There seems to be a good chance oil prices are going to stay hot
There seems to be a good chance oil prices are going to stay hot By Leah Bower, Special to Gulf News Published: April 01, 2008, 00:41
Summer is just around the corner, along with that seasonal hike in energy prices.
And since the traditional lull in oil prices that comes between winter’s cold and summer’s heat failed to, er, lull this year – we’ve seen record highs throughout the last month when the price per barrel should be at its lowest. And there seems to be a good chance that prices are going to stay hot, hot, hot.
We’ve heard it all before, but Opec and analysts are continuing to beat the “weak fundamentals” drum while prices shoot through the stratosphere.
For now, we can thank the unwelcome combination of the weak dollar and institutional investors searching for a safe haven as stock markets around the world fluctuate.
Commodities have become increasingly attractive as the United States economy officially slips closer to recession and the dollar continues to lose steam.
Witness gold spiking to an all-time high of $1,030.80 an ounce on March 17, and oil following suit with a record high of $111.80 a barrel at about the same time.
Even corn is seeing some record numbers. And with every price dip, talk surfaces that the bubble is bursting and prices will once again stabilise at reasonable levels.
However, if you watch the dips carefully they never go very low and are pretty short-lived.
Sure, oil is down a little at the start of the week. It has dipped a couple of times this year, but never very low and it has always shot back up.
Those investors who’ve been crowding into commodities also decided to shift gears a little on speculation that the US Federal Reserve might crack down on inflationary pressures, which could subdue the growth in commodity prices.
But all it took was a damaged pipeline in Iraq to send prices soaring last week, despite the fact that an insignificant – compared to overall Opec output – of black gold flows out of the war-torn nation.
There is no question that oil’s price is confounding, and even angering, everyone from Opec oil ministers to analysts who keep revising price projections downward, only to see their predictions pushed aside by what many are seeing as irrational investors.
Ali Al Yabhouni, the UAE Opec governor, pointed the finger at speculators earlier this week, telling an energy conference in Dubai that the market has sufficient supply of crude oil, and that Opec is not in the habit of catering to the appetites of investors.
Regardless of how you feel about Opec, and its current policy of keeping oil production at current levels, Al Yabhouni has a pretty strong point.
Why should Opec pump more oil when every indicator points to lower demand in the near future?
Reserves are rising and despite US President George W. Bush’s push for more crude on the market, the general consensus is that there is enough oil to go around despite strong demand from India and China.
Every indicator is also pointing to a recession in the United States. Studies show that American consumers are increasingly choosing to spend less as the housing market continues to head downwards, and eventually that will mean spending less at the pump.
Despite these factors, we’ve already seen the market climb towards and maintain what most analysts have considered an unreasonable price level, ignoring traditional fundamentals in the process.
Energy analyst Stephen Schork even vented to the Wall Street Journal that oil’s rise proves “once again that markets can remain illogical far longer than you or we can remain solvent.”
– The writer is a freelance journalist based in Alaska, USA.
New Abu Dhabi food safety rule to be announced
New Abu Dhabi food safety rule to be announced
By Binsal Abdul Kader, Staff Reporter GULF NEWS Published: April 01, 2008, 17:21
Abu Dhabi: A new food law with stricter provisions for food safety in the emirate will be officially announced on Thursday, Abu Dhabi Food Control Authority (ADFCA) told Gulf News.
The new law, which gives more powers to ADFCA, will be announced at a function at the Abu Dhabi Chamber of Commerce and Industry at 10am on Thursday, said a senior official.
The new law will define the rights and responsibilities of all stake holders in the food sector, which will be explained at the function after its official announcement, said Mohammad Jalal Al Reyaysa, Manager of Communication and Information Department at ADFCA.
Abu Dhabi holds camel beauty pageant
Abu Dhabi holds camel beauty pageant
Staff Report GULF NEWS Published: April 01, 2008, 12:42
Abu Dhabi: Thousands of well-groomed camels will line-up for the UAE’s first-ever camel beauty pageant this week.
It is part of the country’s first Camel Festival, which kicks off Wednesday, with a total of Dh 35 million in prize money up for grabs as well as 100 cars.
The participating camels are required to be of pure-bred origin and free from any contagious diseases. They are then divided into age groups and owners can participate with more than one camel as long as they can prove ownership.
Shaikh Mohammad Bin Butti Al Hamed, Head of the High Committee for the Festival, Representative of the Ruler at the Western Region, praised the status camels held in traditional Arab life.
“Although the camel has always been a companion to the Arab during his travel in the old days, today camels still play a part in our lives, as thousands of people continue to attend camel races and watch what is perceived as part of our heritage.”
