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The Buzz

Morning briefing: 29 Nov 2012

by Executive Staff November 29, 2012
written by Executive Staff

Economics

Gold ticked higher on Thursday, after suffering its biggest daily decline in nearly four weeks in the previous session, as the looming deadline for averting a US fiscal crisis kept investors on their toes.

More from Reuters

 

The Kurdistan Regional Government (KRG) has cut in half oil exports as producing companies grow increasingly worried that Baghdad will not honor the payment terms of an export deal struck in September.

More from Iraq Oil Report

 

The United Arab Emirates has "effectively closed the country's remaining forum for free speech" with a decree issued earlier this month that tightened the law on online dissent, Human Rights Watch said on Wednesday.

More from Arabian Business

 

Saudi Arabia and Sudan are seeking to start in 2014 deep-water mining of a Red Sea basin believed rich in gold and copper.

More from AME Info

 

Canada wants to return to level terms with the UAE on visa-entry requirements after it was dropped from the Emirates' free-visa system.

More from The National

 

Companies

TABCo Emirates, the UAE arm of the Kuwaiti holding company TABCo International Food Catering, plans to invest more than US$80m in expanding branches of US-branded food chain Elevation Burger in the UAE, Oman and Kuwait, its CEO has said.

More from Arabian Business

 

Zain Saudi extended the maturity of a SAR9 billion ($2.40 billion) Islamic loan for another 21 days on Wednesday, the fifth time the loss-making telecom operator has deferred payment.

More from Gulf Business

 

Kuwait's Environment Public Authority (EPA) has announced a plan to gradually switch to using shopping bags made of paper or bio-degradable material, as the Gulf country aims at zero plastic use by the year 2020.

More from AME Info

 

Net profits of insurance companies in Lebanon reached $111.4 million in 2011, up by 25.6 percent from a total of $88.7 million recorded in 2010, according to the Association of Insurance Companies in Lebanon.

More from The Daily Star

November 29, 2012 0 comments
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High stakes on the border

by Nicholas Blanford November 28, 2012
written by Nicholas Blanford

At the end of 2011, it was still unclear whether or not Hezbollah was playing a direct role in assisting the regime of President Bashar al-Assad. Syrian refugees streaming into Lebanon had insisted since nearly the beginning of the uprising in March 2011 that Hezbollah and Iranian Revolutionary Guards were among the Syrian troops sniping at protesters from rooftops. But there was little hard evidence.

Adding to the skepticism was Hezbollah Secretary General Sayyed Hassan Nasrallah’s toned-down rhetoric on Syria around February and March 2012. Earlier, he had lambasted the West for seeking to oust Assad. Now, he was calling for dialogue and warning that continued violence would resolve nothing. Some diplomats and commentators took this to mean that Hezbollah was beginning to distance itself from a regime that seemed doomed.

However, at the end of 2012, few would still cling to the notion that Hezbollah is uninvolved in the Syrian conflict. Throughout the summer, there were growing whispers within Shia circles about various Hezbollah units deployed across the border or of the bodies of dead combatants being repatriated for quiet burial. The death in early October of Ali Nassif, a veteran Hezbollah commander, finally spurred Nasrallah to admit that some Lebanese Shiites, including some Hezbollah men, were fighting to defend their homes just across the border which were coming under attack by armed opposition groups.

On a recent trip to the Hermel area in the northern Bekaa, there was little disguising Hezbollah’s activities. As shells exploded across the border and the crackle of small arms fire could be heard nearby, a column of what appeared to be Hezbollah vehicles (Sport Utility Vehicles, usually Grand Cherokees, with tinted windows and no license plates) and minibuses filled with young men thundered down a narrow road heading to the border 300 meters away. Other Hezbollah vehicles raced up and down the potholed roads of the area; fighters in uniform rode rally bikes while others stood on the roadside communicating with radios.

It appears that there is some unease within Hezbollah’s ranks, both at a leadership level and among the cadres, regarding their continued assistance to a regime that surely will founder at some point. However, the fate of the Assad regime is a strategic issue for Iran and as such Hezbollah does not have the latitude to make independent unilateral decisions.

Indeed, it is evident that siding with the Assad regime to the extent that Hezbollah has is actually detrimental to the party’s domestic political interests. Openly supporting Assad and battling Syrian Sunnis in the armed opposition is deepening the divide between Lebanese Shias and Sunnis. Many Lebanese Sunnis already harbor deep feelings of bitterness, resentment, humiliation and frustration toward Hezbollah, stemming from the May 2008 events to the collapse of the Saad Hariri government in January 2011.

