Sunday, 5 January 2014

Spectacular Fireworks Light Up DSF Nights In Dubai

Spectacular Fireworks Light Up DSF Nights In Dubai
Shimmering visual feasts hold residents and visitors spellbound as a magnificent party of colors and patterns sparkles over the city every day in celebration of the Dubai Shopping Festival 2014.
Since the inception of DSF in 1996, the special fireworks shows have been a star attraction during the annual shopping extravaganza, and in 2014, it is adding extra sparkle at various locations in Dubai.
The fireworks shows of DSF 2014 was launched on the opening day on 2nd January at the Dubai Creek at 7 pm followed by another round of pyrotechnics at the Heritage Village on the same day at 9pm.
In addition to the spectacular fireworks show on the opening day, visitors are being dazzled by daily fireworks brought to DSF by the Al Caroni Group at 9pm at Al Seef Street. During the weekends, there will be special fireworks shows at various locations along the Dubai Creek at 8pm.
As always, the dazzling display attracts large numbers of visitors with motorists slowing down to absorb the experience, while those who gather at the locations to get closer view are either busy filming, or taking photographs of the show to capture the celebratory mood of DSF.
Indeed, the DSF experience is almost incomplete if one does not watch the fireworks. Over the years, the dazzling display of lights and patterns has become synonymous with the DSF, and they only get bigger and better every year.

Dubai’s Nakheel plans early debt repayments

Dubai’s Nakheel plans early debt repayments
Dubai developer Nakheel plans to repay nearly a third of its total bank debt in the first quarter of 2014, well ahead of maturity in 2015, as it benefits from a rebound in the emirate’s property sector.
Nakheel, the builder of a palm tree-shaped island off Dubai’s coast, was the most high profile casualty of the Gulf state’s property market collapse in 2009 and was taken over by the government as part of a $16 billion rescue plan in 2011.
The property market rebounded in 2013, with prices rising around 22 per cent from 2012. In the crash, they had plummeted more than 50 per cent from their 2008 peak.
As a result of the rebound, Nakheel will not require further government support and is targeting annual profit growth of 15 per cent, its chairman, Ali Rashid Lootah, told a news conference.
“We are confident that we will not touch the government funding and we will be ok without it,” Lootah told reporters.
“Where there’s a will, there’s a way. We will keep looking at ways to cut costs. When there’s a need to raise cash, we will do so,” he added.
Of the AED6.8 billion of bank debt due in 2015, Nakheel will repay around AED2.35 billion in February and another AED1.65 billion in August, the company said.
“These funds came from increased sales and also by mitigating claims of creditors,” he added.
The developer handed over 7,000 units to customers last year.
The company’s total cash outflow of AED56.9 billion that was assessed after the restructuring has been cut to AED41.3 billion, and the net deficit has dropped by AED22 billion to AED8 billion, it said in a presentation to reporters.
Nakheel will also repay a $1.2 billion Islamic bond, which it issued to trade creditors as part of its restructuring plan due in 2016, on time.

Sandance organisers offer full refund to all attendees of New Year’s Eve event

Sandance organisers offer full refund to all attendees of New Year’s Eve event
After a severe public backlash last week, the organisers of the Sandance music festival have announced that all attendees of the New Year’s Eve event will be given a full refund.
The decision comes after hundreds of people were unable to access the event, after being stranded on shuttle buses in traffic for hours, with many being forced to cancel their plans for the night.
According to a spokesperson of Atlantis, The Palm, where the event was held, every ticketholder will be given their money back – even those who actually made it to the music festival. They added that every ticketholder would also receive a 50 per cent discount on the entrance ticket value for the next Sandance music festival.

The organisers have apologised repeatedly for the logistic failure of the event, but revealed that the situation was influenced by different factors that were out of their control.
Since local authorities blocked free access to Atlantis, The Palm, 17,000 attendees were assured that dedicated shuttle buses would be available to transport them to the venue and that the journey would only take between eight to ten minutes. However, according to various reports, it took roughly 90 minutes, while hundreds were stranded for hours.
Disgruntled residents took to social media last week to voice their dissatisfaction and anger, with many demanding an apology and compensation. However, based on the public sentiment on social media this weekend, many have praised the organisers for their quick response and promise of compensation.

