March 16, 2012 by Al Watan Daily

FRIDAY, MARCH 16, 2012

@alwatandaily

Issue No. 1375

20 PAGES

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150 Fils with IHT

Medical City bill approved with KD 100 million capital 40% of shares allocated for private sector, 10% Kuwait Investment Authority & 50% as grants for citizens

Mohammed Al-Salman, Mohammed Al-Khaldi

Staff Writers

KUWAIT: National Assembly passed Thursday a draft law for establishing a specialized medical city to offer high-quality medical service for the Kuwaiti people and residents. The bill was endorsed with a majority of 27 votes against 10 for the construction of Medical City. The approved bill stipulates that the government sets up a public shareholding company which will construct a comprehensive medical facility with a capital of 100 million Kuwaiti dinars to provide specialized and high-quality health services.

At least 40 percent of shares will be allocated for the private sector, 10 percent to Kuwait Investment Authority and 50 percent will be given as grants for citizens. Meanwhile, the Parliament postponed the voting for a demand to assign the Education Committee to probe a delay in the establishment of Al-Shedadiya University and a quest to grill the government over the failure to appoint new leaders for the oil sector MPs have pressed their demands for the government to further raise salaries for civil servants and retirees. The lawmakers gave the government a deadline until the next Cabinet meeting on Sunday to review pay raise rates and to approve generous increments, or

US soldier accused of Afghan civilian killings flown to Kuwait

Jameel W. Karaki

else they will have to enact a law for this through the National Assembly. MP Dr. Hamad Al-Matar expressed his profound dismay over the ungenerous pay increment that was announced by the Civil Service Commission. He lamented that the retirees receive low pensions and have not enjoyed a raise since 2008 amid rising inflation and skyrocketing prices. “We await the Cabinet session on Sunday to come up with convincing decisions regarding pay increase, or else the National Assembly will do so through a fair law,” the MP was quoted as saying. For his part, MP Dr. Adel Al-Damkhi affirmed that the recent pay increases do

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New gel treats precancerous skin condition in days

A child looks at the drawings tribute for the victims of the March 13 bus crash in Switzerland on the wall in front of the St Lambertius school in Heverlee on March 15, 2012. Belgium has declared a national day of mourning for Friday after the bus crash in the Swiss Alps which killed 22 children. A minute’s silence will be observed in schools, public ofﬁces and across the country with ﬂags at half mast and ceremonies planned into the weekend, the government announced. (AFP)

Kuwait gala raises $2.1 million to support Arab women

New ‘massacre’ in Syria as crackdown anniversary marked

Iran cut off from global financial system

BRUSSELS: Iran was effectively cut off from global commerce on Thursday, when the company that handles financial transactions said it was severing ties with many Iranian banks - part of an international effort to discourage Tehran from developing nuclear weapons. The action enforces European Union sanctions because global financial transactions are impossible without using SWIFT, and it will go a long way toward isolating Iran financially. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is a banking hub crucial to oil, financial transactions and other trades. “Disconnecting banks is an extraordinary and unprecedented step for SWIFT,” said Lazaro Campos, chief executive of SWIFT. “It is a direct result of international and multilateral action to intensify financial sanctions against Iran.” In a statement, the company said the EU decision to impose sanctions “prohibits companies such as SWIFT to continue to provide specialized financial messaging services to EU-sanctioned banks” and

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during activities of the Kuwaiti Folklore Festival in Kuwait, on Thursday, March 15, 2012. (Al-Watan)

Al Ahli soccer fans take part in a protest against the ruling military council and interior ministry in front of the general prosecutor’s ofﬁce in Cairo March 15, 2012. (Reuters)

CAIRO: Egypt’s top prosecutor on Thursday charged 75 people in connection with a deadly soccer riot last month in the Mediterranean city of Port Said in which authorities said fans were thrown to their death off the stadium walls and others killed by explosives as they tried to flee. Scores of fans face murder charges and nine police officers were accused of complicity in murder, in the Feb. 1 riot that left at least 74 people dead. It was the world’s worst soccer-related disaster in 15 years. The riot began minutes after the final whistle in a league game between Cairo club Al-Ahly and Al-Masry of Port Said. The home side won 3-1 but its fans set upon the rival supporters in a killing frenzy that witnesses said lasted 30 minutes. Many witnesses claimed that policemen at the venue did nothing to stop the bloodshed. More on 4

ALWATAN DAILY

kuwait

FRIDAY, march 16, 2012

Popular Action bloc calls for Kuwaitization of public sector employees

MPs voting on a bill during Thursday’s Parliament session on March 15, 2012. (Al Watan) Staff Writer

KUWAIT: The Popular Action Bloc announced on Thursday that it intends to table yet another bill related to localizing labor in the public sector. The bill also proposes that a full one year salary is paid off, as part of an incentive for the services of the non-Kuwaitis working in the sector, where then all posts will be replaced by local workers. Similarly, MP Musallam Al-Barrak has warned the Minister of Finance, the Chairman of the Public Authority for Investment, as well as the management of the Central Bank of Kuwait against re-instating the old management of Gulf Bank, which is also known as the Financial Derivatives Department. The MP said that when this particular department began its activity back in 2000, it pursued a policy of staff termination that reached at least 100 in a single month. The department then replaced the vacant positions with others whom were employed in its retail sector of their own private businesses, which usually has mutual interests with banks. He argued that those newly appointed people got recruited under different positions with handsome packages which ultimately led to the controversial issue of derivatives disaster towards the end of 2008, costing Gulf Bank approximately one billion US dollars. Gulf Bank in turn asked for subsidy from the Central Bank in the form of a loan, estimated 420 million Kuwaiti dinars at the minuscule rate of 0.5 percent interest. The Investment Public Authority undertook to cover the increase in capital from the unregistered shares and thus increasing its own share in the Gulf Bank to

16.08 percent. The authority then acquired more than 1 percent of the bank’s shares. The authority’s share is now equivalent to 425 million Kuwaiti dinars. He warned against reports stating that a former member of the Derivative Department is being re-instated following Gulf Bank’s General Assembly meeting scheduled on March 17, 2012. The lawmaker said that this time the former member will occupy a leading position, possibly a managing director or similar because, as the MP believes, it will take Gulf Bank to square one where troubles will emerge again. Meanwhile, the MP Al-Barrak expressed his utter astonishment that the Ministry of Foreign Affairs Undersecretary Khalid Al-Jarallah remains in his position, while the investigation over the foreign money transference is being conducted. He pointed out at the same time that he would not tolerate any attempt to hinder the course of justice. The MP explained that following the scandal of multi-million deposits and the issue of foreign money transference, an investigative committee was set up for the purpose of which is to look into the two issues and that outcome of the investigation would be made public for the Kuwaiti people to see. The MP said that he is keen to know if the foreign money transference was done with the signature of the undersecretary “who happened to be working for the same ministry for so long”. The MP also pointed out that when the former foreign minister Sheikh Dr. Mohammad Al-Sabah made his own inquiry over the matter and asked for information, his inquiry was blocked by ambassadors.

Medical City bill approved with KD 100 million capital continued from page 1

Moreover, he said that the Premier will face interpellation filed against him publicly, which is different from what the previous PMs have done. He hoped that the National Assembly would approve the national unity draft law, which has been referred to the government since June 2011. He added that this draft law includes tough penalties for those who despise other sects in the society, in addition to those who attempt to cause sedition by splitting national unity. Concerning the audio and visual law amendments, he said that the ministry referred them to the Cabinet a month ago, where it is currently being studied by the concerned authorities before referring it to the National Assembly. In another development, MP Saleh Ashour put forth a proposal which calls on the government institutions to increase the number of local manpower. He also proposed that university degree holders get a KD 300 pay raise while diploma and secondary school certificate holders get a raise of KD 270. Meanwhile, MP Mohammad Al-Ju-

waihel commented on the performance of the National Assembly saying that “his is a headless Parliament. Rather, it’s a gang headed by Ahmad Al-Saadoun in Parliament. They will pay for all their actions and we will change the approach in dealing with them.” In other news, MP Musallam Al-Barrak has called on the Minister of Finance Mustafa Al-Shamali to hand in his resignation, reminding him that he was the very same financial minister during the previous governments of Sheikh Nasser Al-Mohammad. The MP further called on His Highness the Prime Minister Jaber AlMubarak to remove the Financial Minister from his current post. The MP stressed that in the event that it is decided that the current financial minister would remain in his post, he would ultimately lead the majority of the MPs to file an interpellation motion over the matter. In addition, MP Mubarak Al-Waalan announced that he has initiated consultations and coordination for a special parliamentary session to be held in order to endorse a bill for the civil rights of

Bedoun (Stateless Arabs). He noted that the move is designed to vote on the bill in two deliberations in order to deliver justice for this segment of society and to maintain their dignity. The MP added that the eligible candidates will be immediately naturalized. Further, MP Mohammad Hayef has revealed that at least 31 MPs have signed up to a proposal by the Justice Bloc to amend Article 79 of the Constitution to ensure that all laws to be passed by the Assembly are consistent with the Sharia (Islamic law). He however noted that the request will not be put forth before Parliament this week in order to allow MPs time to sign up, even though it can be presented with the signature of 22 MPs only. In other news, the Minister of State for Planning and Development and the Minister of Public Works Dr. Fadel Safar called on MPs to come forward with any observations or amendments they have with regard to the State Development Plan. The minister underscored the role of the private sector in ensuring the success of the plan.

MP Ashour’s proposed salary increases for Kuwaiti citizens Holder of Bachelor’s Degree 300 KD Holder of Diploma or High School certificate + or 270 KD two years training program Holders of High School certificate + one year 260 KD training program or Middle School certificate + 3 years training program High School or Middle School certificate + one year 240 KD training program Middle School certificate 235 KD below Middle School certificate 230 KD

Kuwait Airways workers to strike on Saturday

Kuwait offers Sudan KD 25 million-loan FILE- Photo of Kuwait Airways employees during a strike held at Kuwait International Airport on Oct. 24, 2011. (Al Watan)

111 flights may be cancelled, loses expected to be at 4 million dinars

Kuwait Fund for Arab Economic Development (KFAED) signs a second loan agreement with the Sudanese government at a value of 25 million Kuwait on Thursday, March 15, 2012. (KUNA)

Sami Wadi Staff Writer

KHARTOUM: Kuwait Fund for Arab Economic Development (KFAED) signed here Thursday a second loan agreement with the Sudanese government at a value of 25 million Kuwait to finance two dams, namely Upper Atbara River and the State, in eastern Sudan. The agreement was signed by KFAED Director General Abdulwahab Al-Bader and Sudanese Finance and Economy Minister Ali Mahmoud in a ceremony attended by a number of Sudanese ministers and senior officials. “This agreement is part of the aid pledges, the State of Kuwait has made during the International Donors and Investors Conference for Eastern Sudan held in Kuwait in December 2010,” KFAED Director General Abdulwahab Al-Bader said in his speech during the signing ceremony. Kuwait has pleged 500 million US dollar aid to eastern Sudan, $450 million in loans and $50 million a grant. “This is the second loan Kuwait offers to Sudan as part of its commitments, at a total value 50 million Kuwaiti dinars (or about $170 million,” Bader pointed out, adding that the Kuwait is putting the final touches on the $50 million-grant agreement. The grant projects seemed to work in Kuwait after selecting consulting firms and implemented either for loans, The KFAED

signed KD 25 million ($85 million) loan agreement with Sudan in December 2010 to finance the construction of two dams on Atbara River. Bader expressed Kuwait’s commitment to fully support all development projects in Sudan. For his part, Sudanese Finance Minister Ali Mahmoud praised KFAED continuing aid to his country over more than half a century. Mahmoud revealed that KFAED started cooperation with Sudan since its foundation in 1962 when it offered Sudan the first loan to finance a railways project. “Since this time, KFAED has offered Sudan 26 loans worth more than $819.7 million” he said. The Minister applauded the candid and strong ties between the two Arab nations. For his part, Minister of State for Electricity and Dams Mohammed Hassan Al-Hadari said KFAEDfinanced two dams are meant to increase drinking water and agricultural production in the region as well as generating 320 megawatts of electricity to meet the residents’ needs. On Dec. 1-2, 2010, Kuwait hosted the International Donors and Investors Conference for Eastern Sudan, which ended with pledges of more than $3.5 billion for the post-conflict economic and social rehabilitation of Eastern Sudan. -KUNA

Justice Workers Syndicate has announced that they will stage a strike on Monday, amid threats by other syndicates to escalate unless their demands are met. The Customs officers affirmed that the Kuwaiti ports have been completely paralyzed and that only one oil tanker had moved uninspected. They described the tanker’s movement as a customs piracy and cautioned that such action can lead to merchandise smuggling. The Minister of Communications Salem Al-Othania called on the Kuwait Airways strikers to recede, while acknowledging their plight and expressing his sympathy with them. The minister promised that he will do his best to meet their

demands. Kuwait Airways has reportedly informed the airlines operating at the Kuwait International Airport that it is not ready to receive transit passengers. A source has informed Al Watan that it is expected that 111 flights will be cancelled over the two coming days, as he estimated the losses at about four million Kuwaiti dinars. In the same vein, Ministry of Justice Workers Syndicate has rejected the recent pay raise, saying that the increase involved only nine categories while it ignored other jobs. The syndicate announced that it will stage a two-hour strike on Monday at the Palace of Justice.

Kuwait welcomes Libya’s steps to promote, safeguard human rights

Sheikh Ahmad Al-Humoud returns from Tunisia’s ministers meeting

GENEVA: Kuwait welcomed Thursday the measures taken by the Libyan government to promote and safeguard human rights and its cooperation with international human rights organizations, particularly United Nations Human Rights Council (UNHRC). The remarks were made by Counselor Sadiq Maarfi, a member of the Kuwaiti permanent delegation to the UNHRC at the session held to review and approve the Libyan government human rights report. Maarfi noted the UNHRC tackles Thursday a special case as the reviewed report was compiled by the former Libyan regime but the transitional government has vowed fulfill the Libya’s previous human rights commitments. Kuwaiti diplomat hailed Libyan transitional government acceptance of several recommendations that were rejected by the former regime, which reflects its commitment to promoting human rights. He added that the Libyan people have suffered over the past 42 years of flagrant violations of human rights at the hands of the former regime who deliberately prevented its people from knowing anything about the culture of human rights. -KUNA

KUWAIT: Kuwaiti First Deputy Prime Minister and Minister of Interior Sheikh Ahmad Al-Humoud Al-Jaber Al-Sabah has arrived back home from Tunisia, where he attended a meeting of Arab interior ministers. Upon arrival back Thursday evening, the minister told reporters that the 29th session of the Council of Arab Interior Ministers marked a distinguished addition on the way of reinforcing pan-Arab security interests. The two-day meeting discussed ways to strengthen the areas of security cooperation among the Arab ministries of interior, especially the areas of combating terrorism, violence, counternarcotics, money laundering, economic and cyber crime, in addition to human trafficking. The minister spoke highly of the friendly atmosphere under which the gathering was held, together with the positive results of discussions and deliberations on diverse security issues. He also lauded the recommendations and resolutions made by the Arab interior ministers during the meeting as a fresh step towards the way to face regional changes and developments through single Arab security efforts. -KUNA

ALWATAN DAILY

KUWAIT

friDAY, march 16, 2012

US soldier accused of Afghan civilian killings flown to Kuwait Jameel W. Karaki

Staff Writer and Agencies

action is routine and standard operating procedure for us when we are preparing to charge an individual and prepare for their introduction into the military justice system”. Meanwhile, Kuwaiti Member of Parliament Mohammad Hayef said that transferring the American soldier to Kuwait shows irreverence and affronts the Muslim World’s feelings. “This is not the first crime ... and the least that can be done is for the Ministry of Foreign Affairs to refuse (receiving him).” In addition, Pentagon spokesman Capt John Kirby told the press that the soldier was held by the US military in Kandahar until Wednesday evening, when he was flown out of the country “based on legal recommendation”.

Afghan lawmakers expressed angerThursday that the US flew the American soldier to Kuwait, saying Kabul shouldn’t sign a strategic partnership agreement with Washington unless the suspect faces justice in Afghanistan. Negotiations over the agreement, which would govern the presence of US forces in Afghanistan after most combat troops withdraw by the end of 2014, were tense even before the shooting deaths of the civilians, including nine children, in southern Kandahar province on Sunday. The attack in Kandahar province has caused outrage across Afghanistan. On Thursday about 2,000 people demonstrated in the southern Afghan province of Zabul, the second major protest outside Kandahar this week.

Now, President Hamid Karzai is under intense pressure amid questions over what really happened in Kandahar. A parliamentary investigation had been expected to have reported its findings on Thursday and some of these may be at odds with US statements on the incident. There have been calls for the soldier’s trial to be held in Afghanistan and be made public. But Kabul signed an agreement with the US and other NATO members under which soldiers will be tried in their home countries, not Afghanistan. It is worth noting that the American Embassy of Kuwait played a vital role in contacting Al Watan Daily with Lieutenant Colonel Jimmie E. Cummings.

Amir attends folkloric festival Al-Maliki says Kuwait

visit marks extreme importance Wafa Qansour Mazen Al-Saheb from Baghdad Staff Writers

KUWAIT: The Iraqi Prime Minister Nouri Al-Maliki has described his visit to Kuwait as significant, given that the two countries could bridge the gaps as both parties “will never reach effective solutions before building trust”. Al-Maliki said, during a press conference held following a dinner celebration that he felt through his meetings with the National Assembly Speaker and Kuwaiti Prime Minister the interest in strengthening cooperation. Al-Maliki affirmed that the meetings can be considered as a step in the right direction. “We have several hanging issues and we need to speed up all His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah (right) with His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah (left) during the Kuwaiti folkloric festival on Thursday, March 15, 2012. (KUNA)

KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah attended on Thursday, along with His Highness the Crown Prince Sheikh Nawaf AlAhmad Al-Sabah, activities of the Kuwaiti folkloric festival. Upon arrival, His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah was received by chairman of the festival’s higher organizing committee Sheikh Dhari Fahad Al-Ahmad Al-Sabah, vice chairman Sheikh Sabah Fahad Sabah Al-Nasser Al-Sabah and commit-

tee members. The Amir, in an opening statement, said that “this annual gathering is living proof of unity and brotherhood enjoyed by peoples of the Gulf.” A documentary was then shown, followed by a number of folkloric poems read to the audience. The Amir, before departing the event, was gifted with a memento. The Amir was accompanied by Deputy Minister of Amiri Diwan affairs sheikh Ali Jarrah Al-Sabah and Advisor at Amiri Diwan Mohammed Dheifallah Sharrar. -KUNA

Kuwait invests in human resources as top priority: Ambassador KUWAIT: Kuwait is set to invest in the human element as one of its top priorities and a basic foundation for development, said Kuwait ambassador to Bahrain Sheikh Azzam Mubarak Al-Sabah on Thursday.Sheikh Azzam said during a speech today at a ceremony hosted by the Kuwaiti students at the Arabian Gulf University (AGU), on the recent occasion of national holidays that Kuwait is keen on investment in developing the inherent talents

and potentialities of the Kuwaiti youth. The AGU represents a scientific model for Gulf Cooperation Council (GCC) joint action, he said, emphasizing his appreciation for the students for organizing this celebration that expressed sincere love and loyalty to Kuwait. The ceremony was attended by Kuwaiti students, advisor to the King for Cultural and Scientific Affairs, Dr. Mohammed Al-Ansari and president of the AGU, Khalid Al-Ohaly. -KUNA

procedures to resolve them as soon as possible,” he said. As to his meeting with Ahmad Al-Saadoun, who told the Iraqi premier that National Assembly rejects writing off the debts required be paid to by the Iraqi government according to certain sources, the premier emphasized that such rumors aim at deforming the visit and its positive results. Following a question about erupting differences between the two countries, he said that some sides are against good relations between Kuwait and Iraq and they aim to undermine the settlement of the whole region as well. “Therefore, we have to cooperate with each other to prevent any side from creating problems between the two sisterly countries,” he added. Meanwhile, a number of Iraqi MPs

