Emirates’ $18 Billion Boeing Order Kicks off Air Show

November 17, 2011 by · Leave a Comment 

By Praveen Menon and Tim Hepher

2011-11-14T075257Z_957579746_GM1E7BE186F01_RTRMADP_3_AIRSHOW-DUBAI

An Emirates Airlines Boeing 777-300 aircraft takes off during the second day of the Dubai Airshow November 14, 2011.

REUTERS/Nikhil Monteiro

DUBAI (Reuters) – Emirates airline placed a blockbuster order for 50 Boeing 777 jetliners at the Dubai Air Show on Sunday, underscoring the confidence brimming among fast-growing Gulf airlines despite growing fears of stalling global growth.

The Dubai government-owned carrier, expanding its role as the world’s largest operator of Boeing’s most profitable plane, said the deal was worth $18 billion, the largest commercial order by value in the U.S. planemaker’s history.

Reuters reported on Friday that Emirates, which has led efforts by Gulf-based carriers to challenge European and Asian carriers by establishing the region as a major East-West hub, would place an order of between 30 and 50 Boeing 777 aircraft.

“This order represents a milestone — it is the single largest dollar value (order) in the Boeing history,” Emirates Chairman Sheikh Ahmed bin Saeed al Maktoum said at a press conference, before signing the deal with Boeing representatives as Dubai’s ruler, Sheikh Mohammed bin Rashid al Maktoum, looked on.

“(The) 777 has served Emirates very well in terms of seat costs … especially when we see the fuel price is quite high.”

Fuel costs took a big toll on the airline’s first half profits, sending them down 76 percent.

Emirates said it had adequate financing in place for 2012, and planned no new bond issue. Sheikh Ahmed said the airline, which launched a heavily oversubscribed $1 billion bond in June, would consider a bond if needed and if the timing was right, adding “we don’t have a push.”

Including options to buy 20 more of the twin-aisle aircraft and other agreements, the total deal is worth $26 billion, Emirates and Boeing said.

The airline planned to eye a mix of funding options for the order, including Islamic finance, he added. Delivery of the aircraft is slated to begin in 2015.

James Albaugh, chief of Boeing’s commercial division, said the order would sustain thousands of U.S. jobs.

Boeing delivered 127 commercial airplanes in the third quarter, including 100 of its best-selling 737 narrowbodies and 21 widebody 777s. The planemaker, which gets paid for its airplanes at delivery, set its commercial airplane delivery guidance for 2011 at about 480, down from previous guidance of 485 to 495.

GULF CARRIERS SPLASH OUT

Gulf airlines and lessors are set to splash out on Airbus and Boeing jets at the November 13-17 air show, underscoring the region’s role as the industry’s chief paymaster amid Europe’s worsening sovereign debt crisis.

Qatar Airways is expected to place a $6.5-billion order for 50 fuel-saving A320neo jets and five A380s from Airbus , and Kuwait lessor Alafco plans to boost a provisional order for 30 Airbus A320neos, industry sources said.

A muted air show two years ago came days before Dubai lurched into its own property and financial crisis in 2009, but the city state has been recovering after a bailout from neighboring Abu Dhabi.
Dubai’s ruler Sheikh Mohammed spent hours at the airshow, looking at commercial and military planes and touring the floor before taking a seat at the Emirates news conference, underscoring the keen interest that the emirate has in the success of its airline and ambitions for Dubai to become a major hub.

Demand for passenger aircraft has been remarkably robust led by rising numbers of middle classes in Asia and the Middle East and a shift of economic power from the West, but some analysts fear a contagion from Europe’s spiraling debt crisis.

“Nothing goes up forever but we really believe the demand for airplanes is driven by world GDP,” Boeing Commercial Airplanes Chief Executive Jim Albaugh said on the eve of the show.

“It goes up by about one and a half times GDP, and while you have spikes .. the long-term direction is pretty positive.”

EUROFIGHTER CHALLENGE

Increasing competition to sell military hardware to Gulf states amid rising tensions over Iran’s nuclear activities also dominated the start of the show.