Abu Dhabi pharmacies issued new directives
Abu Dhabi pharmacies issued new directives
Staff Report GULF NEWS Published: April 01, 2008, 00:42
Abu Dhabi: Health Authority Abu Dhabi (HAAD) has issued instructions asking pharmacies to have a licensed pharmacist on duty during business hours.
It also issued another circular informing all pharmacies that it is mandatory to use a new triplicate controlled prescription form.
A copy will remain with the pharmacy, another one will be handed to the patient and a third copy given to the insurance company.
Red Bull Air race in Abu Dhabi to kick off April 10
Red Bull Air race in Abu Dhabi to kick off April 10
posted on 01/04/2008
Ten days countdown to the long awaited festival, the Red Bull Air Race, with the first round of the World Series 2008 hosted by the Emirati capital Abu Dhabi for the fourth consecutive year. This first round comes under the patronage of H.H. Sheikh Hazza Bin Zayed Al Nahyan, and in cooperation with the Abu Dhabi Tourism Authority. Abu Dhabi Corniche will be the platform of this awaited event, drawing attention of all motor-sports lovers from around the world into the UAE capital. In addition to the air race, the organizing committee has also prepared a festival starting from April 7-9, 2008. The festival begins three days before the Qualifying and four days before the race day, gathering different attractions for all fans – Emirates News Agency, WAM
RTA announces Dubai Metro’s Naming rights project for stations and lines as world first
RTA announces Dubai Metro’s Naming rights project for stations and lines as world first
posted on 01/04/2008
Dubai’s place in marketing history looks set to be further enhanced with an innovative new project for its Metro, to be launched to business leaders soon. The Dubai Metro naming rights project gives companies and institutions the opportunity to put their name to 23 stations and two lines on the Metro, the first of which is set to open in September 2009 and the second in March 2010.
The Dubai Metro’s naming rights project is a world-first revenue model for public transport infrastructure and the first programme of its kind to help improve transport services with partnership funding raised through a naming rights initiative.
Managed by the emirate’s Roads and Transport Authority (RTA), naming rights will be offered to local and international companies wanting to anchor their association with Dubai. Each of the 23 stations available will have a unique value, calculated according to its location, anticipated passenger numbers and other variable factors.
Mattar Al Tayer, RTA Chairman of the Board and Executive Director said at the press launch of the project: “The ability to secure a station name from the outset is unique – no other Government in the world has planned naming rights as part of its transport infrastructure at conception stage. We expect this innovation to make its mark world-wide, and kick start a new marketing concept that sees governments raising funds to improve services, whilst giving companies a totally new platform for marketing, sampling and customer interaction.” Corporate partners will be able to leverage their naming rights with integrated marketing opportunities at the stations; a combination unseen to-date anywhere in the world.
Al Tayer also revealed that in addition to the 23 stations whose names will be available for sale, a further eight will be named after RTA partners which have co-funded the construction of the stations.
The naming rights sales effort will be undertaken by global sponsorship and event marketing specialists IMG, who had previously undertaken market research for the RTA to determine how the naming rights program could most effectively be structured. – Emirates News Agency, WAM
Abu Dhabi to host one of world’s largest oil and gas events – ADIPEC 2008
Abu Dhabi to host one of world’s largest oil and gas events – ADIPEC 2008
posted on 01/04/2008
The Abu Dhabi International Petroleum Exhibition and Conference 2008, (ADIPEC), one of the largest oil and gas events in the world, will take place on November 3 – 6 under the patronage of President His HH Sheikh Khalifa bin Zayed Al Nahyan.
As the inaugural event for the newly completed Abu Dhabi National Exhibition Centre (ADNEC), the tradeshow will cover more than 85,000 square metres of indoor exhibition space, making this event the largest in ADIPEC history, organisers dmg World Media said in a press release issued Monday.
ADIPEC 2008 expects to host between 35,000 – 40,000 industry executives who are spearheading the growth and development of the global oil and gas industry.
With over 1,400 exhibitors from 55 countries, 18 national pavilions, ADIPEC is the only international oil and gas show with representation from major international and national oil companies (IOCs and NOCs), and operating companies besides manufacturers of related equipments.
ADIPEC 2008 is the leading event for industry professionals, experts and government officials to promote their business and services, network, as well as see for the first time the latest technologies and innovations for the coming year.
This year ADIPEC is of great significance to the organisers, supporters and sponsors as it builds on more than two decades of success. The gross area of exhibition space for ADIPEC 2008 has grown by more than 100 percent. In addition, the event will witness the most considerable gathering of key global influencers including oil ministers from the GCC. Within the four days ADIPEC will stage two unique events – Energy 2030 and the Energy Investment Summit. The Petroleum Institute, ADNOC, and ADIPEC will host Energy 2030, which will include a high level conference and technical theatres.
