Month: January 2008
Sensex flat after hitting record high
Sensex flat after hitting record high
Reuters Published: January 10, 2008, 00:55
Mumbai: Indian shares rose to a fifth record high of the new year yesterday but faltered to end little changed, as a bullish domestic outlook was weigh-ed down by losses in global markets and intensifying US downturn worries.
ICICI Bank and Reliance Industries, which account for more than a quarter of the main index, were among the losers as investors locked in profits in the two stocks that have gained 5-10 per cent this year.
The 30-share BSE index ended 0.02 per cent, or 3.55 points, lower at 20,869.78, with 18 of the components falling.
The benchmark had opened 0.14 per cent up, but quickly slipped into negative before rallying as much as 1.14 per cent to an all-time high of 21,113.13. It was the fourth record in a row and the fifth in 2008.
Volatility
“Volatility is mostly because of the [negative] global cues. Our markets are so resilient that they don’t want to go down,” said Neeraj Dewan, director at Quantum Securities.
“If the US stops falling, then may be you could see five-seven per cent jump from these levels,” Dewan said.
India’s domestic demand driven economy is expected to expand at about nine per cent in the fiscal year ending March, the fastest pace after China among major economies.
No 2 lender ICICI Bank ended 1.7 per cent down at Rs1,310.45, extending its 2.2 per cent fall on Tuesday. The stock had gained more than six per cent on Monday on market talk that it could list its broking subsidiary and is up 6.3 per cent this year.
Reliance Industries, India’s most-valuable listed firm, slipped 0.6 per cent to Rs3,031.95.
Public issue
Reliance Energy, the half-owner of Reliance Power which is aiming to raise up to $3 billion next week in India’s biggest public issue, rose 1.2 per cent to Rs2,565.45, while group firm Reliance Communications added 2.1 per cent to Rs820.80.
State-run utility NTPC Ltd gained 4.5 per cent to Rs277.15 on hopes of a re-rating after the Reliance Power IPO, traders said.
HDFC, which has said it would float part of its life insurance joint-venture, added 3.6 per cent to a record close of Rs3,174.25.
Software stocks were volatile ahead of bellwether Infosys Technologies’ quarterly results on Friday. Infosys ended 0.4 per cent down, while No 3 software exporter Wipro pared early gains to close 0.6 per cent higher.
Labour ministry rethinks rules on changing jobs
Labour ministry rethinks rules on changing jobs
By Wafa Issa, Staff Reporter GULF NEWS Published: January 10, 2008, 00:56
Dubai: Employees no longer need a No Objection Certificate (NOC) from their employer if they want to change jobs, once they have completed three years in a company, the Minister of Labour told Gulf News.
Dr Ali Bin Abdullah Al Ka’abi said any person that has been with the same sponsor for more than three years does not need an NOC for shifting jobs.
“NOCs are not needed for employees who wish to change job upon completing three years, but the fees for transferring are still applied,” said Al Ka’abi.
Not official
However, no ministerial decision has yet been issued in this regard, although the practice has been applied at the ministry of labour for the last four months.
Previously, the ministry required an NOC from any employee who wanted to change his job. In the absence of the certificate, a six-month ban was applied.
The NOC was not only needed for transferring sponsorship but was also requested from anybody who wished to continue working in the country after cancelling their work permit.
An NOC is still required from those who have not completed the three-year period. However, those who have not completed one year will have to pay a fee of Dh500 for each month remaining to complete the mandatory one-year period.
Charges: Changing sponsor
– PhD or MA holder moves to a company in category A: Dh1,500; category B: Dh2,500; category C: Dh3,500.
– BA holder or equivalent moves to a company in category A: Dh3,000; category B: Dh3,500; category C: Dh4,000.
– All others moving to a company in category A: Dh5,000; category B: Dh5,500; category C: Dh6,000.
