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Finance

MENA stock tips, November 2012

by Maya Sioufi November 1, 2012
written by Maya Sioufi

Markets appeared to be on the downward slope of the rollercoaster last month. After rallying following monetary easing measures in the United States and in Europe in September, markets have headed back down as companies report their third-quarter earnings, with some corporates guiding the market lower. Executive sat with Abdulla al-Hosani, general manager of Emirates NBD Securities, the brokerage arm of Emirates NBD, and Nadim Kabbara, head of research at FFA Private Bank for investment recommendations. 

 

Abdulla Al Hosani

In which markets would you buy?

Hosani would invest in three regions: South America, for its significant growth and increasing population, the Far East (mainly China), which he says is still booming, and the Gulf Cooperation Council (GCC), where Hosani is seeing investor demand coming back. For more developed markets, he prefers to wait for now. Hosani is mostly concerned about the unresolved European issues.   

Key concerns with these markets?

"Accountability of management” says Hosani. “Management makes a wrong decision and then they take their bonus and leave.” He would also like to see stricter investment banking and auditor regulation. 

Favorite asset classes?

Hosani favors fixed income, equities and property in the three regions mentioned above. For property, he would also consider “one of the big cities such as London, New York or Paris if there were unique opportunities.” As for sectors, Hosani prefers exposure to more defensive sectors, mainly the telecommunication sectors across the three regions.

Thoughts on Middle East equities?

His preference would be for markets in Saudi Arabia, the United Arab Emirates, Qatar and Egypt. He likes Saudi Arabia, Qatar and the UAE for their stability and growth potential. In Egypt he sees strong demand from investors following the uprising. He would also recommend investing in Libya and Tunisia. 

Top investment ideas?

Hosani believes that “the Middle East would be one of the best areas to invest in if the ‘Arab Spring’ settles, especially Syria.” He would break down his investment in the Middle East as follows: 45 percent in equities, 25 percent in real estate and another 30 percent in fixed income. 

 

Nadim Kabbara

Time to buy on third-quarter result weakness?

Kabbara would be selective in what he is buying. He believes that the US’ quantitative easing measures limited the downside of the markets but “it won’t take us forward.” Kabbara is focusing on quality US companies at good valuations and would stay away from Europe as “it is still challenging for now.” He favors betting on increased spending from US consumers, choosing discretionary sectors such as apparel manufacturers and food and beverage. 

Kabbara is also waiting to invest in cyclical companies, with a preference for industrial companies such as Caterpillar and Cummins, and technology companies such as Intel. He also likes the US healthcare sector as the baby boomers are retiring and “are going to need more medication.”

Concerned about the upcoming US fiscal cliff (the massive legally-mandated tax increases and spending cuts coming into effect in 2013 if no budget-balancing deal is found)?

“Extremely concerned” says Kabbara. He does not know what US politicians will do and would not be surprised if “they look to do things at the eleventh hour” just like they did with the increase in the debt ceiling last year. “It is a very big headache for the markets,” he adds. 

Thoughts on Europe?

Kabbara believes that expectations have risen in Europe following the bond-buying program announced by the European Central Bank in September, and would not invest unless there are selective opportunities. He wants to see “less talking and more doing from Europe’s politicians”. 

Thoughts on MENA equities?

Kabbara believes that MENA equities present good opportunities with some companies “trading at very attractive prices to free cash flow with generous dividend yields.”  He would avoid countries in the region that are oil importers or that have a lot of political risk, mainly Kuwait, Lebanon, Syria, Bahrain and Egypt. He favors Saudi Arabia, which is looking to use its revenues to boost non-oil sectors. He also recommends investing in Qatar, Oman and the UAE. 

Top investment ideas?

His top picks are Spirit Airlines, a US-based regional ultra-discount airline company, and Etihad Etisalat, a Saudi-based telecommunications company that he considers an “attractive way to play Saudi consumer spending with a nice growth profile and cash-flow generation capacity.” 

