Saturday, 30 November 2013

Bahrain, UAE top Arab economic freedom index

Bahrain, Jordan and the UAE are the most economically free nations in the Arab world, according to a new Economic Freedom of the Arab World report.
Published by the Fraser Institute, an independent Canadian public policy think-tank, all three countries posted scores of 8 to top the regional list.
For Bahrain and the UAE, the score represented a slight decrease from their 8.1 scores that topped last year's report. Jordan, which ranked second last year, maintained its 8 score.
Among the other Gulf nations, Kuwait was ranked fourth (7.8) while Oman and Qatar were joint sixth (7.6) and Saudi Arabia eighth (7.4).

"Economic freedom is the key to increasing prosperity, creating jobs and reducing poverty. Economic freedom liberates people from government dependence and opens the door to democracy and other freedoms," said Fred McMahon and Dr Michael A Walker, research chair in Economic Freedom (Fraser Institute) and co-authors of the report.
Among the 18 nations in this year's report, Algeria, last year's last place country, again holds the dubious distinction of being the least economically free nation in the Arab world with a score of 5.8.
Mauritania and Iraq ranked 16th and 17th, with scores of 6.3 and 6.1 respectively. Due to the civil war in Syria, and the questionable data emanating from that country, it was not ranked in this year's report.
The Economic Freedom of the Arab World report compares and ranks Arab nations in five areas of economic freedom - size of government, including expenditures, taxes, and enterprises; commercial and economic law and security of property rights; access to sound money; freedom to trade internationally; and regulation of credit, labour, and business.
Economic freedom is based on the cornerstones of personal choice, voluntary exchange, freedom to compete, and security of private property.
Research shows that individuals living in countries with high levels of economic freedom enjoy higher levels of prosperity, greater individual freedoms and longer life spans.
A denial of economic freedom helped spark the Arab Spring.
The 2013 list in full:
1. Bahrain, Jordan and the UAE (8.0)
4. Kuwait (7.8)
5. Lebanon (7.7)
6. Oman and Qatar (7.6)
8. Saudi Arabia (7.4)
9. Yemen (7.3)
10. Tunisia (6.9)
11. Egypt (6.8)
12. Morocco (6.7)
13. Sudan (6.6)
14. Djibouti (6.5)
15. Comoros (6.4)
16. Mauritania (6.3)
17. Iraq (6.1)
18. Algeria (5.8

World Expo legacy

The Eiffel Tower in Paris is lit up by fireworks as France celebrates Bastille Day. (Getty Images)
The Eiffel Tower in Paris is lit up by fireworks as France celebrates Bastille Day. (Getty Images)
Started in 1851, the expo events have left a lasting legacy over that last 150 years or more. Here are some of the highlights...
Fax machine & Victoria & Albert Museum: The Great Exhibition, held in London in 1851, is now seen as the first World Expo. Organised by a committee including Queen Victoria’s husband, Prince Albert, it attracted six million people. Innovations on display included a precursor to a fax machine. The event was so success the surplus was used to establish the Victoria & Albert, Science and Natural History Museums, which are still some of London’s best loved attractions to this day.
Ketchup, typewriter and Statue of Liberty: The first international exhibition was held in the US in 1876 to mark the 100th anniversary of American independence. Hugely popular, 186,272 people attending on the first day. Products unveiled for the first time include Heinz Ketchup, Alexander Graham Bell’s telephone, and the Remington Typographic Machine, otherwise known as the typewriter.
The right arm and torch of the Statue Of Liberty, which was a gift from France to the American people, was showcased at the event and was used as a platform to raise funds to complete construction of the statue, which is now one of America’s most recognisable iconic landmarks. Funds from the expo were used for the construction of the National Museum in Washington DC and the Smithsonian’s Arts and Industries Building.