In a blow to France, an $11 billion contest to sell fighters to the UAE heated up on the eve of the event when the Eurofighter consortium disclosed it had been asked to present its Typhoon warplane to the country’s top military.

A spokesman for the consortium from Britain, Germany, Italy and Spain confirmed a report on the briefing in industry publication Flightglobal.com, but declined further comment.

The briefing by UK officials took place in October in response to a request from the UAE, which has held long-running talks with France over a purchase of up to 60 Dassault-built Rafale fighters.

The move injected unexpected drama into the military side of the Dubai Air Show, which will feature rival flying displays by both jets.

Dassault Aviation Chief Executive Charles Edelstenne shrugged off the assault by the Eurofighter club which France backed away from in the 1980s to concentrate on developing its own independent successor to the Mirage.

“That’s very good, I’m happy,” he told Reuters, walking briskly among displays of military U.S., European and Russian military hardware.

Asked if he was disappointed about the decision to bring in a potential new bidder, he said, “No.”

The UAE has been in talks with France since 2008 but discussions have been subjected to occasional disruption and the UAE has also enquired about the Boeing F/A18 Super Hornet.

President Nicolas Sarkozy has made it a priority to find a foreign buyer for the multi-role Rafale, billed as one of the most effective but also one of the most expensive fighter jets in the world.

Analysts say rising geopolitical tensions surrounding Iran could lead to a spike in defense orders.

(Additional reporting by Sitaraman Shankar and Nadia Saleem; Editing by Amran Abocar and Reed Stevenson)

13-47

Indian Envoy Conferred Top Saudi Honor

July 14, 2011 by · Leave a Comment 

By Nilofar Suhrawardy, TMO

RIYADH/NEW DELHI: Indian envoy to Saudi Arabia Talmiz Ahmad has been conferred the King Abdulaziz Medal of First Class for his contribution to strengthening bilateral ties between India and Saudi Arabia. He is the first Indian diplomat to be conferred this honor. The medal, comprising a decorative badge and a certificate signed by King Abdullah, was presented by Saudi Foreign Minister Prince Saud Al-Faisal (July 10).

“This (King Abdulaziz Order of Merit – First Class) is a tribute from Saudi Arabia to Talmiz Ahmad for his contributions during both his tenures as Indian Ambassador in promoting bilateral relations between the two countries,” Prince Al-Faisal said after conferring the Saudi Award of highest order to Indian envoy.

Ahmad has played a significant role in strengthening Indo-Saudi ties and promoting them on a “strategic level.” On this, Ahmad said: “Indo-Saudi relations have been transformed into a strategic partnership with the signing of the Delhi Declaration during the landmark visit of King Abdullah to New Delhi in 2006, and the return visit of Indian Prime Minister Manmohan Singh last year.”

The Indian envoy, whose term in Riyadh ends shortly, is also credited for promoting relations between India and Saudi Arabia at several levels, including cultural and economic. Describing his role as “modest” in progress of bilateral ties, Ahmad said: “Mine has been a modest role in this endeavor, in which a large number of people have contributed both from India and Saudi Arabia.”

Ahmad was first appointed ambassador of India to Saudi Arabia in January 2000. He has served as ambassador in several other countries, including UAE and Oman. He was appointed again as Indian envoy to Saudi Arabia last year ahead of Prime Minister Singh’s visit to the Kingdom.

In addition to being a career diplomat, Ahmad has written several books and papers on politics of West Asia and energy. The Arabic translation of his book: “Children of Abraham at War: The Clash of Messianic Militarism” was released earlier this month in New Delhi. Ahmad was present on the occasion. His aim is to “promote Indo-Saudi ties in a number of areas on immediate, medium-term and long-term basis that include research and studies, energy discussions and advance guidance with regards to business imunity.”