Japan Minister hopes for more Kuwaiti students under Government scholarships KUWAIT: Japan’s education minister has expressed his willing to enhance educational cooperation with Kuwait and increase the number of government funded scholarships for Kuwaiti students, attaching great importance to humanitarian exchanges, especially those among the young generations. “Currently, six Kuwaiti students are studying in Japan under government scholarship programs. We encourage more Kuwaiti students to study in Japan through the scheme,” Education, Culture, Sports, Science, and Technology Minister Hirofumi Hirano said in a recent interview with Kuwait News Agency (KUNA). Hirano made remarks as he welcomed the state visit to Japan by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah, scheduled from March 20th. “We also wish to see a rise in the number of Japanese students in Kuwait,” said Hirano, adding that Tokyo is stepping up

preparation for the expanded program. Five Japanese students are learning Arabic at the Kuwait University’s Language Center through sponsorship from the Kuwaiti government. “It is important to promote people to people exchanges between Japan and Kuwait, especially among students, to deepen the mutual understanding and friendship between the two peoples,” said the minister. In addition to scholarship programs, Tokyo offers the Japanese language courses at Kuwait University’s Center for Community Service and Continuing Education, and the Japanese Embassy in Kuwait regularly hosts the round-tables for returned Kuwaiti students from Japan.As of May 2009, 79,000 students from about 160 countries and regions around the globe have studied in Japan under the Japanese government scholarship program established in 1954, according to his ministry. -KUNA

Kuwait gala raises $2.1 million to support Arab women

KUWAIT: Kuwait’s Ambassador in US Sheikh Salem Al-Sabah and his wife Sheikha Rima Al-Sabah, with the cooperation of the Kuwait-America Foundation and participation of CIA Director General David Petraeus held a Gala Dinner entitled “Sewing the Future.” The gala managed to raise 2.1 million US dollars to support Women’s World Banking and women’s economic empowerment in the Middle East. Guest of Honor, Director Petraeus has praised and pointed out the generosity of Kuwait throughout the past two decades, and show its support to America. He affirmed that among the many reasons for him to attend this event was to “Relate my gratitude for Kuwait’s kind support over the years.” He added, “No country could have been a better host to our forces.” He said, “We are here to help celebrate a very worthy cause and also help celebrate a special relationship, bond, and friendship between Kuwait and the US.” He also expressed “deep appreciation for Kuwait’s Ambassador and his wife and the Kuwait-America Foundation for the so many worthy causes they have done throughout the last eight years.” Petraeus praised the deep relationship with Kuwait on a political and military level, saying Kuwait has “stood shoulder to shoulder with the US for many decades.” He shed light on the time he was in Kuwait in 1991 not long after the liberation of Kuwait and he has seen how Kuwait has suffered under the Saddam Hussein occupation. He said he returned to Kuwait several times since then and often visited the National Memorial Museum which has many powerful exhibits, “With a large portion dedicated to the fallen American coalition soldiers.” The US official also focused on the different causes the Foundation has taken on over the years, saying that among the Foundation’s causes particularly close to his heart is supporting American wounded warriors. He considered this year’s cause a “Remarkable Effort” to help women by expanding micro financing opportunities “To bring greater stability and economic growth to the Middle Eastern nations that are facing political and socio-economic upheaval.” Patraeus added that the Foundation’s efforts are “in short hugely significant initiatives,” saying he is appreciative for all it has done in making a true difference on many levels in countries that have long suffered from underdevelopment. In an exclusive statement to Kuwait News Agency (KUNA), Petraeus said “It really is an honor to be here and a pleasure to be here and say thanks to Kuwait.” He affirmed that Kuwait’s “generosity is truly beyond compare. There have been not only shared objectives

described the visit of the premier to Kuwait as an important one, in which the Chief of Tajdeed Bloc MP Jamal Keilani said that the visit is positive and he wished other Iraqi officials to visit Kuwait in order restore the good bilateral ties. The lawmaker added that Kuwait has to help Iraq settle by removing it from being under the Seventh Chapter of the United Nations Charter, which had immensely influenced the Iraqi economy. The MP Aalia Nazif called for executing the agreements that the premier signed with the Kuwaiti side through forming an active committee to follow up on carrying out all agreements. She affirmed that the premier is serious to put an end to the pending issues between the two countries.

and goals, but shared sacrifice and that unites us I think forever.” For his part, Sheikh Salem told KUNA that he and his wife are delighted to host the 8th Annual Gala of the Kuwait Embassy to support Women’s World Banking (WWB). He said that the WWB will offer women loans for small projects in four Arab countries, which are Egypt, Tunisia, Lebanon and Jordan, hoping that through this gala, seeds of hope are planted that will benefit generations to come. Sheikh Salem affirmed that the Embassy is very proud to have been able to raise more than $13 million over the past eight years for humanitarian causes such as educating girls, protecting the environment, and supporting wounded warriors. He added that he is in particular proud of this year’s gala as it

Kuwait’s Ambassador in US Sheikh Salem Al-Sabah and his wife Sheikha Rima Al-Sabah and CIA Director General David Petraeus during a Gala Dinner entitled “Sewing the Future” on Thursday, March 15, 2012. (KUNA)

aims at supporting women in four Arab countries. “When you lend a woman the support she needs, she will invest the resources in her children, in her family, and in her community.” Meanwhile, the Ambassador praised the strong bilateral relations between the US and Kuwait, saying that the core mission of the Kuwait-America Foundation through its galas is to express gratitude for American support and to strengthen ties between the people of the US and Kuwait. Sheikh Salem expressed his gratitude to the senior officials in the US administration, and congressmen who participated in this event and contributed to its success. For her part, Sheikha Rima, who is the Gala Founder and Chairwoman, told KUNA that she is honored to organize the event this year as it focuses on supporting women in four Arab countries. She affirmed that investing in women sets in motion a multiplier effect. When women are empowered educationally, socially, and economically, they will invest the resources in their children, their family, and their community, she noted. She added that this Gala Dinner also coincides with the world celebrating International Women’s Day. She indicated that the two million dollars raised will offer huge opportunities and make an enormous difference in women’s lives in Egypt, Tunisia, Lebanon, and Jordan as they will fulfill their dreams and establish economic projects. HumanitarianAward recipient award winning actress and Goodwill Ambassador for UN WOMEN Nicole Kidman said in a speech she delivered that “there is no limit to what women can achieve when they’re given the opportunity.” She said that “the progress of women really makes progress overall,” adding that “women need to be able to make a decision that shapes their lives and their society.” She indicated that women having an income “can also provide them with options that they never thought possible and it can give them hope when they feel hopeless.” The banquet was attended by senior American officials, including General Petraeus, White House National Security Advisor Tom Donilon, National Security Adviser to Vice President Antony Blinken,White House Chief of Staff Jacob Lew, White House Social Secretary Jeremy Bernard, and US Chief of Protocol Capricia Marshall. Also among senior guests were Deputy Secretary of Energy Daniel Poneman, Senior director for the Gulf States, Iran and Iraq in the National Security Council Puneet Talwar, Supreme Court Judge Samuel Alito, Senators John Kerry, Scott Brown, Roy Blunt and Congressman Chris Van Hollen, in addition to Kidman and her husband country singer Keith Urban. -KUNA

Photo of Education, Culture, Sports, Science, and Technology Minister Hirofumi Hirano on Thursday, March 15, 2012. (KUNA)

Politics, culture connected concepts: Scholar KUWAIT: Kuwait Writers’ Association hosted a lecture focused on the theme of political disconnection from the Kuwaiti culture scene in the present day even though the concepts of politics and culture are connected. Kuwaiti scholar and poet Khalaf AlKhitaimi said in the lecture that the concept of culture is comprehensive. It encompasses geography, anthropology, the social, political, and economic components and phenomena of society. Politics and culture are closely connected since a good politician should be a highly cultured and aware person who has a clear understanding of the economic, cultural, and artistic situation of his society. He noted that during the 1950s and 1960s, the political figure was initially a culturally involved and active one who chose to go down the path of politics. He further said that Kuwait’s politics in that period reflected the political view as well as culture appreciation of its ruler; hence, theatres, colleges, and cultural clubs emerged on the societal scene in the country. Al-Arabi magazine, established in 1958 under the directives of the Amir Sheikh Sabah Al-Ahmad AL-Sabah, is ample proof that reflects the tendencies of that period, he pointed out. The magazine has become a cultural passport from which the Kuwaiti culture travelled to other realms of the Arab world. -KUNA

ALWATAN DAILY

regional

friDAY, march 16, 2012

New ‘massacre’ in Syria as crackdown anniversary marked Al-Assad’s private emails brought to light

CAPITALS: Twenty-three mutilated corpses were found on Thursday near a Syrian protest city seized by regime forces, monitors said, as the regime’s bloody crackdown entered its second year to a rising world outcry. Human rights monitors said the victims had been blindfolded and handcuffed before being shot dead and their bodies dumped outside the northwestern city of Idlib, in an apparent repeat of a similar “massacre” in the flashpoint city of Homs last weekend. As the Syrian regime and the opposition continued to trade blame for the earlier killings, both sides organized mass demonstrations to mark the first anniversary of the eruption of anti-government protests in the city of Daraa, south of the capital, which was again the scene of deadly violence on Wednesday. “Twenty-three bodies with marks of extreme torture were found near Mazraat Wadi Khaled, west of the city of Idlib,” said the Syrian Observatory for Human Rights in a statement. It also said at least five others were killed in raids by security forces across the province of Idlib on Thursday and that violent clashes broke out overnight as rebels attacked army posts in the eastern region of Deir El-Zor. In Damascus, thousands of supporters of President Bashar Al-Assad poured into the streets. The government-orchestrated gatherings were apparently an attempt to overshadow the anniversary. In the southern province of Deraa, where the uprising began, activist Raed Al-Suleiman said Syrian forces backed by tanks entered early Thursday and rounded up shopkeepers. “There are random arrests in parts of the city, most of them those who opened their shops,” he said. “They put some of them on buses to take them to a demonstration.” Around 1,000 Syrian refugees, including

An image released by the official Syrian Arab News Agency (SANA) on March 15, 2012, shows Syrians rallying in support of President Bashar Al-Assad on the first anniversary of the anti-regime revolt. (AFP)

a defecting general, have crossed into Turkey in the last 24 hours, the foreign ministry said on Thursday. “The number of Syrian refugees currently staying in Turkey boomed by 1,000 in a single day and climbed to 14,700 total,” ministry spokesperson Selçuk Ünal told reporters in

Israel, Palestinians trade fire but truce holds GAZA CITY: The Israeli air force and Gaza militants traded sporadic fire overnight but a fragile truce between the sides that ended four days of violence appeared to be largely holding on Thursday. Late Thursday morning, militants fired a rocket at the southern desert city of Beersheva, which was intercepted by the Iron Dome defense system, a military spokesman said. It was the second rocket to be fired on Thursday; neither caused any damage or injuries. Overnight, Israeli aircraft carried out two raids, one near Gaza City and another near the southern town of Khan Yunis, causing no injuries, Palestinian security officials said. The Israeli military said the raids were in response to a rocket fired at Beersheva on Wednesday which was brought down by Iron Dome. Many schools across southern Israel were again closed on Thursday as a safety precaution, after briefly reopening on Wednesday for the first time this week. Speaking to parliament on Wednesday, Israeli Prime Minister Benjamin Netanyahu again warned the truce would be short-lived if the rocket fire continued. “Calm will bring calm. Anyone who disturbs it, or even tries to disturb it, will be in our gun sights,” he said. He also linked the rocket fire from Gaza to tensions with Iran over its nuclear program, which much of the West believes masks a weapons drive. “What’s happening in Gaza is Iran. Where do the missiles come from? Iran. Where does the money come from? Iran. Who trains the terrorists? Iran. Who builds the infrastructure? Iran. And often who gives the orders? Iran. “Gaza is an advance post for Iran,” he

said. “I hope that the whole world today understands that the terrorist organizations in Gaza - Hamas and Islamic Jihad - and also Hezbollah in Lebanon, are sheltered by the Iranian umbrella. “Can you imagine what would happen if that umbrella was nuclear?” The truce, mediated by Egypt, ended violence that began on Friday with Israel’s assassination of a senior Palestinian militant. Militants responded by firing hundreds of rockets into the Jewish state. Under the terms of the ceasefire, both Israel and militants from Islamic Jihad, who were responsible for most of the rocket attacks, have agreed to hold their fire. Meanwhile, an Israeli soldier was in serious condition on Thursday after being stabbed by a Palestinian man on board the light rail in an east Jerusalem settlement district, police said. Police spokeswoman Luba Samri said the woman “was stabbed by a man suspected of being a Palestinian in Pisgat Zeev, apparently on board the light rail. The doors of the train then opened, and the stabber fled the scene.” Shortly afterwards, police confirmed the suspect was Palestinian, saying he had been arrested at the Qalandia checkpoint between Jerusalem and Ramallah. A paramedic who treated the victim, told public radio she was stabbed in the chest and the arm and evacuated to hospital in serious condition. Israeli army spokeswoman Avital Leibovich confirmed the woman was a soldier in a posting on Twitter, saying: “A female soldier was wounded due to stabbing attack in Jerusalem.” There was no immediate indication of the attacker’s motives. -AFP

Top Hamas official visits Tehran

TEHRAN: A senior Hamas figure in Gaza, Mahmud Zahar, is visiting Tehran for meetings with top Iranian officials, media here reported on Thursday. Zahar’s trip was taking place shortly after Gaza militants and Israel agreed a fragile truce that ended four days of deadly cross-border violence. Zahar, who serves as Hamas’s foreign minister, met the head of Iran’s supreme national security council, Saeed Jalili, and the leader of Iran’s parliament, Ali Larijani, late on Wednesday, the official IRNA news agency reported. Jalili reiterated Iran’s unwavering support for the Palestinian cause, and cautioned Zahar against “plots” seeking to divide the Palestinian resistance, the report said. Zahar was quoted as saying that “the principles and strategy of the Palestinian Islamic resistance will not change.” Zahar’s visit to Tehran followed one by Hamas leader Ismail Haniyeh last month, who on February 11 shared the podium with Iranian President Mahmoud Ahmadinejad to commemorate the anniversary of Iran’s 1979 Islamic Revolution. Israel and the United States consider Hamas to be an armed proxy of Iran able to strike Israel with Iranian-supplied rockets should the Islamic republic be threatened militarily. Israeli premier Benjamin Netanyahu on Wednesday branded Gaza an “advance post for Iran,” which he explicitly accused of arming, financing and training militants in the Palestinian enclave. However Ahmed Yussef, a counselor to the Hamas foreign ministry, earlier this month told AFP that “Iran does not need Hamas to respond to Israel in the event of an attack, because it has enormous military capabilities at its disposal, which allow it to act without us.” -AFP

Ankara. Up to 500,000 Syrians may cross into Turkey seeking refuge from the deadly crackdown by the Damascus regime, the head of the Turkish Red Crescent warned Thursday. Ahmet Lutfi Akar said his organization expected more refugees “to cross into Turkey

through the border province of Hatay in the upcoming days, as there is an extreme situation. There are various scenarios that this figure may climb up to 500,000,” the Anatolia news agency quoted him as saying. The Syrian government has prevented most media from operating in the country

throughout the uprising, and activist accounts could not be independently verified. Throughout the uprising, the opposition has been hobbled by disorganization and infighting and the primary opposition groups disagree on what day the uprising began. Syrians in Paris had organized a rally which was set to take place Thursday evening in front of City Hall to mark the year anniversary. Burhan Ghalioun, head of the Syrian National Council, was to attend. Meanwhile, Britain’s Guardian newspaper published what it believes to be genuine emails sent and received by Al-Assad and his wife between June and February, revealing a ruling family largely insulated from the gathering crisis. The emails appeared to show Al-Assad had taken advice from Iran and that he had ridiculed some of his reforms and pledges as “rubbish”. An email purportedly sent by the emir of Qatar’s daughter urged the Al-Assads to seek refuge in Doha. In another development, France is opposed to calls for foreign powers to arm the opposition groups fighting Al-Assad’s regime in Syria, fearing a descent into civil war, Foreign Minister Alain Juppe said Thursday. “The Syrian people is deeply divided and if we give arms to a particular faction of the opposition we could trigger a civil war between Christians, Alawites, Sunnis and Shiites,” Juppe warned, in a radio interview. “It could become an even bigger catastrophe than we have now.” Others argue that the uprising started March 18 with the first large protests in a number of Syrian cities, including the southern city of Deraa, where the first protesters were killed by security forces. Reflecting the declining security situation, Saudi Arabia said late Wednesday it had closed its embassy in Damascus and pulled out its diplomats and staff. The US and many other European and Arab countries have also closed their embassies. -Agencies

Egypt charges 75 people in deadly soccer riot CAIRO: Egypt’s top prosecutor on Thursday charged 75 people in connection with a deadly soccer riot last month in the Mediterranean city of Port Said in which authorities said fans were thrown to their death off the stadium walls and others killed by explosives as they tried to flee. Scores of fans face murder charges and nine police officers were accused of complicity in murder, in the Feb. 1 riot that left at least 74 people dead. It was the world’s worst soccer-related disaster in 15 years. The riot began minutes after the final whistle in a league game between Cairo club Al-Ahly and Al-Masry of Port Said. The home side won 3-1 but its fans set upon the rival supporters in a killing frenzy that witnesses said lasted 30 minutes. Many witnesses claimed that policemen at the venue did nothing to stop the bloodshed. The riot shocked soccer crazy Egypt, deepening the sense of uncertainty felt by many as their nation continues to be roiled by unrest a year after the ouster of longtime authoritarian leader Hosni Mubarak. That senior police officers were charged in connection with the tragedy would lend credence to persistent claims that the nation’s much hated police were deliberately turning a blind eye to the wave of violent crime gripping Egypt over the past year. Police have yet to fully retake the streets after they melted away in yet-not-fully-explained circumstances on the fourth day of the 18-day popular uprising that toppled Mubarak. An end to police brutality was among the main root causes of the uprising and many rights activists believe the police’s apparent reluctance to restore security is payback for their humiliating defeat in the face of millions of unarmed protesters. A statement issued by the office of the nation’s prosecutor general said nine police officers, including six major generals and a colonel, participated in the Port Said riot by way of “assistance” to Al-Masry fans. They said the officers, along with several Al-Masry officials, knew in advance that the home fans planned to attack Al-Ahly supporters. They, said the statement, allowed Al-Masry fans to exceed by 3,000 the maximum number authorized to attend the game and did not search any of them for weapons before they were allowed inside the ground. Many of the charged fans were criminals known to the local

Thousands of hardcore Egyptian supporters of Al-Ahly football club chant slogans during a march in central Cairo on March 15, 2012 to demand justice for the dozens of comrades killed in stadium violence last month. (AFP)

police, it said. It said the police at the match’s venue did nothing to stop Al-Masry fans from attacking their rivals. “Those from the police among the defendants failed to take any measure ... to maintain security, protect lives and property,” it said, in what is probably the strongest official condemnation since Mubarak’s ouster of the police’s attitude toward the rise of crime in Egypt. The nine police officers included Maj. Gen. Issam Samak, who was Port Said’s chief of security at the time of the riot. Samak has already been suspended. The statement said the charges were based on video footage of the riot and the confessions of suspects. It said the killing of the protesters was planned in advance and that the culprits prepared for the massacre with knifes, rocks and explosives. Fans from the two teams have a history of animosity, but no one had expected that the heated rivalry could turn murderous. It described how Al-Masry fans threw Al-Ahly supports to their death from the terraces and how they detonated explosives in their midst as they