Photo Speaks – Dubai Skyline and Dubai Creek
Dear friends,
This is one section which I love to come back often. Today is a special day and how can I be there without my camera. Dubai Municipality have a special interactive system called HAVE YOUR SAY for staff and customers to suggest Quality ideas for the development of existing facilities and also suggest innovative ideas to make life in Dubai smooth and comfortable for it’s citizen. As usual, I never wish to miss any Quality opportunity and for the 2nd consecutive year, I was selected to the Top 10 in the category for Customers and general public. You too can participate from now on. Participate and express your ideas. It is not winning that matters.
Log on to http://www.dm.gov.ae/wps/portal/MyHomeEn
and visit the section Have Your Say to know more.
Now, enjoy viewing the Dubai City skyline and Dubai Creek. Any time you wish to have a high resolution of these photos or any other photos in the section Photo Speaks, please email me.
As usual, I name these photos as passing shots…… Life goes on and on…..
Ramesh Menon
09012008
Burj Dubai – Getting ready to be Tall & Beautiful 
Not many times you get to see Dubai Roads empty like this. 
Evening Sky 
New buildings trying to catch up with the Metro project. Or is it the other way? You decide… 
Beautiful view of Dubai Creek from Radisson SAS Hotel Deria Dubai 
Cruise Boats parked at the Creek, Deira Dubai 
End of Day Review – Wednesday, 09th January 2008
Sensex retreats from all-time high
9 Jan 2008, 1617 hrs IST,INDIATIMES NEWS NETWORK
MUMBAI: Volatility continued for second straight day on Wednesday as equities retraced from higher levels to close lower.
A weak opening in the European market dampened sentiment.
Bombay Stock Exchange’s Sensex ended at provisional 20,839.33, down 34 points or 0.16 per cent. Earlier, the benchmark hit an all-time high of 21,113.13 but soon gave in to profit booking. It touched a low of 20,701.49.
National Stock Exchange’s Nifty closed at provisional 6265.75, down 22 points or 0.35 per cent. It touched a high of 6,338.30 and low of 6,231.25.
Biggest Sensex gainers were NTPC (4.49%), HDFC (3.59%), Reliance Communications (2.05%), Hindalco Industries (1.7%), HDFC Bank (1.68%) and DLF (1.59%).
Mahindra & Mahindra (down 2.67%), BHEL (2.02%), ONGC (1.76%), ICICI Bank (1.73%), Ranbaxy Laboratories (1.65%) and ACC (1.52%) were the losers.
All sectoral indices, barring BSE IT Index and BSE Realty Index, ended in the red.
Market breadth remained negative on the BSE with 2130 declines outnumbering 763 advances.
European markets were witnessing selling pressure after UK’s clothing retailer Marks & Spencer, plunged over 15 percent.
UK’s FTSE 100 was down 1.22 per cent at 6,279.80, Germany’s DAX was at 7,789.29, down 0.77 per cent.
Last trading day: Wednesday, 9 January
4:22 PM – The market closed weak with Sensex swinging 400 points and Nifty 100 points in intra day trade. Sensex closed at 20869, down 3 points and Nifty at 6272, down 15 points from the previous close. The CNX Midcaps Index was down 0.4% and BSE Smallcaps Index was down 1%. The market breadth was bad with advances at 343 against declines of 881 on the NSE. Top Nifty gainers included NTPC, HDFC, Reliance Communications, Grasim and REL while losers included RPL, BPCL, M&M, Unitech and Maruti Suzuki.
4:19 PM – In the IT space, Aftek, KPIT Cummins, Roltas and Infosys still look good for the long term, says Anil Maghnani, technical analyst, on CNBC-TV18. He is bullish on metal, realty, banking and oil and gas sectors.
4:14 PM – India is a long-term investment story due to its domestic demand, says Richard Titherington of JP Morgan AMC, on CNBC TV19. JP Morgan is bullish on the infrastructure space, domestic goods, finance and power sectors, he adds.
Gold prices at all-time high
9 Jan 2008, 1916 hrs IST,PTI
NEW DELHI: Gold prices zoomed past the all-time high levels and touched Rs 11,350 per 10 gram on the bullion market here on Wednesday on brisk buying by stockists, following the metal rising to record levels in global markets.
