Month: August 2015

News U Wish To Read – 14th August 2015

Posted on August 14, 2015

Friday, 14^th 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: 5^thAugust 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: 12^th 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: 10^th 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: 6^th 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: 11^th 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: 13^th 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: 13^th 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: 13^th 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: 13^th 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: 13^th 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: 13^th 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 traveled 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: 13^th 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: 12^th 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: 5^th 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: 13^th 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: 8^th 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: 12^th August 2015

http://www.thehindu.com/features/metroplus/it-is-all-in-the-mind/article7531096.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

14^th August 2015

This entry was posted in Information - News, Press Reviews, TQM, TQM India and tagged News, Press Reviews, TQM.

Hard work – Short Take – Gulf Today – Dt 8th August 2015

Posted on August 14, 2015 Updated on August 14, 2015

Hard work

I love to visit Mumbai whenever I get a chance. The place has a lot of specialities, which no other city in India can boast about. First and foremost I value is the way people work hard to earn their daily bread. One will get to find people living and enjoying with even a meagre daily income.

My regular visits have helped me connect with a special friend in Mumbai. I met him six years ago during a rainy season, when I was waiting for a taxi outside my hotel.

Many taxis passed by but I was not comfortable as I felt they might stop in the submerged roads. Then came the old model van. Its poor condition with open windows made it convenient for me to explore my photography opportunities. The driver was familiar with the city and took me around for the next three days.

The rapport continued from then on and every time he was my driver to take me around in Mumbai.

This time too I called him, but he arrived in a different car. His owner had sold his favourite (mine too) vehicle and given him a different model.

While travelling, several topics came up for discussion. I asked him whether he wanted to have his own car one day. He said he was happy with the daily earnings he got after paying a fixed amount to the owner.

With his earnings, he takes care of his wife and children, who live in another state. He said, “I believe in hard work and may be one day I would buy a bigger car to take tourists around. I don’t pray for a lottery win or any other way that I do not deserve.”

I am looking forward to the time when he would drive around in his own vehicle.

Ramesh Menon

To read it in original, please visit Gulf Today online

This entry was posted in Gulf Today, Letters to the editor, Opinion 2015, Short Take and tagged Gulf Today, Letters to the editor, Mind Speaks, Opinion 2015, Short Take.

Hard work – only way to success

Posted on August 6, 2015 Updated on April 13, 2017

I love to visit Mumbai whenever I get a chance. The place has lot of specialties in it which no other city in India can boast about. First and foremost I value is the way people work hard to earn their daily bread. You will get to find people living and enjoying with even a meager daily income.

My regular visits have made me connect with a special friend in Mumbai. I met him 6 years ago during a rainy season, when I was waiting for a taxi outside my hotel. Many taxis came and I was not comfortable to stop them as I felt they may stop in the rain submerged roads. Then came one very old Maruti high roof van. The van’s poor condition with its windows opened made it convenient to explore my photography opportunities. He was familiar with the city and took me around for the next three days.

The rapport generated continued from then on and every time since then he was my driver to take me around when in Mumbai.

As usual this time too I called him and there he comes with a different car. His owner had sold his favorite (mine too) Maruti and now given him a Hyundai Getz.

We travelled around in it and several topics came up for discussion and one item was progress in one’s career. I asked him whether he wanted to have his own car one day? He said to me, he is happy with the daily earnings he gets after paying the owner Rs 500. Some days are good and some days bad. Minor works to the car will be done by him and any major repair by its owner. With it, he takes care of his wife and children, who live in another state.

He said, “Sir, I believe in hard work and may be one day, if I am able to save more, I will buy a bigger car – an Innova or something, where I can take tourists around. I don’t pray to god to get me a lottery or any other things which I do not deserve. Give me my daily bread and take care of my family. That is my prayer always”.

I felt great to hear from him those words, as of course, I have already found him to be a honest person from his interactions all these years. I move around in the city with all my cameras and electronic equipment and not even once I felt insecure with him.

My driver and local guide Sandip Dubey (Mobile: 08080183510 / 08108453706) proved once again that there are good human beings everywhere. You can try him too if you are visiting Mumbai next time (he will be mostly near the International Airport). (Of course, all normal statutory warnings associated with self precaution connected to this citation).

I am looking forward to the time when he will drive around in his own Innova car.

This entry was posted in Photo Speaks, TQM and tagged Photo Speaks, TQM.