November 1, 2012 0 comments
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Last Word

Smiling through our pain

by Sami Halabi November 1, 2012
written by Sami Halabi

An economy that can serve the interests of all our people requires confidence. The necessary conditions for that economic confidence are both security and straight talk from those who are entrusted to protect our nation’s growth. That is why it is so damaging that no one called out the president or the prime minister for inflating Lebanon’s economic progress to the public and international community last month.

According to our Prime Minister Najib Mikati’s office, “estimated results” for last year’s economic growth have come to 5 percent and growth in the first quarter of this year increased by “leaps and bounds”. If that makes you think that one of his speechwriters has a substance abuse problem, you are not alone. No one — from the international financial institutions, to local academics, or even the humble journalists who monitor our economy — thinks growth last year exceeded 1.5 percent, not to mention those who believe the economy has been contracting since the third quarter of 2011.

Not to be outdone, at a United Nations conference last month President Michel Sleiman heralded the achievements of the agricultural sector, claiming it now makes up 6.5 percent of the economy while it had previously made up 5 percent. Of course, he neglected to mention that value added in the sector fell in 2010. There are no national accounts for 2011 and certainly not for 2012.

The relatively productive agriculture minister, Hussein Hajj Hassan, who flanked the president at the conference last month also trumpeted his ministry’s development platform for the sector, issued in 2009. A paper was issued in 2009 that contains a laundry list of issues facing the sector, followed by bullet points and badly drawn Microsoft Word Tables stuffed with the keywords governments love to use: “enhance” this, “develop” that, “reduce costs”, “create jobs”. Naturally, the only real targets in the document are those aimed at increasing staff (read: patronage) within the ministry. Since then none of the laws he proposed have passed parliament and the strategy ends next year anyway.

Instead of trumpeting overly rosy figures and touting their outstanding visions, perhaps some more humility would befit a political class that has not managed to have a census in more than 80 years, or even knows what the country’s gross domestic product, employment or inflation rates really are. The statistical, administrative and monitoring frameworks needed to accurately calculate these things are still some way off. In the meantime, there are real indicators that can be monitored in a much easier fashion to appraise the government.
Take, for instance, another half-nation of around five million hard-nosed people with limited government ability to make decisions: Scotland. In a surprisingly successful effort to reform government, the Scots have come up with a system that, on the surface, reads very much like the agriculture ministry’s ‘strategy’. Their ‘National Performance Framework’ starts with a purpose (basically ‘increasing sustainable economic growth’), drills down into five purposes of equally loose language: ‘safer & stronger’, ‘healthier’, ‘smarter’, ‘greener’, ‘wealthier & fairer’. Each category then has indicators (such as improved levels of educational attainment) and measurement criteria (such as gaps in student performance between Scotland and countries from the Organization for Economic Cooperation and Development), with progress reports posted online and updated regularly. The government doesn’t meet all of its targets, in fact they maintain the status quo much of the time, but people believe them when they succeed and listen to them when they explain why they fail. This approach to governance was a contributing factor to ruling Scottish National Party winning an outright majority in 2011 in an electoral system that was designed not to allow that to happen.

Lebanese politicians should take heed: honesty and transparency in governance builds confidence — from international institutions and partners, from the business community, and from those who are supposed to be paramount in all this, the Lebanese. When our economy is suffering, smiling to us and telling us everything is fine will not make it easier to pay rent or get a decent job. Rather, what is needed is an honest appraisal of where things are failing and what is lacking — at least then we will know where to begin to fix things.

Sami Halabi is a Masters of Public Policy candidate at the University of Edinburgh and former managing editor of Executive

 

November 1, 2012 0 comments
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Society

Presidential beyond words

by Line Tabet, Zeina Loutfi & Ramsay G. Najjar November 1, 2012
written by Line Tabet, Zeina Loutfi & Ramsay G. Najjar

“Obama’s weaknesses on full display in debate”; “Obama admits debate performance a flop”; “In debate style and body language, Romney trumps Obama”.