Ethiopia carries out attacks against Eritrea

ADDIS ABABA: Ethiopian forces entered archrival Eritrea on Thursday and carried out what a government spokesman described as “a successful attack” against military posts. Shimeles Kemal said Ethiopia launched the attack because Eritrea was training “subversive groups” that carried out attacks inside Ethiopia. Ethiopia and Eritrea fought a border war from 1998 to 2000. Tensions have reignited between the countries in recent months. No details about the military operations or any damage or casualties were immediately released. The “Eritrea government has continued launching attacks at Ethiopia through its proxy groups. The attacks had continued. And the recent attacks against European tourists is one of the reasons for the retaliation,” Shimeles said. Militants attacked European tourists from five nations traveling in Ethiopia’s arid north in January. Five tourists were killed and two were kidnapped. The two kidnapped German tourists have since been released. Ethiopia blamed gunmen from Eritrea for the attack. The attacks Thursday by Ethiopian forces took place about 16 kilometers (10 miles) inside Eritrea’s territory in areas called Gelakalay and Gimbina, Shimeles said. The Ethiopian forces have returned to Ethiopia, he said. “Today’s measures do not constitute a direct military confrontation between the two countries. -AP

became trapped in a corridor leading to an exit gate. Among those charged is the chief electrical engineer of the Port Said stadium, a fact that alludes to numerous witness accounts that power inexplicably went out at the venue minutes after the final whistle. The darkness, according to witnesses, helped the assailants to attack with impunity. On Thursday, thousands of Al-Ahly fans staged a sit-in outside the office of the nation’s top prosecutor, Mahmoud Abdel-Maguid, to protest what they said was the delay in filing the charges and to demand swift justice. Many of the fans, known as Ultras Ahlawy, wore the red jersey of the club, possibly the most popular in Egypt. The Port Said riot led to the cancellation of the soccer league and sparked days of clashes in Cairo between police and protesters accusing the Interior Ministry, which is in charge of police, of doing nothing to protect Al-Ahly fans. The Egyptian soccer federation has yet to punish Al-Masry for the riot. It is widely expected to relegate the team to a lower league and ban any official games from being played on its grounds. -AP

Armed Bedouins enter Sinai peace force camp CAIRO: Armed Bedouins have entered a military base used by international peacekeepers in Egypt’s Sinai region to pressure local authorities to release fellow tribesmen from jail, security and tribal sources said on Thursday. Sinai Bedouin complain of unfair treatment and government neglect and press their demands by blocking roads and occasionally taking tourists hostage, releasing them soon afterwards following negotiations with the authorities. Such incidents have become more frequent since the overthrow of Egyptian President Hosni Mubarak last year loosened the grip of state security and deepened lawlessness in the isolated Sinai. Wednesday’s entry of the camp was the first time Bedouin have blocked off a base used by the multinational force that oversees observance of Egypt’s peace treaty with Israel by patrolling their heavily guarded Sinai frontier. The protest began a week ago as the Bedouin cut roads to the base with burning tyres and escalated when they cut through a perimeter

fence and dozens entered the camp. “They are ready to storm the buildings at any time,” said a fellow Bedouin in contact with the men staging the protest. A security official said the Bedouin had the camp surrounded on four sides to prevent any vehicles or staff at the base from entering or leaving. No confrontation was reported for now but the security official and a Bedouin source, who both spoke on condition of anonymity, said the Bedouin have threatened to escalate the situation if their demands were not met. The Multinational Force and Observers director in Cairo, Kathleen Riley, refused to confirm the incident, saying the force “does not comment about its operations”. The force includes military staff from 12 countries including the United States, Colombia, France and Uruguay, the MFO website said. It was not clear how many troops were stationed in the Sinai camp or their nationalities. Other Bedouin cut a main road in Sinai that leads to a commercial crossing between Egypt and Israel this week. -Reuters

ALWATAN DAILY

WORLD

fridAY, march 16, 2012

Karzai calls for NATO to leave villages, Taliban scrap talks KABUL: Afghanistan’s President Hamid Karzai called for NATO troops to leave Afghan villages after 16 civilians died in a shooting rampage by a US soldier, underscoring Afghan fury over the massacre and clouding US exit plans. In a near-simultaneous statement, the Taliban said they were suspending nascent peace talks with the United States seen as a strong chance of ending the country’s decade-long war, blaming “shaky, erratic and vague” US statements. Karzai, in a statement from his office after meeting US Defense Secretary Leon Panetta, said as a result of the weekend massacre, “international security forces have to be taken out of Afghan village outposts and return to (larger) bases”. The soldier accused of carrying out the shooting was based at a small special forces compound similar to others around the country which underpin NATO’s counter-insurgency strategy ahead of a 2014 deadline for most Western combat forces to pull out. Karzai said the incident had harmed relations between Afghanistan and the United States and said “all efforts have to be done to avoid such incident in the future”, warning it also had hurt the trust Afghans had in foreign forces. The killings in Kandahar province on Sunday have raised questions about Western strategy in Afghanistan and intensified calls for the withdrawal of foreign combat troops. The Taliban statement - delivered in English as Panetta left the country - was another blow to NATO hopes of a negotiated settlement to the war. US and Taliban negotiators were believed to have had preliminary contacts aimed at establishing an office for the Taliban in the Gulf state of Qatar to launch peace negotiations. “The Islamic Emirate has decided to suspend all talks with Americans taking place in Qatar from (Thursday) onwards until the Americans clarify their stance on the issues concerned and until they show willingness in carrying out their promises instead of wasting time,” the group said in a statement. The Taliban also said talks with the government of Karzai’s government were pointless and none had taken place. Earlier on Thursday, a senior US commander defended mov-

US Defense Secretary Leon Panetta, (left), meets with Afghanistan’s President Hamid Karzai in Kabul, March 15. (AP)

ing the American soldier accused of the Kandahar village killings to a military detention center in Kuwait, saying it would help ensure a proper investigation and trial. Furious Afghan civilians and members of parliament have demanded the staff sergeant be tried in Afghanistan over the shooting, one of the worst of its kind since US-backed Afghan forces toppled the Taliban in late 2001. Panetta, in Kabul on a two-day visit to try to soothe Afghan anger, discussed the massacre with Karzai at his heavily guarded

because it “touches us where we are most vulnerable: our children”. Relatives of the victims arrived at the morgue Thursday to identify the bodies. “The families are there to identify the bodies and to give information to help in the formal identification of those who cannot be identified” visually, a police spokesman told AFP. Two Belgian military C-130 transport aircraft were at the disposal of the government to repatriate the crash survivors as early as Thursday. Some of the bodies were to be repatriated to

palace and faced demands from the Afghan leader that any trial be transparent. “I assured him first and foremost that I shared his regrets about what took place. I again pledged to him that we are proceeding with a full investigation here and that we will bring the individual involved to justice. He accepted that,” Panetta told reporters before leaving Afghanistan. Tension has risen sharply since the killings and the burning of copies of the Koran at the main NATO base in the country last month, adding urgency to Panetta’s visit. -AP

Belgium on Thursday, he confirmed. However, that of the driver was expected to remain as “health analyses have to be carried out” to check if he was suffering from an illness that could have caused the accident. “That’s not something we can do in a day,” said the spokesman, who added that all of the 24 people injured have been identified. Meanwhile, the tunnel where the accident occurred was closed off to traffic as investigations are ongoing, police said. The Swiss press

Indonesia interested in US training in Australia

Australian Foreign Minister Bob Carr, (2nd right), and Australian Defense Minister Stephen Smith, (left), shake hands with Indonesian Foreign Minister Marty Natalegawa, (right), and Indonesian Defense Minister Purnomo Yusgiantoro during the inaugural AustraliaIndonesia 2+2 Ministerial Meeting at Parliament House in Canberra, March 15. (AP)

British, Italian police arrest terrorism suspects

Death toll climbs in Bangladesh ferry sinking

A photo taken on March 15, in Brussels shows the front pages of Belgian newspapers featuring the March 13 bus crash in Sierre, in the Swiss canton of Valais, southern Switzerland, in which 28 people died, including 22 children from two schools in Lommel and Heverlee, returning to Belgium from a skiing holiday. (AFP)

CANBERRA: Indonesian ministers said Thursday they were comfortable with a planned increase in US troops in northern Australia seen as an attempt to contain China and they hoped to join disaster relief training. President Barack Obama announced in November a plan to send US military aircraft and up to 2,500 Marines to the northern Australian city of Darwin to create a training hub to help allies and protect American interests across Asia. Visiting Indonesian Foreign Minister Marty Natalegawa and Defense Minister Purnomo Yusgiantoro discussed the plans with their Australian counterparts during a four-minister forum on foreign policy and security objectives on Thursday. Australia has previously only held such meetings with key allies the United States, Britain and Japan. It was the first such forum for Indonesia. Yusgiantoro said Indonesia, the world’s third largest democracy and a vast archipelago prone to disastrous earthquakes and tsunamis, wanted to take optimal advantage of the Marines’ presence in Australia with their humanitarian assistance and disaster relief capabilities. “We don’t have a problem at all with the placement of the US Marines in Darwin,” Yusgiantoro told reporters after the meeting at Parliament House. The closer military ties between Australia and its most important defense ally, the United States, have been seen

NEWS IN BRIEF

MILAN: British and Italian anti-terrorism police arrested two people on Thursday, a woman in London and a Moroccan man living in northern Italy, who officials said may have been planning an attack on a Milan synagogue. Neither was named. Italian police said the 20-year-old Moroccan, who grew up near the city, had a Facebook page dedicated to training in the use of weapons and explosives and documents on his computer showing maps and security around Milan’s main synagogue. He may also have been planning other attacks, they said. Police in London said they were trying to establish whether the man was linked to a 40-year-old woman they arrested under a law relating to gathering information useful for terrorism. -Reuters

Belgium ‘weeps for children’ after Swiss crash RUSSELS: Belgians are in mourning after 22 children, along with six adults, died in a bus crash in Switzerland, with newspapers bemoaning the national tragedy. Forty-six children and four teachers from two Belgian schools were returning to Belgium from a skiing holiday late on Tuesday when their coach slammed into a concrete wall in a motorway tunnel near the southern Swiss town of Sierre. “Belgium Weeps for its Children”, read the headline in the French-language newspaper la Derniere Heure on Thursday as people called into morning radio shows to express their sorrow over the accident in a Swiss tunnel late on Tuesday. Advertisement: Story continues below “State of Shock”, blared the newspaper Le Soir in a dark front page with a picture of the tunnel, summing up the general mood as relatives of the victims, who included six adults, arrived at a Swiss morgue on Thursday to identify the bodies. Recalling that the children had posted cheerful messages on a blog about their ski trip in the Swiss Alps, Le Soir’s editorial said: “We have all awaited such messages anxiously at one time after seeing our children board a bus or a train for their beautiful trip.” Newspapers in the Flemish region of Belgium, home to the two Catholic schools that the 11- and 12-year-old children attended, dedicated dozens of pages to the tragedy. The daily De Morgen said: “There is no satisfactory answer to this question: why my child?” The newspaper Het Nieuwsblad, describing the “Immense Sorrow”, published photos of the 28 dead and 24 injured people on its front page. “A school ski trip is not supposed to end this way,” an editorial said. In an editorial De Standaard described it as the “worst nightmare”

as a reaction to China’s increasing military assertiveness in Asia. Natalegawa used a speech in Canberra on Wednesday to warn against any Cold War-style attempt to contain China. While not specifically naming China, Natalegawa told a university forum that “the management or the containment of a rising country, we believe, would see the return of oldstyle Cold War power politics.” Natalegawa said Thursday that Australia had answered Indonesia’s questions about the increased US military presence, and suggested the plan did not amount to a backward step to the Cold War era. “There is a general wish on the part of both countries to ensure that our region, namely the Asia-Pacific, continues to remain benign and peaceful and that we not revert to any conditions that would jeopardize that kind of already positive outlook,” Natalegawa told reporters.A commentary run by the official Xinhua News Agency has suggested China was uneasy but not alarmed over the renewed US focus on Asia including the north Australian military presence. Defense Minister Stephen Smith said the meeting Thursday had discussed the possibility of other countries joining in US-Australian military exercises in Australia, including Indonesia and China. “We don’t discount that down the track,” said Smith, adding that such exercises would likely focus on humanitarian assistance and disaster relief. -AP

on Thursday raised questions about the safety of the tunnel. The daily Blick set the tone, with a big black cross on the front page. The mass circulation newspaper said words could not express the pain of the victims’ families, noting that Tuesday, March 13, when the accident occurred, would be “a black day for the history of our country”. Le Matin wrote that “they should have gone home yesterday”, but instead the children’s parents had to come to Switzerland to retrieve the injured ones or to identify the victims’ bodies. At the same time, the Swiss press questioned the safety recesses in the Sierre tunnel where the tragedy occurred. Geneva-based Le Temps asked, “Will the speed limit be lowered for heavy vehicles or will the design of the safety recesses be modified?” The bus had entered the motorway tunnel which has a speed limit of 100 kilometers per hour and, for reasons still unknown, it hit the right edge of the roadway and struck head on the emergency stop’s concrete wall. The Sierre tunnel was built in 1999 and has the most modern ventilation standards, emergency exits, signaling and energy supply, Le Temps quoted the Swiss roads department as saying. The Zurich daily Tages-Anzeiger also examined the angled safety recesses along the wall of the tunnel into which the bus crashed. “Due to that wall, a collision has occurred,” the report said, noting that this type of construction is common in Swiss tunnels. The coach, which was carrying 52 passengers, was travelling from the Val d’Anniviers ski resort towards the Swiss town of Sion on the A9 motorway when the accident happened at 9.15pm on Tuesday (0715 AEDT Wednesday). -AFP

China replaces once-powerful leader hit by scandal

BEIJING: China’s Communist Party sidelined a powerful, charismatic politician Thursday following a messy scandal that saw a trusted aide flee to a US consulate and that threatened to cast a shadow over a looming leadership transition. Bo Xilai’s removal as party chief of the huge inland city of Chongqing appears to end the upward trajectory of a political celebrity who months ago seemed headed for the uppermost ranks of power. Tall and telegenic, Bo exuded confidence and courted the media, rare traits among the bland, low-key Chinese leadership. His signature policies in Chongqing - an anti-mafia crusade and promotion of communist culture - drew a national following but made him a polarizing figure among his peers. In terse statements carried by state media, the leadership said that Bo Xilai was being replaced in Chongqing by a vice premier. The reports did not explicitly address the scandal nor say if Bo would be ousted from his seat on the decision-making Politburo. Bo’s sidelining creates a mixed picture for the transfer of power later this year when President Hu Jintao and other leaders retire to make way for younger leaders, always a time of divisive infighting. Party power-brokers no longer need to accommodate the ambitious Bo, though the eventual lineup of the Politburo Standing Committee, the apex of power, remains unsettled. “A very big personality, someone who had a very strong personality, is no longer going to be engaged in trying to make sure he gets a seat on the Politburo,” said David Zweig, a China watcher at Hong Kong University of Science And Technology. That “probably will make politics more relaxed over the next six months.” In a sign of the delicate factional balancing in China’s leadership, Bo was replaced in Chongqing by Vice Premier Zhang Dejiang, a North Koreantrained economist who has run two economically vibrant provinces. Both men share a common political patron. The change comes just weeks after longtime Bo confidante and Chongqing vice mayor Wang Lijun - currently under an unspecified investigation - fled overnight to the US Consulate in Chengdu, possibly to seek political asylum, before leaving the building. Wang, as police chief, headed the gangland crackdown that made both men national figures, and his flight to a foreign consulate represented a potential breach of sensitive internal information, violating party discipline and tainting Bo. The scandal has consumed the attention of China’s politically minded classes as did the latest twist. China’s popular Twitter-like service, Sina Corp.’s Weibo, had blocked searches for Bo’s name for much of the past two weeks. After Thursday’s announcement, the blocks were seemingly gone, and the news triggered tens of thousands of postings. -AP

DHAKA: Recovery workers are trying to salvage the wreck of a ferry that sank on a river in Bangladesh, drowning scores of passengers. Bodies of at least 112 victims have been recovered from near the scene of the accident, sources told Al Jazeera, a number expected to rise. Rescue vessels found the ferry in about 20m of water and managed to pull it to the river bank on Wednesday. Some victims floated up as the boat was raised. “Bodies popped out one after another,” Abdul Barek, a witness, said. -Reuters

Indian minister under fire for fare hike NEW DELHI: The Indian railways minister is faced with an uncertain future after his announcement to nominally raise fares angered the leaders of his regional party. The leadership of Dinesh Trivedi’s Trinamool Congress (TMC) party - a partner in the federal government - has reportedly sought his resignation. Pranab Mukherjee, the finance minister and senior leader of the Congress party which leads the federal coalition, told the parliament on Thursday that Trivedi had not resigned yet, contrary to media reports. -AP

Six Afghans killed in Taliban-style bombing URUZGAN: Six civilians - four women and two children - were killed in a Talibanstyle roadside bombing in the southern Afghanistan province of Uruzgan Thursday, a police spokesman said. The bombing in the troubled province’s Dihrawud district comes a day after a similar incident killed eight civilians in the neighboring province of Helmand. “Six civilians are dead, four of them were women and the two others children,” Farid Ail told AFP. The bomb went off when a civilian minivan drove over it, the police spokesman added. -AFP

Belarus government steps up crackdown on dissent MINSK: Belarus’ authoritarian government has stepped up its crackdown on dissent by barring the regime’s critics from foreign trips, they said. Zhanna Litvina, the head of the Belarusian Association of Journalists, a media freedom watchdog, said authorities banned her from leaving for Warsaw on Thursday. “I felt like a North Korean citizen in the center of Europe,” she said. Several other critics of Belarus’ authoritarian President Alexander Lukashenko say they have been denied permission to go on foreign trips during the past week, learning they were forbidden to leave the country when they were already at the airport. -AFP

At least 13 women and children killed in Afghan bomb attack KABUL: A Taliban roadside bomb tore through a civilian vehicle in southern Afghanistan on Thursday, killing nine children and four women, police said. The bombing in the troubled province’s Dihrawud district comes a day after a similar incident killed eight civilians in the neighboring province of Helmand and while US Defense Secretary Leon Panetta was holding talks in Kabul. The blast hit a station wagon travelling on a dirt road in Uruzgan province, provincial police spokesman Farid Ail told AFP. “There are 13 people dead: nine children and four women,” he said. Two others were injured, he added.Ail blamed the incident on “Taliban, the enemies of our people who plant bombs on our public roads to kill our innocent children and women.” The rebels, most active in southern and eastern parts of the war-scarred country, mainly use improvised explosive devices and suicide bomb attacks. The crude devices are aimed at Afghan and NATO security forces but often miss their targets and hit civilians using the same roads. The number of civilians killed has risen steadily each year for the past five years, reaching a record of 3,021 in 2011, according to UN statistics. The Taliban were in power between 1996 and 2001 but were toppled in a US-led invasion for sheltering Al-Qaeda leader Osama bin Laden after the September 11 attacks on the United States. -AFP

ALWATAN DAILY

OPINION

FRIDAY, march 16, 2012

Leave the work of PP to the PP Nawaf Sulaiman Al-Fuzai Staff Writer

ollowing the recent controversy of the black flags, it is very important to make the following explanation. From our experience in the field of the criminal forensics, the police report when referred to the office of the Public Prosecution is done by only reporting the actual crime - no more no less. But the function and definition of the crime committed and its applicability to the Penalty Code is the work and function as well as the responsibility of the office of Public Prosecution as the investigative body who in turn would summon people for this regard and use the Criminal Investigation Department for further

The person who reports the incident has no further business which means that the minority MPs have no business trying to follow up with the report with various gestures. investigation. The person who reports the incident has no further business which means that the minority MPs have no business trying to follow up with the report with various gestures. The incident of breaking and entering the National Assembly has been well documented by many people with pictures and video clips. This means in simple terms that the so-called gesture of black

flags has no meaning and the circumstances and evidence are all clear. To move on to another issue and this one is related to Abdulaziz Al-Zibin and his statements published in various media channels regarding the increment of salary saying that such a move would waste and drain out the budget. This is alright and he should be appreciated

for expressing his concern over the matter but one must add that Al-Zibin is probably the oldest undersecretary in the country and for the veteran Al-Zibin if he ponders over the fact of retiring, he would make excellent services to the country and the budget. I believe thirty years in the same position is more than enough, wouldn’t you agree? Moving yet to another issue, the Civil Ser-

vice Bureau has long promised to come up with a comprehensive study to deal with the issue salary increment. His own deadline is way passed and yet not a single report or indication on the matter. Perhaps, the Civil Service Bureau needs to re-activate past laws which deals with the issue of serving three decades. No doubt with the large number of people serving three decades, the Civil Service would most certainly save a large amount of money for his budget. Let us not forget that the Civil Service, as part of its duty, is to stop any attempt signing consultancy contracts to veterans who decided to retire and then end up getting the same salary as if he has never retired. If this stops, then I am sure that the Civil Service will save lots of money too.