News U Wish to Read – 4th August

Posted on August 4, 2015 Updated on August 5, 2015

Tuesday, 4^th August 2015

Energy

Masdar Institute and MIT collaborate on energy storage system

thenational.ae

Abu Dhabi’s Masdar Institute is working with the Massachusetts Institute of Technology to develop an advanced energy storage system with plans to demonstrate the technology by early 2017. Masdar said the Redox Flow Batteries (RFBs) would bolster renewable energy projects in the UAE, and the technology would be significantly cheaper than the types of batteries in use currently. The RFBs would better store electrical energy as chemical energy and convert it back into electrical energy when needed. One of the main challenges facing the renewable energy sector is storing wind and solar energy. Both energy forms are intermittent, or only available at certain times. Presently, expensive fuel cells are mainly used for storage and are uneconomical for many projects. Should its energy storage system be a success, it would advance the UAE’s standing in the global energy storage market, which is expected to reach US$113.5 billion in the next two years.

Published: 3^rd August 2015

Iran to throw the switch on energy projects after sanctions end

The National

The number of energy projects in Iran could double over five years to nearly 400 once sanctions are gradually lifted, according to Meed Projects. There are 197 energy projects – ranging from oil and gas to petrochemicals and utilities – under construction or planned representing a US$167 billion opportunity for regional and international companies, according to data from the projects tracking service. The opportunities will only increase as new projects are added. For the first time in a decade, international companies are close to re-establishing business relations with Iran, with the energy sector set to play a major role in the country’s revitalisation. The Dubai-based power provider Full Power Solutions expects its Iranian manufacturing arm, Electro Kavir, to ramp up production once sanctions are removed.

Published: 3^rd August 2015

Adnoc to use minor profit for expansion

Khaleej Times

The UAE has the most competitive oil prices even though they have been deregulated, the chief executive officer of Adnoc Distribution said. “Although the fuel prices have been deregulated, we still maintain one of the most competitive prices in the region and the world at large, when factoring in the per capita spend on fuel in comparison to the average income of individuals,” Abdulla Salem Al Dhaheri said. “This can be largely attributed to the solid economic foundations established by our wise leadership and its directives to provide a competitive environment with zero taxes on income and expenditure making the UAE module unique and attractive,” he added. Al Dhaheri said “when setting the new prices, we have considered international prices as the benchmark and include an added operation cost and minor profit margin”. The new direction of deregulating prices will allow Adnoc Distribution to leverage its expansion plans to meet the rising demand for petroleum and allied products by the public in line with the sustained urban growth the UAE is witnessing across all regions, he said. The decision will also allow Adnoc Distribution to enhance the quality of products and services and deliver an improved customer experience via its service centres in the long-term. Al Dhaheri said that given the prevailing global prices, it was a real challenge for Adnoc Distribution to cut down diesel prices that have been reduced by 29 per cent. The decision to reduce diesel prices has been taken in public interest with the aim of supporting the national economy and ensuring its global competitiveness.

Published: 29^th July 2015

Iran energy projects market worth more than $160bn

Gulf News

The country can increase oil production by 500,000 barrels a day in a week after sanctions end, Iran’s oil minister says. The Iranian energy projects market represents a $167 billion (Dh613 billion) opportunity for regional and international companies as the Islamic republic prepares for the lifting of sanctions. According to the latest data from Dubai based MEED Projects, an online projects tracking service, there are 197 individual energy (oil, gas, petrochemical, industry and utilities) projects either planned or under way in Iran, a number that could well double as sanctions are gradually lifted.

The largest single future project in the Iranian energy sector is the estimated $4.5 billion Kish Gas Development, followed by the $3.2 billion Anahita oil refinery in Western Iran. Another major future projects include the $3 billion Nalco aluminium complex and the $2.5 billion Jask oil terminal project.

Gas and oil reserves

“With a GDP of some $400 billion, a population of close to 80 million, and the world’s third largest gas and fourth largest oil reserves, Iran has long represented an excellent projects opportunity,” says Ed James, Director of Content & Analysis at MEED Projects. “However, it is only now with the impending lifting of sanctions that international companies — for the first time in a decade — have the opportunity to invest in the local projects market.”