Standard gold and ornaments remained in hectic demand and gained Rs 200 each at Rs 11,350 and Rs 11,200 per 10 gram respectively. Sovereign also jumped by Rs 100 at Rs 9,050 per piece of eight gram.
Silver ready also attracting persistent buying support from industrial units and spurted by Rs 540 to Rs 20,100 per kilo and weekly-based delivery by Rs 600 at Rs 20,500 per kilo on speculative buying.
Silver coins also gained Rs 100 at Rs 25,400 for buying and Rs 25,500 for selling of 100 coins in line with general trend.
The market sentiment here turned bullish after reports of gold prices surging to a new high in the global markets on softening of dollar against major currencies and rising crude oil prices.
In Asian markets, gold rose by 13.54 dollar to an all-time high of 891.70 dollar an ounce and silver advanced 1.9 percent at 15.97 dollar an ounce.
Market men said aggressive buying by stockists and jewellery makers, who were influenced by reports of the precious metal soaring to records in Asia, led to a rise.
TOP 5 GAINERS
Symbol Curr.Price % Change
HDIL 1,357.75 12.19
ADITYA BIR 2,314.30 8.56
I-FLEXSOLU 1,585.40 8.18
BANKOFINDI 400.45 7.42
PUNJABTRAC 338.30 6.28
TOP 5 LOSERS
Symbol Curr.Price % Change
PARSVNATH 505.75 -8.08
RPL 232.05 -5.90
BPCL 463.50 -5.63
H C L INFO 251.30 -5.19
ENGINEERS 1,207.90 -5.00
TOP 5 VALUE STOCK
Symbol Curr.Price Value (‘000)
RELINCECAP 2,859.60 3693168.80
RPL 232.05 3318512.95
RCOM 820.80 3085497.14
REL 2,565.45 2220695.03
RIL 3,031.95 1606131.47
WORLD INDICES
NIFTY 6,272.00 -0.25 %
SENSEX 20,869.78 -0.01 %
DOW 12,561.51 -0.22 %
NASDAQ 2,425.88 -0.60 %
FTSE 6,272.70 -1.32 %
NIKKEI 14,599.16 0.48 %
Promises to make in New Year
Promises to make in New Year
5 Jan, 2008, 0000 hrs IST,Rukshana Eisa,ET
Vision: Form a clear idea of where and what you want to be in five years’ time. Draw up a mission plan to achieve your goals and make sure you follow through to get there.
Ambition: Write down a high stretching target for the year and try your best to achieve it. Learn to have faith in your dreams and aim for the impossible as it has often been achieved.
Be positive: Adopt the best mental attitude and concentrate on the potential of positive thinking. As the book The Secret by Rhonda Byrne rightfully says “Every thought of yours is a real thing – a force.”
Accept criticism: Do not allow constructive criticism to damage your self-esteem. Learn to use it in a more effective manner by growing from it.
Be punctual: It is disrespectful to keep someone waiting. Plan effectively beforehand so that you get there 10 minutes before time.
Stress control: Set aside quiet time for yourself to de-stress and do things you enjoy. Meditate, dance or take up a sport or a hobby. Anything that lets you unwind from the daily hustle and bustle and helps you find inner peace and tranquility to take on yet another hectic day in your life.
Welcome competition: Choose the best adversary you can and make them the one to beat. However, play fair and keep the aggression under control. A little bit of healthy competition only makes you strive harder to achieve your goals. So welcome it!
Take calculated risks: Never let an opportunity pass you by. Do your research and if it is worthwhile have the courage and self-confidence to take that risk to make your goals a reality.
Be aware of your appearance: Enhance your appearance by leading a healthy lifestyle. Ensure you get adequate rest, regular exercise and a balanced diet. Flip through the latest magazine to help you follow current fashion trends and styles to help guide you. Of course, do keep in mind that what is most important is that it should suit your body type and flatter you, not render you a fashion victim! Sport a new haircut.
