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The Buzz

Morning briefing: 24 Oct 2012

by Executive Staff October 24, 2012
written by Executive Staff

Politics

The Lebanese Economic Committees, a leading private sector alliance, came out Tuesday against bringing down the government in the streets, urging calm to safeguard the economy from repercussions of political and security turmoil.

“Despite the enormity of the loss in the killing of Brig. Gen. Wissam al-Hasan, we condemn road blocks and the attempt to storm the Grand Serail,” committees head Adnan Kassar said.

“We call on all political sides to endorse a moderate political discourse to help save what is left of the Lebanese economy,” he added at a news conference.

More from The Daily Star

 

Jordan's King Abdullah on Tuesday called on the country's Islamist opposition to end a boycott of forthcoming parliamentary elections he said would usher in a new era of political reforms.

In an address to a large gathering of opposition and tribal figures at the royal palace, the monarch said the opposition could achieve a wider say in the running of the country by participating in parliamentary elections due on Jan. 23.

"My message to you and to all the political forces if you want to change Jordan for the better, there is an opportunity through the coming elections and through the new parliament," the monarch told an audience of several thousand people from across the political spectrum.

More from Arabian Business

 

Economics

OPEC remains in a stalemate over selecting its next secretary general, delegates to the producer group said after a two-day meeting, due to rivalry between four member-countries over its top administrative post.

A panel of officials met at the Vienna headquarters of the Organisation of the Petroleum Exporting Countries on Monday and Tuesday, to advise OPEC oil ministers on who should succeed Abdullah al-Badri, whose term in the job ends in December.

"No progress was made on a single name recommendation," one of the delegates said, declining to be identified as the talks are confidential. "Now it is up to the ministers."

More from Arabian Business

 

A senior Iraqi oil official says shipments from the country's main oil export terminals on the Persian Gulf have restarted after being halted earlier in the week due to bad weather.

Deputy Oil Minister Ahmed al-Shamaa confirmed to The Associated Press on Tuesday that exports had resumed from the southern oil terminals, but he didn't say how much oil was being shipped.

Shipments were stopped Sunday because of bad weather.

More from AP

 

Kuwait's government has given final approval to settlement with Iraq to end a standoff over Gulf-War-era debts and lift restrictions on Iraqi Airways flying to destinations in the West, Iraq's government said on Tuesday.

The airline row was part of a broader dispute over billions of dollars in reparations dating back to Iraqi leader Saddam Hussein's invasion of Kuwait in 1990-1991 when his forces seized aircraft and parts.

Iraq and Kuwait in March reached an agreement under which Iraq will pay Kuwait $300m in cash and invest $200m in a joint airline venture in return for Kuwait lifting legal actions against Iraqi Airways.

More from Arabian Business

 

Saudi Arabia is to spend around US$400m on development projects at holy shrines on the outskirts of Makkah, the official Saudi News Agency reported.

The report said the investment projects would include linking the city of Mina with Jamarat in Al-Azizia, the expansion of the western parts of the holy site of Jamarat, the transfer of the camel and cattle slaughter houses to Al-Sharayea in Mina and improvements to the water circulation in Muzdalifah and Arafat.

The work was announced by Dr Sahal Al-Sabban, Undersecretary of the Ministry of Hajj for Transport and Projects in the holy places and came as millions of pilgrims began arriving this week in Makkah for Islam's annual hajj pilgrimage, which starts on Wednesday.

More from Arabian Business

 

Etisalat, the United Arab Emirates’ number one telecom operator, posted a 28 per cent rise in third-quarter profit, beating analysts’ estimates after the former monopoly booked gains from a stake sale in Indonesia.

The firm, which operates in 15 countries across the Middle East, Africa and Asia, made a net profit of Dhs2.21 billion ($602 million) in the three months to September 30, up from Dhs1.72 billion in the year-earlier period.

This included net profit of Dhs430 million from selling a 9.1 per cent stake in Indonesia’s PT XL Axiata that cut Etisalat’s holding to 4.2 per cent.

More from Gulf Business

 

And finally…

Hotels in the UAE are eyeing 100 percent occupancy over Eid Al-Adha, with many already fully booked.

Eid Al-Adha will begin on Thursday October 25 – Arafat Waqfa Day, according to the UAE Ministry of Labour, with work officially resuming on Sunday October 28 for the private sector and Monday October 29 for public-sector employees.

“We will witness a very high occupancy. All hotels in the city will be fully booked up to 100 percent occupancy,” Metropolitan Deira Hotel Dubai general manager Khalid Saeed said, adding that the biggest business boost would come from the GCC, especially Saudi Arabia.