Published: 2^nd August 2015

Morocco opts for a bit of sun with new solar programme

The National

Morocco has announced a new solar programme with the first phase totalling 25 megawatts, but the small size could deter some large companies from investing. “The problem is that in terms of capacity, it’s only of interest for some bidders,” said Boris Martor, the head of the Africa division at Eversheds. The UK law firm advises its clients on renewable energy projects throughout the region. Mr Martor noted that feasibility-study, development and negotiation costs were the same regardless of scale. The first phase of the three-phase Tafilalet solar photovoltaic project will total 25MW, a small size compared to other solar projects in Morocco totalling more than 100MW each. “[Developers] have to find financing for a project that might be smaller, but in terms of development, would cost the same as a larger project,” he said. The World Bank and the International Bank for Reconstruction and Development will provide financing, but Mr Martor said that at this stage it was still unclear if the organisations would finance the first phase in its entirety, expected to total US$150 million.

Published: 30^th July 2015

China moves to make the grade as a setter of oil price

The National

Talking about a 19th-century political dispute, the British Prime Minister Lord Palmerston said: “Only three people have ever understood the business – one is dead, one has gone mad and I have forgotten.” His words seem equally fitting to describe the arcane technicalities of pricing crude oil. Yet the way oil is priced is set for a major shake-up – and the Arabian Gulf’s leading oil exporters will be affected. It is in their grasp to shape this change, or to be passive bystanders. The change in crude pricing is led, as in so many other energy affairs these days, by Asia’s rising demand – and, in particular, the growing heft of China. In October 2014 and again in April this year, Chinese traders were extremely active in buying up grades of Middle East crude that are used to set prices. They might have had valid needs for the oil, but it is at least as likely that they wanted to support “paper” – purely financial – trading positions. International crude has long been priced by reference to three grades: West Texas Intermediate (WTI) from the US, Brent from the UK’s North Sea and Dubai. WTI and Brent are traded on regulated futures exchanges, making the market transparent and highly liquid. It has become increasingly clear, though, that these benchmarks have problems. Due to the expansion of US shale oil production, and that country’s ban on exports, WTI has become a landlocked crude whose value is at times well below that of comparable international crudes. Production from Brent is declining, and more fields have to be added to the basket of valid supply sources, but it is still vulnerable to “squeezes” by traders who can buy up cargoes to corner the market, and to random factors such as bad weather, technical glitches, strikes and even anomalies of South Korean taxation. Most importantly, both Brent and WTI are light, sweet (low sulphur) crudes, very different from the heavier, sour (high sulphur) crudes produced in the Middle East that are now the dominant diet for Asian refineries. The Dubai Mercantile Exchange (DME) has consequently positioned its Dubai-Oman crude contract as a possible Middle East-Asian counterpart to Brent and WTI. But it has still not attracted the same levels of interest and liquidity as its older rivals. Apart from Dubai and Oman, Middle East producers still price most of their crude using opaque assessments of the market by specialist reporting agencies. So now China has stepped forward. The Shanghai International Energy Exchange is launching its own crude oil contract – where the buyers, not the sellers, would be the key players. Shanghai’s contract has major problems – in particular, neither Kuwait nor Saudi Arabia have opted to support it, and it is denominated not in dollars like the Brent, WTI and DME contracts, but in yuan (which is non-convertible, and exposes traders to currency risk). Most of all, it will be dominated, at least at first, by the big Chinese traders, notably Unipec (Sinopec’s trading arm) and Chinaoil (the subsidiary of China National Petroleum Corporation). Although the market is slowly opening up, few other companies have the right to import crude oil into China. Still, China is too big to ignore. And as a major buyer, its interest would naturally be in the direction of lower prices. As recent stock market intervention suggests, it is hardly inconceivable that the Chinese government would take an interest in a contract for such a strategic commodity. The DME and Shanghai contracts are not incompatible – indeed, the two exchanges have signed an agreement to cooperate. But if Middle East countries, presumably with Opec as the key venue, do not decide a common front on pricing their oil, they risk being picked off individually, and drawn inescapably into using the Chinese exchange. On this esoteric formula rides billions of dollars.

Published: 2^nd August 2015

Other Sectors

Cheaper fuel lifts Indian carriers on efficiency drive

Thenational.ae

India’s airlines are showing signs of improvement in their latest results, helped by lower oil prices and efforts to boost their performance. SpiceJet on Tuesday reported a net profit of 718 million rupees (Dh41.2m) in the quarter between April and June compared to a loss of 1.24 billion rupees in the same period a year earlier. This was driven by lower fuel prices and more efficient use of the airline’s fleet. Mahesh Sharma, the minister of state for civil aviation, a day earlier revealed that Air India had reduced its net losses to 55.47bn rupees in the last financial year to the end of March compared to 75.59bn rupees in the financial year of 2011 to 2012, helped by improvements in seat factors and on-time performance. Edelweiss Securities, based in Mumbai, has predicted a profit of 343m rupees for Jet Airways in the quarter to the end of June compared to a loss of 2.17bn rupees a year earlier. “The domestic aviation industry has seen strong growth in this quarter,” Edelweiss said. “In line, we expect Jet Airways to report a 28 per cent year-on-year growth in passengers. The benefit of lower fuel costs will reflect in this quarter also.” Airline losses in India could reduce by 40 per cent this year, according to Capa.