For now, there appears to be little indication that Iran and Hezbollah intend to change their position on Syria. And a glance at the balance of power on the ground suggests that the Assad regime could continue to hold out for a while longer, even if a restoration of the pre-uprising status quo has become impossible. The Syrian army is being whittled down to a hard core of mainly Alawite troops replete with armor, artillery and air power. The army is supported by a Hezbollah-trained loyalist shabiha paramilitary force as well as Hezbollah combatants. The regime enjoys the continued logistical backing of Iran and diplomatic support of Russia and China. Collectively, that represents a fairly formidable front against a lightly-armed, ill-trained, poorly organized bunch of militias that lack strategic coordination. The recent signs of unity in Qatar among the external political opposition is an encouraging first step (if it lasts) but there remains a long uphill struggle before achieving a cohesive and effective political and military front against the Assad regime.

Even if the opposition can remove the Assad regime from Damascus, it does not necessarily signal the end of the conflict. Iran and its allies may still possess sufficient military might in Syria to perpetuate instability to ensure that no administration antithetical to Iranian interests can take over in Damascus. The Iranian plan (of which Hezbollah is a component) may not be geared so much to saving Assad, but looking to see what advantages can be accrued from a prolonged period of turmoil and civil strife.

Toppling the Assad regime may only be the end of the first gloomy chapter in a depressingly long book.

 

 

Nicholas Blanford is the Beirut-based correspondent for The Christian Science Monitor and The Times of London

November 28, 2012 0 comments
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The Buzz

Morning briefing: 28 Nov 2012

by Executive Staff November 28, 2012
written by Executive Staff

Economics

Brent crude steadied at over US$110 per barrel on Wednesday, not far from a one-week low hit in the previous session, as investors nervously eyed talks to head off a looming fiscal disaster in the United States, the world's top oil consumer.

More from Reuters

 

Gold traded flat on Wednesday, after falling for two consecutive sessions, as the euphoria over a Greek debt deal fizzled out and investors shifted their focus to US negotiations to avert a looming fiscal disaster in the world's largest economy.

More from Arabian Business

 

The UAE economy is strong and is registering high growth rates in economic and social sectors, according to the country’s central bank governor, Sultan bin Nasser Al Suwaidi.

More from Gulf Business

 

Officials in the UAE are reviewing a draft commercial law that will allow 100 percent foreign ownership of some companies, Bloomberg reported, citing the undersecretary of the Abu Dhabi Department of Economic Development.

More from Arabian Business

 

Companies

Lebanon’s biggest bank, Bank Audi, will launch operations in Iraq next year and rival Byblos Bank is to enter the Libyan market as both contend with a flagging domestic economy

More from The Daily Star

 

Morocco would rather pursue a strategic partnership for Royal Air Maroc (RAM), with an airline from one of the Gulf states or beyond, than sell a stake in its flag carrier, government ministers has said.

More from Gulf Business

 

International Petroleum Investment Co (IPIC), the investment vehicle owned by the Abu Dhabi government, will price a $2.9 billion dual-currency bond, at tighter guidance than earlier indicated, due to strong demand.

More from Gulf Business

 

Ahli Bank, Qatar's seventh-largest listed bank, said on Wednesday that its strategic partner, Bahrain's Ahli United Bank, would sell nearly all its stake in the lender.

More from Arabian Business

November 28, 2012 0 comments
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The Buzz

Morning briefing: 27 Nov 2012

by Executive Staff November 27, 2012
written by Executive Staff

Economics

Brent crude rose above $111 per barrel on Tuesday as optimism coursed through financial markets after Greece's international lenders reached a deal on a new debt target, although worries about a looming US fiscal crisis kept a lid on gains.

More from Reuters

 

Gold traded in a tight range above $1,748 an ounce on Tuesday, as traders moved to the sidelines after initially pushing up bullion by almost US$3 following a deal among Greece's international lenders to cut the country's long-term debt.

More from Reuters

 

Dubai’s economy expanded 4.1 per cent from a year earlier in the first half of this year, official data showed on Monday, indicating the Gulf’s main trade and financial hub is holding up well in a weak global environment.