UAE market regulator changes margin lending rules, penalties

UAE market regulator changes margin lending rules, penalties
The UAE stock market regulator has introduced new margin lending rules and vowed to crack down on unlicensed lending, it said in a statement on its website.
Margin lending – borrowing with cash or share holdings as security, has been in high demand as investors sought to maximise gains from a UAE market surge, with Dubai and Abu Dhabi’s bourses jumping 108 per cent and 63.1 per cent respectively last year.
Limits on such lending were introduced in 2008, but many brokers ignored these and faced few repercussions. Now, on the request of brokers, the Securities and Commodities Authority (SCA) has made changes to what firms can lend customers.
Previously, firms could lend each client 10 per cent of the capital they set aside for margin lending, but they can now lend three times that amount. The new rules are to take immediate effect.
Firms must abide by the new regulations or face fines of AED100,000. Repeat offenders may lose their licences in a promised crackdown on illicit margin lending.
“The SCA is doing something important, which is to lower the risk to smaller companies giving unlimited margin and limit downward volatility,” said Mohammed Ali Yasin, managing director of Abu Dhabi Financial Services.
The new rules may increase margin lending in the long term as brokerage firms boost their base capital to provide more margin lending, but in the short term trading volumes may fall as brokers comply with previously-ignored lending limits.
“Brokers have to adjust positions to bring margin levels down,” said Hisham Khairy, head of trading for institutional desk at MENA Corp brokerage firm, adding trading volumes could drop by 30 per cent initially.

Dubai’s world record NYE fireworks –

Dubai’s world record NYE fireworks – video
By: Eslam.Abdelsalam
Fireworks display over the Burj Khalifa - the world's tallest building - ushers in the new year in Dubai, UAE .
This fireworks consider the world's largest fireworks show , Dubai aimed for a world record with a display stretching over 30 miles (50km) of seafront and the highest fireworks were due to reach more than 1km in height.

Chinese icebreaker stuck in ice after rescue

Chinese icebreaker stuck in ice after rescue
A Chinese icebreaker that was used to help retrieve passengers from the icebound Russian ship Akademik Shokalskiy in the Antarctic said on Saturday that it is now itself trapped.
'Xue Long has confirmed to the Australian Maritime Safety Authority (AMSA) it is beset by ice,' the AMSA said in a statement.
The Chinese news agency Xinhua, which has journalists on board the Xue Long, said the ship needed to wait until a huge iceberg had shifted before continuing its voyage.
AMSA said that the Xue Long - or Snow Dragon - had undertaken an unsuccessful attempt to free itself early on Saturday. But it said the master of the ship had confirmed that the vessel was safe and did not require assistance.
This means that the Australian icebreaker Aurora Australis, which is carrying the 52 passengers rescued from the Akademik Shokalskiy, is finally free to resume its journey home. The vessel had been asked by AMSA to stand by in case the Xue Long needed help.
It will now head to Australia's Antarctic base, Casey Station, to deliver supplies before returning to the Australian island state of Tasmania in mid-January.
The Xue Long provided the helicopter used to rescue the passengers from the Russian vessel after several attempts had been made to cut through ice to reach it.
Disrupted programs
The Akademik Shokolskiy became trapped in ice on Christmas Eve. It remains stuck, with 22 Russian crew on board, 100 nautical miles (185 km) from the French Antarctic base of Dumont d'Urville.
Its paying passengers, who mostly come from Australia and New Zealand, were following in the footsteps of a 1911-1914 expedition by the Australian explorer Douglas Mawson.
The rescue has caused considerable disruptions to the scientific programs being carried out by Chinese, French, and Australian teams in Antarctica.