Phonograph: In 1878 American inventor Thomas Edison introduced the sound recording and production device at the Paris expo and it proved popular and brought music to masses for the first time.
Australia’s Royal Exhibition Building: In 1888 the event was held to celebrate 100 years of European settlement in Australia, its main legacy was the Royal Exhibition Building. The elegant Beaux-Arts style, is still a popular landmark today. It later hosted the opening of the first Parliament of Australia in 1901 and in 2004 it became the first building in Australia to be awarded World Heritage status.
Eiffel Tower: The Eiffel Tower was designed to act as the entrance to the 1889 fair. Named for its designer, Gustave Eiffel, the 312 metre tall tower cost the equivalent of $580,000 at the time and took over two years to build. Two million people visited the tower in the first year after it was built. Despite the fact that it had initially been granted planning permission for only 20 years, the tower stayed put, becoming one of the world’s best-loved landmarks. Today, almost seven million people pay to each to visit the tower every year, making it the world’s most visited paid-for monument. In total, some 250 million visitors from around the world have been to see the tower since it was built.
Zipper: The little device to help keep your trousers closed was designed by Whitcomb Judson and was unveiled to the public at the 1893 Chicago event. Allegedly, the investor got the idea when he saw friend struggling to tie his shoes and decided to come up with an easier alternative.
Electricity: Chicago’s 1893 expo was used to showcase advances in electricity and the General Electric Company, with Thomas Edison and J.P. Morgan, and other influential pioneers in the electricity movement used the event show American citizens it was a safe and reliable form of energy.
Hot Dog: When German sausage seller Anton Feuchtwanger ran out of gloves to give fair-goers to eat their sausages his brother-in-law came up with the idea of a sausage shaped bun to put the popular food into. The concept took off and the hot dog was born and unveiled at the 1904 St Louis expo.
Television: Scottish inventor John Logie Baird is credited with inventing the television set in the 1920s but it was until it was shown to Americans at the 1939 World Fair in New York did it take off and enter into the public imagination.
The Seattle Space Needle: The theme for the 1962 Seattle World's Fair was the future and it was decided to build a futuristic icon to rival the Eiffel Tower. The Space Needle was the result and it is now the city’s main landmark.
Disneyland: Many exhibitions and rides created by Walt Disney for the 1964 New York World's Fair were kept and moved to Disneyland after the event ended. Some of the rides include "It's a small world", "Great Moments with Mr. Lincoln", and "Carousel of Progress" and are still in operation today. Disney’s involvement also led ot the development of its Epcot theme park in Florida
Ferris Wheel, escalators, talking films: Some 50 million visitors attended the 1900 World Expo in Paris, France, and marvelled at innovations such as escalators, diesel engines, Ferris wheels and talking films.
Olympics: The Paris 1900 event also led to the stating of a major event: the second Olympic Games. Four years later, the St Louis expo was the first time the games were held outside Europe. Chicago was originally meant to host but the event was moved to St Louis so the games wouldn’t be overshadowed by sporting events planned by expo organisers.
Ice-cream cones: The big hit of the 1904 Expo in St Louis was the humble edible ice-cream cone. Until then, ice-cream was served in metal or paper holders.
Panama Canal: The 1915 Expo in San Francisco, USA, celebrated the completion of the Panama Canal, and served as an opportunity for the city to showcase its recovery from the 1906 earthquake.
Mobile phones: The first mobile phones were exhibited at Expo 1970 in Japan, but the major attraction was a piece of rock in the American pavilion. Not any old piece of rock, though. This was lunar rock from the Apollo missions that took man to the moon for the first time the year before.

UAE banking assets total $560bn, says Al Suwaidi

UAE central bank governor Sultan bin Nasser Al Suwaidi
UAE central bank governor Sultan bin Nasser Al Suwaidi
The UAE banking industry is safe and secure and overall confidence in banks is "justifiably strong", Sultan Nasser Al Suwaidi, the Governor of the UAE Central Bank, said on Wednesday.
Total assets of UAE banks were currently around $560 billion, he said, equivalent to one-third of bank assets in India, an indication of the global significance of the UAE economy.
Addressing a press conference, Al Suwaidi said it "would mean a lot" in terms of a boost to the UAE's economy if Dubai is chosen to host the Expo 2020 exhibition.
In response to a question about the lack of a GCC-wide currency, the formation of which has been under discussion for some time, Al Suwaidi said in comments published by news agency WAM that the UAE had withdrawn from the steps towards monetary union because of its view that there can be no unification of the currencies until a Gulf Common market has been established.
Turning to the issue of money laundering and the financing of terrorist activities, he said the Central Bank has a series of very effective controls in place to mitigate against such possibilities.
"The UAE has very effective laws and regulations in place, and will always apply them rigidly," he said.