More from Arabian Business

October 24, 2012 0 comments
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Tunisia: Old guard or new Islamists

by Eileen Byrne October 23, 2012
written by Eileen Byrne

It will be all hands on deck for Tunisia’s ruling Islamist party Nahda this week, as the three-party coalition it leads strives to hold a steady course towards parliamentary and probably presidential elections next year. Nahda's adversaries have been loudly opining that the country is in the hands of incompetents at best, and dangerous ideologues at worst. In the weeks building up to the first anniversary of the October 23 election, they have been upping their calls for a new government.

The most outspoken among critics of the Nahda-led government is the Nida Tounes (‘Tunisian Call’) party, headed by the 85-year-old Beji Caid Sebsi. Founded earlier this year it has yet to face an electoral test, but Caid Sebsi’s political pedigree dates back to the time of the country’s first post-independence President Habib Bourguiba, when he was a steely interior minister. 

Through most of last year, following the overthrow of Zine el Abidine Ben Ali’s regime in January 2011, Caid Sebsi was prime minister in an unelected interim government. That administration succeeded in organizing the election last October, which was deemed generally free and fair. The outcome was a Constituent Assembly tasked with drafting a new constitution, ahead of parliamentary and presidential elections that will be the next step in the transition to democracy.

The Islamists of Nahda, riding high on the respect they won as dissidents during the darkest days of the Ben Ali regime, emerged as easily the largest bloc in the assembly. Nahda’s coalition government includes two non-religious partners, likewise headed by respected former opposition activists. Yet, a year on, the assembly has yet to come up with a draft constitution.

Ever since it took office, the first genuinely Islamist-led government in North Africa has been buffeted by strong crosswinds and a healthy cacophony of criticism. These winds sometimes appear to be fanned by those who want Nahda to go into the next elections badly discredited. In recent weeks, a leaked video has shown Nahda’s leader, Rachid Ghannouchi, advising Salafist interlocutors to bide their time because “the secularists” still control the media and the economy, and “the army is not assured and the police are not assured”.

Then, last Friday, an audio recording surfaced that seemed calculated to increase strains withing the ruling coalition. It featured Nahda’s prime minister, Hamadi Jebali, chatting with Caid Sebsi last December. Among other things, the two men agreed that Tunisia’s president, Moncef Marzouki, need not be consulted over any extradition of former Libyan Prime Minister Baghdadi Mahmoudi. Six months later, when Jebali did allow Mahmoudi to be sent back to Libya, Marzouki furiously complained he should have had a say in the decision, and the coalition almost fell apart.

Government figures say the leaked recordings are part of an undercover operation to stoke tension. Also fueling tensions were clashes on October 18 between government supporters and opposition activists in the southern town of Tataouine, which claimed the life of a Nida Tounes supporter.

In proposing that the Nahda government be wound down, or at least widened to include other parties, Nida Tounes has found common cause with leftists traditionally at odds with Islamists, and with centrists such as the Joumhouri (‘Republican’) Party of Nejib Chebbi. These parties are still smarting from disappointing showings in last year’s election, when they failed to make traction among less educated, often rural voters.

While Nida Tounes argues that the Jebali government is economically incompetent and is appeasing bullying Salafists, Nahda views Nida Tounes as just the old regime in new clothes. Caid Sebsi is seen as an (admittedly engaging) front man for an attempt by those who have lost out politically or economically from the revolution to claw back ground lost.

Internationally, relations between Tunisia and the United States are at a low after Salafist protesters on September 14 rampaged through parts of the US embassy. And although some tourists returned to Tunisian sun loungers this summer, many were surely deterred by reports of Salafist violence.

The country has been without a finance minister since Hocine Dimassi resigned in July arguing that the administration’s populist, free-spending ways were unsustainable. And away from the headlines, the postponing of investment decisions, as political uncertainty continues, is weighing on prospects for an economic recovery.

Ordinary hard-pressed Tunisians, seeking to fill their Eid shopping baskets, are fast losing patience with a political elite that seems better at generating tantalizing news stories than at taking the country forward. Come the next election, some say, the choice is an unappetizing one between the moralizing of an Islamist party that appears to keep some disturbingly undemocratic company, and the Nida Tounes’s dubious claims to have the "goals of the revolution" close to its heart.

Eileen Byrne reports from Tunis for the London-based Guardian and The Sunday Times.

 

 

October 23, 2012 0 comments
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The Buzz

Morning briefing: 23 Oct 2012

by Executive Staff October 23, 2012
written by Executive Staff

Economics

Lebanon’s economy will end 2012 on a negative note as political and security instability drags on with medium- and long-term economic indicators showing continuing signs of mediocrity, experts told The Daily Star Monday.

“The year would now most probably end in negative GDP growth. Growth was already negative or near zero in the second and third quarters,” chief economist at Byblos Bank Nassib Ghobril told The Daily Star.

“We had expected a quiet fourth quarter when some compensation should have taken place given that it is the quarter of highest trade activity. But now this is obviously impossible,” he added.