These have been the sort of remarks making headlines since the first of the three United States presidential debates in the run-up to the vote between Democratic incumbent, President Barack Obama, and Republican candidate Governor Mitt Romney. As expected, the debate has been extensively analyzed in the hopes of predicting who might become the next American president. What was especially striking about the media coverage this time was the excessive attention given to the candidates’ physical language, across both serious and comedic media, which seems to have played a major role in their proclamation of the first debate’s winner.

While the analysis of body language might seem trivial to many, becoming the preferred subject of comedy and spoof shows, some studies have shown that only 7 percent of communication is conveyed through actual words, whereas 93 percent is nonverbal communication. The most telling and over-used example of this is the first American televised presidential debate: The 1960 Richard Nixon versus John F. Kennedy debate. It has become a popular reference that Nixon, the accomplished politician, failed to impress in the face of a young and novice candidate, mainly because he refused to wear makeup.  

Whether the above percentages are accurate or whether we agree or not with the analysis of the Nixon debate, one cannot discount the importance of body language in a public or media setting, whereby posture, facial expressions, hand gestures, voice and dress code have become key components to be taken into account, alongside messaging and content. Trying to predict the winner of the American elections through body language is no doubt a fortune telling assignment. However, given that the whole world is closely watching this event, and that all eyes are riveted on American media screens, we cannot but stop and examine the presidential and vice-presidential debates to illustrate the basics of body language and extract key takeaways, as well as some ‘Dos’ and ‘Don’ts’. Furthermore, keeping in mind that the victor of the elections may well be known by the time you read this article, it is worthwhile exploring whether all this hype about the two candidates’ nonverbal performance had any real value.

Posture: the manifestation of confidence

The reason some viewers may have confused Obama’s first presidential debate with that of a daily press briefing is because of his perceived “defeatist” attitude and posture. His body language communicated stress and anxiety: leaning on one foot, tilting his head to the side and slouching his shoulders. He came across as unsure of himself, lacking energy and outright bored. On the other hand, Romney seemed calm, projecting passion and motivation, whereby his overall posture was straight and upright, conveying confidence and poise, all of which translated into positive energy.  

Facial Expressions: telling it all at a glance

A month prior to election day with polls providing all kinds of forecasts as to voter intentions, candidates need to speak to voters and rally them, be they supporters or opponents, and especially the undecided ones they are trying to win over. Therein lies the importance of appearing to address each and every one of them. And what better way to do so than establishing eye contact so as to give every viewer the impression of being spoken to directly. Both Romney and current Vice President Joe Biden played this card successfully, as they stared straight at the camera to address voters, conveying both candor and caring. 

On the other hand, Obama’s genuine smile, one that has become his trademark over the years, looked dull and faded because of the negative energy he exuded. He was often seen pursing his lips, especially when listening to Romney’s arguments. This brings us to one of the main challenges that face incumbents during such debates: to avoid appearing condescending and patronizing or looking at their opponents with disdain and arrogance. A challenge both men failed to meet. 

Hand gestures: adding punch through motion

The art of hand gestures may seem like a secondary element of body language, one that comes naturally and spontaneously. However, it can strongly affect the image of any politician or public figure, either by making them appear tense or agitated or by adding emphasis and impact to their messages. Indeed, those with overly animated hand gestures often distract viewers, as their attention is drawn to the hand rather than the content and messages. As such, the “Golden Rule” when it comes to hand gestures is to avoid excessiveness. When it came to persuading voters with gestures, Romney outdid Obama in the first debate. Indeed, they were in sync with his speech, reaching out to his audience, creating a feeling of openness, and ultimately making some messages more memorable to the audience.

Voice: conveying impactful messages through delivery 

Recent award-winning movies, including The Iron Lady and The King’s Speech, have shown the importance of voice in conveying leadership: Margaret Thatcher in the midst of vocal training, working on the pitch of her voice to project power and authority, and the lessons of King George VI with his speech therapist to cope with his stammer. These have become iconic scenes that support the claim that voice can accentuate leadership attributes and is an effective means to influence and impact the audience. During election time, the debate’s objectives are to inspire people and mobilize them to vote. Hence the importance of one’s voice, as it transforms lexis into impactful messages and memorable sound bites through the appropriate use of pitch, tone, volume, rate and articulation. Varying the tone of voice allows one to convey dynamism and enthusiasm, which are key to emphasizing pivotal ideas.