Published: 1^st August 2015

Follow: http://www.thenational.ae/business/aviation/cheaper-fuel-lifts-indian-carriers-on-efficiency-drive

Chinese smartphone makers to set up factories in India

Thenational.ae

Smartphone makers based in China are leading the way with plans to set up manufacturing facilities in India. The Indian government this month cleared a proposal for Huawei Technologies, one of China’s biggest telecoms companies, to set up a manufacturing unit in Tamil Nadu, south India. Foxconn, the Taiwanese company which manufactures Apple’s iPhone in China, last week revealed plans to create 10 to 12 factories and up to 1 million jobs in India by 2020. There is a push by Narendra Modi’s government to transform India into a manufacturing powerhouse, which would involve it competing with countries such as China. Xiaomi, China’s largest smartphone manufacturer, also plans to produce phones in India. Smartphone growth has shifted from China to India, according to a recent report by HSBC. “As the domestic market has become saturated, Chinese brands have been trying to expand overseas,” it said.

Published: 18^th July 2015

Follow: http://www.thenational.ae/business/technology/chinese-smartphone-makers-to-set-up-factories-in-india

Make in India: Sony Corp inks pact to manufacture Bravia line of TVs at Foxconn’s plant near Chennai

The Economic Times

Sony Corp is back to manufacturing in India after more than a decade. The Japanese consumer electronics major has entered into an agreement to manufacture its Bravia line of televisions at Taiwanese contract manufacturer major Foxconn’s plant near Chennai. It is also evaluating the possibility of making smartphones in the country and may eventually set up its own plant in India, Sony India managing director Kenichiro Hibi said. “The government’s ‘Make in India’ policy and the growing importance of India for Sony worldwide has accelerated our decision to manufacture in India once again,” Hibi told ET. “Local production will help us to be more competitive, lower costs and allow faster turnaround time to launch newer models,” he said.

Published: 4^th August 2015

Follow: http://economictimes.indiatimes.com/tech/hardware/make-in-india-sony-corp-inks-pact-to-manufacture-bravia-line-of-tvs-at-foxconns-plant-near-chennai/articleshow/48337308.cms

Why InMobi may be India’s most innovative company

The Economic Times

“That has been one of the keys to our growth — making sure we get the right people in from the beginning. If you get that right, you hire amazing people, they’ll be fine, and they’ll do amazing things”. Till 2012, it wasn’t as if Naveen Tewari and the three other cofounders weren’t signing on the right people for the eight-year-young InMobi. It’s just that leading them was now becoming cumbersome, as the numbers got larger. The quartet were wrapped up in scaling what they claim is today the world’s largest and most powerful independent mobile advertising platform. In four months — between April and July, 2012 — the company’s employee base surged from 200 to 900. “We hired people to be on a massive growth trajectory,” recalls 37-year-old Tewari.

Published: 2^nd August 2015

Follow: http://economictimes.indiatimes.com/small-biz/startups/why-inmobi-may-be-indias-most-innovative-company/articleshow/48311479.cms

Politics & Economy

Low oil prices hit UAE job growth, new report shows

The National

The signs of a slowing job market in the UAE because of falling oil prices have started to appear. A report from the recruiting company Morgan McKinley yesterday showed that professional hirings fell by 1 per cent in the second quarter to 8,109 compared with 8,213 in the first three months of the year. “The oil price went back up to $60 per barrel towards the end of the quarter, but it needs to go up by a further $5-$10 a barrel to make new drilling and exploration projects viable,” said Trefor Murphy, the managing director for the Middle East and North Africa at Morgan McKinley, in the report. Brent oil price closed on Friday 2 per cent lower at US$52.21 per barrel, which is a more than 50 per cent drop since peaking at $115 in June last year. An oil supply glut, weaker demand in Asia and Europe and a strong dollar have pushed oil prices lower this year.