More from The Daily Star

 

The United Arab Emirates’ key Fujairah pipeline bypassing the Strait of Hormuz will be fully operational by the end of the year and will carry most of Abu Dhabi’s oil exports, the oil minister of the OPEC member said on Tuesday.

Alarmed by Iranian threats to block the world’s biggest oil shipping lane, the Strait of Hormuz, the UAE opened its long-delayed pipeline to pump up to 1.8 million barrels a day and shipped its first export cargo in July.

“Hopefully by the end of the year it should be fully operational,” Mohammed al-Hamli told reporters on the sidelines of the World Economic Forum in Dubai.

More from Gulf Business

 

Saudi Arabia, Iran and Iraq are vying to gain leadership of the Organisation of Petroleum Exporting Countries (OPEC), with all three countries putting forward nominees for the next term as secretary-general of the energy body.

OPEC members gathered in Vienna on Monday to interview nominees, with Ecuador, the smallest member of the energy bloc, making up the fourth nominee in the running to replace Libya’s Abdalla el-Badri.

While the position as secretary-general’s main role is to coordinate emergency meeting in times of crisis, the role is also political in nature, with the big decisions made by oil representatives from the 12 individual members.

More from Arabian Business

 

Kurdistan has begun selling its oil into international markets in independent export deals that further challenge Baghdad's claim to full control over Iraqi oil after first signing independent exploration deals with foreign oil majors last year.

The move is likely to enrage the government, which is still locked in a battle with Exxon Mobil over its independent deal with Kurdistan last year to explore for oil in six Kurdish blocs. But it also paves the way towards greater Kurdish autonomy as Baghdad has long insisted it alone has the right to market Iraqi oil and gas products.

By involving two of the world's largest trading houses, Trafigura and Vitol, Kurdistan has made it difficult for Baghdad to retaliate, as it depends on those firms for a proportion of its refined oil imports like gasoline and diesel. If Baghdad were to decide to shop elsewhere, it could face paying much higher prices for its fuel.

More from The Daily Star

 

Politics 

The Emir of Qatar entered the Gaza Strip on Tuesday for a visit that will raise the prestige of its isolated Islamist rulers in the Hamas movement, but disappoint Israel and mainstream Palestinian leaders in the West Bank.

Sheik Hamad bin Khalifa al-Thani crossed into Gaza from Egypt at the head of a large delegation on what is billed as a humanitarian visit to inaugurate $250 million worth of reconstruction projects.

More from Reuters

 

Kuwait banned gatherings of more than 20 people and gave police more powers to disperse protests, local media reported on Tuesday, in an escalating standoff with the opposition ahead of the December 1 election.

Kuwait has been on edge since the emir ordered changes to the election law in a move condemned by the opposition as an attempt to undermine their chances in the vote. The opposition will boycott the poll and has called for protests.

On Sunday, security forces used tear gas, stun grenades and smoke bombs against thousands of demonstrators as they began marching in downtown Kuwait City to protest against the changes. At least 29 people were hurt and more than 15, including a former member of parliament, were arrested.

More from Reuters

 

Barack Obama went on the offensive over foreign policy in the third and final presidential debate, repeatedly accusing Mitt Romney of flip-flopping on major international issues but failing to deliver a killer blow to his opponent's resurgent campaign.

While the president emerged as the narrow winner on the night, the encounter, which was cordial and largely uneventful compared with the previous two debates, is unlikely to have much impact on the outcome of the election.

Going into the debate at Lynn University in Boca Raton, Florida, Obama had an inbuilt advantage on foreign policy and security. As president, with access to daily briefings by intelligence analysts, diplomats and generals, he is better briefed and it showed as he dominated Romney in the first half of the debate.

More from The Guardian

 

Millions of pilgrims arrive this week in Mecca for Islam’s annual haj pilgrimage, which starts on Wednesday, with Saudi authorities warning they will stop any disruptive protests over the conflict in Syria.

The Grand Mosque, the focal point of the Islamic faith, was already teeming with joyful pilgrims at dawn on Monday, wearing the simple white folds of cloth prescribed for haj, many of them having slept on the white marble paving outside.

“I feel proud to be here because it’s a visual message that Muslims are united. People speaking in all kind of languages pray to the one God,” said Fahmi Mohammed al-Nemr, 52, from Egypt.

More from Gulf Business

 

October 23, 2012 0 comments
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The Buzz

Morning briefing: 22 Oct 2012

by Executive Staff October 22, 2012
written by Executive Staff

Politics

Lebanese police fired in the air and used tear gas on Sunday to repel protesters trying to storm the premier's office in Beirut, amid calls for him to quit after a top security official was killed by a car bomb blamed on Syria.

