environment/abu-dhabi-a-symbol-of-the-future-says-solar-
impulse-co-founder
Deregulation of fuel prices a key moment for UAE energy policy
Gulf News
The introduction of the deregulation of fuel prices in the UAE is a key moment for energy policy in the UAE and has made the nation a pioneer in energy exporting nations in the area of energy subsidy reform, a top official from the Ministry of Energy said in Fujairah on Thursday. “While energy subsidies can generate short term benefits, they lead to greater adverse consequences, impeding market functions, creating artificial prices, decreasing sustainability and limiting the growth of clean energy,” said Matar Al Neyadi, Undersecretary of the Ministry of Energy and Chairman of the Gasoline and Diesel Prices Committee. Speaking at the 5th Gulf Intelligence Energy Markets Forum in Fujairah, Al Neyadi said that the decision to deregulate fuel prices aligns the nation with its strategic vision to preserve natural resources and increase long term sustainability. “This step places the UAE on par with countries that follow sound economic methodologies, promote a responsible energy market and provide a sustainable future for generations ahead.”
Published: 17th September 2015
Read more: http://gulfnews.com/business/economy/deregulation-of-fuel-prices-a-key-moment-for-uae-energy-policy-1.1585904
Abu Dhabi bio jet fuel project nears test stage
Gulf News
Washington: An initiative to produce environmentally friendly aviation jet fuel in Abu Dhabi is progressing. Construction on a one-acre trial farm located in Abu Dhabi that will grow the fuel producing plant, will be finished in the next three to four months, a Boeing executive said on Tuesday. Boeing, together with Etihad Airways, Abu Dhabi National Oil Company’s Takreer, the Masdar Insitute and Total, has been working since January 2014 to develop biofuel in the emirate. Julie Felgar, Managing Director, Environmental Strategy and Integration at Boeing Commercial Airplanes, told reporters on a video call “a small pilot project” will start when construction on the test farm is completed in three to four months. “We’ll take one year to 18 months to run through a couple of harvest rotations and see what the opportunities are in being able to scale that up,” she said. The Abu Dhabi project is one of 19 biofuel ventures Boeing is involved in around the world, developing jet aviation fuel based on biological processes like agriculture or waste as a means to reduce the industry’s carbon footprint. In Abu Dhabi, a halophyte plant called salicornia bigelovii, that generates oil that can be used to make the biofuel, will be planted in the test farm.
Published: 16th September 2015
Read more: http://gulfnews.com/business/aviation/abu-dhabi-bio-jet-fuel-project-nears-test-stage-1.1585301
Other Sectors
UAE financial markets to observe Eid Al Adha holiday during Sept 23-26
Khaleej Times
The Eid Al Adha holiday for UAE financial markets will begin on Wednesday, September 23, 2015, and trading will resume on Sunday, September 27. This was announced by the Securities and Commodities Authority based on circular No. 38 of 2015, issued by the Federal Authority for Government Human Resources, FAHR, on the holidays of Eid Al Adha.
Published: 16th September 2015
Follow: http://www.khaleejtimes.com/business/markets/uae-financial-markets-to-observe-eid-al-adha-holiday-during-sept-23-26
Air travel may become affordable for aam aadmi as Modi government proposes cap on fares
Economic Times
The Narendra Modi government plans to cap airfares between small towns and cities in an ambitious proposal to throw open the chance of air travel to millions of Indians dependant on crowded ground transport. A proposal under consideration by civil aviation ministry will allow airlines to bid for the right to operate flights between hundreds of small towns and cities located within one hour of flying distance from each other. Airfares between these cities will be capped at Rs 2,000 or Rs 2,500 per passenger. The balance will be paid back to these companies by the government through the levy of a cess on national and international flights. A senior civil aviation ministry official said that India can become the third-largest aviation market in the world, if it makes its 300 million middle class Indians fly at least once a year through these initiatives. The plan is part of the new civil aviation policy that is likely to be out for public consultation by the end of this month and has the in-principle approval of
Prime Minister Narendra Modi..
Published: 19th September 2015
Follow: http://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/air-travel-may-become-affordable-for-aam-aadmi-as-modi-government-proposes-cap-on-fares/articleshow/49019234.cms
Politics & Economy
Intra-regional capital inflows help UAE
Khaleej Times
Increased capital inflows from Middle East and North Africa and GCC markets help the UAE offset a decline in funds coming from emerging markets, particularly Russia, while the country remains the only net importer of private capital in the Gulf, a leading investment management company said on Monday. Despite a drop in Russian capital inflows, the UAE, with its safe-haven status and strategic position as a hub between Asia and Africa, continues to be the main beneficiary of inflows of private capital into the GCC region, Invesco said in its Middle East Asset Management Study. "An example of a rapid year-on-year reversal in sources of capital inflows is the decline in private capital coming into the UAE from emerging markets, including Russia. Last year's study showed inflows from emerging markets at 58 per cent, dropping down to 41 per cent this year. Flows from Russia in particular are thought to have been affected by the decline in the rouble reducing the buying power of affluent Russians in the UAE real estate and tourism sectors," said Nick Tolchard, head of Invesco Middle East. "This decline in Russian capital inflows may be cyclical given the strong and ongoing ties between Russia and the GCC," Tolchard said at a media roundtable.