Sheikh Mohammed hails Dubai's Expo 2020 win

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum has dedicated the emirate's Expo 2020 victory to the UAE's president Sheikh Khalifa bin Zayed Al Nahyan and its people.
In a statement released shortly after Dubai beat rivals Sao Paulo (Brazil), Ekaterinburg (Russia) and Izmir (Turkey) for the right to host the prestigious event, Sheikh Mohammed said: “We congratulate the nation, our president and all people in the UAE on Dubai’s winning bid to host the greatest exhibition in the world.
"I extend my thanks to HH Sheikh Khalifa for his great support, and to every country that voted for Dubai to host Expo 2020. I am proud of our teams who earned this victory for Dubai with two years of hard work, dedication and commitment."
He also ordered that Thursday be declared a holiday for all educational institutions across the UAE to celebrate Dubai's World Expo 2020 win.

He added: “We renew our promise to astonish the world in 2020. Dubai will bring to life our vision: Connecting Minds, Creating the Future. Our goal is to build a better future for the region’s youth. The UAE will achieve it through collaboration and inspiration at the event.
"Dubai Expo 2020 will breathe new life into the ancient role of the Middle East as a melting pot for cultures and creativity.”
Sheikh Mohammed, also PM and vice-president of the UAE, went on to say: “Today, we have two reasons to celebrate. The UAE’s epic win to host the world’s most prestigious fair adds to our joy of celebrating the 42nd National Day of our beloved country.
“It is by the unwavering efforts of the leadership and the people of the UAE that this aspiration became reality.”
Sheikh Mohammed also asserted that Dubai Expo 2020 will "undoubtedly stand out as the best edition in the history of the event in terms of preparation and presentation".
He also praised the role and efforts exerted by the Foreign Ministry, led by Sheikh Abdullah bin Zayed Al Nahyan, in gathering international support for Dubai’s bid while also highlighting efforts of the National Higher Committee for Hosting the World Expo 2020 headed by chairman of Dubai Civil Aviation Sheikh Ahmed bin Saeed Al Maktoum.
Sheikh Ahmed in a separate statement said: "We are immensely proud to have been awarded the honour of hosting World Expo 2020 and thank the member states of the BIE for entrusting us with the spirit and values of the Expo.
"This is a moment to be embraced and owned by the entire nation and beyond - this is your Expo. It is an Expo for the World. The vision of our bid has always been about more than just Dubai and the UAE."
Sheikh Mohammed added: “The competition was challenging and the competitors were strong. We wish them all the success in all their future initiatives. We are all partners in making a better future for humanity without differentiation or discrimination.”
He said that the UAE’s achievement "is a gain for the whole region and the world as it brings a global event of this magnitude to the doorsteps of a vast geographical area inhabited by approximately two billion people".
President Khalifa added: "From day one when we submitted our bid to host Expo 2020, we were fully confident that Dubai deserves to win the bid, and that our country possesses all it takes to successfully organise a unique event that will add a new and outstanding imprint on the Expo series of events."
Expo 2020 is expected to have significant and positive direct and indirect economic impact on the UAE and the region.
Initial research and studies indicate that hosting Expo 2020 will generate approximately 277,000 new job opportunities between 2013 and 2020

The captain must play while the commander's away

The captain must play while the commander's away
HUGO CEREZO 11/30/2013
The commander is at rest. Cristiano Ronaldo will not play against Valladolid, because prevention, as they say, is better than cure. Who will be playing is Sergio Ramos, the controversial figure at the centre of all the buzz regarding Florentino's €60m 'For Sale' sign placed on him. As well as his new price-tag, he will also be wearing the captain's armband this weekend.
Ramos is a man who knows the rules. If he didn't, at just 27, it would be impossible to have played 367 official games for Real Madrid and to have worn the Spain team's jersey 115 times. He knows that although at times you have to raise your voice in the dressing room or post a well-timed tweet every now and then, where you really have to do your talking is on the pitch.
The Bernabéu is the best place for him to say what he wants. The stands will be expectant, all eyes and all ears open. They know that their captain can do a lot more after yet another sending off in the Galatasaray game.
The man from Seville wants to put an end to all the talk about him. For this reason, in answer to allegations that he had avoided the pFlorentino, he posted a video showing him greeting the president. What he can't deny is the cooling of the relationship due to disagreements over the player's renovation.
Ancelotti only had words of praise for him. Ramos, however, knows the codes of football as well as he does those of the street, and doesn't need anyone to defend him. He will do that for himself tonight. And knowing him, we shouldn't rule out the odd defiant gesture if he manages to score.