Sunday's funeral of General Wissam al-Hassan had been billed as a protest against Syrian meddling in Lebanon, but quickly turned into anger at Prime Minister Najib Mikati, whose government is dominated by pro-Syria parties.

Tension was also rife in the northern city of Tripoli, Mikati's hometown, where clashes between supporters and opponents of the Syrian regime killed a 9-year-old girl and wounded eight people, security and medical officials said.

More from AFP

 

About 100 protesters and 11 police officers were injured as Kuwaiti police used tear gas and rubber bullets during clashes with demonstrators, according to witnesses and officials

Tens of thousands of people had gathered across the capital, Kuwait City, to march on the Seif Palace, which houses offices for the emir, crown prince and prime minister, as part of a protest against changes to the electoral law, which the opposition has described as a "coup against the constitution".

But several groups taking part in the so-called Dignity March were quickly surrounded by riot police who used tear gas and stun grenades in an attempt to disperse them, witnesses said.

More from Sky News

 

Prime Minister Benjamin Netanyahu said on Sunday he didn't know about any US plans to talk bilaterally with Iran, saying tougher sanctions and a "credible military option" were the best ways to peacefully halt Tehran's nuclear program.

The White House had earlier denied a New York Times report that Washington and Tehran had agreed in principle to hold bilateral negotiations to halt what the West fears is a plan by the Islamic Republic to develop nuclear weapons.

Addressing reporters at a civil defense drill to rehearse for a possible earthquake, Netanyahu accused Iran of having used talks with world powers in the past as a ruse "to drag its feet and to gain time to advance its nuclear weapons program."

More from Reuters

 

Economics

Lebanon’s leading private sector alliance called on Prime Minister Najib Mikati over the weekend to step down, as hotels in the capital reported cancellations following Friday’s killing of Intelligence Chief Wissam al-Hasan. “The Economic Committees unanimously agreed to call on President Michel Sleiman to accept the resignation of the Cabinet, which has failed to provide security and stability, the very reason for its formation,” a statement read by head of the Chambers of Commerce Mohammad Choukeir said.

The Economic Committees’ statement called on Sleiman to proceed with consultations to form what they described as “a National Contingency Cabinet” to avert the country’s plunge into a risky political vacuum.

“[Only] such a government can be in charge of providing security, a prerequisite to reassuring socioeconomic and financial stability,” said the statement, which followed an urgent meeting held Saturday evening.

More from The Daily Star

 

Dubai's indebted property developer Nakheel said on Sunday that net profit for the first nine months of the year nearly doubled, helped by property handovers and growing business in its retail and leasing segment.

Nakheel, whose developments at the height of Dubai's property boom contributed to the emirate's debt woes, has been slowly recovering from the crippling real estate collapse.

Net profit for the nine months ended September 30 was AED1.1bn ($299.5m), up from AED600m in the year-ago period, Nakheel said in a statement sent by email. The company did not provide any quarterly numbers.

More from Arabian Business

 

The targeting of Iraq's well-respected central bank chief appears to be a move by Prime Minister Nouri al-Maliki to consolidate power and sends a bad message to international investors, experts and diplomats say.

Sinan al-Shabibi was last week replaced as governor of the Central Bank of Iraq (CBI) while he was overseas, and arrest warrants have since been issued for him and other bank officials over allegations of currency manipulation.

The moves are the latest that appear to undermine CBI independence, after a supreme court ruling early last year put the bank under the supervision of Iraq's cabinet rather than parliament.

More from Now Lebanon

 

And finally…

US rap star Snoop Dogg is to headline the New Year’s Eve concert at Dubai’s Meydan Racecourse, a source has confirmed.

The event, part of Alchemy Project’s Atelier music series, will be Snoop Dogg’s second appearance in the UAE, following his concert in Abu Dhabi in May 2011 when he raised eyebrows by arriving on stage wearing an Emirati-style khandoura.

A spokesperson confirmed Snoop Dogg will headline the concert and said full details will be announced in a press release later this week.

More from Arabian Business

October 22, 2012 0 comments
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Society

Taking on the state

by Sam Tarling October 21, 2012
written by Sam Tarling
On Sunday, October 21, 2012, a group of demonstrators who had been attending the funeral of Wissam al-Hassan at Martyrs' Square broke away and attempted to storm past police lines guarding the Lebanese government building at the Serail [Photo: Executive/Sam Tarling]
Protesters were demanding the resignation of the Prime Minister Najib Mikati [Photo: Executive/Sam Tarling]
They threw sticks and other objects at the police and the army [Photo: Executive/Sam Tarling]
Police used tear gas to disperse the crowd [Photo: Executive/Sam Tarling]
[Photo: Executive/Sam Tarling]
A man gasps for air after inhaling tear gas [Photo: Executive/Sam Tarling]
A gas canister explodes next to a protester [Photo: Executive/Sam Tarling]
[Photo: Executive/Sam Tarling]
Protesters drag an injured woman away from the frontline [Photo: Executive/Sam Tarling]
[Photo: Executive/Sam Tarling]
[Photo: Executive/Sam Tarling]
[Photo: Executive/Sam Tarling]
[Photo: Executive/Sam Tarling]
[Photo: Executive/Sam Tarling]