Do not intervene in the Judiciary

This is a legal request because the law and constitution ban this type of interference. Dr. Shamlan Yousef Al-Esa

he matter of correcting the report about storming the headquarters of the parliament received a controversial response wherein some MPs support the recent step of the Bureau of National Assembly for correcting the report which was already referred to the Public Prosecution by the former parliament but in the meantime some other MPs strongly oppose correcting the report. In any token, all the MPs who support correcting the report or the others who oppose it have to abide by the laws and the constitution and they have to settle this issue through constructive dialogue. However, the bureau has opened the door for legal and political controversy through attempting to correct the report and it might lead to stir other legal or law issues. The bureau endorsed such steps as it believes that the previous report is inaccurate, thinking that some political sides had intervened in forming the previous report just to condemn certain citizens and MPs who participated in storming the headquarters of the parliament last year. Regarding the previous report, it was referred to the Public Prosecution by the former Speaker of the House and then the legal procedures were adopted in this field wherein the relevant authorities had rushed to the site and inspected the building to unveil the circumstances of storming. Meanwhile, criminal evidence of individuals surrounded the building and closed it until examining the building looking for finger prints or any other evidences that might contribute in getting further informa-

tion about the case. The bureau of national assembly claimed that closing the headquarters of the parliament aims at interrupting holding sessions especially that disrupting sessions can be exploited later on for condemning the MP and citizens through accusing them of interrupting the work progress of the legislative authority. Such an idea is wrong because the criminal evidence department closed the building in an attempt to collect evidence and to unveil the different circumstances of the case. This is the role of the department and after completing this step the case will be referred to the public prosecution in which the Public Prosecutor will consider the case and would either take a decision by shelving the case or in referring it to the relevant court. The question posed is “why the bureau of the parliament speeded its procedures to correct or even change the report?” In any case, the ball is still in the court of the public prosecution because it still has the right to shelve the case or refer it to the court. It is very clear that the members of the bureau exert all possible efforts to free their colleagues from such an accusation especially the members belonging to the majority bloc! We oppose such practices because they represent an attempt for intervening in the authorities of the Judiciary, therefore we hope the majority bloc would abide by the principle of separating the roles of the authorities and by avoiding intervening in the authorities of other government departments. This is a legal request because the law and constitution ban this type of interference.

False allegations do not lead anywhere Dr. Khaled Sultan Al-Sultan

have made it a habit of mine to always check and then double check something which is somehow dubious in nature. Take for example the reports that some MPs decided to express their views and protest the memo sent by the General Secretariat of the National Assembly regarding the controversial breaking in and entering the National Assembly by some MPs and citizens. Those MPs decided to express their feelings by displaying small black flags on their desks. The reports stated that one of the MPs who took part in the protest was the MP Dr. Ali Al-Omair, a Salafist MP known for his bright ideas, and that he joined the minority MPs in their protest to express, just like them, his views and dissatisfaction over the memo made by the General Secretariat of the National Assembly. When I read the news in the newspaper I was very skeptical and decided to wait to see if this is true or not because such an act is not typical of the MP Ali Al-Omair. I did not waste my time and jump immediately at the opportunity of communicating with him to verify the matter. I called the MP and asked if the reports are true or otherwise. The MP had asserted that such a report is untrue and that they are falsely accusing him of carrying out such a gesture when he was never part of it. I was first very pleased with myself because I had avoided passing judgments or even commenting on the report before I found out the true story behind the report. I then proudly and happily published the true story refuting the allegations by some

I hope those who try to cause trouble and disorder to double check just like I did before they venture into making baseless and tasteless allegations.

who had tried to drag the MP Al-Omair into something he would not do. I hope those who try to cause trouble and disorder to double check just like I did before they venture into making baseless and tasteless allegations. As it turned out one can check Al-Anaba front page for that matter when they published the photos of the two MPs Adnan Al-Mutawwa and Abdulhameed Dashti waving two flags each. Naturally, when you have two flags on the desk and someone is sitting next to you as in the case of MP Al-Omair, one would assume that the other flag is surely for the other MP as other MPs were holding only one. This is where the confusion began but thankfully the truth has come out and the MP Al-Omair is guiltless of the charges made against him. On the other hand, the Shiite authority Sayyed Mohammad Al-Mehri praised and hailed the Director of Police of Dubai Brigadier Dhahi Al-Khalfan and the latter’s statement and attack against the Muslim Brotherhood recently. Al-Mehri couldn’t hide his feelings

when he said: “The Brigadier Khalfan is a patriotic, wise and reasonable man. He has defied those rogue voices which interfere with the affairs of the Muslim world and in particular the affairs of the Gulf Cooperation Council.” Al-Mehri, it seems, has forgotten the statements made by the very same Director of Dubai Police Brigadier Al-Khalfan when he said during the National and Regional Security for the Gulf Cooperation Council held in the Kingdom of Bahrain on January first of this year. Al-Khalfan warned the Arab regimes especially the Gulf States from supporting and financing certain groups with reference to Shiites because this will back fire and therefore it is not in the best interests of those countries. If Al-Mehri thought that the statement Brigadier Al-Khalfan made would silence the Muslim Brotherhood then one wonders what he would call the earlier statement of Al- Khalfan when he warned against people like him. It would be interesting to see the response of Al-Mehri regarding the Director of Police of Dubai’s warning against his community.

The right to self-defense ome Israeli media channels broadcasted according to sources at the Israeli Ministry of Defense that the Israeli army had assassinated Zuhair Al-Qaisi- a leader in Hamas Movementin order to interrupt big attacks against Israel like that of Elat last August near the Egyptian-Israeli borders. However, such an Israeli step can be considered as a procedure for self-defense as well as defending its territory and people. The Israeli air jets had launched missiles at the car of the leader- the Secretary General of Popular Resistance- in Tal Al-Hawa area inside Gaza. The Israeli jets also attacked some other terrorists killing Jamal Abu Samhadana, Kamal Al-Nairab and Hamad Abu Abdurrahman and others.

against the United Arab emirates wherein such trivial statements can be considered as an immoral step especially the movement of attacks on the UAE just because the latter had issued an arrest warrant against the cleric Dr. Yousef Al-Qardawi. So, the movement started attacking others after they felt that they are getting stronger. We highly appreciate the stance of the Saudi officials at Ministry of Higher Education for the warning message that it sent to the different local universities, the research centers, magazines and periodicals at the different colleges urging them not to use the name “Persian Gulf” as such a step represents ignorance to the official Saudi map. The very name represents penetration on the scientific and educational standard. Another great stand we witnessed recently by the Israeli singer Arcadi Dokhine for organizing

Furthermore, the Israeli army looked pleased about the high ability of the Israeli air defense forces which could interrupt 25 missiles out of 27 that were launched towards Israel from Gaza Strip. Some Israeli military experts affirmed that air defense played a significant role for interrupting missiles and if missiles reached the residential areas then they will lead to disastrous results. On his part, the Israeli Chief of Staff Beini Gaints declared that Israel will endorse strong reactions against any attempts for launching missiles towards Israel, adding that Hamas is fully responsible for the recent escalation. The so called “the official Spokesman of Muslim Brotherhood Movement” as the other leaders of the movement released a warning message

a singing celebration wherein all revenues of the celebration will be dedicated for supporting the Syrian people, the Free Syrian army and the Syrian National Council. The Israeli Ministry of Foreign Affairs has approved the suggestion. The suggestion aims at supporting the Syrian people against the brutal dictatorship of the Syrian regime and its barbaric attacks against civilians. The revenues of the celebration are expected to be transferred to the Syrian people via the Red Crescent to the Syrian opposition which represents a clear Israeli support for overthrowing the barbaric Syrian regime in addition to scandalizing its inhumane practices and the massacres that the regime commits against civilians every day.

Abdullah Al-Hadlaq Staff Writer

So, the movement started attacking others after they felt that they are getting stronger.

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friDAY, march 16, 2012

South Korea’s Iran Lee Byong-chul Project Syndicate

he United States is now wrestling with the nuclear fears of two of its close allies, Israel and South Korea. Israel’s alarm at the prospect of Iran acquiring a nuclear weapon is existential in nature. The same is true of South Korea, whose capital sits only 40 kilometers from the border with the North. On February 29, the US and North Korea reached an agreement in which the North promised to halt its nuclear weapons development in exchange for food aid. But South Koreans know that the poverty-stricken North is highly unlikely to give up its nuclear weapons programs, no matter what it promises. Former US Defense Secretary Robert Gates’s complaint that he was “tired of buying the same horse twice” from North Korea appears to have been forgotten. To be sure, US President Barack Obama’s administration has had some positive influence on the North, which has now agreed to a moratorium on long-range missile launches, nuclear tests, and nuclear activities at its Yongbyon facility. Moreover, the North’s hermetic communist regime will accept International Atomic Energy Agency inspectors in exchange for food aid. But such promises are usually short-lived. Moderate pundits argue that the allure of humanitarian aid might dissuade the North from continuing to advance its nuclear weapons program, but they fear that South Korean President Lee Myung-bak’s government may refuse to assist the US efforts. Some South Koreans hope that the latest agreement will pave the way for revival of the six-party talks between the two Koreas, the US, China, Japan, and Russia, which have been dormant since late 2008, as well as for dialogue on a wide range of strategic and economic issues. South Korea’s government has, in the eyes of liberal and left-leaning pundits, paid a severe price for turning its back on North Korea from the moment Lee came to power. The cost has included the North’s sinking of the South Korean warship, Cheonan, and shelling of Yeonpyeong Island, in 2010. But Lee’s progressive opponents must also share some of the blame for undermining him. Now it is the US-South Korea alliance that is being tested by worries about North Korea’s nuclear ambitions. The Republic of Korea/US Mutual Security Agreement, signed in 1954, following the Korean War, has remained unchanged since its inception, despite South Korea’s rise as an industrial power and the nuclearization of the North. Considering the risks that the South faces, and the priority that America now gives to its relationship with China, maintaining this status quo indefinitely is likely to prove impossible. Indeed, pessimists now see a fundamental change in how South Koreans perceive the US.While it is unlikely that either the government or the people will turn away from America and pivot toward China, South Koreans have begun to wonder whether the US is still willing to guarantee their core security interests. Koreans’ perceptions of America are no longer shaped solely by the 1950-1953 war. Conservatives insist, quite rightly, that America’s sacrifices in the Korean War not be forgotten. But these memories are growing dim.

South Korean activists cheer as they wave flags of the United States and South Korea to celebrate the free trade agreement, or FTA, with the United States during a rally near the US Embassy, Wednesday, March 14, 2012. (AP)

South Korea’s government has, in the eyes of liberal and left-leaning pundits, paid a severe price for turning its back on North Korea from the moment Lee came to power. Indeed, the bitterest expressions of anti-Americanism today come from the younger generation. Those who suffered through the war and dictatorship do not criticize the US military presence on South Korean territory. But the younger generations feel humiliated by this and want a more equal partnership. Unless the two countries’ recent free-trade agreement, in effect as of March 15, helps to resolve the widening economic gap between Korea’s rich and poor, it could incite

more anti-American sentiment. Opposition parties and leftleaning critics assert that the agreement will merely deepen the inequality of the bilateral relationship. In a letter addressed to Obama, South Korea’s opposition parties urged him to reconsider the free-trade pact. With April’s general election in mind, the main opposition Democratic Unified Party has declared that it will demand that America renegotiate - a hypocritical stance, given that the party endorsed most of the pact during President Roh

Moo-hyun’s term. These “dogmatic liberal” skeptics see America, as the late Roh once quipped, through the prism of the 1980’s, when the US backed the South Korean dictatorship. The bilateral alliance with South Korea has represented the cornerstone of US strategic doctrine for Northeast Asia for 58 years. Both countries continue to have a supremely important common interest: non-proliferation and containment of the North’s nuclear program. Moreover, the allies share essential values and commitments: democracy, a freemarket economy, human rights, and the rule of law. But there is an old saying in Korea: “After the rain, the ground becomes more solid.” If the sunny facade of the status quo continues, South Koreans fear that their country, faced with the North’s obsession with nuclear weapons and uncertainty about America’s security guarantee, could become a wasteland. In this respect, Israel is not alone. * Lee Byong-chul, formerly on the national-security planning staff for Presidents Kim Young-sam and Kim Daejung, is a senior fellow at the Institute for Peace and Cooperation, Seoul.

Democratic inequality Raghuram Rajan Project Syndicate

hy did the household savings rate in the United States plummet before the Great Recession? Two of my colleagues at the University of Chicago, Marianne Bertrand and Adair Morse, offer an intriguing answer: growing income inequality. Bertrand and Morse find that in the years before the crisis, in areas (usually states) where consumption was high among households in the top fifth of the income distribution, household consumption was high at lower income levels as well. After ruling out a number of possible explanations, they concluded that poorer households imitated the consumption patterns of richer households in their area. Consistent with the idea that households at lower income levels were “keeping up with the Vanderbilts,” the non-rich, but not the really poor, living near high-spending wealthy consumers tended to spend much more on items that richer households usually consumed, such as jewelry, beauty and fitness, and domestic services. Indeed, many borrowed to finance their spending, with the result that the proportion of poorer households in financial distress or filing for bankruptcy was significantly higher in areas where the rich earned and spent more.Were it not for such imitative consumption, non-rich households would have saved, on average, more than 800 US dollars annually in

The ballad of Greg Smith Felix Salmon Reuters

t’s that time of year - think February to March - when bonus checks have cleared and voluntary departures from investment banks spike. So it’s obvious why Greg Smith quit now. The question is, why decide to quit in as public and destructive a manner as possible? When Smith joined, Goldman was transitioning from a partnership model to being publicly-traded. And I suppose it’s possible that Smith has such deep nostalgia for the partnership he never really knew that he’s willing to hurt his entire current team - everybody who helped him make his millions - in an attempt to goad Goldman into returning to those halcyon days. But it certainly doesn’t seem that way. Smith says that Goldman is currently “toxic and destructive”. He goes on to say that “It makes me ill how callously people talk about ripping their clients off,” and that “the morally bankrupt people” need to be weeded out - how, he doesn’t say - by the board of directors. It’s much easier to see the disgruntled ex-employee here, quitting in a huff, than it is to see someone genuinely trying to do his part to reconstitute the Goldman Sachs of Gus Levy and John Whitehead. To a certain extent, time will tell. If Smith ends up

We should not come away from these episodes thinking that expanding access to finance is bad. recent years. This is one of the first detailed studies of the adverse effects of income inequality that I have seen. It goes beyond the headline-grabbing “one percent” debate to show that even the everyday inequality that most Americans face - between the incomes of, say, typical readers of this commentary and the rest - has deep pernicious effects. Equally interesting is the link that the study finds between income inequality and pre-crisis economic policy. Republican Congressmen from districts with higher levels of income inequality were more likely to vote for legislation to expand housing credit to the poor in the years before the crisis (almost all Democrats voted for such legislation, making it hard to distinguish their motives). And the effect of spending by the rich on non-rich households’ spending was higher in areas where house prices could move more, suggesting that housing credit and the ability to borrow against rising home equity may have supported over-consumption by the non-rich. I was most fascinated, though, by the difference in legislators’ response to inequality now and in the past. In a study of the congressional vote on the McFadden Act of 1927, which sought to boost competition in lending, Rodney Ramcharan of the US Federal Reserve and I found that legislators from districts with a highly unequal distribution of land holdings - farming was the primary source of

income in many districts then - tended to vote against the act. More inequality led legislators, at least in that case, to prefer less competition and less expansion in lending. And we found that counties with less bank competition experienced a milder farmland boom, and therefore a smaller bust in the years before the Great Depression. The obvious lesson to be drawn from these episodes is the importance of unintended consequences. In the early twentieth century, a congressional district’s rich landowners were likely to own the local banks as well, or to be related to, or friends with, bank owners.They benefited from limiting competition and controlling access to finance. Representatives voted on behalf of their districts’ powerful interests. They preferred less competition in credit markets not out of concern for the unwitting farmers, but in order to defend powerful lenders’ profits. It worked, but an unintended collateral effect was to protect these districts from getting carried away by the financial frenzy. Why did twenty-first-century legislators behave differently? The cynical, and increasingly popular, view is that they were again voting their pocketbooks - all financial legislation in the run-up to the 2008 crisis was supposedly driven by the financial sector’s appetite for more customers to devour with teaser loans and dubious mortgages. But, if voting was influenced by the financial sector, the supposed party of the plutocrats, the Republicans,

Clients know in principle that every time they do a trade with Goldman, Goldman makes money. founding or joining a rival company, his decision to harm Goldman as deeply as possible will end up looking rather self-serving. On the other hand, if he goes to, say, join his former colleague Gary Gensler at the CFTC, working to regulate all investment banks from the outside and to try to level the playing field between the buy-side and the sell-side as much as possible, then we might start taking him a bit more seriously. Smith has declared a serious moral purpose today; that’s not something you can wear for just one news cycle before moving on to the next thing, and so I hope and trust that he’s going to spend the proceeds of his ill-gotten final bonus check in the service of that moral purpose. After all, it was the work of those morally bankrupt traders in the ripping-eyeballs-out business which got him all that money in the first place. Which is not to say that Smith doesn’t make important points. He’s in the equity-derivatives business, which is also where Andrew Clavell came from. Clavell’s blog is down, now, but these words are immortal: If you claim you do know where the fees are, banks want you as a customer. You don’t know. Really, you don’t. Hang on, I hear you shouting that you’re actually smarter

than that, so you do know. Read carefully: Listen. Buster. You. Don’t. Know. Smith’s clients thought they knew where Goldman was making its money when it sold them equity derivatives. Nine times out of ten, they were wrong. I can guarantee you that every single one of the clients referred to as “muppets” within Goldman considers themselves to be a sophisticated investor. Mainly because they have Goldman employees phoning them up on a regular basis and flattering them with tales of how sophisticated they are. Clients know in principle that every time they do a trade with Goldman, Goldman makes money. But they don’t know how much money Goldman makes on those trades. And Goldman is extremely good at structuring deals which can’t easily be replicated by combining various liquid derivatives. In turn, that gives Goldman pricing power - so much power, indeed, that in some instances the bank will go so far as to insist that if the client attempts to get independent pricing for the contract in question, then the whole deal is off. Smith has been in this business for 12 years, and he’s done extremely well by it. And to a certain extent, if the people who work for him are constantly asking how good a deal is for Goldman, rather than how good the deal is for

should have voted in unison for the bill. Instead, they split on the basis of whose non-rich constituents were more desirous of obtaining finance. Twenty-first-century legislators seemed to be more democratic, responding to their voters’ possibly misguided wishes, rather than primarily to powerful financial interests. Indeed, once the unintended consequences of their actions - more financial duress for the non-rich after the crisis - became clear, Bertrand and Morse show that the legislators in unequal districts moved against the financial sector to protect their constituents, voting to set limits on interest rates charged by “payday” lenders, who lend to over-indebted lower-income borrowers at very high interest rates. Of course, such legislation will have unanticipated consequences, which future studies will unearth, but the intent behind it cannot be doubted. We should not come away from these episodes thinking that expanding access to finance is bad. In general, expanding access is beneficial just not before a crisis! But finance is a powerful tool that has to be used sensibly. Access is good; excess is bad. But there is a more important point: while there are many gaps between the intent and consequences of legislation, legislators do seem ultimately to care more about their less-moneyed constituents than they did in the past. Democracy is stronger. In these cynical times, that is encouraging. * Raghuram Rajan, a former chief economist of the IMF, is Professor of Finance at the University of Chicago’s Booth School of Business and the author of Fault Lines: How Hidden Fractures Still Threaten the World Economy.