Whereas Romney was confident in delivering his messages, speaking eloquently and clearly, Obama had a slower delivery, resorting to verbal fillers, and making long pauses. This did not play to his favor, despite succeeding in projecting empathy and compassion when he softened his tone of voice to mention his grandmother in the context of social security and his fight for the American middle class.

Dress code: the clothes that make the man

Red is typically the color of the power tie, a memo that Romney received and understood, with his dark red striped tie popping on screen during the debate, compared to Obama’s royal blue tie which blended in with the purple background and reinforced his sense of fatigue. The specific choice of color is of course not the point here; what is important to remember is that speakers must always choose attire that accentuates their presence and aura. This example confirms that dress code goes beyond style and can actually influence the image of a public figure, clearly helping to make a strong and positive impact.

Everything comes 

in pairs 

Jon Stewart dedicated an episode of his satirical show, “The Daily Show” to the exaggerated hype given to the candidates’ body language after the first debate, with some media going to extremes by counting the number of blinks for each candidate. However, this definitely subsided following the second debate, with the focus shifting toward content, arguments and promises made by each.

With the parliamentary elections in Lebanon, Jordan, Qatar and Egypt “theoretically” around the corner, potential candidates can stand to learn a lot from the US elections’ experience when it comes to polishing their body language in the hope of possibly compensating for the huge gap in their rhetoric, which remains sorely lacking. When it comes to media performance, and as the saying “everything comes in pairs” goes, it boils down to content and physical language, two ingredients that need to complement each other in order to ensure a successful recipe.

November 1, 2012 0 comments
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Society

Szechuan in style

by Nabila Rahhal November 1, 2012
written by Nabila Rahhal

Driving down the highway from Antelias into downtown Beirut, one cannot but notice several huge billboards advertising the latest Asian cuisine restaurant, Chenbao — the Chinese word for castle. Curiosity aroused, Executive decided to pay a visit.

Chenbao is the newest conception of the Kazzami group, which brought us the high-end sushi restaurant Osaka and is planning for the opening of the Italian garden restaurant Villagio on Kantari Street, Beirut. Since Chenbao is also promoted as luxurious dining, expectations were high. Situated on the main road in Saifi Village II, with glass panels allowing diners to see the streets outside and be seen themselves by passersby, glamor is projected before you take your first step inside. 

At the entrance, Executive’s party of two is greeted by an Asian hostess wearing a Chinese-style dress, who escorts us to our table and offers us the traditional wet and warm hand towels. The restaurant’s glossy granite flooring and black and gold trimming gives off a subtly luxurious vibe, though the excessive use of dark wood finishing on the walls, perhaps meant to accentuate the Asian feel, lends a somber and somewhat heavy feel to the place. The tables and chairs are placed at such angles so as to allow enough privacy for the diners’ conversations while at the same time allowing them to see most everyone in the spacious setting. The dark wood tables themselves are artfully set with little flowers on the chopsticks holders and upholstered, cream-white chairs prove comfortable for the meal. (An interesting feature of Chenbao, showing particular sensitivity on the owner’s part, is the electric sliding chair attached to the stairs leading to the bathroom — a facility for the disabled, the elderly and those too full to walk down the stairs.)
Menus are provided minutes after we’re seated by another Asian waitress who remains attentive throughout the dining experience, refilling water glasses and removing empty plates almost as soon as the last bite is taken.