13-29

High Frequency Trading High-tech Highway Robbery

April 22, 2010 by · Leave a Comment 

By Mike Whitney

April 18, 2010  — The Securities and Exchange Commission (SEC) knows that High-Frequency Trading (HFT) manipulates the market and bilks investors out of tens of billions of dollars every year. But SEC chairman Mary Schapiro refuses to step in and take action. Instead, she’s concocted an elaborate “information gathering” scheme, that does nothing to address the main problem. Schapiro’s plan–to track large blocks of trades by large institutional investors– is an attempt to placate congress while the big Wall Street HFT traders continue to rake in obscene profits. It achieves nothing, except provide the cover Schapiro needs to avoid doing her job.

High-frequency trading (HFT) is algorithmic-computer trading that finds “statistical patterns and pricing anomalies” by scanning the various stock exchanges. It’s high-speed robo-trading that oftentimes executes orders without human intervention. But don’t be confused by all the glitzy “state-of-the-art” hype. HFT is not a way of “allocating capital more efficiently”, but of ripping people off in broad daylight.

It all boils down to this: HFT allows one group of investors to see the data on other people’s orders ahead of time and use their supercomputers to buy in front of them. It’s called front-loading, and it goes on every day right under Schapiros nose.

In an interview on CNBC, HFT-expert Joe Saluzzi was asked if the big HFT players were able to see other investors orders (and execute trades) before them. Saluzzi said, “Yes. The answer is absolutely yes. The exchanges supply you with the data, giving you the flash order, and if your fixed connection goes into their lines first, you are disadvantaging the retail and institutional investor.”

The brash way that this scam is carried off is beyond belief. The deep-pocket bank/brokerages actually pay the NYSE and the NASDAQ to “colocate” their behemoth computers ON THE FLOOR OF THE EXCHANGES so they can shave off critical milliseconds after they’ve gotten a first-peak at incoming trades. It’s like parking the company forklift in front of the local bank vault to ease the transfer of purloined cash. Due to the impressive research of bloggers like Zero Hedge’s, Tyler Durden and Market Ticker’s, Karl Denniger, many people have a fairly good grasp of HFT and understand that the SEC needs to act. But Schapiro has continued to drag her feet while issuing endless proclamations about pursuing the wrongdoers. Baloney. She needs to stop yammering and shut these operations down.

In a recent posting, Market Ticker explained some of the finer-points of high-frequency trading, such as, how the banks/brokerages probe the exchanges with small orders in order to find out how much other investors are willing to pay for a particular stock. Here’s a clip:

“Let’s say that there is a buyer willing to buy 100,000 shares of Broadcom with a limit price of $26.40. That is, the buyer will accept any price up to $26.40. But the market at this particular moment in time is at $26.10, or thirty cents lower.

So the computers, having detected via their “flash orders” that there is a desire for Broadcom shares, start to issue tiny “immediate or cancel” orders – IOCs – to sell at $26.20. If that order is “eaten” the computer then issues an order at $26.25, then $26.30, then $26.35, then $26.40. When it tries $26.45 it gets no bite and the order is immediately canceled.

Now the flush of supply comes at $26.39, and the claim is made that the market has become “more efficient.”

Nonsense; there was no “real seller” at any of these prices! This pattern of offering was intended to do one and only one thing – manipulate the market by discovering what is supposed to be a hidden piece of information – the other side’s limit price!

With normal order queues and flows the person with the limit order would see the offer at $26.20 and might drop his limit. But the computers are so fast that unless you own one of the same speed you have no chance to do this – your order is immediately “raped” at the full limit price!

The presence of these programs will guarantee huge profits to the banks running them and they also guarantee both that the retail buyers will get screwed as the market will move MUCH faster to the upside than it otherwise would.