Goldman’s clients, then that’s because of the example he set. What’s missing in his op-ed is any sense of mea culpa, any sense that he was at all part of the problem. There’s a strong smell of faux-naive coming from Smith’s op-ed. “Leadership used to be about ideas, setting an example and doing the right thing,” he writes. “Today, if you make enough money for the firm, and are not currently an ax murderer, you will be promoted into a position of influence.” Here’s a question for him: back when he made videos for Goldman urging candidates to join the company, were the people who got promoted those who had ideas and did the right thing? Or were they the ones who made lots of money for the firm? To ask the question is to answer it. So let’s not pretend to be shocked that the most successful bankers are the ones who make the most money off their clients. And let’s not try to imply that the solution to this problem lies at the Goldman Sachs board level. It doesn’t. The real muppets, in this story, are Goldman’s board members, who have never had any real control over how the company is run. And, frankly, never will. The most remunerative skill, at Goldman, is the ability to flatter someone into believing that they’re incredibly important and clever and sophisticated, even as you’re getting that person to do exactly what’s in your own best interest. No one rises to lead Goldman Sachs who doesn’t have that skill. And you can be sure that Lloyd Blankfein uses it on the board every time he meets with them. * Felix Salmon is the finance blogger at Reuters. The views expressed are his own.

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94904040

hospital charges

medical services

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O n- s i t e I T s e r v i c e s

23940600 24815000 24848067 22450080

1885544 23713100 22610666 25745111

Public Health Centers/ Clinics:

Dasman Clinic Faiha Polyclinic Farwaniya Polyclinic Hawalli Polyclinic Inaya Germen Medical Center Sabah Al-Salem Clinic Salmiya Polyclinic Shamiya Clinic Shuwaikh Clinic Yarmouk Clinic

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DOCTORS & DENTISTS

I N PR I VAT E PR AC T ICE

Andrology, Male Infertility and Impotence Specialist Abdullatif A. Al Salim 2533 4438

Dermatologist & Venereologists Fahad I. Al Othman 2266 5166 Taibah M. Almonayes 2573 7477 Dr. Mohamed Bo Hamra 2266 5166

Dentists & Oral Surgeons Ahmed Al Balool 2262 2211 Badri K. Al Rayes 2574 2557 Duha Al Shaqan 2264 4614 Ebraheem Behbehani 2573 0000 Farida Al Herz 2257 3883 Maria Blanaru 2573 0000 Najat Essa-Bahman 2262 4595 Najeeb Kassim 2573 9277 Salwa A. Abdulsalam 2573 0000 Kuwait Medical Center 2575 9044 / 5 Endocrinologists Latifa Al Dowaisan Kamal Abdulaziz Al Shome

Gastroenterologist Mohamed A. Al Shimali 2532 2030 - 2263 9955 Urologist Fawzi Taher Abul Ali Yousef Mehdi

2565 0064 2533 3501

General Practitioner Dina Al Rifai 2533 3501 - 2533 3502 Obstetricians & Gynecologists Samira Al Awadi 2573 8055 Ma’asouma Maksheed 2573 1275 Mohamed Gamal 2534 9077 Mai Al Snan 2532 1171

2572 8004 2532 9924

Ear, Nose & Throat Surgeons Hossam Eldin Abdulfattah 2574 5056 Abdulmohsen Mousa Jafar 2565 5535

Cosmetic Surgeon Dr. Adel Quttainah

2562 5030 / 60

Ministries

Awqaf & Islamic Affairs Commerce & Industry Communications Defense Education Health Higher Education Electricity & Water Finance

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Foreign Affairs Housing Information Justice, Legal & Administrative Affairs Energy Planning Social Affairs & Labour Public Works

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RESTAURANT • Café Library Lounge Al-Manshar Rotana Hotel Tel: 23931000 Hang.Out Lounge Galleria 2000 Tel: 25755588 Song Bird Café Hilton Kuwait Resort Tel: 23725500 Chit Chat Café Restaurant Safir Hotel & Residences -Fintas Tel: 25455555 Lounge Café Safir Hotel & Residences -Fintas Tel: 25455555 The English Tea Room Sheraton Hotel Tel: 1835555 Waterlemon Al-Raya Tel: 22244797 Marina Mall Tel: 22997666 Le Pain Quotidien Palms Beach Hotel Tel: 25633684 Marina Crescent Tel: 22244942 Avenues Tel: 24954632 • Casual Dining Applebee’s Bneid Al-Gar Tel: 22407536 Fintas Tel: 23714559 Burgerhub Gulf road Tel: 22464818 Chili’s Bneid Al-Gar Tel: 22452200 Chili’s Al-Bida’a Tel: 22253120/1 Hard Rock Café Salmiya Tel: 25710004 Ruby Tuesdays Bneid Al-Gar Tel: 22444454 T.G.I. Fridays Bneid Al-Gar Tel: 22544300

• Chinese China Hut Tel: 25656226 China Express Jabriya Tel: 25342399 Salwa Tel: 25653230 China House Salmiya Tel: 25713339 / 60 China Lake Al-Blajat St. Tel: 25713072 / 3 China Town Salmiya Tel: 25652541 Greens Al-Wafra Complex Tel: 22516031

Tel: 1815050 • French Le Notre Gulf Road Tel: 25758888 • Indian Dawat Restaurant Bneid Al Gar Tel: 22411728 Abu Halifa Tel: 23724251 Al Alamia Mall, Jahra Tel: 24554642 Taal Restaurant Salmiya Beda’ Tel: 22253142 Winner’s Salmiya Tel: 25739954 Abu Halifa Tel: 23711374 / 5 Riggae Tel: 24895501 / 2 Jahra Tel: 24560088/8800

Gulf Royal Tel: 23925390-Fintas 22622556-Hawalli 25710448-Salmiya 22244795-Marina

Asha’s Tel: 22244502/3/9 Marina Crescent Tel: 24954700

Noodles Salmiya Tel: 25712233

Bukhara Sheraton Hotel Tel: 22422055

The Peacock Radisson Blu Hotel Tel: 25673000

Tourist Restaurant Kuwait City Tel: 22411702

Noodle Factory Avenues Tel: 24954751

Mugal Mahal Farwaniya Tel: 24726126/7 Fintas Tel: 23915588 Salmiya Tel: 25722223/4 Sharq Tel: 22425132

• Continental Casper & Gambini’s Kuwait City Tel: 22430054 La Marina Sharq Mall Tel: 22426672 • Fast Food Burger King Tel: 22444466 Domino’s Pizza Tel: 1800800 Hardees Tel: 1888333 KFC Tel: 1888666 Little Caesar’s Tel: 1888855 Pizza Hut

Tikka Tel: 1822833 • International Al-Bustan Radisson Blu Hotel Tel: 25673000 Al-Hamra Sheraton Hotel Tel: 22422055 Al-Marsa Restaurant Le Meridien Tel: 22510999 Atrium Restaurant Courtyard Marriott Hotel

Tel: 22997000

L I S T I N G S

Beit 7 Kuwait City Tel: 22450871 Café Rio Al-Fanar Tel: 25732226 Dunes Ritz Hotel Tel: 22499911 Failaka Al-Manshar Rotana Hotel Tel: 23931000 La Brasserie JW Marriott Tel: 22455550 Ritz Shamiya Tel: 24820184 Shuwaikh Tel: 24844350 Square International Tel: 22437681 Test n’ Taste Villa Moda Tel: 24827010 Teatro Hilton Kuwait Resort Tel: 23725500

Kuwait City Tel: 22400737

Nino Gulf Road Tel: 22541900 Pizza Express Abdullah Al-Salem Tel: 22560273 Al-Bida’a Tel: 22253166 Airport Tel: 24342681 Tel: 23725500 Ricardo Sheraton Hotel Tel: 22422055 • Japanese Edo Shaab Tel: 22659590 Kei JW Marriott Hotel Tel: 22422650 Korea & Japan Restaurant New Park Hotel Tel: 25634200

Sakura Crowne Plaza Hotel Tel: 24742000

AlRoshinah Restaurant Safir Hotel & Residences -Fintas Tel: 25455555

Shogun The Palms Hotel Tel: 27070022

Il Forno Restaurant Courtyard Marriot Hotel Tel: 22997000 Johnny Carino’s Salmiya Tel: 22667050 La Piazza Kuwait City Tel: 24246639 Lorenzo

Manousha Salmiya Tel: 25722607 / 8

Al-Noukhaza Crowne Plaza Hotel Tel: 24742000

Fakhr Al-Din Restaurant Kuwait City Tel: 22423180

Villa Fairouz Shaab Tel: 22652030

Shrimpy Gulf Road Tel: 22563118 Totally Fish Marina Crescent Tel: 22244960/1

Garden New Park Hotel Tel: 25634200

Yeldes Palace Kuwait City Tel: 22455212

Kabab-Ji Tel: 1861616

Zahrat Tunis Hawalli Tel: 22662444/333

Mais Al-Ghanim Kuwait City Tel: 22402590

• Persian Kabab Al-Hijja Bnaid Al-Gar Tel: 22517512

Palm Palace Salmiya Tel: 25756331 Saj Express Kuwait City Tel: 22497822 Sarai Al-Bida’a Tel: 22253180/1 Shisha &

Sushi Club Al-Blajat St. Tel: 25712144 Wasabi Al-Bida’a Tel: 22253112 Kuwait City Tel: 22494000 • Lebanese Al-Berdawny Palace Tel: 25661117 Ayam Zaman Holiday Inn Tel: 18477777 Burg Al-Hamam Gulf Road Tel: 22529095

• Steak House Relais De L’Entrecote Al-Fanar Complex Tel: 25729600 Terrace Grill JW Marriott Hotel Tel: 22455550

Shabistan Crowne Plaza Hotel Tel: 24742000

The Gaucho Grill The Palms Hotel Tel: 25667370 -

• Seafood Al-Ahmadi Crowne Plaza Hotel Tel: 24742000

• Tex-Mex Chi Chi’s Salmiya Tel: 25625811

Al-Boom Radisson Blu Hotel Tel: 25756000

Tumbleweed Southern Grill Al-Bida’a Tel: 22253154/5

Maki Al-Blajat St. Tel: 25733561 Marina Waves Tel: 22244560

Flavors Restaurant Safir Hotel & Residences -Fintas Tel: 25455555

• Italian Ciro’s Pomodoro Kuwait City Tel: 22424004

Saj Express Kuwait City Tel: 22497822

Te l : 1 8 3 9 0 9 0

Salmiya - Jabriya - Keifan www.healthstop.com.kw

HOTELS

FIVE STAR Al-Manshar Rotana Hotel Crowne Plaza Kuwait Hilton Kuwait Resort JW Marriot Kuwait City Hotel Kempinski Julai’a Hotel & Resort The Regency Hotel & Resort Le Meridien Le Meridien Tower Marina Hotel Kuwait Movenpick Albid’a Movenpick Palms Beach Hotel & Spa Radisson Blu Hotels & Resorts Refad Palace Safir International Hotel Kuwait Sheraton Kuwait Hotel & Towers Safir Hotel & Residences Kuwait

23931000 24772000 23725500 22455550 1 844 444 25766666 22510999 22831831 22244970 22253100 24610033 22824060 25673000 23908630 22530000 22422055 25455555

FOUR STAR Carlton Tower Hotel The Courtyard by Marriott Kuwait El Joan Resort Four Points by Sheraton Kuwait

22452740 22997000 23281897 22415001

Ghani Palace Hotel Holiday Inn Khalifa Resort Kuwait Continental Hotel New Park Hotel Al Bastaki Hotel Al Dana Hotel Heritage Village Palace Hotel Shiik Flamingo Hotel & Resort Swiss-Belhotel Plaza Kuwait

25710301 1 847 777 23280144 22527300 25634200 22555081 23902760 22520600 1 821 111 25725050 22436686

THREE STAR Imperial Hotel Oasis Hotel Safari House Hotel Second Home Hotel Spring Continental Hotel Ibis Hotel Salmiya Ibis Hotel Sharq

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TWO STAR International Hotel Kuwait Residence Hotel

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Dubai consumer prices drop steeply on property glut

BUSINESS

fridAY, march 16, 2012

m ar ket watc h KUWAIT 0.59% 6200

DUBAI 0.5% 1683

QATAR 0.4% 8660

OMAN

ABU DHABI

0.4% 5951

0.2% 2626

OIL MARKETS BAHRAIN

EGYPT

SAUDI

0.3% 1152

1.6% 5173

MARKET CLOSED

US Crude $106.09 $0.66 London Brent $124.96 $0.03 Kuwait Crude $123.57 $0.57 Information Courtesy: KAMCO

CURRENCIES US Dollar

British Pound

Saudi Riyal

Qatari Riyal

Indian Rupee

Euro

Japanese Yen

UAE Dirham

Bahraini Dinar

Philippine Peso

Buy 0.2792 Sell 0.2795 Buy 0.3642 Sell 0.3649

Buy 0.4372 Sell 0.4381

Buy 0.003342 Sell 0.003349

Buy 0.0744 Sell 0.0745

Buy 0.07592 Sell 0.07606

Oil slips below $125 on strong supply, US dollar LONDON: Brent crude oil fell below 125 US dollars on Thursday as the outlook for global oil supply strengthened, offsetting likely increase in demand from a recovery in the United States economy. The world’s biggest economy is bouncing back from a prolonged slowdown, a recovery that will bring increased energy demand, but oil supply in most markets looks ample and worries that a confrontation with Iran could disrupt supplies have eased in recent days. “Absent of escalation in geo-political tension or military confrontation with Iran, you don’t have too many fundamental or financial news that are supportive of the prices rising,” said Harry Tchilinguirian, head of Commodity Strategy for BNP Paribas. “A lot of managed money funds have been taking money off the table,” Tchilinguirian added. ICE Brent crude futures for April fell 89 US cents to $124.08 per barrel by 1408 GMT, a few hours before the April contracts were set to expire. US crude was flat at $105.43 a barrel. U.S. government data showed claims for unemployment benefits fell back to a four-year low last week, suggesting further strengthening in the labor market. A continued improvement in the US employment figures was likely to result in a delay to the third round of quantitative easing by the Federal Reserve, strategists said. Analysts said a stronger dollar and an inventory build in the United States was putting pressure on prices. The dollar hit an 11-month high against the yen and a one-month peak against the euro. Supply boost

Consuming nations won a new pledge from leader of the Organization of Petroleum Exporting Countries

Buy 0.07674 Sell 0.07658 Buy 0.7396 Sell 0.74107

Buy 0.005545 Sell 0.005534 Buy 0.006495 Sell 0.006479

Prices in Kuwaiti fils As of March 15, 2012 Courtesy: KAMCO

A homeless man begs at the central Syntagma (Constitution) Square, with the parliament pictured in the background, in Athens March 15, 2012. Greece’s jobless rate rose to 20.7 percent in the fourth quarter of 2011 from 17.7 percent in the previous three-month period as economic activity slumped, the country’s statistics service said on Thursday. It was the highest quarterly unemployment rate since this data series started in 1998. (Reuters)

(OPEC) Saudi Arabia this week that it would boost oil supplies to help control prices and protect the global economy

See page 10

from any loss of Iranian crude due to potential sanctions. Saudi Oil Minister Ali Al-Naimi said on Wednesday the

world’s largest oil exporter stood ready to fill any supply gap “perceived or real” in crude oil supply. That pledge has been enough to assure many investors that there is little risk of a significant shortage of oil. “Since Saudi Arabia pledged they can match any supply (gap), we would need further escalation of Iran crisis to get another push higher on oil prices,” said Carsten Fritsch, commodity analyst at Commerzbank in Frankfurt. US government data on Wednesday showed crude stocks at a key delivery point in the Midwest of the United States, Cushing, Oklahoma, had risen 2.5 million barrels to a nine-month high. Cushing posted its biggest eight-week build since early 2009, and stood at its highest since June 2011. Demand for oil is likely to rise as the US Federal Reserve upgraded its forecast for the world’s largest economy, expecting “moderate” growth over coming quarters and a gradual decline in the unemployment rate. However, high oil prices have become a political thorn for US and European politicians. Sources on Thursday said US President Barack Obama and British Prime Minister David Cameron discussed the possibility of releasing oil reserves. Tensions between Iran and the West over the OPEC producer’s disputed nuclear program have elevated crude oil prices in recent months, with Brent gaining more than 16 percent so far this year and US oil up about seven percent. “Brent feels still supported by geo-political risk but at current levels there is a lot more support on the downside than upside,” said James Zhang, commodity analyst at Standard Bank. “From here it will be much easier for the market to fall $10 than go up $5.” -Reuters

UIC announces net profit of KD 1.21 million in 2011 KSE gains 36.6 points at closing, both indices in green KUWAIT: Kuwait Stock Exchange (KSE) closed Thursday in green with the price index reading 6,200.4 points at a gain of 36.6 points, while the weighted index came to 419.86 points, an up of 1.69 points. Trades came to 5,621 transactions, worth 40,659,110 Kuwaiti dinars, and volume reached 480,582,500 shares. The top gainer was services sector with a gain of 93.8 points. The loser sector was the non-Kuwaitis which was down 9.4 points. Gainer share of the day was the Ajwan Gulf Real-Estate Company, while the big-

gest loser was the stock of the Gulf Petroleum Investment. Top traded share was that of Al-Sawfa Group Company. The trading began at Kuwait Stock Exchange (KSE) on Thursday with the main indices in mixed zones. By 9:30 am, the price index came to 6,165.3 points, an increase of 1.5 points, while the weighted index came to 417.23 points, a drop of 0.94 points. Trades came to 1,159 transactions by the time of the reading, with value reaching KD 7,535,260 and 112,715,000 million shares changing hands. -KUNA

US dollar exchange rate up to KD 0.279

KUWAIT: Exchange rate of the US dollar went up to 0.279 Kuwaiti dinars, while the euro dropped to KD 0.363, compared to Wednesday’s figures, said the daily bulletin of the Central Bank of Kuwait (CBK) on Thursday. Exchange rate of the Sterling pound decreased to KD 0.436, and the Japanese yen has remained at KD 0.003 since the beginning of the year. Meanwhile, the Swiss franc slipped to KD 0.299. The US dollar is gaining over other currencies as the US economic data shows gradual recovery. -KUNA

KUWAIT: The General Assembly of the United Industries Company (UIC), held its meeting on Thursday March 15, 2012 at 10:00 a.m. in its headquarters in Sharq, Khaled Bin AlWaleed Street, Al-Shaheed Tower, 17th floor. This was mentioned in a press release on Thursday. UIC made net profit of KD 1.21 million in 2011 compared to KD 4.045 million the year before. However, the numbers reflect an actual increase of 161 percent (KD 3.21 million) compared to the results of 2010 (a loss of two million dinars) after deducting realized profits resulting from sale of investments.

Share earnings for 2011 came to 2.45 fils per share compared to 10.89 fils per share the year before. UIC’s share of profit from associate companies increased 49 percent to reach KD 7.45 million in 2011, compared to five million dinars the previous year. This is attributed to the greatly improved financial performance of Saudia Dairy and Foodstuff Company (SADAFCO), which saw a noticeable growth in revenues coupled with a positive increase in realized profits. This growth in the financial performance of SADAFCO reflected positively on UIC’s share of the profits, where net sales in 2011 increase

21 percent to 1.32 billion Saudi riyals compared to 1.09 billion riyals the previous year. Al Qurain Petrochemical Industrial Company (QPIC) also recorded excellent results in 2011, making KD 18.1 million compared to a loss of KD 1.9 million the previous year, realizing a profit of 1050 percent. This increase is attributed to the increase in cash dividends received from EQUATE Petrochemical Company, as well as the considerable improvement in the operational results of QPIC’s associate, Kuwait Aromatics Company. Finally, UIC’s overall assets in 2011 came to KD 178 million, which is the same as the volume of assets on Dec. 31, 2010.