 

On Sunday, October 21, 2012, a group of demonstrators who had been attending the funeral of Wissam al-Hassan at Martyrs’ Square broke away and attempted to storm past police lines guarding the Lebanese government building at the Serail [Photo: Executive/Sam Tarling]

October 21, 2012 0 comments
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Society

Blast in Beirut

by Spencer Osberg October 19, 2012
written by Spencer Osberg
The bomb appears to have targeted Wissam al-Hassan, one of Lebanon’s most senior intelligence figures [Photo: Executive/Spencer Osberg]
Along with al-Hassan eight other people are believed to have been killed, while dozens were wounded [Photo: Executive/Spencer Osberg]
[Photo: Executive/Spencer Osberg]
[Photo: Executive/Spencer Osberg]
[Photo: Executive/Spencer Osberg]
The force of the blast blew the front end of a car onto the roof of this eight-storey building [Photo: Executive/Spencer Osberg]
Windows in homes, offices and storefronts were blown out for blocks in every direction [Photo: Executive/Spencer Osberg]
The bomb, which exploded in a largely residential area, left many homes decimated [Photo: Executive/Spencer Osberg]
[Photo: Executive/Spencer Osberg]
The area around the blast near Sassine Square is known for its high number of elderly residents [Photo: Executive/Spencer Osberg]
After the dead and wounded were taken to hospital, the only thing left to do was clean up [Photo: Executive/Spencer Osberg]

Photographs from the aftermath of the killing of Wissam al-Hassan

October 19, 2012 0 comments
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The Buzz

Morning briefing: 19 Oct 2012

by Executive Staff October 19, 2012
written by Executive Staff

 

Economics

US oil giant Exxon Mobil wants to leave its giant oilfield project in southern Iraq, diplomatic sources said, in a move likely to aggravate the country's internal tensions and hamper Baghdad's ambitious energy expansion plans.

Exxon's desire to quit, which the sources said was due to prospects of slim profits from the estimated $50 billion West Qurna-1 project, contrasts with a deal it signed a year ago to explore in Iraq's autonomous northern Kurdish region, where incentives are better.

Baghdad deemed the Kurdish deal illegal and promised to punish Exxon by ripping up its contract for West Qurna-1, which has reserves of 8.7 billion barrels.

More from The Daily Star

 

A young and increasingly educated population could be the source of prosperity in the Middle East and North Africa if an environment that promotes open competition is created, according to a World Bank report.

The study on Jobs in MENA offers a detailed analysis of the many factors that have contributed to one of the highest rates of youth unemployment in the world, along with one of the lowest rates for female participation in the labour force.

It proposes a set of policy reforms to unlock the region’s large and untapped human potential.

More from Arabian Business

 

Jordan, which has no natural resources and imports all of its energy, needs to invest as much as US$25bn over the coming ten years to help it become self sufficient, the Jordan Times reported, citing Jordan Economic Social Council President Jawad Anani.

The number of refugees from Syria that have fled to Jordan as a result of a 19-month uprising against President Bashar al-Assad has caused Jordan to incur additional costs estimated at JD600m (US$846m) annually, the newspaper cited Anani as saying.

Jordan imports 96 percent of its fuel needs (the daily equivalent of 100,000 barrels of a oil a day), and until recently was dependent on Egypt for its gas supply, which has caused its public debt to soar. The country relies on foreign grants and aid to finance its fiscal deficit.

More from Arabian Business

 

 

Over 50 large European and US companies showed keen interest in Lebanon’s oil and gas prospects during a marathon meeting with Lebanese officials in London this week.

Most, if not all, of these companies expressed eagerness to explore oil and gas off the Lebanese coast as soon as possible after listening to a thorough explanation about progress the Lebanese government has made in surveying part of the Lebanese coast.

Among the questions raised by the companies was the actual size of the gas blocks off the coast; they said the larger blocks would tempt the firms to take part in the bidding.

More from The Daily Star

 

Lebanese Bank Audi said on Thursday that its net profits rose by 14.1 percent to reach $309.4 million in the first nine months of 2012, despite delicate political and economic conditions in Lebanon and throughout the region.

“Audi Saradar Group registered an adequate performance over the first nine months of 2012, with net earnings growing by 14.1 percent relative to last year’s corresponding period. Net earnings amounted to $309.4 million in the first nine months of 2012, (of which $32.8 million in net earnings after taxes and expenses stemming from discontinued operation),” the bank said in a statement.