sweet and sour
Prepared by the experienced Malaysian chef Eddie Chua, the menu offers traditional Chinese fare, from Szechuan-flavored stir fried meats to rice and noodles, as well as Thai fusion dishes. Matching the high-end image of the restaurant are the prices. A single serving of vegetable noodles costs $11, appetizers are between $20 and $25, and main dishes are as much as $40 if one orders seafood. Upon the waitress’s recommendation, we ordered the wasabi prawns as appetizers, the chicken cashew nuts with vegetables noodles for the main course and finished up with jasmine flavored macaroons — totalling $85 for two, drinks excluded. The artistically arranged dishes of generous portions arrive in perfect sequence, one after the other — the wasabi prawns drizzled in cream sauce offered a unique, harmonious blend between the spicy and sweet adjuncts to the shellfish; the chicken a light and pleasant, if somewhat uninspired, main dish in terms of Chinese cuisine, while the jasmine macaroons were the highlight of the meal, a bouquet of the sweet and the bitter to wrap up the flavor experience.

Having arrived at 9 pm, new customers were still coming in two hours later when we left, keeping the place half full at all times. The clientèle were mainly young professionals, between the ages of 30 and 40, who, according to those who sat around us, were also prompted by the billboard advertisements. 

In the months to come, the tables at Chenbao will likely continue to be filled with inquisitive patrons out to see what all the fuss is about, and while they will certainly not be disappointed by the ambiance and the service, some dishes will have to find a stronger identity to pull their weight in an establishment banking its reputation on high-end and original cuisine.
 

November 1, 2012 0 comments
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Battle of the drones

by Nicholas Blanford November 1, 2012
written by Nicholas Blanford

The unmanned aerial vehicle (UAV), or drone, Hezbollah dispatched to fly over southern Israel in October carried a couple of messages.

First, it was intended to remind Lebanon and Israel that Hezbollah’s main focus remains the confrontation with the Jewish state and not the conflict in Syria. The drone’s flight occurred amid increased reports of Hezbollah’s alleged assistance to the regime of President Bashar al-Assad, including sending fighters to Syria to fight the rebel Free Syrian Army (FSA) and train the regular Syrian army in urban warfare. This assistance would contradict the Lebanese government’s policy of disassociation with the war in Syria, though Hezbollah is not the only Lebanese faction operating there — several hundred Sunni Lebanese have reportedly joined the FSA and there are logistical support networks for the Syrian rebels in parts of the northern Bekaa and Akkar regions of Lebanon.

Still, amid such controversy, Hezbollah appears to have decided to switch attention away from Syria and redirect it toward Israel. It worked, at least in the sense that the drone captured headlines for a few days.

The drone’s flight over southern Israel was also a demonstration of Hezbollah’s evolving technical capabilities. It flew a drone for the first time in Israeli airspace in November 2004. That drone, an Iranian Ababil-T, was launched near Naqoura, crossed undetected into Israel and reached near Haifa during its 18-minute flight before returning to Lebanon. The Israelis never spotted it.

Hezbollah sent a second drone over Israel six months later; it also used them in the 2006 war with one drone shot down off the Israeli coast and another off the Tyre peninsula.

However, the drone that ploughed the skies above southern Israel was far more sophisticated than the Ababil-T, which lacks the range to reach the Negev desert from Lebanon — if indeed that was the origin of the UAV. Although Sayyed Hassan Nasrallah, Hezbollah’s secretary-general, admitted that his group was responsible for the flight and Hezbollah-affiliated Al Manar broadcast graphics indicating part of the flight path, the incident remains dogged by uncertainty. Nasrallah said that the drone was launched from Lebanon but did not pinpoint the precise location. The United Nations Interim Force in Lebanon (UNIFIL) said it did not detect the drone, neither on its ground radars in south Lebanon nor on the shipboard radars of the Maritime Task Force, the naval component of the peacekeeping force. That suggests that the drone was small enough or flying low enough to avoid detection. Alternatively, it never flew from Lebanon in the first place.

The guidance system remains unknown as well. Drones are usually controlled by one of two means: either by an operator using radio or satellite signals to directly steer the UAV on its course or by installing a preprogrammed flight plan. The UAV, if launched from Lebanon, was operating beyond the range of radio control, suggesting it was following an autonomous preprogrammed flight plan or it was being guided by satellite signals. If the latter, that would suggest a whole new level of technological advancement for Hezbollah and Iran.