Find a mentor: Have a role model who has had a profound influence in your life and learn to imbibe their ways in order to help guide you to achieve your goals and strive towards perfection.
(Rukshana Eisa is a Mumbai-based image consultant)
Green is healthy and friendly, admits winner
Dr Sulaiman Al Jassem (right), Vice-President of Zayed University, and Majid Al Mansoori, Secretary General of Environment Agency-Abu Dhabi, takes a tour after inaugurating the exhibition in Abu Dhabi.
Green is healthy and friendly, admits winner
By Dina El Shammaa, Staff Reporter GULF NEWS Published: January 08, 2008, 00:25
Abu Dhabi: A student who won a photo competition to highlight the importance of conserving the environment says staying green is staying healthy.
Thirty-eight students from different universities and higher education institutes participated in a three-day Environment Photography Competition known as “Environment & Development Integration Not Collision.”
Various artworks related to environmental problems in the UAE were on show. It was part of a college communication capstone project.
“We were impressed with the photograph entries submitted by the youth. They reflected a sense of environment and the need to safeguard it from rapid development in a very creative way. The photos bring to light an important reminder that our lifestyle affects the UAE environment on a daily basis. Nothing captures the imagination like a good photograph. It is one of the best ways to promote environmental awareness,” said Majid Al Mansouri, Secretary General, Environment Agency-Abu Dhabi (EAD).
Theme selection
The theme for the competition was selected by students from the College of Communication & Media Sciences to focus on the impact of adopting a new lifestyle and its effect on the UAE environment – such as daily construction and pollution.
The competition was in two categories; single photographs which allowed participants to submit one single photograph expressing the theme. This photo had to embody an important message describing the relationship between the environment and humans.
The second category involved a series of photographs which allowed participants to submit up to three photos to communicate a story. The series of conceptual and related photos should offer the viewer insight into the world where he/she should be able to better understand their environment.
The winners werehonoured at a ceremony jointly organised by Zayed University and the EAD on Sunday handing over
Prizes for the two categories were as follows: the single photo first prize of Dh12,000, second prize Dh6,000 and third prize Dh4,000. The series photos first prize of Dh12,000, second prize Dh6,000 and third prize Dh4,000.
Ahmad Al Marzouqi, UAE University, won first prize for the Single Category for his ‘We are friends -Palms and buildings’ photo.
“The whole idea of taking that picture was to encourage the country to stay green while developing new projects and buildings. Green is healthy and friendly,” said Al Marzouqi.
The student told Gulf News he plans to buy new components to enhance his photography hobby with the award. He presently uses a Canon 350D. His other hobbies are football and internet surfing.
Full time, part time, undergraduates and graduate students of all nationalities from different universities were encouraged to participate in the competition by submitting their artworks on line to http://www.ephoto.award.com and a team of five judges selected the winners.
Weathermen forecast more rain across the country
Weathermen forecast more rain across the country
By Aftab Kazmi, Bureau Chief and Binsal Abdul Kader, Staff Reporter GULF NEWS Published: January 07, 2008, 12:13
Al Ain: There are chances of more rain in most parts of the country on Monday, said weathermen.
Hamad Nasir, Duty Forecaster at the Meteorological Office at Dubai International Airport, said strong winds would kick up dust. Sea would be very rough with waves as high as 10 to 20 feet, said Nasir. “We expect light rain almost all over the country,” said Nasir.
According to the National Centre of Meteorology and Seismology (NCMS) in Abu Dhabi, temperature has fallen below the normal scale, with around 17 degree Celsius in major cities.
It rained in almost all parts of the country in the morning. “Strong Shamal winds over the sea have caused the change in weather and it could continue till Tuesday,” said Mohammad Abdullah, National Centre of Meteorology and Seismology. 
He warned fishermen against going out into the sea until Tuesday. Suspended dust particles formed over Iraq and Kuwait are moving towards the UAE and it could worsen the condition, said the official.
There was no flight disruptions reported so far due to the change in weather condition.