Consolidated assets reached $29.2 billion at end-September 2012 and $40.6 billion when accounting for fiduciary deposits, security accounts and assets under management, despite the contraction of assets of Bank Audi Syria at end-September 2012 to a third of their December 2010 levels.

More from The Daily Star

 

Politics

At least nine soldiers have been killed in an attack by suspected al-Qaeda militants on a military base in southern Yemen, military officials say.

The attackers drove a vehicle into the base in Shuqra, Abyan province, before blowing it up.

One official said they travelled in a military vehicle and passed through several checkpoints to reach the camp.

More from the BBC

 

And finally…

The head of Saudi Arabia's religious police has reportedly said there is a "pressing need" to employ more women in the force.

Speaking to the Saudi Gazette, Abdul Latif Abdul Aziz Al Sheikh said he hoped a recruitment drive would take place soon.

He told the newspaper that the women will work under the supervision of an independent women's department similar to other government agencies

More from Arabian Business

 

October 19, 2012 0 comments
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The Buzz

Morning briefing: 18 Oct 2012

by Executive Staff October 18, 2012
written by Executive Staff

Economics

Kuwait Oil Company set fire to an oil well in the north of the OPEC member state on Wednesday to get rid of gas leaking from the site, state news agency KUNA said.

The state-owned company said levels of the hydrogen sulphide gas from a well at the Rawdatain oil field close to the Iraqi border were "far below danger levels", KUNA said in an SMS alert.

The company said earlier on Wednesday that there had been an oil and gas leak at the well during drilling operations and that no one had been injured.

More from Arabian Business

 

Brent futures held above $113 on Thursday, buoyed by hopes for steady growth in demand after China, the world's second-biggest oil consumer, posted growth that met expectations, and simmering tension in the Middle East provided additional support.

China's economy expanded 7.4 percent in the quarter to September from a year earlier. That was its slowest pace since the first quarter of 2009, but was in line with a Reuters forecast, with stronger retail sales and industrial output numbers propping up investor sentiment further.

Brent gained 19 cents to $113.41 a barrel by 0233 GMT, after settling 78 cents lower at $113.22. U.S. oil gained 1 cent to $92.13, after ending 3 cents higher.

More from Arabian Business

 

ExxonMobil has signed contracts to drill in Iraq's semi-autonomous Kurdistan region by the end of this year, despite claims by Baghdad officials that the company has vowed to "freeze" its controversial contracts.

Exxon has spent or allocated a quarter-billion dollars for exploration, drilling and other work and supplies in Iraq's Kurdistan region, according to an official with knowledge of Exxon and the Kurdistan Regional Government (KRG).

More from Iraq Oil Report

 

Cyprus’s finance minister has said he expects final negotiations to start with lenders on financial aid by next week. Vassos Shiarly told reporters a figure had not been set for Cyprus’ financial needs because of a difference of opinion between the government and lenders on the recapitalization requirements of banks.

Asked by Reuters whether he expected discussions with lenders to start before the end of the month, he said: “Within the month, and certainly in the coming week. Time is restricted and there is not much time left.”

More from The Daily Star

 

A Lebanese teachers’ union on Wednesday declared a nationwide general strike Thursday to protest the government’s failure to send the salary scale draft to Parliament despite a preliminary Cabinet decision to raise certain taxes to fund the wage increase for civil servants and public school teachers.

The Union Coordination Committee called on all public and private schools and government agencies to abide by the strike and threatened to escalate the situation if Cabinet refrained from sending the higher wages bill to the Parliament immediately.

“We call on all public and private school teachers to observe the strike and not be intimidated by the threats of the private school administrations to fire the insubordinate teachers,” the statement said.

More from The Daily Star

 

Iran has denied accusations that its revolutionary armed forces (IRGC) are planning an environmental disaster in the Strait of Hormuz and use it to have international sanctions against it lifted, local media reported on Wednesday.

The German newsmagazine Der Spiegel reported on Sunday it had evidence of a plan by IRGC commander Mohammad Ali Jafari to cause an oil spill to block crude exports through the Strait crucial to the global economy.

More from Reuters

 

US computer manufacturer Dell is aiming to boost its footprint in the Middle East as it looks to counter growing competition to the PC from the tablet and notebook sectors, a senior executive said.

“Dell is a US$60bn company so [the Middle East] is a relatively small proportion but it is growing rapidly. We have been experiencing high double digit growth,” Steve Felice, president and chief commercial officer at Dell, said in an interview in Dubai.

“The business is getting quite large and we had added a lot of resources here, it is five times what it was just a few years ago. So it is an important growing market.

More from Arabian Business

 

Saudi Arabia will allow females to practice law in a courtroom setting for the first time from next month, it was reported.