The Israelis said that they picked up the drone when it was still flying over the Mediterranean but decided to tail it until it crossed over empty terrain before shooting it down. Iran and Hezbollah claimed that the drone in fact slipped into Israeli airspace undetected, thus proving the inadequacy of Israel’s air defense systems. As usual, it is difficult to be certain which version is correct. If Israel really detected the drone over the sea and chose to follow it, that would be a first. Usually, Israel shoots down unauthorized aircraft.

It has been speculated, however, that the Israelis attempted to interfere electronically with the UAV to bring it down safely so that it could be examined. Hezbollah is believed to have done something similar a year ago when an Israeli drone mysteriously vanished over south Lebanon after UNIFIL radars saw it floating to the ground. The Israelis appear to have been not so lucky as their Hezbollah foes. When the Israeli cyber interception failed, the drone was shot down so that at least the debris could be salvaged for inspection.

The unusual incident goes to show that even though the Lebanon-Israel border has remained relatively calm for more than six years, the conflict between Hezbollah and the Jewish state continues to rage on the technological front of cyber-warfare and signals intelligence.
 

 

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

 
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Tweeted into shame

by Paul Cochrane November 1, 2012
written by Paul Cochrane

Social media’s role in bringing about progressive change is a hot topic in the Middle East as much as, if not more than, elsewhere given the ongoing debate about its use in the Arab uprisings. On a collective level it is hard to gauge due to the multitude of factors that contribute to people taking to the streets —  mass demonstrations can and of course have happened without any social media — but when it comes to smaller, localized events social media’s power is clear. The online exposure last month of a Middle East Airlines (MEA) employee’s racist remarks toward Asian passengers is a clear case, and one that other companies should take heed of if they don’t want their name or brand dragged through the mud. 

In early October, passengers were waiting in Rafiq Hariri International Airport at a departure gate for a flight to Dubai, including a group of Nepalese women, when a MEA employee got on the public announcement system and said, “Filipino people, stop talking.” The woman told the “Filipinos” to stop talking twice more, giggling as she did so and goaded on by a male colleague. 

The incident outraged fellow passenger Abed Shaheen, who tried unsuccessfully to make a complaint. In the past Shaheen might have told just family, friends and colleagues about the incident, and his complaints would have had minimal if any effect. In our new world of social media, Shaheen wrote about the experience on Facebook and Twitter. The story was quickly shared and within three days 1,600 people had signed a petition on change.org, calling for “MEA to apologize publicly for their staff’s behavior.” 

The media promptly picked up the story as well, initially in Lebanon and then abroad. Under fire, MEA eventually came out to say they had launched an investigation, and the employee was first “disciplined,” then reportedly fired.

While justice has arguably been done, and a strong message sent to MEA staff to think before they speak, MEA’s reputation has been negatively impacted. A scroll through the 200 plus comments following the airline’s apology on its Facebook page shows a great deal of animosity toward MEA: “service sucks,”  “airline crew impolite” and, more worryingly for the carrier in these difficult financial times, is the number of people that wrote they would “vote with their feet” by no longer flying with MEA. Judging from the comments, many Lebanese opt for MEA out of solidarity with the nation’s carrier, despite its invariably higher ticket price. But patriotism only goes so far, and this incident will no doubt lose the airline old as well as potentially new passengers. 

MEA, and subsidiary MEAG that runs the airport, say they have gone beyond “damage control” mode and made effective changes that can be immediately seen; this includes mandating that staff be trained to treat everyone equally and respectfully, as paying customers. Numerous times on flights to the Gulf and East Africa, acquaintances and I have seen African and Asian passengers seated together at the back of the plane away from passengers despite numerous seats being available. This happens too often to be coincidence and the check-in staff, by designating seats in this way, creates segregation. Such a policy is racist, and even more insulting when it occurs on the national airline of the segregated passengers, such as Ethiopian Airlines. This has to change.