Published: 15th September 2015
Read more: http://www.khaleejtimes.com/business/economy/intra-regional-capital-inflows-help-uae
Global Economy: A recession is around the corner
Khaleej Times
The united States of America is often referred to as the Big Brother due to its economic impact on both developed and developing countries every time there is a recession or fear of recession hitting it. Being one of the world's dominating economies, many factors contribute towards setting a trend for either bulls or bears to walk on Wall Street. Even though recession is not new to the Big Brother, it is bad news both for it and countries that depend on a bullish US economy. So, will history repeat itself soon? Is it time for bears to take over Wall Street? The crash of the world's major stock markets (Black Monday) on August 24 pushed indices to the year's lowest point. Experts are citing many reasons. Some blame China's economic downturn and its falling stock market for kick starting global recession as it is one of the largest economies.
Published: 15th September 2015
Read more: http://www.khaleejtimes.com/business/economy/a-recession-is-around-the-corner
India escapes the worst of emerging markets misery
Khaleej Times
Three years ago India was the weakling of the emerging markets clan, politically stagnant and struggling to grow - but as gloom engulfs other developing economies, the subcontinent is enjoying a moment in the sun. Brazil and Russia lie deep in recession and South Africa is teetering on the brink after demand for raw materials collapsed, while alarm bells have sounded over fears the China juggernaut may be faltering. Enter India, once dubbed the Broken Bric, as the core group is known, now poised to become the fastest-growing G20 economy, expanding at a respectable seven percent, with its finances nourished by cheap oil. "If you look at the growth numbers, India is definitely doing better than these other economies," Kunal Kundu, an economist at Societe Generale in Bangalore, told AFP. "China is in slowdown mode and Brazil and Russia are in trouble because they are commodities-dependent. We are seeing India as the standout."
Published: 15th September 2015
Read more: http://www.khaleejtimes.com/business/economy/india-escapes-the-worst-of-emerging-markets-misery
India insulated from economic fallout, Arun Jaitley says
Economic Times
Union finance minister Arun Jaitley said despite a global slowdown and its impact on countries, India remains insulated from the economic fallout and stands out as a "brighter spot". "India is not a part of the Chinese production chain, significantly. In fact, the two segments - commodities and oil - that been adversely affected certainly don't adversely impact India (which is) a net importer," Jaitley said last night at The Singapore Summit 2015 here. "Therefore, the more we see a low price regime, the more India continues to benefit. Not withstanding the slowdown globally, we do stand out as one of the brighter spots," he was quoted as saying by The Straits Times.
Published: 19th September 2015
Read more: http://timesofindia.indiatimes.com/business/india-business/India-insulated-from-economic-fallout-Arun-Jaitley-says/articleshow/49022331.cms
Community, Environment & Society
A look at marine animals in the UAE: sea turtles
The National
The Arabian Gulf is blessed with amazing marine life, including dugongs, dolphins, turtles and sharks, not to mention 500 species of fish. In a five-part poster series launching this week, Oasis takes a closer look at a different marine animal, starting with sea turtles. With the help of a local marine biologist, we will provide some surprising facts about these creatures, highlight identifying features and give tips on how UAE residents can help protect them. Next week we feature dolphins.
Published: 17 September 2015.
Read more: http://www.thenational.ae/arts-lifestyle/a-look-at-marine-animals-in-the-uae-sea-turtles
Technology
Facebook launches newsgathering tool Signal
The Hindu
In a move to take on micro-blogging site Twitter, which is the biggest source of breaking news for journalists, Facebook has launched an innovative newsgathering tool that will help reporters scan and file stories from the ocean of information on Facebook and its photo-sharing site Instagram. Called Signal, the free tool will help journalists track relevant trends, photos, videos, and posts from nearly 1.5 billion Facebook users and Instagram’s 300 million users for storytelling and reporting.
Published: 18th September 2015
Read more: http://www.thehindu.com/sci-tech/technology/internet/facebook-launches-first-newsgathering-tool-for-journalists/article7664559.ece
Education+
GoodReader is just what a bookworm needs
The Hindu
GoodReader is a text and PDF file reader that saves you the bother of scrolling for text, but its not without problems. Every person who loves reading books has, at some point or the other, wanted to read books while on the go. Unfortunately, the screens on these smartphones have all been way too small to make reading comfortable for anything more than a screenful or two. Even reading long email messages can be a strain on the eyes. It doesn’t help that many e-books are formatted for a full screen, so they require vertical and horizontal scrolling to read. Thankfully, GoodReader exists, and only costs about a dollar.
Published: 15th September 2015
Read more: http://www.thehindu.com/features/metroplus/goodreader-is-just-what-a-bookworm-needs/article7655396.ece
Sports – Campaign PASS
Campaign PASS (Promote All Sports Simultaneously) is an initiative started through my blog to promote all sports(other than cricket – which gets lot of attention) and sports personnel associated to give them more exposure.
PM’s knowledge on sports leaves Saina surprised
The Hindu
Saina briefed the Prime Minister about her silver medal winning feat at the World Championship and becoming world number one. Star shuttler Saina Nehwal was left mighty impressed with Narendra Modi’s knowledge on sports and said the Prime Minister made her feel like a family member when they met ahead of his 65th birthday. “The meeting lasted for about half an hour and I was surprised that he knew about my family and my game so comprehensively as if he was a family member,” Saina told PTI a day after gifting the Prime Minister one of her racquet’s on the eve of his birthday.
Published: 17th September 2015
Read more: http://www.thehindu.com/sport/other-sports/prime-minister-narendra-modis-knowledge-on-sports-leaves-saina-nehwal-surprised/article7662306.ece
Hope you enjoyed reading the above news items and links. More sections will come as it take shape and interest. Your response to this initiative is highly appreciated.
Regards,
Ramesh Menon, Abu Dhabi
@rameshmenonauh
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