Dubai may not see Expo benefits until 2015 - analyst

Dubai's success in bidding to host the 2020 World 
Expo will trigger billions of dollars of investment in the emirate, but the economic benefits may not be seen for two years, an analyst said.
After competing against three cities, Dubai was awarded the world's fair by the Bureau International des Expositions on Wednesday, setting the seal on a dramatic economic recovery.
In the short term, shares may rise further because of a feel-good factor, fund managers and analysts said. However, it will take a year or two for Expo-related spending to ramp up, and the stock market rally is likely to slow well before then.
"We should see a surge in the stock index and later a sell-off. The Expo is priced in but the economic benefit won't materialise before 2015," said Ali Adou, portfolio manager at The National Investor in Abu Dhabi.
He recalled that when Qatar was bidding to host the 2022 soccer World Cup in 2010, its bourse performed well, and kept rising immediately after the bid succeeded. Within weeks there was a sell-off, though, and the market moved sideways in 2011.
However, some observers also warned the emirate may risk a repeat of the boom-and-bust cycle which nearly caused financial collapse just a few years ago.
Four years ago, the emirate of 2.2 million people nearly defaulted on its debt after a real estate bubble burst, causing property prices to crash over 50 percent between 2008 and 2010.
Now a boom in trade, tourism and finance is repairing the damage and Dubai again has the resources to plan big projects. But some businessmen fear the additional investment for the Expo may be hard for the economy to absorb.
Hopes for a successful Expo bid have already contributed to speculation in the property market, where prices are up some 20 percent over the past 12 months, and the stock market, where the index has soared 79 percent this year.
Further large rises could start to hurt Dubai's economic competitiveness by raising its cost base - and conceivably set the emirate up for another crash down the road.
"(The Expo)...is a powerful symbol of Dubai putting the 2009 bust behind it and of the world recognising the strengths of its political stability and its open, export-oriented real economy," said Simon Williams, chief Middle East economist for HSBC.
But he added: "The key challenge policymakers now face isn't generating growth but managing it, making sure it's sustainable and well-balanced. Policy decisions over the next 12 months will determine how successful Dubai will be in avoiding a repeat of the boom-and-bust cycle further down the line."
Because of Dubai's small population, the Expo may have more of an impact on it than most host locations. The government thinks the event will draw over 25 million visitors, 70 percent from outside the United Arab Emirates, and create 277,000 jobs - though some analysts believe those numbers may be too high.
A huge exhibition centre will be built on the 438-hectare Expo site, plus tens of thousands of new hotel rooms and an extension to Dubai's metro line.
The government expects infrastructure spending to total some $6.8 billion; overall Expo-related spending, including private sector projects, may reach $18.3 billion, HSBC estimated.

US Advices airlines to observe China one

US-China-Zone
Washington: US commercial airlines should observe China’s demand to be given notice of aircraft entering its newly declared air defense zone, the State Department has said.
The Pentagon earlier indicated that American military forces would continue normal operations, despite China scrambling fighter jets to monitor US and Japanese aircraft in the area.
China’s announcement last weekend that it was extending an air defense identification zone (ADIZ) over islands disputed by China and Japan was disregarded by several nations, and US B-52 bombers entered the area.
“We have flights routinely transiting international airspace throughout the Pacific, including the area China is including in their ADIZ,” said Pentagon spokesman Colonel Steve Warren said on Friday.
“These flights are consistent with long-standing and well-known US freedom of navigation policies that are applied in many areas of operation around the world. I can confirm that the US has and will continue to operate in the area as normal.”
Compliance by commercial flights “does not indicate US government acceptance of China’s requirements for operating in the newly declared defense,” the State Department said in a statement.
Echoing previous statements by President Barack defense administration, it said the United States was “deeply concerned” by China’s declaration of the air zone.
Japan, South Korea, the US and other countries have accused Beijing of increasing regional tensions with the air defense zone.
But the scrambling of “several combat aircraft” by China, including at least two fighter jets – according to state news agency Xinhua – threatens to escalate the situation.
“Several combat aircraft were scrambled to verify the identities” of US and Japanese aircraft entering the air defense zone, Xinhua said, quoting air force spokesman Shen Jinke.
The Chinese aircraft identified two US surveillance aircraft and 10 Japanese aircraft, including an F-15 warplane, Shen said.