More from Gulf Business

 

Qatar's sovereign wealth fund sold the last of the warrants it owns in Barclays on Monday, notching up a gain of more than £1.7bn ($2.7bn) from the controversial fundraising deal it struck with the bank four years ago.

More from Arabian Business

 

A large-scale public sector strike is expected across Lebanon on Tuesday organized by the Union Coordination Committee in protest against the government’s delay in finalizing the pay hike. 

More from The Daily Star

 

Companies

US private equity firm TPG has acquired truck and trailer parts distributor FleetPride from Bahrain's alternative asset manager Investcorp for over US$1bn, Investcorp said in a statement on Tuesday.

More from Arabian Business

 

Phase one of Dubai’s newly approved AED10bn (US2.7bn) entertainment and leisure development, which will include five theme parks based on movies and characters from Hollywood and Bollywood movies, will be completed in 2014, it has been confirmed.

More from Arabian Business

 

A quarter of the UAE hotel projects in the pipeline have been put on hold, while 54 per cent will be developed, according to a new study by property consultants Christie and Co.

More from Gulf Business

 

Dubai Group, part of the ruler of Dubai's personal empire, has cut half its staff of about 30 people as part of cost-cutting measures in its $10 billion restructuring, three sources told Reuters on Monday.

More from Arabian Business

 

A consortium including Samsung Engineering and Shanghai Electric have won an SR11.3bn ($3bn) deal to build a water desalination plant on the Red Sea coast of Saudi Arabia.

More from Arabian Business

November 27, 2012 0 comments
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Economics & Policy

Aleppo: death from the skies

by Sam Tarling November 26, 2012
written by Sam Tarling
A woman holds her daughter as a Syrian air force jet bombs the streets surrounding her house in Aleppo’s Ahayderieh neighborhood [Executive/Sam Tarling]
The body of a child is carried from the rubble of a destroyed building after an aerial bombardment in Aleppo’s Ahayderieh neighborhood [Executive/Sam Tarling]
Residents load the body of a woman killed in an airstrike into a van as a government warplane circles overhead. In the background Free Syrian Army fighters fire futilely at the aircraft [Executive/Sam Tarling]
A man films a jet as it passes overhead shortly after it bombed a nearby house [Executive/Sam Tarling]
A Syrian air force jet drops a bomb on Aleppo. Moving across the skies unchallenged, the jets can strike at will anywhere in the city, with devastating effect [Executive/Sam Tarling]
Smoke rises as a rocket explodes on the eastern outskirts of Aleppo [Executive/Sam Tarling]
Civilians of Aleppo are watching their city being torn apart [Executive/Sam Tarling]
Two men inspect the damage after another Syrian air force attack on a residential apartment complex [Executive/Sam Tarling]
The debris of homes blown into the streets make some areas of Aleppo nearly impassable [Executive/Sam Tarling]
Queuing for bread at bakeries like this one in Aleppo can mean risking one’s life, as they have recently become targets for the Syrian air force [Executive/Sam Tarling]
Once a thriving hub for small business, heavy fighting between government troops and the rebels in Aleppo has destroy thousands of livelihoods [Executive/Sam Tarling]
One of the thousands of workshops blown apart in fighting between rebel fighters and regime soldiers [Executive/Sam Tarling]
Civilians are by far paying the heaviest toll in fighting between opposition and government forces in Aleppo. This single air strike in the Tariq Al Bab neighborhood destroyed six homes.
A boy takes a closer look at damaged caused when six houses were destroyed by an aerial bombardment Aleppo’s Tariq Al Bab neighborhood [Executive/Sam Tarling]
A so-called “barrel bomb” dropped from either a plane or helicopter fell through the top floors of this building and exploded on the ground floor, destroying the building and blowing out the walls in six surrounding homes in Aleppo’s Tariq Al Bab neighborhood [Executive/Sam Tarling]
A man weeps after returning to the site where his aunt, uncle, and five nieces and nephews were killed when an airstrike destroyed six homes in Aleppo’s Tariq Al Bab neighborhood [Executive/Sam Tarling]
On a bad day, the sheer volume of casualties causes hospitals to run out of space for the dead. Here, the body of a civilian who was killed by a sniper is left on the floor as doctors treat other patients who they still have a hope of saving, at the Dar a Shafaa hospital in Aleppo’s Tariq Al Bab neighborhood [Executive/Sam Tarling]
As the death toll of the conflict climbs, fresh graves are becoming ever more numerous in cemeteries around Aleppo [Executive/Sam Tarling]