Published: 2^nd August 2015

Can penny stocks make you rich?

The Economic Times

Akshat Shah doesn’t know whether he should be kicking himself or feeling relieved. Kicking himself because one of the stocks this Ahmedabad-based finance professional was tracking since 2014 has risen 200% in the past seven months. After hitting a 52-week low of Rs 1.15 in December 2014, the share price of Karuturi GlobalBSE 6.13 % shot up to its 52-week high of Rs 4.95 last week. And feeling relieved because most of the other penny stocks on his radar have slipped 60-70% in the past seven months. After hitting a 52-week low of Rs 1.15 in December 2014, the share price of Karuturi GlobalBSE 6.13 % shot up to its 52-week high of Rs 4.95 last week. And feeling relieved because most of the other penny stocks on his radar have slipped 60-70% in the past 12 months.

Published: 3^rd August 2015

Seven rules for investing in penny stocks

The Economic Times

Despite the risks, small investors are putting big money in low-priced penny stocks. They are lured by the fantastic returns that some stocks have delivered in the past few months. If you also want to invest in this risky segment of the market, keep a few rules in mind.

Published: 3^rd August 2015

Community, Environment & Society

How UAE firms deal with grief in the workplace

Thenational.ae

Managers with teams are normally taught soft skills like negotiation, time management or coaching – but not how to deal with a grieving member of staff, one of the most sensitive situations they are ever likely to encounter. “The role of the manager and HR is wider in the UAE than in the West; they are looking after people who are away from family and the first call often comes into the employer,” says Patricia O’Sullivan, the 51-year-old owner of ProTraining. The 12-year-old UAE training company has this year started a one-day workshop for Managing Grief in the Workplace. The course has run twice so far this year and is next scheduled for September 1 in Abu Dhabi.

Published: 2^nd August 2015.

Humility a quality to be cherished

Thenational.ae

The forum’s compère had clearly done her research, sharing details of the accomplished leader who was to be the next speaker on stage. Facts flowed about measurable achievements while anecdotes added a unique flavour. Upon its completion and with the audience’s curiosity piqued, the leader stepped on to the stage saying how the introduction was so interesting, that for a while she was wondering who was being introduced. Such humility is evident in many great leaders, when the level of consideration for one’s own impact has reduced importance or significance, with judgment never being clouded by position. During that forum, I pondered one question: with all those credits to her name, what made that leader so humble? Great leaders facilitate change in trusted and trusting environments, and to cultivate trust the show must be about “us”, not “me”.

Published: 2^nd August 2015.

Technology

How to see if your emails are being tracked in Gmail before opening them

The Economic Times

You might not realize it, but there are now email-tracking tools that make it easy for people to see when you open an email, what you click, and where you’re located. “Emails appear no different to your contacts, but you get data when, where, and how a contact interacts with your message,” says a cheery video advertising Bananatag, an email-tracking service for Gmail designed for job seekers, advertisers, and those working in public relations. In response, a handy new tool called Ugly Email shows you when your emails in Gmail are being tracked, and it starts working before you click anything. When Ugly Email is installed, a tiny little eye symbol appears next to any email in an inbox that is being tracked by tools like Bananatag, Streak, or Yesware.

Published: 3^rd August 2015

Education+

Synthesis, not analysis, is the future

The Hindu

Prof. Sanjay Dhande, former Director of IIT Kanpur and the Founder-Director of the Mahindra Ecole Centrale, speaks to BINCY MATHEW about training engineers in a holistic manner. Please tell us about the vision of the Mahindra Ecole Centrale College of Engineering? At MEC, “Our Vision is to train engineers, both men and women, to be entrepreneurial and innovative as well as technically trained, so that they are capable of meeting the greatest challenges of their era, globally.”

Published: 1^st August 2015

Sports – Campaign PASS

Target must be to fulfill potential: Geet Sethi

The Times of India

Ace cueist Geet Sethi suggested that OGQ allowed senior elite athletes to make their own decisions regarding their careers and goals. “The targets for athletes are that they need to fulfill their potential. They are senior athletes and they have their own targets so I don’t think it’s for us to define them,” the 54-year-old said. “For us the targets are that there should be no requirements of theirs that remains unfulfilled,” the multiple world champion explained. “A lot is being done by the government and sports ministry. If there is a small little gap, we come in and fill it,” he added.

Published: 3^rd August 2015

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

This entry was posted in Press Reviews, TQM and tagged Press Reviews, TQM.