Then there is the small boxy room that domestic workers are forced to wait in upon arrival at Beirut airport until their new employers come to collect them, rather than being met like everybody else in the arrivals lounge. It is reminiscent of a prison with inmates awaiting bail. For many of these women, it is the first time out of their country; they are unsure, scared perhaps about what’s next, and they should be treated in a more dignified manner. Both MEA and the airport are, after all, people’s first impressions of the country, no matter where a passenger is from, and customer service should reflect that. 

Ultimately, MEA has now put itself under the spotlight of social media, and activists will be on the lookout for further misdemeanors. It is a useful lesson for MEA to change its policies and better manage employee behavior, as well as for other companies to realize the power of social media to hold them to account.

 

 

Paul Cochrane is the Middle East correspondent for International News Services

 

 

 

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The Buzz

Morning briefing: 31 Oct 2012

by Executive Staff October 31, 2012
written by Executive Staff

Economics

The prime minister of the United Arab Emirates has announced approval of a 2013 federal budget that is heavy on social spending but without the deficits of the last two years.

More from Arabian Business

 

The Egyptian government has decided to allow residents of Sinai to own their land in the peninsula, state media has reported. According to Prime Minister Hisham Qandil, applicants need to prove they do not have a second nationality, and confirm that both their parents are Egyptian.

More from AME Info

 

Iran banned the export of around 50 basic goods, its media said on Tuesday, as the country takes steps to preserve supplies of essential items in the face of tightening Western sanctions. The Islamic Republic is under intense financial pressure from US and European trade restrictions imposed over its disputed nuclear programme.

More from Reuters

 

Egypt has unveiled plans to set up two industrial zones in Algeria and Ethiopia, in an effort to boost economic ties with African countries. The Ethiopian government said it would grant Egypt one million square meters of land on which to establish an industrial zone.

More from AME Info

 

Lebanese state electricity company Electricite du Liban has warned against the increasing phenomenon of cable theft, saying in the long run it would affect power rationing in areas where it is on the rise.

More from The Daily Star

 

Companies

Passenger traffic at Dubai International Airport climbed 12.8 per cent from a year earlier in September, as a larger flow of European travellers offset a drop in traffic on some Middle Eastern routes due to turmoil in countries such as Syria.

More from Gulf Business

 

Starbucks Coffee has launched a bilingual website for the Middle East and North Africa.

More from AME Info

 

District cooling firm Tabreed, part-owned by Abu Dhabi state fund Mubadala, reported a 35 percent rise in quarterly net profit on Wednesday, helped by growth in its core chilled water business and lower financing costs.

More from Arabian Business

 

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The Buzz

Morning briefing: 30 Oct 2012

by Executive Staff October 30, 2012
written by Executive Staff

Economics

Gold edged down on Tuesday, heading for its biggest monthly loss since May, after disappointing corporate earnings prompted investors to sell holdings to cover losses in other markets, which have been hurt by global economic uncertainty.

More from Arabian Business

 

Construction labor costs in Saudi Arabia are the highest in the GCC, a new research report has said. Labor costs in the Kingdom are on average 18 per cent higher than in the UAE, and 51 per cent greater than in Qatar, says the Q3 construction costs report by MEED.

More from Gulf Business

 

Most Arab oil exporting countries in the Gulf should plan to reduce growth in government spending to make their budgets more sustainable, as their combined surplus could turn into a deficit around 2017, the International Monetary Fund said on Monday.

More from Gulf Business

 

Fitch Ratings put Kuwait on warning that a further escalation of political protests there could put its AA sovereign credit rating under pressure for a downgrade despite the nation’s strong balance sheet.

More from The Daily Star

 

Companies

Big data will drive $28bn of worldwide IT spending in 2012, according to global technology giant Gartner, Inc. In 2013, the company forecast that big data would drive $34bn of IT spending.

More from AME Info

 

A consortium of Turkish, Saudi and Bahraini businessmen have received the necessary approval to proceed with a multimillion dollar marina development on the Muharraq coastline.

More from AME Info

 

Bank of Sharjah has released its financial results for the January to September period showing a one per cent rise in net profit on last year.