Palestinian economic growth slowing: World Bank

JERUSALEM: The Palestinian economy continued to grow in 2011, but a decline in foreign donor support and continued Israeli restrictions on trade slowed its pace, the World Bank said Thursday, warning of a “severe fiscal crisis” if the drop in aid continues. In a biannual report, the World Bank warned that a continued decline in donor assistance could jeopardize the gains Palestinians made in recent years in building the institutions of a future state. Donor countries have given billions of dollars to the Palestinians since 1993, in an attempt to prop up an economy battered by conflict with Israel and resulting restrictions on Palestinian trade and movement.

Despite impressive growth in recent years, the report said further growth will remain highly aid-dependent unless the Palestinian private sector has room to grow. It said this would only be possible if Israel lifted its restrictions on Palestinian access to land, water and export markets. It also called on the Palestinian Authority to improve its business environment and attract more investment. “Stabilization of the PA’s fiscal position compels immediate action by the donor community,” said Mariam Sherman, the World Bank director for the West Bank and Gaza. “Unleashing the potential of Palestinian enterprises can be achieved only if Israel and the Palestinian Authority take concrete steps to level

the playing field for entrepreneurs,” the World Bank said. In 2011, the Palestinian Authority, which governs the West Bank, required about 1.5 billion US dollars in budget support, the report said. Growth in the West Bank was only 5.8 percent in 2011, down from 7.5 percent for the corresponding period in 2010. In contrast, the Hamas-run Gaza Strip continued to recover in 2011 and experienced 25.8 percent gross domestic product (GDP) growth in the first three quarters of 2011, the report said. The Gaza figures can be explained in part because of the isolated territory’s low starting point. For instance, it experienced a decline of 20 percent as recently as 2007. -AP

Libya bourse resumes trading after year closure

TRIPOLI: Libya’s Stock Exchange resumed trading on Thursday after more than 12 months out of action, as the country gets back to business after last year’s conflict ousted leader Muammar Gadhafi. Officials on the trading floor rang a bell then shouted “Allahu Akbar!” or “God is great!” to announce the start of trading on a bourse which, its backers say, could take off now that it is unshackled from Gadhafi-era restrictions. “People are scared to come to Libya because they fear all the guns. Today can show them that Libya is going back to normal,” said a visiting businessman from Dubai, who did not want to be identified. After the 90 minutes allotted for trading each day, the market stood at 1,437.69 points, flat on the level at which it closed in February last year. The only stock showing any sign of movement on the huge electronic trading screen was Tijara bank, whose shares rose slightly. However, the volume - 452 shares traded - was not big enough to register any impact on the stock market index. “There are few buyers and sellers. People are afraid of falling prices,” said Ahmed Mejburi, a broker for Economic Group Libya who sat at his desk on the trading floor watching the screen. “The market has been closed for one year. It’ll start weak and, step by step, get back.” Ten companies resumed trade on Thursday out of a total of 13 listed which includes the stock exchange. Officials have said the reduction was because some of the firms had not yet met the exchange’s regulatory requirements. The bourse stopped trading soon after a rebellion broke

out against Gadhafi’s 42-year rule. Its re-launch is likely to attract interest from foreign investors seeking opportunities in the new Libya, which is home to Africa’s biggest proven oil reserves. The companies listed on the exchange have a combined market capitalization of about 3.9 billion Libyan dinars (three billion US dollars), general manager Ahmed Karoud said last month in an interview. The biggest companies include Jumhiriya Bank, Sahara Bank and Wahda Bank. A bourse official said that, to avoid volatility on the opening day, trading would be briefly suspended if shares rose or fell by more than 1.5 percent. Under Gadhafi, the bourse attracted fitful foreign interest. Investors were keen for a slice of the lucrative Libyan market but they were often put off by red tape, currency restrictions, and arbitrary rulings from Gadhafi and his inner circle. The head of the bourse said he planned to make the bourse a more attractive place for foreigners to invest. Speaking to Reuters last month, Karoud also said five public share offerings as well as two funds would be listed this year. “The first IPO (initial public offering) will be at the end of May,” he told Reuters on Thursday, adding pre-war plans to list Libya’s two mobile operators, Libyana and al Madar, would go ahead next year. “A lot of foreign companies have called about Libya’s stock market,” he added, saying interest had come from the Middle East, Europe and the United States. Asked about Thursday’s slow start, Karoud said, “People are afraid, for now they want to see what happens. We hope the market will go up.” -Reuters

A trader speaks on a mobile phone as she works on the floor of the Libya Stock Exchange in the capital Tripoli March 15, 2012. Libya’s Stock Exchange resumed trading on Thursday after more than 12 months out of action on Thursday, signaling that the country is getting back to business after last year’s conflict ousted leader Muammar Gadhafi. (Reuters)

BUSINESS IN REGION

ALWATAN DAILY FRIDAY, march 16, 2012

Gold bounces after 2% drop, US dollar eyed SINGAPORE: Gold regained some strength on Thursday after a drop in the previous session attracted bargain hunters, but a strong dollar and fading expectations of more monetary easing in the United States made the metal vulnerable to more selling. The physical market lacked activity as jewelers looked for a bargain, while bullion holders shifted their money into equities after strong US economic data and accommodative monetary policies by global central banks sent investors back into risk assets. Spot gold added 4.69 US dollars an ounce to $1,646.79 an ounce by 0339 GMT. Gold extended losses and fell more than two percent on Wednesday - a day after the Federal Reserve offered no clues on further easing. “Sentiment is of course very bad, I can say. After slipping below $1,650, it may go down further to $1,600,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, adding that a rebound will be capped at $1,675 to $1,680. “Safe-haven (appeal) is forgotten for the time being. The demand is sluggish because of the strong dollar. Speculators dumped their gold.” Gold has fallen around eight percent since late February as funds appeared to have closed out of their bullish gold bets on worries the Fed has no intention to embark on another round of major asset purchases to keep interest rates and borrowing costs low. Bullion rose to a record of around $1,920 last September on fears the euro debt crisis could stall global growth. US April gold rose

$4.90 to $1,647.80 an ounce. The dollar rallied to a 11-month high against the yen and a one-month peak against the euro on Thursday on growing optimism on the US economic recovery and subsequent rises in US bond yields. In theory, a firmer dollar hurt dollar-based commodities such as gold, as well as industrial metals such as copper, which is weighed by concerns about slowing demand from China, the world’s largest consumer of the metal. China’s Premier Wen Jiabao said on Wednesday that China must embrace slower growth and bolder political reform to keep its economy from faltering and to spread wealth more evenly. But a Reuters polls found developed economies will pick up steam this year thanks to an array of ultra-loose monetary policies from major central banks and amid new signs of progress in the euro zone’s debt crisis. In the physical market, a lack of buying from jewelers despite a recent drop in prices rattled the nerves of some physical dealers. “I guess the dynamics have changed. Customers will only take gold if there’s a need to. Otherwise, there’s no commitment,” said a dealer in Singapore. “I have not been here in the business for 20 years yet, but I feel the change.” In the equity market, the Nikkei rose on Thursday, extending the previous session’s rally that helped the index close above 10,000 for the first time in seven months, as exporters advanced on the back of a weaker yen. -Reuters

FILE - A woman walks past a gold shop in Hong Kong on April 20, 2011. Gold regained some strength on Thursday after a drop in the previous session attracted bargain hunters. (Reuters)

Major UAE currency Asia condensate supply to tighten on Iran sanctions houses halt Iran rial business LANGKAWI, Malaysia: Japan and South Korean buyers are looking for alternate supplies of high-sulphur condensate to replace term barrels from Iran as Western sanctions make imports from the producer of the Organization of Petroleum Exporting Countries (OPEC) difficult, industry sources said on Thursday. They said South Korea, Japan and other US allies were scrambling to voluntarily reduce Iranian oil imports in the hope they could win waivers from penalties that will be imposed when new US sanctions become effective at the end of June. The tighter sanctions against Iran, which ban financial institutions from oil deals with the its central bank, are aimed at pressuring Tehran to halt its nuclear program. “The US is targeting condensate because there are only a few buyers. Crude is very hard to pin point,” said Fereidun Fesharaki, chairman of consulting firm FACTS Global Energy, on the sidelines of an industry conference. Iran produced 370,000 barrels per day (bpd) of condensate last year, the bulk of which was from South Pars, according to FACTS. Japanese refiners and trading companies have yet to renew their annual Iranian crude and condensate purchase contracts, which expire this month. In South Korea, Samsung Total Petrochemicals imports about 60,000 tons (439,800 barrels) of Iran’s Kangan condensate each month and its contract is up for renewal in June, trading sources said. The company’s decision on a new contract will largely be based on the outcome of government talks with Washington on a sanctions waiver.

Other countries not directly affected by the sanctions are likely to keep the same level of Iranian condensate imports. Dubai’s Emirates National Oil Company, the largest lifter of Iranian condensate, importing up to three million barrels a month, is likely to continue its term purchases, the sources said. Similarly, China’s Unipec, the trading arm of Asia’s largest refiner Sinopec, has renewed its 2012 contract for 75,000 bpd of condensate at an attractive discount of five US dollars a barrel over the average of Oman and Dubai quotes. That is largely unchanged from 2011. Asian buyers are seeking to include an “escape” clause in their new term contracts that will allow buyers to declare force majeure on their cargoes if banks, complying with the sanctions, refuse to process payment for the Iranian purchase. “Buyers are pressuring NIOC (National Iranian Oil Company) to include what we call the escape clause,” said a source with an Asian buyer that is negotiating the renewal of an annual contract with Iran for oil supply from April. “Iran may have to give in soon.” As Asian buyers search for replacement supplies, Qatar’s major sour condensate supplier Tasweeq could benefit as well as some other producers in the AsiaPacific region. They could push up spot differentials for grades such as deodorized field condensate (DFC) and low sulphur condensate (LSC) from Qatar, and North West Shelf (NWS) condensate from Australia. -Reuters

Lebanon awards 150,000 tons gasoil import tender

LONDON: Lebanon has awarded an import tender for 150,000 tons of gasoil for delivery between April and June at premiums near a two-year high, traders said on Thursday. The tender was awarded to Athens-based trading house BB Energy at a premium of 29.25 US dollars a ton over Mediterranean quotes, traders said. Gasoil supply in the region is tightening, with several countries including Israel, Egypt and Jordan making elevated purchases of the product this year. The increased demand is partly a result of a series of attacks on pipelines along a crucial network

that runs through Egypt’s restive Sinai region, cutting off gas supplies to Israel and Jordan. This is forcing governments to make big purchases of gasoil, which can be used instead of gas to generate power, and premiums are rocketing. Earlier this year, Lebanon bought a similar volume from BB Energy at a much lower premium of $18 a ton to Mediterranean quotes. Lebanon imports gasoil for electricity power generation and as a transport fuel. The country suffers from severe power outages, and decades of energy problems have drained billions of dollars in electricity subsidies. -Reuters

DUBAI: Major money exchange houses in the United Arab Emirates (UAE) have stopped handling Iranian rials over the last several weeks, executives at the houses said, further reducing Iran’s ability to trade and obtain hard currency. Since late last year, Iran has largely been frozen out of the global banking system by US sanctions aimed at its disputed nuclear program. Washington has used anti-money laundering legislation to make it risky for banks around the world to do business with Iran, including trade financing. In December, the US government pressured Dubai-based Noor Islamic Bank into stopping the channeling of billions of dollars from Iranian oil sales through its accounts. Iranian businessmen continued to conduct some trade with Dubai and other places, however, by transferring funds through money exchange houses that operate separately from the banking system, traders said. Now many of those houses have stopped doing rial business as well. Mohamed al-Ansari, chairman and managing director of Al Ansari Exchange, one of the UAE’s top two exchange houses, said the weakness of the rial, which saw its black market rate roughly halve against the US dollar in the year to January, had made it too risky to handle the currency. “Most exchange companies have stopped dealing in Iranian rial mainly because of its devaluation in the last few months, as well as the regulations imposed by the US regulatory authorities on the financial sector,” he told Reuters. “As such, nobody would like to risk trading in the Iranian rial currency, as it would affect their business.” Dubai, 150 kilometers (100 miles) across the Gulf, has been a major trading hub for Iran. Re-export trade between Iran and the UAE - goods sent to the UAE for on-shipment to Iran, and Iranian goods sent to the UAE for on-shipment to other countries - totaled 31.9 billion UAE dirhams (8.7 billion US dollars) in the first nine months of 2011, latest UAE customs data show. Al Fardan Exchange, the UAE’s third largest exchange house, also said the depreciation of the rial had made the currency too risky.

“For us, from a risk point of view with regard to the fluctuations taking place and the depreciation - this also applies to the Syrian pound - you don’t have a definite understanding about when the freefall might take place,” Osama Al-Rahma, general manager at Al Fardan Exchange, told Reuters. “We had to stop exchanging even small amounts because if I buy it at this rate and tomorrow it went down, then I’m in a loss position.” Al-Rahma said that in addition to

FILE - A money dealer counts Iranian rial banknotes in his office in Baghdad Jan. 30, 2012. Major money exchange houses in the United Arab Emirates (UAE) have stopped handling Iranian rials over the last several weeks, executives at the houses said, further reducing Iran’s ability to trade and obtain hard currency. (Reuters)

If uncertainty does not dissipate soon, where to invest? Alessandro Magnoli Bocchi

Chief Economist Kuwait China Investment Company Exclusive to Al Watan Daily

KUWAIT: The year started with encouraging US economic data. In the EU, massive European Central Bank (ECB) support lowered sovereign yields and spreads, unfroze interbank lending, and reduced risk of disorderly defaults in the banking system. China and emerging markets slowed down, but did not hard-land.With valuations below historical trends, risk-aversion declined. For the first time in decades, the earnings yield (annual profits divided by price) in the Standard & Poor’s 500 index (S&P500) rose above seven percent, about five percent above the 10-year US Treasuries (10Y-UST) rate. Also, more than 40 percent of the stocks in the S&P500 yielded more in dividends than the 10Y-UST in interest. Investors’ confidence rose and the hardest-hit assets became sought after. In emerging economies, short-term portfolio-flows chased high-yield, reflating asset in Asia and Latin America. Quickly, liquidity galvanized investors seeking higher returns. Although thinly-traded, global equities and commodities surged. For the rally to last, a healthy global recovery and rising company earnings are needed. But the whole world

is slowing down. The US economy is showing signs of deceleration and could enter a soft patch. Consumers are cautious. Europe - UK included - is sliding into recession. China and India are unlikely to inject a sizeable stimulus in their economies. Going forward, growth will remain challenged. In advanced economies, household, financialsector and public-sector deleveraging, spending cuts and reforms are needed and upcoming. Fiscal consolidation will accelerate disinflation, and - as buyers anticipate lower prices - consumption will decline. ‘Tail risks’ - low-probability, high-impact events that could have systemic consequences via negative feedback loops - could materialize, hampering the real economy and investor confidence. Indeed, global unemployment affects 200 million people (up 27 million since the start of the crisis) and could spark unrest. The Arab turmoil and Iran nuclear ambitions are unlikely to be frictionless. The Eurozone’s democratic deficit, rising sovereign risks and ongoing debt restructuring - where a Greek deal is likely to lead to a Portuguese one - are sources of stress and possibly contagion. Policy mistakes, due to wait-and-see attitude or political deadlock, could induce a recession. Banks, in need of capital and allergic to regulatory reform, will foster financial sector jitteriness. Global politics looks challenging, with presidential elections in the US, Russia, Egypt, Yemen, and Venezuela, parliamentary elections in India, Iran, Egypt, Libya, Jordan, and Tunisia, the leadership transition in China and North Korea’s succession. Pakistan and Af-

hurting Dubai’s remaining trade with Iran, the halt in rial exchanges would inconvenience tourists travelling to the country. However, some Iranian trade with Dubai is expected to continue, using channels such as ‘Hawala’ - a legal but largely unregulated money transfer network that is based on personal relationships and operates in the Middle East and South Asia - and even transfers of physical cash between Dubai and Iran across the Gulf on ferries. -Reuters

ghanistan could also contribute to geo-political instability. As a result, corporations are on hold, lacking confidence to make significant business and investment decisions, since sales, profit margins and corporate earnings might suffer. The market seems to have moved ahead of fundamentals, and a correction looks likely. In 2012, because of excessive liquidity and high uncertainty, stock markets are likely to remain highly volatile. Investors might focus on news and events rather than longer-term trends. Given the slow-growth, disinflationary outlook, a fast “reversion to the mean” of returns is improbable. Indeed, stocks could be cheap because, as happened in Japan, they discount a deflationary trend. Taking fundamental directional bets (i.e. via long-only funds) is likely to prove disappointing. Earnings growth will soften, especially in emerging markets. Financials are likely to suffer. Investors will privilege strong balance sheets and value. Blue chips income-producing multinational brands will do well, as a significant share of their revenues comes from emerging markets. Small luxury companies, healthcare providers and the consumer sector are likely to generate returns. US stock markets are likely to outperform. Core sovereign bonds (UST and German Bunds) might benefit from risk-off episodes, slowing economic growth and a reduction in long-term interest rates. Still, in absence of systemic shocks, high-yield corporate credit might perform well and emerging country bonds denominated in lo-

cal currencies could deliver even higher returns. Inflationlinked bonds show more risk than returns. The unfolding of the Eurozone crisis and the ongoing ECB monetization should weaken the Euro. If a tail risk materializes, investors will retreat to the US dollar, still the world’s primary trading and reserve currency and a global safe haven. The Swiss franc is likely to maintain it purchasing power. With respect to the past decades, investors face a very different, and more difficult, investment environment. The probability of future financial shocks, and black swans, is high. Capital preservation via a defensive asset allocation is priority. Over the next couple of years, cash could work as both an insurance against sharp downturns and the required seeding-capital to quickly size opportunities. Still, in the longer-run keeping liquid portfolios will result in low returns. Illiquid assets, such as private equity and real estate are to be considered, but only if fully understood and professionally executed. In a few years, looking back to this post-crisis period with the benefit of hindsight, it is likely that unusual portfolios - less liquid and more volatile, thus considered of lower quality today - will perform better than accepted ones. Disclaimer: Please note that the views and opinions presented in the column are the company’s own and do not necessarily represent those of Al Watan Daily and its staff.

BUSINESS IN REGION

ALWATAN DAILY

Dubai consumer prices drop steeply on property glut FILE - High-rise residential and office towers are seen near Sheikh Zayed road in Dubai in this Feb. 4, 2012 file photo. A glut of property supply in Dubai contributed to the steepest fall in consumer prices since records began four years ago. (Reuters)

0.7 percent compared to the previous year. February’s figures showed a month-on-month decrease in consumer prices of 0.6 percent after a 0.9 percent fall in January, data from the Dubai Statistics Center showed. A Reuters poll in January showed that a nearly four-year decline in house prices in the UAE would not end this year and that prices would fall by a median five percent. Dubai only started to release monthly inflation figures at the beginning of 2009. Economy Minister Sultan bin Saeed Al-Mansouri said on Wednesday that inflation in the UAE federation is not expected to exceed two percent in 2012. Analysts polled by Reuters in December forecast average inflation of 2.4 percent in 2012, up from 0.9 percent in 2011. Growth in business activity in Dubai’s non-oil private sector slipped slightly in February as expansion in output and employment weakened, a recent purchasing managers’ index showed. “What we see in PMI (Purchasing Managers Index) for the UAE as a whole is that input prices are going up for companies but they are not being able to pass them on to consumers... That is testament to a slightly weaker demand climate here,” Martins said.The International Monetary Fund (IMF) said on Wednesday it expected UAE inflation to remain subdued at around 1.5 percent this year. -Reuters

Trading Prices of Kuwait Exchange Trading Prices of Kuwait StockStock Exchange Date of Closing Prices: 15 / 03 / 2012 For more information please contact “Global” at (+965) 180 42 42 or www.globalinv.net

Global General Index KSE Price Index

Ÿ Ÿ

High

Low

1,100

1,080 480 710 250 430 860 550

485 720 255 435 880 560

Global Index - Banking Kw Investment Commercial Facilit. Int'L Financial Adv. National Invest. Kw Projects Ahlia Holding Coast Invest. Int'L Investor Securities House Ind. & Fin. Inv. Securities Group Int'L Finance MARKAZ KMIFIC Aref Inv. Group Al AMAN Inv. ALOLA Inv. ALMAL Inv. Gulf Inv. House A'ayan Leasing Bayan Inv. GLOBAL Inv. Osoul Inv. KFIC KAMCO Nat. Int'l Holding Housing Finance MADAR Al Deera Holding Al Safat Inv. Al Salam Group Ekttitab Holding Al Qurain Holding Sokouk Holding Al-Madina Finance NOOR Tamdeen Inv. Int'll Exch KW BH Int Exch.