Wind speed in Ras Al Khaimah: 18 knots; 17 knots in Abu Dhabi; 15 knots in Al Ain; 21 knots in Fujairah; 17 knots in Dubai.
DSF plans 100 exciting events
DSF plans 100 exciting events
By a staff reporter KHALEEJ TIMES 8 January 2008
DUBAI — Altogether 100 colourful and exciting events will take place during the month-long Dubai Shopping Festival (DSF) 2008 from January 24.
Laila Suhail, Chief Strategy Officer at DSF Office, explained that the DSF office is implementing a new strategy that emphasises on shopping in the coming editions of DSF. Additionally, the festival will play a significant role in promoting new entertainment projects and establishing a vibrant entertainment industry in Dubai. A key highlight of the strategy is the involvement of the private sector that will eventually organise 70 per cent of all entertainment activities in DSF with the DSF Office taking the lead in planning, marketing, and promoting the events within the festival.
“It’s only natural that we keep developing our event in order to capitalise on the fast pace of Dubai’s economic and social growth,” Suhail said.
“Our new calendar of events has something for everyone regardless of age and nationality, and we look forward to providing our visitors and residents with the ultimate shopping, winning and entertainment experience,” she added. The main highlights of the DSF 2008 calendar are the shopping promotions, Mega Draws and DSF signature events. With more than 4,000 retail shops and 40 shopping malls, DSF 2008 promotions will be breathtaking for all. Offers, added value promotions, sales and discounts reaching up to 75 per cent on international brands will surely further position Dubai as the leading shopping haven in the world, the officials said.
Also, the daily Mega Raffle Draws will be a life-changing experience as it offers lucky winners prizes that can reach up to Dh1 million per day. While Lexus is offering two brand new Lexus ES350 and RX350 models would be given daily to one winner, the same winner would have the chance to take home Dh100,000 in cash but the new twist in the scheme is that the cash prize will be in a different currency everyday. In addition to this, one kilogramme of gold will also be offered by the Dubai Gold and Jewellery Group on a daily basis. The officials added that the events like the Food Festival, Dubai Fashion, and Carpet Oasis etc are sure to attract a lot of people everyday.
UAE shivers under extreme cold spell
UAE shivers under extreme cold spell
Team KT 8 January 2008
DUBAI — Gale force winds reached 40 knots offshore causing big swells and a shipwreck off Ajman while boats were warned not to leave the port, according to authorities.
Visibility was reduced to 600 metres in parts of the UAE as strong shamal winds whipped up sand and caused damage to some property, and in Dubai and the Northern Emirates light showers were experienced and a minimum of one degree Celsius was recorded in Ras Al Khaimah. Gale force offshore winds reached as high as 40 knots — 10 knots higher than expected — with sea swells higher than 14 feet, according to forecaster Amna Yasin at Dubai International Airport Meteorological Office. A ship coming from Iran was in regional waters and trying to enter one of UAE’s ports when it experienced a technical fault that shut down its engines and high waves and winds pushed it to Ajman’s shore.
Speaking to Khaleej Times, Brigadier Salih Al Matroushi, Director-General of Ajman Civil Defence, said they received a call from a passerby who saw the ship floating at around 1.30pm. The ship was not carrying goods or passengers, but there were five crew members of Asian nationalities who were evacuated by the Civil Defence, Ajman Police’s rescue team and Coastguards with the help of small boats.
The crew members, who were in perfect health, were taken to the port immigration office where food and care was provided.
The ship was towed away by Civil Defence to Ajman Port for repairs.
To ensure public safety from rough weather conditions, the Abu Dhabi Marine Police started intercepting boats, launches and ships from venturing out too far yesterday.
Major Khaled Saeed Al Shamsi, head of Marine Police, told Khaleej Times the decision was taken due to bad weather. No distress calls or accidents had been reported in the four days up to Sunday, he added.
“We have deployed our patrols to block seafarers from venturing out to sea in four key exit port facilities at Mina Zayed, ships quay, free port and Bateen jetty,” he affirmed.