If you’re wondering how Goldman Sachs and other “big banks and hedge funds” made all their money this last quarter, now you know.” (“High-Frequency Trading is a Scam”, Market Ticker)

The HFT uber-computers are able to find out the highest price that traders will pay in a millisecond and then extort that full amount millions of times to maximize profits. Clearly, this has nothing to do with efficiency or innovation. It’s high-tech highway robbery; institutional bid-rigging on a grand scale, tacitly sanctioned by industry lackeys operating from within the administration. Schapiro was picked by Team Obama for this very reason; because she was known as a regulator with a “light touch” when she headed Finra the financial industry’s self policing agency. As Finra’s chief, Schapiro managed to keep her head in the sand during the Madoff scandal and the auction-rate securities flap. She also issued far fewer fines and penalties than her predecessor. Here’s an excerpt from the Wall Street Journal which sums up Schapiro’s regulatory doctrine:

“The Financial Services Institute, a trade group, was meeting, and Ms. Schapiro addressed the crowd about Finra’s efforts to fight frauds aimed at senior citizens. Frank Congemi, a financial adviser, asked what Finra was doing to regulate “packaged products” such as complex mortgage securities. Mr. Congemi says that Ms. Schapiro replied: “We have rating agencies that rate them.” The credit-rating agencies, by this time, were being heavily criticized for having given triple-A ratings to mortgage bonds that became unsalable as foreclosures rose.” (Wall Street Journal)

If the financial crisis has taught us anything, it’s that the system is NOT self-correcting. And it takes more than just rules. It takes regulators who are willing to regulate.

12-17

Ottoman Palestine Pictures

August 13, 2009 by · 3 Comments 

From ottomanpalestine.com:

“Until 9 December 1917 for more 400 years the city and Palestine lived peacefully under Pax Ottomana. Despite this 400 year long rule of Turks in Jerusalem there are not many visible Turkish Architectural Works. No slender minarets or Royal Mosque as in Balkans was build. The reason for this was respect for the local traditions and because there was a congregational Mosque of Masjid el-Aqsa. No other Mosque could be built that could surpass the holy shrine. Never the less, the City of Jerusalem has still a visible Turkish Presence. ”

Suleiman had a special relationship with Jerusalem. Evliya Çelebi describes Sultan Suleiman’s special relationship with Jerusalem as follows:

“In the year 926/1520 Sultan Suleiman acceded to the throne and conquered the fortress of Belgrade 927/1521 and later on the island of Rhodes 928/1522 and accumulated thereby intense wealth. The Prophet Muhammed (s.a.w) appeared to him in a blessed night and told him: “O Suleiman you will make many conquests You should spend these spoils on embellishing Mecca and Medina, and for the fortification of the citadel of Jerusalem in order to repulse the unbelievers, when they attempt to take possession during the reign of your followers. You should also embellish its sanctuary with a water basin and offer annual money gift to the dervishes there, and also embellish the Rock of Allah and rebuild Jerusalem.”

“Such being the order of the Prophet (S), Suleiman sends from his spoils one thousand purses to Medina and another thousand purses to Jerusalem. Together with required material he dispatched the master architect Koca Sinan and transferred Lala Mustafa Pasha from the governorship of Egypt to that of Syria, this latter having been ordered to carry out the restoration of Jerusalem, gathered all the master builders, architects and sculptors available in Cairo, Damascus and Aleppo and send them to Jerusalem to rebuild it and to embellish the Holy Rock.”

89-OTTOMAN SOLDIERS (by ottomanpalestine2)

Ottoman Soldiers in Palestine

4-OTTOMAN LOCAL PASSPORT (TEZKEREH) IN PALESTINE (by ottomanpalestine2)

Ottoman Passport Palestine

9-PALESTINIAN WEDDING PROCESSION 1904 (by ottomanpalestine2)

39-PALESTINIAN WEDDING PROCESSION 1904 (2) (by ottomanpalestine2)

Palestinian Wedding Procession 1904

8-THE VISITING OF GERMANY KING TO OTTOMAN JERUSALEM 1898  (2) (by ottomanpalestine2)

44-THE VISITING OF GERMANY KING TO OTTOMAN JERUSALEM 1898 (13) (by ottomanpalestine2)

Visiting of King of Germany to Ottoman Palestine 1898

55- OTTOMAN RAILWAY   FIRST TRAIN TO BI'RšSSEBA BETWEEN HAIFA DER'A (by ottomanpalestine2)

