Your last chance to buy at $1,000

Happy New Year! May the New Year be one where sanity prevails; greed and economic recession take a back seat; and one where you receive as much respect as you give. May it bring you prosperity, happiness and peace of mind.

Some of you might remember my earlier posts regarding gold. This story appeared in yesterday's Gulf News.

"The first few months of 2010 could very well be your last chance to buy gold at a decent price around $1,000 (Dh3,672) an ounce, as there will be increases in the longer term.

Demand for bullion will continue to be robust this year with central banks, especially those with heavy exposure to the US dollar, expected to buy more gold than they sell, industry experts said." Read more ...

After routing the rebels in May, Sri Lanka faces more salvos from the west

Many powerful critics of Sri Lanka were friends till recently. As the country moved decisively to defeat the rebels in the north and east of the country, it has faced increasing pressure from some western countries where significant populations of Sri Lankan Tamils are domiciled, and from human rights activists. In a recent interview, Sri Lanka's new ambassador at the UN Dr. Palitha Kohona said that many of them had been swayed by a very effective campaign carried out by the Liberation Tigers of Tamil Eelam (LTTE)and their sympathisers.

Disappointed with the lack of support from the west at a crucial time in its fight against terrorism, Sri Lanka has successfully bonded with new friends. Vital support from a range of countries including Iran, China and Libya has helped Sri Lanka scoff at the big stick wielded by western countries. Read the full story ...

Read the full interview here.

How Did Economists Get It So Wrong?

It’s hard to believe now, but not long ago economists were congratulating themselves over the success of their field. Those successes — or so they believed — were both theoretical and practical, leading to a golden era for the profession. On the theoretical side, they thought that they had resolved their internal disputes. Thus, in a 2008 paper titled “The State of Macro” (that is, macroeconomics, the study of big-picture issues like recessions), Olivier Blanchard of M.I.T., now the chief economist at the International Monetary Fund, declared that “the state of macro is good.” The battles of yesteryear, he said, were over, and there had been a “broad convergence of vision.” And in the real world, economists believed they had things under control: the “central problem of depression-prevention has been solved,” declared Robert Lucas of the University of Chicago in his 2003 presidential address to the American Economic Association. In 2004, Ben Bernanke, a former Princeton professor who is now the chairman of the Federal Reserve Board, celebrated the Great Moderation in economic performance over the previous two decades, which he attributed in part to improved economic policy making.

This article by Paul Krugman is quite interesting and well worth reading. Click to read the full story in the New York Times

Persons with special needs in Dubai very specially need you and me

Dubai's largest special needs centre could shut down unless it urgently raises funds, the emirate's daily tabloid 7 Days reported Thursday. Quoting a school official, the report said that the Dubai Special Needs Centre which had been severely hit by the economic downturn would need new donors to keep it going. The emirate which has made several initiatives to care for persons with special needs has been challenged by the economic downturn.

Dubai's commitment to caring for those with special needs has been demonstrated by a holistic approach aimed at making the emirate a better place for everyone. Driven by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate aims to add to its social wealth by encouraging a positive attitude towards people with disabilities, sensitising communities on disability issues and improving their access to facilities.

The glitzy glamour of a catwalk is usually associated with a high profile fashion show and designer clothing. Despite the presence of most of the world's luxury brands in the city, Dubai recently opted to showcase not the world's best fashion designers, but those who may well lead the world's fashion in the years to come; designers with special needs.

The show was held at the Raffles Hotel at Wafi City, Dubai, under the patronage of Sheikh Majid Bin Mohamed Bin Rashid Al Maktoum, Chairman of the Dubai Culture and Arts Authority and in the presence of Sheikh Mansoor Bin Mohamed Bin Rashid Al Maktoum who gave away the prizes to the winning designers.

The large and appreciative audience packed to capacity inside the hall watched the models in their smart outfits strike a pose, walk down the ramp, half-turn and walk back. It was difficult to believe that the designs were the work of persons with special needs. The large number of arab women present, showed a keen interest in the abayas and sheilas intricately embroidered with sequins and crystals. Evening wear, casual wear and even coloured abayas were among the elegant clothing showcased. The designers certainly did Dubai proud.