More from Gulf Business

 

Politics

Two Iranian warships docked in Sudan on Monday, Iran's official IRNA news agency reported, less than a week after Khartoum accused Israel of attacking an arms factory in the Sudanese capital.

More from Arabian Business

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The Buzz

Morning briefing: 29 Oct 2012

by Executive Staff October 29, 2012
written by Executive Staff

Economics

Oil slipped on Monday, with Brent near $109 a barrel, as refineries along the US East Coast lowered run rates ahead of approaching Hurricane Sandy, reducing crude use in the world’s largest oil consumer.

More from Gulf Business

 

Egyptian President Mohammed Morsi's next step on the road to salvaging the country's struggling economy will be to cut energy costs with a nationwide curfew for restaurants and shops.

More from The National

 

Iran's exports of condensates amounted to more than $1 billion in the last month, a customs official was quoted as saying on Saturday, softening the blow of Western sanctions on its crude oil sales.

More from The Daily Star

 

Iraq's National Investment Commission has said foreign investment in the country is set to drop slightly to $35bn this year, as potential investors, including its Gulf neighbours, hesitate in the face of the continuing regional tensions and political insecurity.

More from AME Info

 

According to a report by the Qatar Statistics Authority (QSA), unemployment in the country has dropped by 22.8% over the past 10 years, but the gender gap in terms of average wages increased considerably. 

More from AME Info

 

Companies

Moorfields Eye Hospital Dubai, (Moorfields) the first overseas branch of the world renowned Moorfields London eye hospital, has announced the appointment of Mr Mariano Gonzalez as its new Managing Director. .

More from AME Info

 

Dubai-based entertainment venue Global Village announced that it has welcomed over 600,000 visitors since opening on October 21.

More from Gulf Business

 

UAE-based telelcommunications giant Etisalat has said it expects a shakeout in the sector to throw up takeover opportunities in the next 18 months and wants to be ready.

More from AME Info

 

The number of Twitter users in Bahrain grew by 39% in the last six months, as companies seek to exploit the web to attract more business, according to the Social Media Club in the country.

More from AME Info

 

Politics

The Federal National Council said the European Parliament should have given the UAE an opportunity to explain its view on human rights issues "instead of listening to biased reports that contain many baseless allegations and inaccurate information about the real situation in the UAE", the state news agency Wam reported.

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The Buzz

Morning briefing: 26 Oct 2012

by Executive Staff October 26, 2012
written by Executive Staff

Economics

Brent crude oil rose above $108 per barrel on Thursday, consolidating after seven days of falls as better-than-expected data suggested the world economy was recovering, but analysts said the overall outlook for oil prices was bearish.

More from Arabian Business

 

Olympics spending fuelled Britain’s strongest quarterly growth in five years, springboarding the country out of recession in the third quarter, data showed on Thursday

It provided some rare relief for a government accused of favouring austerity over growth, and may make another stimulus injection of cash from the central bank less likely.

More from Khaleej Times

 

The smoking ban, weak tourism season and the tense situation in Lebanon are prompting some restaurants to either close down or lay off most of their staff to cut growing losses, owners of eateries and hotels said Thursday.

More from The Daily Star

 

Bank of Beirut's unaudited net profits in the first nine months of this year rose by 3.42 percent to reach $78.67 million.

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The world's spare oil production capacity outside of Iran rose in last two months as gasoline demand waned in the United States and oil use for power generation fell in the Middle East, the US government said in a bimonthly report.

More from Arabian Business
 

Politics

Sudan has said it intends to complain to the UN over an explosion at an arms factory that it claims was caused by an Israeli air strike.

Sudan's UN envoy Daffa-Alla Elhag Ali Osman said Israel had violated Sudanese air space three times in recent years.

More from the BBC

Saudi Arabia has expelled three people working at Syria's consulate in Jeddah, a new sign of ill feeling between the countries as Riyadh backs rebels fighting President Bashar al-Assad's government in Damascus.

More from Arabian Business

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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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