According to English language daily Arab News, women will be permitted to approach the Ministry of Justice to obtain the necessary license to practice law in the kingdom as part of broader regulatory changes to how legal professionals operate.

The change comes following the submission by the ministry of new statutes governing female involvement in the legal profession to Saudi’s Council of Ministers, which oversees the implementation of new legislation.

More from Arabian Business

October 18, 2012 0 comments
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Morning briefing: 17 Oct 2012

by Executive Staff October 17, 2012
written by Executive Staff

Economics

Iraq's cabinet named an interim central bank chief on Tuesday after the bank's well-respected governor, who was on an overseas trip, was suspended amid a currency manipulation probe.

The move followed the announcement of an inquiry into allegations that officials at the Central Bank of Iraq (CBI) had intentionally weakened the value of the Iraqi dinar against the US dollar.

"The cabinet decided to authorise Abdelbassit Turki, the head of the Board of Supreme Audit, to run the central bank indefinitely," Prime Minister Nuri al-Maliki's spokesman Ali Mussawi said, adding that Sinan al-Shabibi had been suspended from his post by the anti-corruption watchdog.

Mussawi said the investigation had been launched because of "what happened with the dinar exchange rate with the dollar" and that a parliamentary report had blamed "the chief of the bank and several other people."

More from AFP

 

Qatar has launched a $254 million plan to rebuild and modernise Gaza, the biggest injection of reconstruction aid for the Palestinian enclave since it was devastated in an Israeli military offensive nearly four years ago.

Projects announced at a news conference by Qatari ambassador Mohammed Al-Amadi will require the cooperation of Israel and Egypt to admit building materials and heavy machinery to Gaza, which is under a partial blockade.

Amadi said this had been arranged. Work would begin on site within three months, starting with a highway that will run the length of the Mediterranean coastal strip.

More from Arabian Business

 

Leading international oil firms will get first-hand information about the initial findings of Lebanon’s massive gas wealth under the sea during a meeting in London on Wednesday.

Multinational oil companies such as Exxon, Shell and Mobil will take part in the meeting. It will also be attended by Lebanese officials and senior executives from the British-based company Spectrum, which has been surveying 3,000 kilometers of Lebanon’s territorial waters.

David Rowlands, the CEO of Spectrum and one of the key speakers at the briefing, told The Daily Star over the telephone that 65 representatives of companies will attend the meeting.

More from The Daily Star

 

Brent futures held steady near $114 on Tuesday as expectations Europe's financial crisis is on the mend renewed hopes of a revival in oil demand growth, while simmering tension in the Middle East provided additional support.

Asian shares, the euro, base metals and gold all rose after Moody's Investors Service affirmed its investment grade rating on Spain, helping ease investor worries of a worsening crisis in the region. Oil was also supported by supply concerns as the European Union slapped fresh sanctions on Iran.

Brent slipped 12 cents to $113.88 a barrel by 0432 GMT. The November contract, which expired on Tuesday, went off the board 73 cents lower at $115.07, while the December one settled 40 cents lower at $114.00. U.S. oil gained 18 cents to $92.27.

More from Arabian Business

 

Politics

At least five protesters were arrested and several injured in Kuwait as police tried to break up an opposition protest late on Monday, witnesses said.

Authorities had asked opposition lawmakers to call off the demonstration over political reforms, but at least 5,000 people gathered in a square near parliament that has been the site of several anti-government protests since last year.

Although major oil producer Kuwait has not experienced the mass Arab Spring protests seen elsewhere across the region, tensions have escalated between an elected parliament and a cabinet chosen by the prime minister, who is appointed by the emir, Sheikh Sabah al-Ahmad al-Sabah.

More from Arabian Business

 

US President Barack Obama has hit out at Republican Mitt Romney during a feisty 90-minute encounter in the second of three pre-election debates.

Mr Obama – widely perceived to have lost their first encounter – came out swinging in New York on the economy, tax and foreign policy.

But the former Massachusetts governor accused Mr Obama of broken promises and a record of failure.

More from the BBC

 

And finally…

The number of Arab millionaires investing in Britain in exchange for permanent residency has increased in the wake of the Arab Spring as investors look to flee political turmoil in their home country, financial advisors have told Arabian Business.

Rich Arabs are increasing making use of investor visas that allow wealthy foreigners to live in the UK in return for buying at least £1m (US$1.6m) of gilts or shares and bonds in British companies.

“We have seen a rapid growth of Middle Eastern clients investing in the UK and taking advantage of the UK immigration opportunities available under the Investor and Entrepreneur visa categories,” said Carl Thomas of Visalogic.

More from Arabian Business

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Whose Homeland is that?

by Joe Dyke October 17, 2012
written by Joe Dyke

Two cars of men carrying AK-47s pull into a tight alleyway, jump out and threaten hijab-cladded women. Another car arrives and out steps a shady Hezbollah leader, the cue for special agents of the Central Intelligence Agency to spring their ambush.

