Friday, 14th August 2015
Note: News U Wish to Read
is a daily press review compiled and only covers articles published in the
press, in the UAE, India and world around. 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
Saudi
Arabia may go broke before the us oil industry buckles
The Telegraph
If the oil futures market is correct, Saudi Arabia
will start running into trouble within two years. It will be in existential
crisis by the end of the decade. The
contract price of US crude oil for delivery in December 2020 is currently
$62.05, implying a drastic change in the economic landscape for the Middle East
and the petro-rentier states. The Saudis took a huge gamble last November when
they stopped supporting prices and opted instead to flood the market and drive
out rivals, boosting their own output to 10.6m barrels a day (b/d) into the
teeth of the downturn. Bank of America says OPEC is now "effectively
dissolved". The cartel might as well shut down its offices in Vienna to
save money.
Published: 5th August 2015
Egypt
to seek bids for solar and wind-power projects
The National
Egypt will begin accepting bids for 500 megawatts of
renewable energy projects this month. The government yesterday said it would
open the tenders for the three projects – two solar and one wind – as it tries
to achieve its target of using renewable energy for 20 per cent of its energy
needs in five years’ time. One investor involved in the first round of solar
photovoltaic (PV) tenders said the first phase of the government’s feed-in tariff
programme, a subsidy scheme, had yet to be concluded, and none of the 1,800MW
PV projects the government had awarded had reached financial close. Financial
close occurs when all the project and financing agreements have been signed and
all the contractual conditions have been met. “The timing for these new tenders
is premature because the serious companies are already involved and want to get
across the finish line before they take a bigger chunk out of the market,” said
the investor, adding that his company would not be interested until its
existing projects have closed financially.
Published: 12th August 2015
No
plans for Opec emergency meeting to tackle slump in oil prices
The National
Opec has no plans for an emergency meeting to
respond to the slump in prices, according to delegates from the group, while
members have discussed the possibility amid a persistent oversupply of crude.
Four delegates from the Opec, which controls about 40 per cent of world oil
supplies, said they were not aware of any plan for an emergency meeting, asking
not to be identified because discussions are private. Some members have
discussed holding a meeting before the scheduled December 4 gathering, the
Algerian official news agency reported citing energy minister Salah Khebri. Oil
has slumped more than 25 per cent since this year’s peak in June amid signs the
global surplus will be prolonged. US inventories remain more than 90 million
barrels above the five- year seasonal average. Societe Generale and JPMorgan
Chase & Co cut their price forecasts on weaker demand growth and
oversupply. “We support an emergency meeting of Opec,” Nagi Elmagrabi, chairman
of Libya’s state-run National Oil Corp, said by phone Monday. “Global supply
should be reduced in order to lift prices.” Political strife cut Libya’s output
to about 400,000 barrels a day, compared with 1.6 million barrels a day before
the 2011 rebellion that ended Muammar Qaddafi’s 42-year rule, according to data
compiled by Bloomberg. Algeria produces 1.1 million barrels a day.
Published: 10th August 2015
Solar
deals are hot, but investors fret
Gulf News
A string of deals involving rooftop solar companies
has shown both the appeal and potential of the business — and limits to investor
enthusiasm.
SunRun, the San Francisco-based solar financing
pioneer, raised $250 million (Dh918 million) in an initial public offering
Wednesday, but shares fell 13 per cent. Late last month SunEdison bought the
rooftop installer Vivint Solar for $2.2 billion, but SunEdison shares have
fallen 28 per cent since.
Still, SunRun was able to raise the amount it had
hoped to, and the price for Vivint was high, signalling to analysts that
despite the recent bumps, rooftop solar remains promising.
“One [rooftop solar company] priced in the middle of
its range and another sold for $2.2 billion. Things are very good in
residential solar,” said Shayle Kann, an analyst at GTM Research.
Published: 6th August 2015
Other Sectors
Air
India’s additional baggage scheme for students
Gulf News.com
National carrier Air India on Monday said it has
rolled out an additional baggage scheme for students travelling to the US, UK,
Europe and Canada for higher studies for a limited period. Under the scheme,
Maharaja Scholars, student travellers would be allowed to carry an extra piece
of luggage weighing up to 23kg, in addition to the current check-in baggage
allowance of one piece of luggage for the UK and Europe, or two pieces of
luggage for destinations in the US and Canada, Air India said in a release. Maharaja
Scholars offer is available for students travelling from India to international
destinations on a valid student/student exchange visa, it said.