Taiba Kuwaiti Holding

Kuwait Syrian Strategia Kuwait China Inv. Manafae Inv. Gulf North Africa Amwal Al Masar Al-Imtiaz

108 285 59 174 345 13.5 63 24.5 108 120 136 59 30 40.0 42.5 98

234.0

23.5 30.0 62.0 188 80 72 57 55 142 470 -

460 -

59 116 146 224 250 44.5 100

1,000

77 15.5 65.0 94 59 65 88 20.5 42.0 120 48.5 32.0 34.5 25.0 22.5 33 62 315

Global Index - Real Estate Nationl Ind. Group Pipes Ind. & Oil Kuwait Cement Refrigeration Ind. Gulf Cables & Elec. Heavy eng. & Ship. Marine Services Portland Cement Shuaiba Industrial Metal Collecting Kuwait Foundry

250 130 440 130

1,440

315 150 900 375

240 128 440 130 1,440 310 150 870 375

1080 485 720 630 870 250 430 880 560 328.52

1080 485 700 630 870 250 435 870 560 327.39 110 280 59 170 340 14.0 61 25.0 130 23.0 230 108 116 50 52 32.0 136 57 29 71 39.0 48.5 64 26.0 242 51 38.5 51 40.5 93 228.0 102.0 23.5 29.5 61.0 29.0 186.0 255 114 27.00 75 71 57 53 64 42.50 138 84.53

290 610 470 148 220 122 40.50 44.38

290 610 450 148 220 122 40.50 43.88

59 116 142 222 32.5 250 118 100 43.0 120 100 1,000 73 15.0 63.0 93 59 64 79 36.0 88 20.0 87 17.5 42.0 57 75 120 48.0 32.0 34.0 25.0 22.0 134 134 220 61 310 56.88

60 114 144 222 32.5 244 118 100 45.0 120 100 950 73 15.0 65.0 94 60 65 79 36.0 83 20.0 87 17.5 44.5 57 75 118 47.5 31.5 33.0 25.5 22.0 134 134 220 63 310 56.01

Ÿ Ÿ Ÿ ź ŷ ź ŷ Ÿ ŷ ŷ ŷ

248 130 440 130 1,440 310 150 890 190 114 375

242 126 435 132 1,440 315 150 870 190 114 375

ŷ ŷ Ÿ ŷ ŷ ŷ Ÿ

59 114 140 222 250 42.5 100 960 73 14.5 62.0 92 59 64 84 20.0 42.0 120 46.5 32.0 32.0 25.0 22.0 33 61 305

Last Close 185.67 6,200.40 Last Prev. Close Close

108 285 58 172 345 13.5 63 25.0 130 24.0 230 106 118 50 52 32.0 136 58 29 71 39.0 48.5 64 26.0 242 51 38.5 51 42.5 98 234.0 102.0 23.5 28.5 60.0 29.0 186 255 114 27.00 80 72 57 54 64 42.50 140 85.25

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Global Index - Insurance Kuwait R.E. United R.E. National R.E. Salhia R.E. Pearl R.E. Tamdeen R.E. Ajial R.E. Massaleh R.E. Arab R.E. Union R.E. ERESCO Mabani INJAZZAT RE Inv. Holding Grp Int'L Resorts Commercial R.E Sanam R.E. Aa'yan R.E Aqar Kuwait R.E Holding AL Mazaya Al Dar National R.E Themar Int'L Holding Grand R.E Projects Tijara & R.E Invest Al Tameer Arkan Al-Kuwait R.E Al Argan Int'L Abyaar Munshaat First Dubai KBT Manazel REAM Mena Real Estate Al Moudon Intl. R.E Markaz Real Estate Kuwait Remal R.E

ŷ ŷ Ÿ ŷ ŷ ŷ ź Ÿ ŷ Ÿ

108 285 57 170 340 13.0 61 24.0 104 116 132 57 29 39.0 40.0 97 226.0 23.5 28.5 58.0 186 80 71 57 53 134

Global Index - Investment Kuwait Insurance Gulf Insurance Ahlia Insurance Warba Insurance Kuwait Re-Ins. First Takaful Ins. Wethaq Insurance

CAPITALS: India’s hawkish central bank kept interest rates on hold Thursday, disappointing business leaders who had pressed for a cut they say is essential to spur the country’s slowing economy. The bank said its decision was based on fears that a rise in global oil prices could re-stoke inflation in Asia’s thirdlargest economy, but corporate leaders said leaving rates at high levels was hitting growth and investment. “Industry needs strong easing signals from the central bank in order to ensure that investments pick up,” said Chandrajit Banerjee, director general of the Confederation of Indian Industry lobby group. Banerjee’s sentiments were echoed by Rajkumar Dhoot, president of the Associated Chambers of Commerce and Industry, who said high rates were making it tough for businesses to raise the cash

needed to invest. Combined with the global slowdown, “high interest rates are impacting growth”, Dhoot said, urging the central bank to lower rates at its next monetary policy meeting, slated for April 17. In its decision Thursday, the Reserve Bank of India (RBI) left unchanged its benchmark repo rate at which it lends to commercial banks at 8.50 percent and the reverse repo rate, which it pays banks for deposits, at 7.50 percent. Separately, a finance ministry report said growth for the current financial year to March 31 was likely to be 6.9 percent, the worst since the 2008 global financial crisis, and down from last year’s 8.4 percent expansion. The bank has kept rates on hold since late last year after hiking them 13 times since March 2010. Earlier in the year, hopes were high

that the bank would ease rates, but global crude prices “have spiked suddenly, reflecting both geo-political concerns and abundant global liquidity, accentuating the risks to growth and inflation”, bank governor Duvvuri Subbarao said in a statement. A widening fiscal deficit and the Indian rupee’s depreciation against major currencies had also exacerbated inflationary risks, he said. While he said “no further (monetary) tightening is required and future actions will be towards lowering the rates”, he added that inflationary dangers “will influence both the timing and magnitude of future rate actions”. Indian shares extended their losses after the bank’s announcement, with the blue-chip Sensex index down 284.80 points, or 1.59 percent, at 17,634.50 points in late afternoon trade. -AFP

ź Ÿ ź ŷ ŷ Ÿ ŷ ŷ ź ŷ ŷ Ÿ ŷ ŷ ź ź ź ź ŷ ŷ Ÿ ŷ ŷ ŷ ź ŷ ŷ Ÿ Ÿ Ÿ Ÿ ź ŷ ŷ ŷ ŷ ź ŷ

Previous Close Change 184.95 0.72 36.60 6,163.80 Trading Activity Chng Volume Tran. Value(KD)

DTD 0.39% 0.59% Last Bid

Last Ask

MTD YTD 2.60% 3.55% 6.64% 1.20% Div. Annual Close Low P/E Yield High

371,850 283,250 75,000 132,550 499,850 1,440,150 447,750 3,250,400

1,080 475 700 580 870 250 430 870 550

1,100 485 730 640 880 255 435 880 560

3.7% 0.0% 2.1% 3.2% 1.6% 0.0% 0.0% 2.3% 0.0% 1.9%

1,220 510 790 680 920 260 480 900 590 328.52

1,060 475 700 630 790 236 430 820 550 317.17

15.63 33.26 82.87 17.93 30.38 23.78 12.04 25.07 106.53 19.10

-2 100,000 5 10,000 -1 13,480,000 2 2,400,000 5 310,000 0.512,080,000 2 4,400,000 1 480,000 -2 1,060,000 -2 2,800,000 5,740,000 1 5,240,000 2,400,000 560,000 34,480,000 2.0 3,080,000 5 5,700,000 6.0 80,000 13,440,000 1.01.014,000,000 240,000 40,000 5 280,000 1 120,000 3,720,000 1 2 9,360,000 0.72 135,600,000

4 1 140 51 11 51 81 6 44 54 70 72 26 7 233 40 121 1 103 177 12 1 6 3 68 163

106 280 56 172 340 13.0 62 23.5 104 116 31.5 134 57 29 38.5 64.0 51 36 42.0 98 232.0 28.5 60.0 186 28 80 71 56 53 138.0

110 285 58 174 345 13.5 63 24.0 230 106 118 32.0 136 59 30 40.0 69.0 244 56 42.5 234.0 24.0 29.0 61.0 188 255 30 73 58 54 140.0

0.0% 7.7% 0.0% 0.0% 5.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.2% 5 1% 5.1% 0.0% 0.0% 0.0% 0.0% 0.0% 9.3% 0.0% 0.0% 0.0% 2.3%

112 285 67 182 345 18.5 69 25.0 130 36.0 230 122 120 50 52 35.5 136 65 35 71 44.0 48.5 70.0 26.0 244 54 39 51 42.5 102 234.0 130.0 25.0 33.5 96.0 29.0 190 255 114 32 80 73 60 55 64 42.5 140.0 85.62

104 255 40 158 295 11.5 50 25.0 130 21.0 230 102 102 50 52 24.0 106 47 21 71 28.5 48.5 64.0 26.0 242 51 36 51 26.0 61 99.0 19.5 19.0 16.0 38.0 29.0 154 255 114 26 58 50 51 47 64 42.5 112.0 74.96

41.33 13.26

1,546

10,800 2,850 784,160 413,440 105,450 163,000 275,000 11,640 111,480 331,680 766,080 306,520 70,560 22,040 1,427,720 301,320 1,305,560 1,880 387,160 840,840 44,880 3,200 20,080 6,840 202,720 1,305,280 9,222,180

30,000 30,000

3 3

13,950 13,950

285 470 112 28.5

300 570 475 148 43.0

6.9% 4.1% 5.3% 6.8% 2.7% 0.0% 0.0% 4.6%

325 610 520 148 220 134 40.5 44.80

280 550 450 102 220 102 40.5 42.22

15.14 14.06 9.60 23.37 296.83

3,640,000 1,580,000 580,000 360,000 10,000 9,440,000 40,000 1,395,000 640,000 8,160,000 9,480,000 5,280,000 440,000 680,000 3,040,000 800,000 80,000 20,000 36,880,000 720,000 1,840,000 80,000 1,440,000 80,000 160,000 680,000 87,545,000

29 25 15 7 1 75 1 64 15 77 130 51 8 13 48 8 1 1 184 7 19 1 13 1 4 28 826

214,760 182,120 82,280 80,320 2,500 410,280 4,000 1,369,400 47,880 121,560 598,640 489,240 25,960 43,800 261,160 16,040 3,360 2,400 1,764,520 23,040 62,080 2,000 31,960 2,600 9,840 210,750 6,062,490

59 114 140 220 27.5 240 108 95 42.5 98 990 73 14.5 61.0 92 59 64 88 19.5 87 43.5 75 118 47.5 31.5 34.0 24.5 22.0 32 60 310

60 116 142 222 35.0 250 98 43.5 130 102 1,000 74 15.5 63.0 93 60 65 20.0 45.0 54 78 124 48.0 32.5 34.5 26.0 22.5 134 34 61 315

0.0% 0.0% 0.0% 9.0% 0.0% 4.0% 0.0% 5.0% 0.0% 5.8% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.7% 0.0% 0.0% 0.0% 0.0% 1.0%

63 118 152 224 37.5 250 130 100 52.0 120 104 1,000 80 20.0 67.0 94 75 67 90 38.0 88 23.0 91 17.5 45.0 59 80 144 52.0 39.5 35.0 28.5 25.5 134 34 220 70 480 56.88

47 97 108 200 32.5 224 114 77 27.0 108 94 840 62 11.0 35.0 77 56 52 79 33.0 59 13.5 87 17.5 31.0 57 64 116 27.5 22.0 25.0 25.0 15.0 134 31 220 49 270 49.06

45.72 14.88 25.43 19.79

11,920,000 1,160,000 10,000 120,000 17,500 120,000 120,000 30,000 10,000

201 37 1 2 2 8 5 5 1

2,927,680 150,040 4,400 15,600 25,200 37,700 18,000 26,550 3,750

246 128 435 128 1,440 310 148 880 180 112 360

248 130 445 130 1,460 315 150 890 200 118 375

0.0% 0.0% 2.3% 3.8% 4.5% 3.2% 3.3% 11.2% 5.3% 0.0% 5.3%

260 136 470 158 1,480 345 222 920 200 120 495

214 120 415 130 1,380 310 146 660 180 102 370

-1 2 -2 6.0 2.050 2.0-1 -1 -1 5 2.52 1 0.5 1.0 0.5-2 0.87 6 4 5 -2 -5 20 -

sible throughout its life. “Style has a significant influence on the potential selling point of a smartphone. Being aware of this, Nokia continues to invest in the design of each handset. Nokia 700 powered by Nokia Belle operating system, with path-breaking technology in the form of ‘Just Tap’ NFC, will push the boundaries for future devices in this segment,” said Vithesh Reddy,

Date of Closing Prices:

36 16 13 3 22 78 30 198

20 Ex-D 0.51

General Manager, Nokia Lower Gulf. Nokia Belle increases the number of home screens from three to six providing more room to display applications and services. Live widgets now come in five different sizes, making the home screens come alive and giving users more flexibility to personalize the user experience. It also includes a pull down menu and taskbar to access notifications from any of the home screens and further enhancements to the Web browsing experience. All in all, Nokia Belle provides Nokia’s most competitive, seamless and intuitive user experience so far. One of Nokia Belle’s most exciting features is the single-tap NFC sharing and pairing capability. This allows contacts, videos and images to be shared with other NFC-enabled devices and smartphones, as well as pairing with NFC-enabled accessories such as speakers and headsets. Coming in cool grey, silver/white, coral red, peacock blue and purple varieties, the Nokia 700 is retailed at 91 Kuwaiti dinars and is available at all leading electronic stores including flagship Nokia stores in the region.

05 / 01 / 2012

For more Information please contact "Global" at (+965) 180 42 42 or www.globalinv.net

340,000 590,000 105,000 530,000 1,150,000 1,655,000 810,000 5,180,000

20 -5 10 1.12

KUWAIT: Nokia announced in a press release on Thursday, the local availability of its smallest ever smartphone - the Nokia 700 which is feature-packed and powered with the innovative Nokia Belle operating system, designed to enhance consumer experience and smartphone performace. Weighing only 96gm, the Nokia 700 not only becomes Nokia’s most compact smartphone in the Belle range, it is also the most compact touch smartphone in the world. What it lacks in size it makes up for in functionality, with single-tap NFC sharing and pairing capabilities, a 1Ghz processor, 3.2 inch AMOLED ClearBlack display, 2GB of internal memory (with the option of using a 32GB microSD card for a total of 34GB), HD video capture and 5MP full focus camera with LED flash. The Nokia 700 is also Nokia’s most eco-friendly smartphone. It is constructed using materials such as bio-plastics, recycled plastics and recycled metals. Thanks to the AMOLED screen, ambient light sensor and power-save mode, the Nokia 700 will remain environmentally respon-

Trading Prices of Kuwait Stock Exchange Date of Closig Prices: 15/03/2012

For more Information please contact "Global" at (+965) 180 42 42 or www.globalinv.net

National Bank Gulf Bank Commercial Bank Ahli Bank Ahli United Bank International Bank Burgan Bank Kw Finance House Boubyan Bank

India keeps rates on hold, disappoints business

All new Nokia 700 introduced in Kuwait, smallest ever Nokia smartphone

DUBAI: A glut of property supply in Dubai contributed to the steepest fall in consumer prices since records began four years ago, as a housing bubble that burst in 2009 continued to be felt in the wider economy, data showed on Thursday. Consumer prices in the United Arab Emirates’ (UAE) member fell 1.7 percent on an annual basis in February, as an inflow of new residential units pushed rents down. “There might be some areas in Dubai where prices are picking up, but there is still an excess in supply in the market,” said Liz Martins, senior economist at Hong Kong and Shanghai Banking Corporation (HSBC) in Dubai. Dubai’s aggressive building drive has resulted in oversupply, with thousands of new residential and commercial units still set to enter the Dubai real estate market, with prices plunging by up to two-thirds from their 2008 peak. Bullish growth came to a halt in 2009 when Dubai, home to the world’s tallest tower Burj Khalifa, announced a 25 billion US dollar debt restructuring of conglomerate Dubai World. Weakness in the property sector and slow bank lending held inflation below 1 percent for most of last year and Dubai entered deflationary territory in January when consumer prices fell

Company

FRIDAY, march 16, 2012

89.98 13.95 1.44 0.00

0.00 0.00 0.00 0.00 0.00 0.00 30.41 0.00 116.80 0.00 0.00 0.00

0.00 9.75 22 77 22.77 11.92 50.59

0.00 5.68 13.09

12.88

18.08 6.45 16.98 40.87 25.23 0.00 17.36 31.19

5.93 26.33 12.18 5.21 48.52

23.07 18.82 0.00 0.00 18.82 75.44 17.98 6.58 7.42 137.15 118.86 11.52 25.37 21.83

ACICO

216

United Industries Global General Index 94 610 Boubyan Petroch. KSE Price Index

Gulf Glass HilalCompany Cement Al Kout Ind. Project High 1,140 K-PAK Bank National Gulf BankMaterial 495 Building Commercial 770 Nat. Ind.Co.Bank Ahli Bank 640 75 Equipment Holding Ahli United Bank 850 Mena Holding International Bank 248 Consumer Industries 460 Burgan Kuwait Bank Gypsum 890 Kw Finance House 220 Qurain Boubyan Bank 590 47 Salbookh Trading Global IKARUSIndex - Banking212 82 Boubyan Int'L Ind. Kw Investment -