Photoblog from the front lines of Syria’s biggest city

November 26, 2012 0 comments
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Business

Scaling the heights

by Sam Tarling November 26, 2012
written by Sam Tarling
05:39 Five hours from now, the three rolled up 15 by 15 meters banners that will cover a sizable chunk of Lebanon's City Mall. But for now they are in a corner in the Beirut office of PrintWorks [Photo: Sam Tarling/Executive]
05:43 The day starts with a tough job as the installation team heave the banners to a service elevator [Photo: Sam Tarling/Executive]
05:48 From there they are taken up the elevator. The men know that they are on a tight deadline as the banners must be up before the mall opens at 10. [Photo: Sam Tarling/Executive]
06:02 As the first ladder goes up, the team have just fours hours to transform the outside of the building [Photo: Sam Tarling/Executive]
06:22 A banner is tied with rope ready to be hauled up to the narrow gantry that runs beneath where it will be hung [Photo: Sam Tarling/Executive]
06:25 The men quickly haul up the heavy banner to a ledge. The lack of space leaves little room for error [Photo: Sam Tarling/Executive]
06:30 With equally generous helpings of bravery and skill, an installation team member scales the wall of the mall using nothing but the edge of the banner installation and a series of centimeter-wide protrusions on an air duct. [Photo: Sam Tarling/Executive]
06:59 With three hours until the deadline, the team haul the first banner into position. [Photo: Sam Tarling/Executive]
07:34 Things then go quickly and within 40 minutes all three banners are hung. Now the team have to secure them to the rooftop [Photo: Sam Tarling/Executive]
08:01 Using abseiling equipment, the men smooth out creases in the banners by twisting lengths of wire to pull the edges tight. [Photo: Sam Tarling/Executive]
08:42 A team member surveys his handiwork after pulling the edges of the banner. [Photo: Sam Tarling/Executive]
08:51 As the team work on the last corner of the last banner, a heavy wind springs up. It takes the entire weight of a man to stop the banner from billowing out of control. Fearing a storm, the team push hard to finish the job [Photo: Sam Tarling/Executive]
09:42 The team have beaten the clock by 15 minutes. The banner is up and they even have time to check their work [Photo: Sam Tarling/Executive]

Photogblog on the process of changing a giant billboard

November 26, 2012 0 comments
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The Buzz

Morning briefing: 26 Nov 2012

by Executive Staff November 26, 2012
written by Executive Staff

Economics

Brent crude held above US$111 a barrel on Monday as hopes Greece can avoid a near-term bankruptcy brightened the outlook for oil demand from Europe, while violent protests in Egypt reignited supply concerns.

More from Arabian Business

 

Egypt’s main stock index fell nearly 10 percent on Monday as fresh clashes over President Mohammed Morsi’s proposed constitutional changes consumed central Cairo.

More from the Los Angeles Times

 

The Gulf region, which has large numbers of migrant workers, continues to see "robust growth" in remittance flows when compared to Western Europe, a new World Bank report has said.

More from Arabian Business

 

Companies

Qatar Holding LLC has cashed in on its remaining warrants in Britain’s Barclays Plc, a move that still leaves the sovereign wealth fund as the bank’s top shareholder while their relationship faces legal scrutiny.

More from Gulf Business

 

UAE-based Network International has gained a foothold in India by taking control of TimesofMoney, a digital payment firm, in a move that it hopes will help it to earn a slice of the lucrative remittances market.

More from The National
 

And finally…

Almost 37,000 motorists were caught talking on their mobile phones while driving during the first 10 months of this year, Dubai Police said.

More from The National

November 26, 2012 0 comments
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The Buzz

Morning briefing: 23 Nov 2012

by Executive Staff November 23, 2012
written by Executive Staff

Economics

Oil prices fell on Friday as a cease-fire agreement between Israel and Hamas that stopped weeklong fighting in the Gaza Strip continued to hold.

More from The Daily Star

 

An IMF agreement for a loan to Egypt provides stability, confidence and international support for fiscal consolidation and structural reform. the body has said.

More from AME Info

 

Companies

One of India's largest listed real estate developers has announced the launch of its first overseas office in the UAE. Indiabulls Real Estate Ltd, which has delivered 3.3 million sq ft developed space valued at $1.75bn in the last four year, has set up in Dubai's Karama area.