Published: 11th August 2015
Follow: http://gulfnews.com/business/aviation/air-india-s-additional-baggage-scheme-for-students-1.1564651
Politics & Economy
Sensex
likely to treble your money in 10 years; can top Mount 100K
Economic Times
The S&P BSE Sensex is likely to sweep past
100,000 in the next 10 years, led by sustained incremental growth in corporate
earnings, experts say. "The
visibility of sustained corporate earnings growth is far higher in India vis-a
vis other developed markets as economy picks pace," Jimeet Modi, CEO,
SAMCO Securities, says. If the government expects India to become a $5 trillion
economy in 10-12 years, it would translate into a big surge in domestic equity
markets as well. Analysts advise investors to stay put in equities to ride the
momentum on the upside. The index has remained more or less flat in the year
2015, weighed down by global as well as local factors. But experts feel that
the uptrend remains intact, and investors should stay put in equities.
Investors would be thrilled to know that the S&P BSE Sensex has returned
nearly 600 per cent in the last 15 years. If an investor plans to invest Rs
10,00,000 in the index at current levels, the money could swell Rs 30,00,000 in
10 years.
Published: 13th August 2015
Foodstuff
costs shoot up in UAE after fuel price hike
Khaleej Times
Prices of foodstuff have gone up considerably across
the country after fuel prices were hiked earlier this month. A top Ministry of
Economy official, however, denied any rise in prices.
In fish markets - especially in Fujairah and Ras Al
Khaimah - prices have shot up, with one piece of barracuda fish costing Dh65,
as opposed to the usual Dh35. A 45-kg
box of sheri fish (spangled emperor) is going for Dh1,200 as opposed to the
usual Dh400; while safi (rabbitfish) is sold for Dh65 per kilo as compared to Dh35-Dh40.
Prices of jash and kover fishes have gone up from Dh25 per kilo to Dh35.
Published: 13th August 2015
China
devalues yuan again, sending shock waves and mixed signals
The Hindu
Following Tuesday’s 1.9 % devaluation of its
currency, China lowered its “daily fix” of the yuan to 6.3306 per US dollar, a
further decline of 1.6%. The yuan is allowed to trade at plus or minus 2
percent around this midpoint. Wednesday’s move pushed the yuan down by another
1.4 percent to 6.4151 in onshore markets. Markets have been rife with rumours
about China wanting to exacerbate a currency war.
Wednesday’s move comes after Ma Jun, Central bank
economist said via the People’s Daily, the official newspaper of the Chinese
Communist Party that Tuesday’s 1.9% devaluation of the yuan by China should be
seen as a one-off move to enhance the currency’s market orientation, and should
not be read as the beginning of a devaluation trend. The People’s Bank of China
(PBoC), on Tuesday had lowered the yuan’s ‘daily fix’ by 1.9%, sending ripples
across the globe, both in terms of exchange rate and market movements and in
terms of discussion and speculation about China’s motives for the decision. Mr Jun’s comment should allay some fears of
the United States, which reacted cautiously to China’s move on Tuesday. “While
it is too early to judge the full implications of the change…China has
indicated that the changes announced today are another step in its move to a
more market-determined exchange rate,” Reuters quoted a U.S Treasury official
as saying on Tuesday. However, Wednesday’s second devaluation will not allay
those fears and is likely to bolster the view that this is the beginning of a
sustained devaluation.
Published: 13th August 2015
PM
Narendra Modi eyes UAE’s $800 billion sovereign fund to boost infrastructure
spending
Economic Times
Narendra Modi, whose foreign visits over the past
year was aimed at attracting much needed foreign investment to boost the
economy, would try to lure a share from $800-billion sovereign fund of the UAE
for infrastructural needs as well as give momentum to Bilateral Investment
Protection Agreements (BIPA) that has not functioned to its potential to attract
investments. Buoyed by the oil economy, UAE sovereign wealth fund is estimated
at over $800 billion and Modi would like to attract part of this fund,
imperative for the country's infrastructural needs estimated at one trillion
dollars, officials hinted. Currently,
the UAE investments in India are estimated to be $8 billion of which around
$3.01 billion is in the form of foreign direct investment, while the rest is
portfolio investment. UAE's investments in India are concentrated mainly in
five sectors: construction development (15.52%), power (13.09%), metallurgical
industries (9.90%), services (9.58%), and IT (4.90%) sectors.
Published: 13th August 2015
Energy,
bilateral trade to be on top of Modi’s agenda
Gulf News
Energy sector and increase in bilateral trade is
likely to be on the agenda of Narendra Modi as he begins his two-day visit to
the UAE from August 16. The bilateral trade between the two countries stands at
$60 billion (Dh220 billion) for the year 2014-15. India is the largest trading
partner for the UAE with over $28 billion in non-oil trade. Though there is not
much direct investment by India into the UAE energy sector, it might try to
increase its presence, Robin Mills, Head of Consulting at Manaar Energy in
Dubai said. He said the UAE renewable energy sector is a potential area due to
the expansion of Indian solar power companies. According to Mills, Indian
infrastructure, ports and energy are all priority sectors requiring investment,
where the UAE may seek to be involved. “The Indian gas production and power
generation are possible areas for companies such as Mubadala, International
Petroleum Investment Company (IPIC) and Taqa,” he said. According to details
furnished by the Indian Embassy, Abu Dhabi’s National Petroleum Construction
Company has won a major engineering and construction contract to build offshore
platforms from India’s Oil and Natural Gas Corporation (ONGC) valued a Dh550
million.