All this takes place on Beirut’s ‘Hamra Street’ in the latest episode of the multiple award-winning American TV series ‘Homeland.’ This episode of the show aired over the weekend in the West and portrayed the Lebanese capital as a hotbed of terrorists and random attacks on foreigners.

Reality anyone?

For those unacquainted with Beirut, the real Hamra Street is a bustling cosmopolitan artery where days spent shopping and chatting in cafes give way to a nightlife of drinking and cavorting in local bars. A hub of modern city life, it is Beirut’s much smaller version of London’s Tottenham Court Road or New York’s Fifth Avenue.

Unsurprisingly, the misrepresentation has sparked more than a little ire in the Lebanese government. Speaking exclusively to EXECUTIVE, Lebanese Tourism Minister Fady Abboud has promised to take legal action over the “lies” in the show.

“This kind of film damages the image of Lebanon — it is not fair to us and it’s not true, it is not portraying reality,” he said. “We want to take action, we want to write to the filmmakers and producers and demand an apology. And we are planning to raise a lawsuit against the director and the producer.”

Abboud stressed that he was studying potential legal routes the government could take, but added that he would be willing to take action personally if necessary.

The first series of Homeland, which aired last year, was both a critical and a ratings success, with high viewing figures followed by recognition at almost every major television awards event. The shows stars Claire Danes and Damien Lewis, who won the best actor and actress Emmys, respectively, while the show also took home the coveted Outstanding Drama Series award.

It focuses around a female CIA agent (Danes) who believes that a United States soldier who was captured in Iraq and returned home a war hero has been turned into an informant by Al Qaeda. During the episode in Beirut, Danes is seeking to kill a senior figure in Hezbollah allied with Al Qaeda (despite the fact that, in reality, there is likely more animosity between these two groups than there is between either of them and America).

Minister Abboud said the reach of the show made the misrepresentation even more problematic. “This series has a lot of viewers and if you are promoting Lebanon as a non-secure zone it will affect tourism. It will mean a lot of foreigners stay away if they are convinced by what they see,” he said. “Beirut is one of the most secure capitals in the world, more secure than London or New York.”

The show was not filmed in Lebanon at all, but was shot instead in the Israeli city of Haifa. For Abboud the fact that it was filmed in a state with which Lebanon is technically at war was an added insult. “We would like to welcome the crews here to film in this city — we were offended by the fact that they filmed the thing in Israel and said it was Beirut,” he said.

Misrepresentation’s long history

Lebanese have long complained about the misrepresentation of their country in the Western media. Jad Melki, director of the Media Studies Program at the American University of Beirut, said the portrayal was disappointing but not surprising.

“We have been dealing with this for over a century, the portrayal of Arabs in the US is that we are all Islamists living in the desert, evil and angry all the time,” he said. “If you look at US media, racist stereotypes of African Americans have all but disappeared but it is still acceptable to stereotype Arabs.”

Melki said that because the civil war made Lebanon, and particularly Beirut, synonymous with violence, trying to convince Westerners that the city is a prosperous, diverse place is much more difficult than playing on people’s preconceptions. Even the title of the episode, “Beirut is Back”, appears to be a reference to the city’s troubled years in the 1980s, when car bombings and kidnappings were rampant.

“The civil war version of Beirut is still portrayed,” said Melki. “There is a frame of mind and a stereotype of a certain group of people or place and it doesn’t make sense if we break away from that as the audience won’t understand. So we look for the version we know.”

British Ambassador Tom Fletcher, who has campaigned for Westerners to reassess their perception of the country, admitted to being a big fan of the show but said it was a misleading portrayal.

“Homeland is one of life's joys, but Lebanon tends to get a rough time from filmmakers — I'd encourage people to see the real Beirut,” he told EXECUTIVE.

Everything sticks

Beyond legal action the Lebanese government’s options for responding to the show are relatively few. Abboud said his office was considering a counter-video in which footage from the show would be inter-spliced with daily images from Hamra Street.

“We also have a campaign to promote Lebanon on CNN which is starting next month,” he said. “It features all the tourism sectors in Lebanon, what Lebanon has and a real picture about Lebanon.”

Melki suggested that if the country were serious about countering Western perceptions then they should spend money on hosting a major American film in the country. In the most recent Mission Impossible film Tom Cruise scales the world’s tallest building — the Burj Khalifa in Dubai — in the kind of advertising deal which costs millions of dollars but can help change perceptions in the West.

“It would be expensive but effective,” said Melki. “Currently the Ministry of Tourism produces videos about Lebanon with lots of shots of the mountains – its not storytelling, its not entertaining. A movie does that, a TV show does that.”

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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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