Chechen terrorist challenges Russia ahead of Olympics

Chechen terrorist challenges Russia ahead of Olympics
The Winter Olympics in Sochi kick off on February 7, but concerns over terror attacks are already very real.. Fears have grown since two recent attacks in the Russian city of Volgograd which left 34 people dead, especially after Russia's public enemy number 1, Doku Umarov, said he was prepared to use 'maximum force' to prevent President Vladimir Putin from holding the event. In a July 2013 video message, Umarov had already called on his followers to use 'any methods allowed by the almighty Allah' to sabotage the games.
'According to [Umarov], Allah also allows terrorist activities,' said Uwe Halbach, a researcher at the German Institute for International and Security Affairs (SWP) focusing on political developments in the Caucasus region.
Russian authorities take Umarov's call to violence very seriously because the influential Chechen rebel leader's word is indeed powerful.
'When Umarov gives an order, as he did one and a half years ago, not to attack civilian targets, then most of the terror cells follow his lead,' Gerhard Mangott, a political science professor at the University of Innsbruck, told DW.
'So when he says, as he did a couple of months ago, that the Olympics are being held 'on the bones of our ancestors' as he put it, and therefore civilian targets should again be attacked, then that is something terror cells will comply with,' Mangott explained.
The threat is indeed a real one, especially since Umarov, dubbed 'Russia's bin Laden', has been responsible for some high-profile attacks in the past.
Multiple terror attacks
Umarov has carried out multiple attacks from 2009 to 2011 - his militants have been blamed for bombing Moscow's Domodedovo airport, two subway stations and a Russian train, among others.
In February 2012, Umarov ordered an end of the attacks; later though, in July 2013, he publicly explained this to have been a mistake since the Kremlin took this 'as a sign of weakness instead of good will.'
It hasn't been confirmed whether Umarov is indeed responsible for the recent attacks in Volgograd because no group has taken responsibility.
'There hasn't been a written claim of responsibility on the websites of the North Caucasian Islamist resistance, either,' Mangott stated.
'However, judging by the type of terror attacks and by the explosives used, it's safe to say that they were the act of Umarov-inspired Islamists,' he added, although it is unclear whether they carried out direct orders.
Establishing an independent Islamist state
Umarov will stop at nothing to reach his goal of establishing an independent Islamist state in the Caucasus region. That is why he is trying to drive Russia out of the region. In 2007, he declared himself 'Emir of the new Caucasus Emirate' and has been an ideological and military leader of the Islamist resistance ever since.
'He is an iconic figure who is recognized and accepted by all local [terror] cells operating in the North Caucasus region,' Mangott said.
'Umarov draws on a long tradition of Islamist-led, anti-colonial resistance from the 19th century,' SWP's Halbach told DW. 'That was the most prolonged resistance against Russia's colonial rule. So, in that regard, it's a very prominent historic role model.'
Just a few facts are known about Umarov's upbringing: He was born on April 13, 1964 in the southern Chechen village of Kharshenoi. His family is said to have been part of Chechnya's intelligentsia. He earned an engineering degree from the state-run Grozny Oil Institute.
Umarov is said to have joined the ranks of a distant relative who was a warlord. Umarov received military training and fought Russia in the first post-Soviet Chechen war in 1994. More than a decade later, in 2006, he then advanced to become the rebels' leader.
'Back then, he was basically still a Chechen nationalist aiming for Chechnya's independence, but within a very short time span of one and a half years, Umarov went through a radical transformation and became an Islamist fighter who was not only interested in Chechnya, but who wanted to separate all of the Muslim North Caucasus from Russia to establish a new Caucasus emirate,' Mangott said.
During the 18-month ceasefire, Umarov was somewhat forgotten. Russian authorities repeatedly declared him for dead. Observers say that, now with the truce over, Umarov needs to prove himself capable of leading the Islamist resistance - and the Olympics in Sochi are just what the doctor ordered.
'With all the international attention [on the Games], Umarov is expected to carry out important symbolic acts that will hurt Russia,' Mangott said.
This is what makes Umarov so dangerous and explains why Moscow has him at the top of its most wanted list.