Published: 13th August 2015
Half
of remittances from UAE go to India
Khaleej Times
Nearly half of annual individual overseas money
transfers from the UAE are towards India. In 2014, individual remittances from
the UAE to India -- the largest receiver of remittances in the world -- rose to
between $12 billion and $15 billion. This figure is not inclusive of export
earnings, foreign direct investment and foreign institutional investments,
according to Sudhir Kumar Shetty, president of the UAE Exchange. The UAE is the
host to 2.65 million Indian migrants. In the UAE, which is home for over 200
nationalities, mainly eight countries -- India, Egypt, Pakistan, Bangladesh,
Indonesia, Philippines, Sri Lanka and Yemen -- together accounted for $26.607
billion of the total remittance of $29.25 billion. Remittances from Kuwait and
Qatar were $12 billion and $9.5 billion respectively, while smaller transfers
were made out of Oman and Bahrain, a report said. Around 25 million expatriates
live in the GCC states -- almost equal to the native population. India received
$70.39 billion in remittances from across the world in 2014. That is ahead of
China, which got $64.14 billion, and more than all the remittances received by
the Philippines, Mexico and Pakistan combined. The Philippines ($28 billion)
came third, followed by Mexico ($25 billion) and France ($25 billion).
Published: 13th August 2015
Community, Environment & Society
Indian
prime minister's visit to renew UAE-India bonds
Gulf News
The Indian community in the UAE expects the visit of
Indian Prime Minister Narendra Modi to strengthen the age old historical,
social, cultural ties between the two countries. From as early as the 13th
century AD, the seaports in the Gulf from Aden to Dubai were popular trade
spots for seafaring businessman from the Indian states of Sindh and Saurashtra.
They travelled and lived at these ports trading in textiles, spices, rice,
pearls and precious stones and livestock among other things. Arab dhows got the
teak wood from India and the pearl divers sold pearls to Indian jewellers in
exchange for food, textiles and other goods before cash transactions became the
normal practice. Veteran spokesperson of the Indian community in Dubai, Bharat
Bhai Shah who came to Dubai in the early seventies said: “Those days all
traders of the coastal areas of Gujarat — Saurashtra, Porbandar and other
places, travelled to the Gulf countries. Aden in Yemen and Dubai were popular.
It was easier for traders from northern India to pick up Arabic as many Persian
words are included in the colloquial Hindi language. Even Ibn Battuta, the
ancient Arab traveller has mentioned meeting Indian traders during his travels.
I can see these old ties being renewed after three decades of drought,” said
Shah who came to Aden as early as 1948 as an Indian houseboy and worked his way
up to become a successful Indian businessmen in Saudi Arabia and finally in the
UAE.
Published: 13th August 2015.
Dubai
launches world’s first breeding programme for endangered sand tiger sharks
Thenational.ae
An ambitious new breeding project has been launched
as an “insurance policy” to protect the future of the threatened sand tiger
shark. In a world first, Dubai Aquarium and Underwater Zoo has initiated an
assisted breeding programme for the species, of which there are only 1,500
estimated to remain in the wild. The long-term project will develop technology
that could eventually be used to artificially inseminate various species of
sharks. “Artificial insemination has already been used on brown-banded bamboo
sharks with a pup successfully born from an egg,” said Paul Hamilton, general
manager and aquarium curator. “But this is the first time the technique is
going to be applied to sand tiger sharks, which give birth to pups in the womb,
so it’s a real world first.” The groundwork on the science has been done at Sea
Life in Melbourne, Australia, and Dr Jon Daly, who is involved with that
nine-year research, will lead the project in Dubai as a research consultant. A
full-time research vet will also be on hand to support the project at Dubai
Aquarium.
Published: 12th August 2015.
Technology
Innovation
‘holds the key to our progress’, says Sheikh Mohammed bin Rashid
The National
Innovation is the driver of progress, and
governments and businesses that fail to innovate will go backwards, Sheikh
Mohammed bin Rashid warned on Wednesday. The Vice President and Ruler of Dubai
was launching National Innovation Week, which will take place from November 22
to 28. Sheikh Mohammed urged all public, private and academic entities to
participate and called on the public to get involved through social media by
brainstorming inventive ideas and projects that will establish the week as the
most important destination for innovative and creative thinkers. “Innovation
today is not an option but a necessity, not a general culture but business
style. Governments and companies that do not renew or innovate lose
competitiveness and control. They are bound to regress,” Sheikh Mohammed said.