More from Arabian Business

 

Dana Gas, in talks to restructure a $920m Islamic bond, is offering bondholders cash and an average 8 percent coupon on two new sukuks to replace the existing one, two sources said.

More from Arabian Business

 

Citadel Capital has agreed with Qatari investors to import liquefied natural gas (LNG) into Egypt from mid-2013, the Egyptian private equity firm has said.

More from Arabian Business

 

Politics

The Egyptian president Mohammed Morsi has sacked the prosecutor general, ordered a retrial of Mubarak officials and placed himself above judicial oversight, in moves condemned by campaigners.

More from The National

 

Guy Fawkes masks have been banned from National Day celebrations in the UAE amid fears that people could wear them to symbolise opposition to the state.

More from The National

 

On the first anniversary of the Bahrain Independent Commission of Inquiry (BICI), Bahrain's government has issued a forceful defence of progress made towards reform.

More from The National

November 23, 2012 0 comments
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The Buzz

Israel vs. Gaza: Goliath vs. David

by Benjamin Redd November 23, 2012
written by Benjamin Redd

A glance at coverage of the current war between Israel and Gaza would lead one to believe that each combatant brings powerful forces to bear against the other. Yet the reality is that Israel’s military and economic dominance over Gaza is so huge that it is less a battle of equal forces than a military superpower taking on a statelet — a Goliath and David match-up.

Click here or on the picture below to see our interactive guide to the two foes different strengths.

November 23, 2012 0 comments
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The Buzz

Morning briefing: 22 Nov 2012

by Executive Staff November 22, 2012
written by Executive Staff

Economics

Brent crude hovered near $111 as the Chinese economy showed further signs of recovery, bolstering the outlook for oil demand, although the upside was limited as a ceasefire in the Gaza Strip eased concerns over supply.

More from Arabian Business

 

The presence of US aircraft carriers in the Gulf region will decrease from two to one for around two months, after a warship that was due to deploy to the area is to undergo unexpected repairs.

More from Gulf Business

 

Companies

Dana Gas has agreed with the governments of Sharjah and Ajman to develop a gas field off the two emirates’ coasts with production expected to start in the first half of 2014, the company said on Thursday.

More from Gulf Business

 

Saudi Arabia's Rafal Real Estate Development Company said this week that after an 18-month build period its Burj Rafal project remains on track to be completed in eight months.

More from Arabian Business

 

The board of directors of Casino du Liban – Lebanon’s only state-run casino – has decided to give 250 contractual employees full-time employment starting in 2015, following two weeks of protests and sit-ins.

More from The Daily Star

The board of directors of Casino du Liban has decided to give 250 contractual employees full-time employment starting in 2015, following two weeks of protests and sit-ins

Read more: http://www.dailystar.com.lb/Business/Lebanon/2012/Nov-22/195883-casino-du-liban-reaches-deal-with-contract-workers.ashx#ixzz2CwUS98h2
(The Daily Star :: Lebanon News :: http://www.dailystar.com.lb)

The board of directors of Casino du Liban has decided to give 250 contractual employees full-time employment starting in 2015, following two weeks of protests and sit-ins

Read more: http://www.dailystar.com.lb/Business/Lebanon/2012/Nov-22/195883-casino-du-liban-reaches-deal-with-contract-workers.ashx#ixzz2CwUS98h2
(The Daily Star :: Lebanon News :: http://www.dailystar.com.lb)

 

Politics

A ceasefire between Israel and the Hamas movement that runs the Gaza Strip appeared to be holding on Thursday.

More from the BBC

November 22, 2012 0 comments
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Since its first edition emerged on the newsstands in 1999, Executive Magazine has been dedicated to providing its readers with the most up-to-date local and regional business news. Executive is a monthly business magazine that offers readers in-depth analyses on the Lebanese world of commerce, covering all the major sectors – from banking, finance, and insurance to technology, tourism, hospitality, media, and retail.

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Executive Magazine
  • ISSUES
    • Current Issue
    • Past issues
  • BUSINESS
  • ECONOMICS & POLICY
  • OPINION
  • SPECIAL REPORTS
  • EXECUTIVE TALKS
  • MOVEMENTS
    • Change the image
    • Cannes lions
    • Transparency & accountability
    • ECONOMIC ROADMAP
    • Say No to Corruption
    • The Lebanon media development initiative
    • LPSN Policy Asks
    • Advocating the preservation of deposits
  • JOIN US
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    • Attend our events
    • Receive updates
    • Connect with us
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