He warned against swimming or sailing even if the weather looked fine and clear during these days and weather forecasters also detailed that rough seas were expected over the next few days.
“Weather conditions in the sea could change dramatically at any time. The restrictions on venturing into the sea will remain in place until further notice, and after we make sure that the weather is stable,” he explained.
Forecaster Yasin said minor rainfall was experienced across Dubai and the Northern Emirates, although Dubai recordings were negligible, while Mohammed Abdullah Al Abri, forecaster at the National Centre of Meteorology and Seismology said Abu Dhabi also received light showers early in morning yesterday.
Ras Al Khaimah, which experienced hail and heavy rain on Sunday, received light rainfall yesterday.
Ras Al Khaimah’s mountain ‘Jais’ recorded the lowest temperature in the UAE of one degree Celsius yesterday morning, according to Al Abri.
The Traffic Police recorded one motor accident in which an Emirati man was killed when he lost control of his vehicle in the hail and his vehicle skidded off the road rolling over several times in Wadi Galeelah.
A senior officer from the Ras Al Khaimah Department of Civil Defence said rain water flooded some houses and roads, especially in the Al Shaam area, but not much property was damaged.
In Fujairah, some minor traffic accidents took place, according to a senior police officer.
“The strong winds uprooted some trees and dropped some signboards in the Dibba area. However, no other damages were registered,” said Lt-Col. Obeid Al Teneiji, Director of the Civil Defence and Fire Department, in Fujairah.
Dubai Municipality officials said inspectors had been checking for damage from the strong winds across suburbs, rural areas and parks but people’s main concerns were heavy sand and dust.
“Till now, we have not received any information about the damages. But then the winds have caused a lot of dust to accumulate on the roads. This is causing problems for the motorists and other commuters,” said an inspector in the Bur Dubai area.
Authorities across the UAE urged the public to take caution in this weather, particularly on the roads and inform the police and the Civil Defence of any hazard resulting from unstable weather conditions or municipalities regarding damage
Al Abri expected Abu Dhabi’s weather to improve from tomorrow but the temperature today was anticipated to dip to 4-6 degrees Celsius in the morning and the day will remain cold, but clear.
Dubai, Sharjah and Ras Al Khaimah may experience light drizzles today and cloudy weather was expected to prevail across the UAE.
Dubai will continue to remain cool for the next few days with a minimum of 15 degrees and maximum of about 20 and the wind was expected to reach no more than 15 knots on land.
Meanwhile, fish prices have gone up by at least Dh5 as the catch of fish is less after the seas turned rough, according to Saif Ahmed Saif Al Suwaidi, treasurer at Abu Dhabi Fishermen Cooperative Society.
Crude prices – Who drove the oil price to USD 100/-
Crude prices
An unknown trader by the name of Richard Arens is reportedly the one who drove oil to USD 100. Last Wednesday, as the American barrel was being traded at USD 99.53, this manager from the ABS company purchased 1,000 barrels (the regulatory minimum) from a colleague at USD 100, reports the Financial Times. The barrel price then dropped. With this 1,000 barrels, which changed hands at a price that has been a magic number for a long time, “we truly entered an era of expensive oil,” and “our economies will have to get used to it,” stressed French Economics Minister Christine Lagarde last Thursday. Richard Arens is the man who lit the fuse, but everything was ready for the explosion, reports Les Échos, citing still strong demand, a limited supply, and investors increasingly looking for protection against an economic slowdown by playing with commodities, plus the problems in Nigeria and Pakistan.
In fact, crude prices continued to climb and, for the first time, exceeded the USD 100 mark at USD 100.09 during the session in New York. At 5:30 p.m. GMT, light sweet crude was trading at USD 99.73, up 9 cents from the closing price the day before. There was an identical movement in London, where the price of February Brent also hit a new peak last Thursday, advancing to USD 98.50 a barrel. At 5:30 p.m. GMT, it was trading at USD 97.87, up 3 cents. (AFP, Les Échos)
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