“This show represents a leading endeavour to encourage and support talented designers with special needs, and is in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as well as with Dubai Culture's strategic objective of identifying and nurturing artistic talent in all segments of the community and creating cultural opportunities that contribute to the growth of the country,” said His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC and Managing Director of the Dubai Culture and Arts Authority (Dubai Culture).

The programme was implemented in collaboration with the Rashid Paediatric Therapy Centre and The Events Agency, as a Development Programme for Talented Special Needs Fashion Designers. Founder of the Rashid Paediatric Therapy Centre, Mr. Ahmed Khoury said, “The purpose of this show is to prepare these talented designers to access the fashion domain, train them especially for this career and make new strides into a new horizon.”

International fashion designer Marwan Harzallah who supervised the project said, “The project took two years and now the talented designers have become capable of bringing out the best they have. Definitely, history will recognise that Dubai is the first city in the world that has revived people with special needs in the world of fashion and beauty.”

More recently, Dubai Culture launched a website to choose twelve winners from among forty artworks themed on 'water' by persons with special needs. The competition conducted in association with Beautiful People, a Dutch initiative for a social and sustainable coffee concept, that works on behalf of artists with special needs, will be open till end August.

The winners will be announced by Her Royal Highness Princess Haya at the Grand Hyatt Hotel, Dubai, where all forty artworks will be on exhibition from October 31 2009.

The winning artworks will then be featured in crockery sets which will be sold to raise money for the Dubai Art Studio for persons with special needs.

The current economic crisis is a challenge that has gravely affected people around the world. Jobs have been lost, savings wiped out and some people have lost their homes and been literally thrown into the streets. Yet, those of us who have full command of all faculties can resolve and work hard knowing that at some point in the future, we would overcome. But, those persons with special needs could well be looking out for your hand and mine, to help them cope up. Would we?

Make a donation to the Dubai Special Needs Centre

Vote now for the best artwork by an artist with special needs

The only swine now are bankers?

A rather strong statement indeed. The global economic crisis and the accompanying credit crunch have not only focused more attention on bankers but evoked strong and caustic comments from people who would normally be weighing every word before saying it.

According to India's leading business daily, The Business Standard, AirAsia Bhd’s Tony Fernandes has said that the biggest threat to the global airline industry isn't the swine flu outbreak. 'We've been through SARS, bird flu, tsunami, you name it,” Fernandes the founder and chief executive officer of Southeast Asia's biggest discount carrier, said at the Paris Air Show this week.” “The only swine now are bankers.”

He is not alone in showing anger at bankers. In March this year, the MICE industry website, MEETINGS:review reported how Dr. Daniel Thorniley, Senior Vice President, CEEMEA, Economist Intelligence Unit, outlined in very graphic terms the frightening truth about the economic downturn. He didn't mince his words either.

Listen to Dr. Daniel Thorniley …

'Swine' bankers shun jet loans, leave $36 bn gap ...

'flydubai' spreads its wings

Dubai's first low-cost airline took to the skies on June 1, 2009 with its first commercial flight to the Lebanese capital of Beirut. Underscoring Dubai's position as a regional hub, it continued with inaugural flights to Amman, Damascus and Alexandria in the following days.

Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of flydubai said: "This region is very dependant on air transport. It is a great credit to the vision and leadership of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, that this airline has now taken off, thereby ensuring residents and visitors alike will be able to travel to more places more often."

A welcome move indeed during a time of increasing prices, job losses and depressing incomes. The flydubai model is simple, with cusotmers only paying for the services they want, according to a statement issued to the media by the airline. The ticket price includes all taxes and one piece of hand baggage, weighing up to 10kg per passenger.

Passengers have the option to purchase checked-in baggage in advance at just 40AED for the first piece and 100AED for the second, weighing up to 32kgs, subject to availability. Checked baggage is strictly subject to availability and passengers are advised to book early to secure the space, as only pre-purchased baggage can be guaranteed.

A nominal payment of 5AED allows customers to select their seat and just 50AED secures the extra legroom. Tickets are changeable for a small fee, plus any difference in the fare, and food and drink can be purchased on board.

"flydubai aims to make travel a little less complex, a little less stressful and a little less expensive," explained flydubai's CEO Ghaith Al Ghaith. "Our passengers have the option to customise their travel experience depending on what services they want and how much they want to pay.

Read more ...

Bing Bangs Google

I typed www.google.com on IE, and lo and behold, BING opens up. Try it for yourself.