ADIPEC was first launched in 1984 and is fully supported by the UAE Ministry of Energy and ADNOC. The conference programme is produced by the Society of Petroleum Engineers (SPE Intl.). – Emirates News Agency, WAM
UAE, UNESCO sign MoU for joint cooperation
UAE, UNESCO sign MoU for joint cooperation
posted on 01/04/2008
Paris – HE Abdul Rahman Mohammed Al Owais, UAE Minister of Culture, Youth and Community Development, and HE Koichiro Matsuura, Director General of the UNESCO, signed a Memorandum of Understanding (MoU) for boosting joint cooperation in culture, heritage and antiquities.
Under this memorandum, the UNESCO will provide the ministry with expertise and consultancy in the said fields. The signing ceremony was attended by HE Mohammed Abdullah Al Ghafli, charge’ d’affaires of the UAE to France, and HE Bilal Al Bodour, executive director of the ministry of culture, youth and community development. The signing of the MoU crowned three days of extensive talks between officials from the ministry and UNESCO over prospects for joint cooperation.
The scope of the agreement covered translating innovative works by UAE citizens through UNESCO publications, convening of intellectual symposiums and conferences on exchange of knowledge, cultural diversity and translation, holding training workshops for development of skills of UAE citizens at UNESCO and its specialised agencies and empowering woman and building her capacity in the fields of folklore and handicrafts.
Under the MoU, the UNESCO will tailor special programmes for preserving UAE heritage and identity and commission a feasibility study on establishing a national library and restructuring and management of UAE archives.
UNESCO experts will also offer technical assistance in the areas of registering UAE archaeological landmarks and nature reserves in the world heritage and nature sanctuaries records. Experts will also take care of the non-material cultural heritage. Cultural and artistic events and exhibitions will also be staged at UNESCO venue.
UNESCO Assistant Director General for Culture Francois Rivera thanked the UAE for the high confidence it reposed on the UN organisation and for concluding a long-term agreement with UNESCO. She said she sensed during her previous visit to the UAE an indomitable spirit of care lent by the government for culture.
She noted the UAE’s firm desire to preserve its heritage and identity in light of the dramatic modernising transformations of its society. She also praised the UAE for advancing and promoting Arab culture and heritage through the Sheikh Zayed Book Award and Sharjah Award for Arab Culture.
On his part, Al Bodour gave a presentation on the mission and role of the ministry. He reaffirmed the UAE’s firm desire to boost cooperation with the UNESCO. – Emirates News Agency, WAM
New emergency digit number to inform officials on illegals
New emergency digit number to inform officials on illegals
By Ahmed Abdul Aziz (Our staff reporter)KHALEEJ TIMES 1 April 2008
ABU DHABI — The Department of Following-up Illegals in the Federal Naturalisation and Residency Department (FNRD) will be soon setting up a new three-digit hot-line number to seek information from the public about the presence of illegals in the country.
Giving this information, Major Hilal Aida Al Mazrouei, Director of Department of Following-up Illegals, told Khaleej Times yesterday that the move is aimed at flushing out illegals staying in the country by receiving tip-offs from the public.
The number will be announced soon, he added.
“By setting up the three-digit hotline, we plan to enhance cooperation with the society wherein people could tip off officials about illegal workers or people who had ‘absconded’ from their sponsors,” said Major Al Mazrouei.
He said the FNRD is now working to intensify inspections of companies, farms, buildings and labour accommodations in order to weed out illegals.
“Two teams of officers will be working in tandem. One will generate information and carry out investigations and the second will move to arrest the illegals,” he said.
Regarding entering houses and farms, he said that the officers are not allowed to visit homes without the permission of the General Prosecution.
He, however, affirmed that companies can be inspected with the co-operation of the authorities concerned such as the Ministry of Labour and the Municipalities.
Many national and expatriate sponsors are wondering who will be held accountable in the case of detection of illegal workers or infiltrators.
“All sides are responsible and would be accountable under the law as we have recently arrested more than 40 housemaids who were illegally working and living in the same building. The building owner will appear before the General Prosecution Department for questioning,” said Major Al Mazrouei.
“Furthermore, if no absconding report has been filed, the maids agency and the sponsor will be held accountable under the law and would face a fine of Dh50,000 in the case of hiring or sheltering an illegal and Dh100,000 for hiring or sheltering an infiltrator,” he added.
As for illegals and infiltrators themselves, they will face a month in jail, subjected to eye-scan and deported with a ban on entry into the UAE.
ClicksandWrites 
You must be logged in to post a comment.