“We have doubled our investments in innovation and in the equipment, training
and education of expert national cadres, because keeping pace with the world
around us requires innovative resources and an environment that is supportive
of innovation.” Innovation Week is expected to be a launchpad for the
announcement of leading public and private sector initiatives as it hosts
government, research, academic and school events and activities. It will also
include workshops, seminars and creative laboratories meant to spark new ideas
and re-evaluate established inventions achieved throughout 2015, which has been
named as the Year of Innovation.
Published: 5th August 2015
Facebook
plans new ad strategy for India
Khaleej Times
Facebook is trying to lure skeptical advertisers in
India with features such as free email support for questions about advertising
and advice on increasing sales in a bid to boost revenue from its second
biggest market. Facebook has 132 million users in India, trailing only the 193
million in the United States, according to the company, and the country is
critical for the Menlo Park, California, social network's global expansion. But
so far, the payoff has been small: Facebook earns 15 cents per user in India
every quarter, compared to the $7 to $8 it makes on each US user, according to
analysts. Facebook does not break out its revenues in India, but Neil Shah, an
analyst at Counterpoint Research, a Hong Kong-based technology consulting firm,
estimates it brings in $15 million a quarter, far behind the $350 million he
estimates Google earns there per quarter. Google, which set up in India in
2004, has been in the Indian market six years longer than Facebook, and its
search ads are more familiar to advertisers there than the display ads Facebook
offers. The business-boosting features, described to Reuters by company
executives and Indian business people, are aimed at advertisers such as Mohit
Khattar, managing director at online grocery company Godrej Nature's Basket,
one of the roughly 60 to 65 million small- and medium-sized businesses in the
country.
Published: 13th August 2015
Education+
National
Digital Library on the cards
The Hindu
At a time when the Government of India is pushing
for a ‘Digital India’, the Indian Institute of Technology Kharagpur (IIT-KGP)
is in the midst of developing the National Digital Library (NDL) which will
help students access all digitised educational content on a common platform.
The content required to build the NDL will be derived from the libraries of
educational institutions from across the nation. The main aim of the project is
to create a knowledge base for students belonging to all ages, explained Partha
Pratim Das, joint project investigator and professor at the computer science
and engineering department. “Every educational institution has its own content
which is available exclusively for its own students and staff. Our aim is to
digitise such content and bring it under an umbrella, thereby, making it
accessible for students all over the country. We have started off by
integrating content which is already digitised by universities and are
streamlining it to a common platform,” Prof. Das said.
Published: 8th August 2015
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.
It
is all in the mind
The Hindu
One day in 2006, Ian McDonald came across a story on
blind chess players in a newspaper. As a sports sociologist and filmmaker the
idea of blind people playing the game intrigued him. He asked his wife Geetha
and a couple of chess players about it but they had no idea. He kept the
clipping in his wallet and it stayed with him for two years. “In 2008 I met
Charudutta Jadhav, a former star player and head of All India Chess Federation
for The Blind. It opened a new world for McDonald. Charu took him to the
national championship in Mumbai and what he saw was an “amazing underexposed
but thriving community of blind chess players.” McDonald went back to his wife
and thus started the journey of Algorithms, a stirring independent feature length
documentary that simplifies the game of complex calculations into a lyrical
celebration of indomitable spirit. The film also evokes a strange sense of
humour when Darpan asks a foreign player about the level of his vision loss and
when he says that he is 100 percent blind with just a little perception of
light, Darpan feels elated and expresses a sense of solidarity.
“We are very conscious while interacting with blind
people. We avoid phrases like ‘see you later’ but having spent three years in
the blind world I realise that it is a routine matter for them. In fact, often,
their conversation starts with the level of blindness and the players who are
100 percent blind have a sense of pride.”
At the end of the day, McDonald admits, he is a
white English speaking man and had to seek the help of his producer wife
Geetha, who has a journalistic background, to get the families open up. In a
scene Darpan’s mother walks out of the frame while talking about the days when
Darpan suffered from a rare syndrome which resulted in his skin peeling off.
“It was the first time that the parents opened up about it after a long time. We
decided not to follow her or question her even as the father continued to
narrate the experience. We didn’t want to pity them or sensationalise the
experience.”
On a personal level, the film made the filmmaker
question the whole idea of disability. “After the day’s play I used to follow
the players into their hotel rooms for the post mortem. They would start
chatting and I would stop them to draw the curtains to get the right light. One
day Charu said, ‘it is your problem, your disability we want to discuss.’ It
made me realise that disability is a very relative word,” sums up McDonald.
Published: 12th August 2015
Read more:
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
14th August 2015