Ottoman Railway, First Train to BI’RšSSEBA BETWEEN HAIFA DER’A

54- OTTOMAN RAILWAY HAIFA TRAIN STATION, WITH THE OPENING CEREMONY OF THE 1905 PRAYER (by ottomanpalestine2)

Ottoman Railway Haifa Train Station, Opening Prayer 1905

26-OTTOMAN JERUSALEM EL-KOUDS  1898-1914 (49) (by ottomanpalestine2)

Ottoman Jerusulem 1898

11-OTTOMAN PALESTINE  [BETWEEN 1898 AND 1917] SQUARE FACING DAVID'S TOWER (by ottomanpalestine2)

OTTOMAN PALESTINE [BETWEEN 1898 AND 1917] SQUARE FACING DAVID’S TOWER

Modern Palestine:

Dragonflies

July 16, 2009 by · Leave a Comment 

tufail 7-15-09

Dragonfly, like Frog, Butterfly, and Salamander, is one of nature’s shapeshifters. During the first two years of their life, when they are called nymphs, they live in the water. As adults they take to the air.

Any of various large insects of the order Odonata or suborder Anisoptera, having a long slender body and two pairs of narrow, net-veined wings that are usually held outstretched while the insect is at rest. Also called regionally darner,darning needle, devil’s darning needle, ear sewer, mosquito fly, mosquito hawk, needle, skeeter hawk, snake doctor,snake feeder, spindle.

The adult dragonfly emerges from the larval skin (which remains clinging to the plant stem).

The order of insects to which dragonflies belong (Odonata) is divided into two sub-orders.

Most of a dragonfly’s brain is dedicated to processing and responding to what they see. Their complex eyes provide nearly 360-degree vision. Dragonflies can hover like a helicopter. They can exchange oxygen through specially adapted anal chambers.

Males of this dragonfly defend their territories against other males. When a female shows up, the male grabs her and flies away with her to mate.The following day, the back of the larva’s thorax splits and the dragonfly begins to push itself out of the old skin.

11-30

Burning of Sanctuary Stokes Fears of Spain Islamophobia

April 24, 2006 by · 1 Comment 

By Giles Tremlett

An arson attack over the Easter weekend on a Muslim sanctuary in the Spanish city of Ceuta marked another step in what some experts fear is a growing incidence of Islamophobia in the country.
Ceuta lies on a small peninsula in North Africa and a third of the population is Muslim. The burning of the Sidi Bel Abbas sanctuary comes just three months after another sanctuary in the enclave was attacked by arsonists.
Authorities in the city said that they were considering putting security cameras around mosques, shrines and buildings belonging to other religions in order to dissuade potential attackers.
The news came amid reports of a growing number of attacks across Spain.
El Pais newspaper listed a number of mosques and other Muslim targets that have been ransacked, burned or had copies of the Qur’an set alight by intruders.
Police said that extreme rightwingers and skinhead groups were responsible for almost all the attacks.
“They want Spain to have the same sort of violent reaction that the Netherlands had after the murder of film director Theo van Gogh,” one police expert told El PaÌs. “Little by little they are creating an atmosphere for this to grow.”
Spain’s 800,000 Muslims, many of them immigrants from neighbouring Morocco, have some 600 mosques around the country.
Spain’s imams, however, prefer not to publicise attacks in order to avoid copycat incidents and angry reactions from within their own community. “We try to avoid confrontation,” Moneir Mahmoud, who runs the main mosque in Madrid, explained.
Protests against the caricatures of the prophet Muhammad that appeared in the European press were kept within the walls of Spanish mosques in order to not to provoke counter-reactions.
At least four towns in the eastern region of Catalonia, however, have seen attacks on mosques and Muslim butchers, some with Molotov cocktails.
In the eastern town of Reus, police detained two car-loads of skinheads armed with Molotov cocktails as they headed towards the local mosque.
The train bombings that killed 191 people in Madrid two years ago and growing Islamophobia since the September 11 attacks were largely to blame.
“We never had things like this happen before,” Imad Alnaddar, who is in charge of the main mosque in Valencia, told El Pais.

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