210 92 600 Low 1,120 490 770 640 73 800 248 455 880 214 580 45 202 82 -

ź źŸ źŷ ŷ ŷ

ŷ ŷ ŷ ŷ ŷ źŸ Ÿŷ ŷ ŷ ź źŸ ŷ ŷ źŸ Ÿ ŷ 265 260 źŸ Commercial Facilit. Global Index - Industrial 41 40 ź Int'L Financial Adv. NationalInvest. Cinema 174 National 170 - źŷ KwProjects Hotels 300 - Ÿŷ Kw 300 415 12.5 410 ŷź Agility Ahlia Holding 13.5 63 58 źŸ Market Complexes Coast Invest. 53 52 ZAIN -850 -840 ŷŷ Int'L Investor 81.0 79.0 Safat Energy Securities House - ŷŸ Educational - ŷŷ Ind. & Fin. Inv.Group 305 Indep. Petroleum 305 Securities Group - ŷź Int'L Finance - ŷŸ 142 140 National Cleaning 110 MARKAZ 108 124 Sultan Center 120 ŷŷ KMIFIC - ŷŸ 96 Arabi Group 96 Int'L Group CityInv. Group - ŷŷ Aref Inv. Group - ŷŷ 2,320 2,280 Wataniya Tele. Investment Dar - ŷŷ 116 Kw Gulf Link 112 Al AMAN Inv. Kw Cable Vision - ŷŷ ALOLA Inv. System 110 108 - ŷŷ Automated ALMAL Inv. 50 49 ź - ŷ NAPESCO Gulf Inv. House - ŷ 280 KCPC 275 Ÿ - ŷ A'ayan Leasing K.S.H - ŷ 31.0 ŷ 32.5 Bayan Inv. - ŷŷ Eyas GLOBAL Inv. Hits Telecom - 86 - 84 ŷŸ Osoul Inv. 22.5 Al Safwa Holding -20.5 ŷŷ GULFINVEST Human Soft - ŷŷ KFIC Privatization Holding 83 78 KAMCO - ŷŸ Nafaaes Holding Int'l Leasing & Inv. -- - ŷŷ National Slaughter 154 154 - ŷŷ Nat. Int'l Holding 112 Aref energy 108 - ŷŷ Housing Finance 590 MADAR Safwan 560 - ŷŸ 26.5 Al Deera Holding 63.0 26.5 Gulf Petroleum 61.0 ŷź Al Safat Inv. - ŷŷ 25.0 Gulf Franchising 25.0 122.0 - 114.0 - Ÿŷ Al Salam Credit & Group Collection 41.0 Ekttitab Holding National Ranges 19.5 39.0 18.0 źŸ Al QurainWell Holding Burgan Drilling - ŷŷ 16.5 Sokouk Holding 415 16.5 IFA H&R 395 ŷź Al-Madina Finance 40.0 1,560 38.5 1,560 źź Combinted Group NOOR - ŷŷ Jeeran Holding Tamdeen Inv. 160 158 ź 96 96 Ÿ Palms Agro KW BH Int'l Exch. - ŷ 76.0 Safat TEC 74.0 ź Taiba Kuwaiti Holding - ŷ 94 93 Mushrif Trading ź Kuwait Syrian - ŷ U it d P j t United Projects 330 330 Strategia - ŷŸ 315 ALAFCO 305 53 53 ŷŸ Kuwait China Inv. Al-Muwasat -- - ŷŷ Manafae Inv. Mashaer 250 248 Gulf NorthHolding Africa - ŷź Oula Fuel 280 275 Amwal - ŷź Future Al MasarComm. -275 -275 ŷź Hayat Comm. 85 86 124 źź Al-Imtiaz 132 Mubarrad Transport 64 62 źŸ Global Index - Investment Kuwait Resorts ŷ Kuwait Insurance - ŷ Advanced Technolgy - ŷ - ŷ Gulf Insurance Yiaco Medical 385 375 - ŷŸ Ahlia Insurance Al Jazeera Airways 460 źŸ 480 112 108 Warba Insurance Al Soor Fuel 244 242 Ÿ Kuwait Re-Ins. Future Kid First Takaful Ins. - - ŷŷ K G L Insurance Wethaq -285 -275 ŷŸ 91 86 źŸ Al Nawadi Global Index - Insurance Alrai Media - ŷ 48 ź Kuwait R.E. 48 102 Zima Holding 100 ź 100 Ÿ United R.E. 100 Global Index Services 118 Ÿź National R.E. 126 200 Salhia R.E. Trans. 204 LiveStock 186 184 źŷ -102 ŷŷ Pearl -106 DanaR.E. Al-Safat 224 224 - źŷ Tamdeen R.E. United Poultry Ajial R.E. -- - ŷŷ Kw FoodStuff - - ŷŷ Massaleh R.E. -United Food Arab 30.0 - 30.0 - źŷ KoutR.E. Food - ŷ Union R.E. ŷ Global Index - Food 98 96 ź ERESCO Sharjah Cement 83 81 Ÿź 860 840 Mabani 75 74 INJAZZAT RE Gulf Cement 94 ŸŸ 97 Inv. UmHolding QuwainGrp Cement 12.0 71 11.5 70 źź - 92 ŷŷ - 99 Int'L Resorts Fujaira Cement 78 77 - Ÿŷ Commercial R.E Ras AlKheimah 70 65 - źŷ Sanam ARIG R.E. 54 53 źź Aa'yan UnitedR.E Gulf Bank 228 228 - ŷź Aqar 325 Egypt Kw Holding 325 Kuwait R.E Holding - ŷ Bahrain Kw Ins. 59 ź AL Mazaya 60 Gulf Fin. House 59.0 56.0 ź 14.0 ź Al Dar National R.E 14.0 Inovest Int'L Holding 58 52 - ŷź Themar

Ahli United Bank -190 Grand R.E Projects -192 Ithmaar Bank 21.5 -20.5 Tijara & R.E Invest Al Tameer Global Index - Non-Kuwaiti Arkan Al-Kuwait R.E 70 70 Markaz Real Estate Safat Global Investment Al Argan Int'L Funds 28.5 28.0 Abyaar Al-Bareeq Holding 23.5 - 23.5 Munshaat AFAQ First Dubai 26.0 - 25.5 Al-Shamel KBT 20.5 27.0 17.5 Al-Safat Real Estate 27.0 Manazel 16.5 32 15.5 Ajwan Real Estate 30 REAM Specialities Group 310 330 Mena Real Estate Masaken Inter. Al Moudon Intl. R.E Dulaqan R.E Markaz Real Estate 57 56 Eid Food Kuwait Remal R.E 295 285 Maidan Clinic

Global Index - Real Estate Flex

Nationl Ind. Group 232 Dar Al-Thuraya Real E 242 Pipes Ind. & Oil 126 Kw Medical Services 128 Kuwait Cement 455 450 Amar For Fin. & Leas. Refrigeration Ind. Total Parallel Market 1,420 1,420 Gulf Cables & Elec. Heavy & Ship. Totaleng. Market Marine Services 720 Portland 720 Global Cement Special Indices Shuaiba GlobalIndustrial Index - Kuwaiti Co.'s 104 Metal Collecting 110 Cap. Global Index - 10 Large Kuwait Foundry -

Global Index - Islamic

216 210 -Previous 6 180,000 8 Change 38,320 Last Close Close DTD MTD YTD 208 212 4.8% 224 196 24.22 93 176.5392 1 3,080,000 55 287,520 93 92 0.0% 102 92 33.80 -0.40% -1.55% 177.24 -0.70 -1.55% - 5,754.20 6105,726.90 610 40,000 6 -27.3024,300 610 600 5.7% 610 550 -1.50% 86.98 -0.47% -1.50% 1,400 1,400 1,500 2.9% 1,400 1,220 21.05 Last Prev. Trading Activity - Last 216 216 4.6% Annual 206 Last226 Div. 216 Close 206 11.21 Close Close Volume -Tran. - Value(KD) - Bid375 Ask High350 Low350 P/E 7.76 Chng Ex-D 350 350 - Yield 5.7% 275 275 3,796,050 - 1,120 - 1120 1120 69 3,377,500 300 3.6% 250 7.3% 300 1,100 275 13.23 1,140 1,120 14.74 20 495 495 830,000 407,950 490 495 - 0.0% 510 490 33.95 224 224 Ex-D 0.0% 228 224 27.09 770 770 10,000 1 7,700 - 770 780 790 770 88.62 325 325 2.5% 320 325 1.9% 260 325 20.86 640 -20 5 25 6,400 660 10,000 64072 66075 3.1% 66075 64051 17.34 200,000 14,760 75 70 0.0% 35.95 800 50 850 350,000 23 282,700 840 850 - 1.6% 85033 79033 29.68 33 33 0.0% 0.00 16 248 248 - 700,000 173,600 246 248 - 0.0% 255 24893 23.59 102 102 102 0.0% 460 465 -5 500,000 10 229,750 460 465 - 0.0% 475 460 12.26 128 Ex-D 128 128 17.06 128 9.4% 890 -10 4 880 1,280,000 6643 1,127,050 880 900 880 25.07 870 214 2,080,000 450,480 218 218 2.3% 222 216 210 8.79 0.0% 590 590 607,850 - 1,035,000 3317 59048 0.0% 58046 59051 59041 112.24 1,440,000 66,680 47 47 0.0% 319.37 319.54 8,092,500 6,639,050 18.61 0.17-4 62,040 300,000 24015 206 202 204 206 318.41 162 12.10 0.0% 319.54 208 2.0% 78 3,280 40,000 82 0.0% 106 106 -1 -4 10275 10682 0.0% 10688 10670 40.56 260 265 -5 250,000 14 65,750 260 265 8.5% 265 260 12.09 4,156,300 20,867,500 412 173.34 171.74 173.34 163.04 11.04 1.60 2.6% 40 1,020 170 280 300 410 12.5 63 52 850 25.0 81.0 130 110 31.0 305 230 102 142 108 120 50 96 44.0 550 52 2,280 74 112 28.5 63 108 280 49 345 23 280 71 260 31.0 260 48.5 86 68 20.5 20.5 270 26.0 82 244 97 94 154 51 112 36 51 590 26.5 61.0 75 25.0 120.0 120 39.5 19.5 19.0 255 16.5 395 38.5 1,560 29.0 73 158 96 255 74.0 114 93 26.00 330 68 315 53 130 60 248 46.5 280 64 275 42.50 85 128 64 75.90

41 1,020 172 280 295 420 12.5 60 53 850 25.0 78.0 130 110 31.0 310 230 102 140 112 120 50 92 44.0 550 52 2,280 74 112 28.5 63 108 280 49.5 345 23 275 71 260 31.0 260 48.5 85 68 20.5 20.5 270 26.0 78 244 97 94 154 51 112 36 51 560 26.5 65.0 75 25.0 112.0 120 41.5 18.5 19.0 255 16.5 420 39.0 1,560 29.0 73 160 91 255 75.0 114 94 26.00 325 68 310 53 130 60 250 46.5 290 64 290 42.50 87 130 62 76.02

325 640 560 385 485 480 110 242 220 98 114 285 40.50 91 43.43

325 640 560 375 485 470 118 240 220 98 114 280 40.50 86 43.63

54.0

128 48 100 100 780.55 124

54.0

128 49 102 99 781.35 120

-1 -2 5 -

- -10 -1 3 3.0 -5.02.0 - -4 - - - -1 5 1 -4 - - - 30 - 4.0-8.0 2.01.0 - -25 0.5-25 2.05 1.01.0-5 -5 - --2 -10 -15 -2.02 0.12-2

1,680,000 1,040,000 110,000 4,290,000 7,040,000 4,600,000 1,280,000 4,170,000 17,280,000 - 20,000 1,240,000 680,000 1,060,000 40,000 - 195,000 2,240,000 - 500,000 320,000 80,000 1,840,000 - 11,920,000 58,320,000 - 34,480,000 - 20,000 220,000 15,000 240,000 4,400,000 160,000 11,180,000 1,920,000 23,840,000 - 480,000 170,000 10,640,000 30,000 - 80,000 40,000 2,200,000 680,000 10 000 10,000 2,790,000 200,000 - 840,000 50,000 10,000 440,000 1,240,000 3,880,000 40,720,000

13 20 5 129 46 2257 127 174 - -1 42 1842 -1 - 34 47 - 14 4 7 22 - 98 277 - 318 - -1 10 -2 279 -2 212 24 102 - 517 93 5 - 4 1 36 13 -1 290 - 24 -5 -1 38 8 55870

10 130,000 -5 10 10 100,000 -8 120,000 6 60,000 Ex-D 2 -3 - - - 96 4,710,000 -5 5 280,000 0.19120,000 67 15 -1-2 80,000 320,000 9 1 920,000 1,947 185,330,000 0.804 105 3,100,000 12 3 -4 520,000 120,000 - 6,040,000 142 3 10.0- 100,000 - - - - - - 1 80,000 0.5- 6,160,000 145

ŷ ŷ Ÿ ŷ ŷ Ÿ ź ŷ ŷ ŷ źŷ źŷ ź ŷ Ÿ źŸ ŷ Ÿ ŷ ŷ ŷ ŷ ź ŷ Ÿ ŷ ź

200 186 37.5 102 224 130 120 1,440 82 365 30.0 530 108 350.83 97 82 860 75 97 11.5 70 38.0 97 78 122 65 132 54 228 90 325 38.0 455 59 57.0 14.0 53 91 192 17.5 21.5 31.0 59 46.28 70 122 48.5 124 28.0 144 23.5 106 25.5 250 27.0 20.5 15.5 32 134 330 134 51 220 345 57 106 295 1,860 49.73

204 186 37.5 102 234 130 120 1,440 82 365 30.5 530 108 350.83 98 84 850 73 95 12.0 71 38.0 97 77 122 70 132 55 230 90 320 38.0 455 63 58.0 14.5 55 91 192 17.5 31.020.5 59 46.16 74 122 48.5 124 28.5 144 24.5 106 26.0 250 27.0 20.0 16.5 30 134 305 134 51 220 345 58 106 290 1,860 49.75

źŷ ŷ ŷ ź ŷ ŷ ź ŷ ŷ ŷ ŷ ź ŷ

232 93.0 128 65 450 65 150 1,420 335 212 720 180 Ÿ 104 Ÿ 460

242 -10 13,220,000 - 154 93.0 128 - 140,000 6 65 470 -20 50,000 2 65 150 4,220,000 1,460 -40 2,500 160 335 - 480,582,5005,621 212 Prev Close Prev. 720 Close 230,000 19 180 195.21 194.44 106 192.50-2 80,000 192.013 460 -

36.0

-1 10-2 22 0.5-1 1 -5 -1-2 --2 Ex-D -4 -1 0.5- -2 1 0.11 -4 0.5- 1.0- 0.5Ex-D - 0.5 1.0-3 - 25 -1 5 0.02-

Ex-D

577.00

320,000 8 280,000 1,935,000 57 5 25 120,000 240,000 1532 2,000,000 2,160,000 2,200,000 37 3 240,000 17 1,000,000 41 200,000 20,000 -1 10,000 - - 11 440,000 14,240,000 174 1 80,000 13,440,000 207 560,000 15 6,720,000 67 39,870,000 544 320,000 2 - - 12 2,720,000 80,000 1 240,000 3 35,040,000 45 400,000 1,200,000 822 1,760,000 2,060,000 33 240,000 6 47 2,110,000 53,085,000 332

573.83

67,160 40 960 177,720 168 33,000 295 1,774,200 405 90,920 12.5 284,280 67,280 5162 3,544,250 - 840 1,381,880 80.0 - 6,100 295 174,480 138 73,920 106 128,480 118 -88 3,840 - 450,050 2,280 256,720 112 - 27.0 54,920 108 15,840 49 345 21 22,300 280 58,760 31.0 1,010,680 64.085 1,271,840 -20.5 - 2,794,760 -81 - -92 3,080 140 24,080 108 8,550 540 6,360 26.0 272,440 61.0 4,000 24.5 1,305,280 - 118.0 77,080 -19.0 449,360 - 18.0 7,920 16.0 67,650 419,440 38.5 46,800 1,560 - - 73 12,680 156 3,840 96 165,160 73.0 63,520 92 3 300 3,300 325 63 873,850 310 10,600 52 - - 209,600 248 13,900 280 2,750 - 270 37,440 124.084 157,920 245,400 63 2,702,550

49,150 47,050 13,200 14,560 - 1,315,400 24,560 13,200

3,840 32,160 92,000 17,081,460 383,920

104,680 22,120 622,840 22,400 - - 2,400 644,960 31,160 23,000 1,656,950 8,960 22,960 23,960 153,320 211,680 18,520 67,400 10,720 4,560 3,250 - 26,160 807,760 1,120 750,360 106,440 144,040 2,227,370 22,400 - 76,880 1,880 6,160 946,080 7,600 19,240 53,560 676,900 13,520 610,850 4,151,200

51.0

300 510 375 460 470 108 242 -93 - 280

87 124 48 -

99 122 200 186 - 100 126 110 1,460 - - 530 112 95 86082 7182 11.596 35.570 7796 120 53 222 - 325 13.5 9056 - 53 188.0 30.0 70 116 28.0 23.5 25.0 24.5 18.5 15.532 330 29 218 55 84 290

2,260 -

3,111,120 -17,800 122 22,550 455 150 738,060 3,550 1,420 310 42,659,110 Change 710 165,600 178 0.77 8,480 0.49 104 435

3.17

0.0%

1,040 3.9% 172 0.0% 270 6.7% 0.0% 300 410 0.0% 9.8% 13.0 0.0% 5263 0.0% 23.5% - 850 0.0% 0.0% 81.0 0.0% 0.0% 33.5 - 0.0% 325 9.8% 0.0% 0.0% 0.0% 142 110 0.0% 120 9.3% -96 0.0% 0.0% - 560 0.0% 0.0% 0.0% 2,300 2.2% 0.0% 0.0% 114 29.567 0.0% 0.0% 110 8.9% 300 0.0% 50 5.8% 370 0.0% 24 0.0% 1.8% 285 0.0% 6.0% 32.5 0.0% 3.8% - 0.0% 0.0% - 86 0.0% 0.0% -21.0 0.0% 0.0% - 295 0.0% 0.0% 82 238 0.0% 0.0% 102 0.0% 5.2% 164 0.0% 54 0.0% 112 0.0% 0.0% 600 3.7% 27.0 62.0 0.0% 0.0% 0.0% 25.5 0.0% 120.0 130 0.0% 0.0% 39.0 19.5 0.0% 0.0% 20.0 248 0.0% 0.0% 16.5 400 0.0% 0.0% 39.0 1,580 0.0% 4.5% % - 76 0.0% 0.0% 3.8% 160 8.3% 270 5.1% 74.0 0.0% 0.0% 0.0% 93 0.0% 27 9 1% 335 9.1% 73 0.0% 3.2% 315 0.0% 53 5.4% 61 0.0% 250 10.8% 0.0% 47 285 0.0% 0.0% 69 9.1% - 285 0.0% 86 11.8% 128.0 0.0% 64 2.4% 0.0% 55.0 0.0% 325 6.2% 0.0% 610 4.5% 385 5.2% 2.6% 500 475 0.0% 114 9.1% 244 0.0% 2.7% 0.0% 106 0.0% 110 285 0.0% 1.8% 43.0 5.5% - 4.7% 0.0% 130 49 112 0.0% 0.0% 100 0.0% 11.6% 126 0.0% 202 0.0% 188 10.0% 37.5 4.9% 102 0.0% 224 - 4.5% 0.0% 0.0% 130 1,480 4.5% 6.1% 85 1.4% 370 31.5 3.8% 560 0.0% 6.5% 118 4.0% 0.0% 98 6.1% 87084 0.0% 7684 0.0% 10.3% 12.097 0.0% 0.0% 37.071 0.0% 0.0% 7998 0.0% 8.2% 65 122 0.0% 5.7% 54 - 0.0% 0.0% 91 228 0.0% 9.2% 40.5 330 0.0% 7.7% 60 0.0% 0.0% 14.5 0.0% 0.0% 9457 5.5% 54 5.2% 0.0% 192.0 0.0% 0.0% 33.5 57 0.0% 3.9% 74 0.0% 0.0% 126 0.0% 28.5 - 0.0% 0.0% 25.0 - 0.0% 0.0% 25.5 255 0.0% 3.2% 28.0 0.0% 21.0 0.0% 16.0 - 0.0% 0.0% 130 2.1% - 3.7% 0.0% 32 0.0% 56 0.0% 0.0% 320 57 0.0% 0.0% 0.0% 295 0.0% 1.1%

48.5

232 93.0 13070 46570 1,440 340 216 DTD 720 190 0.40% 108 0.25% -

0.55%

0.0%

0.0% 0.0% 0.0% 0.0% 2.2% 7.7% 3.3% 0.8% 4.6% 3.0% 4.59% 2.4% 13.9% 5.6% 0.0% 4.3%

42 40 990 1,120 174 170 280 280 305 295 430 340 13.5 12.5 5465 5241 900 840 25.0 25.0 81.0 45.0 130 130 110 110 36.0 31.0 295 345 230 230 102 102 146 110 116 108 108 136 50 5084 104 44.0 44.0 530 550 52 52 1,920 2,280 74 7495 126 28.568 28.563 112 108 230 280 51 49 340 395 23 22 260 305 71 71 260 260 31.5 31.0 260 260 48.5 48.5 132 68.0 68.054 23.5 14.0 20.5 20.5 280 270 26.0 26.0 82 244 24461 104 94 9490 154 154 51 51 120 36 3691 51 51 520 710 26.5 27.5 30.0 74.0 75 75 28.5 16.0 99.0 120.0 140 120 19.5 41.5 19.5 12.0 19.0 19.0 275 198 17.0 16.5 490 395 39.0 38.0 1,580 1,500 29.073 29.089 156 162 96 86 255 255 75.0 57.0 114 114 80 104 26 28 335 270 68 68 280 315 53 55 130 130 60 60 172 250 47 47 265 305 64 64 265 300 42.5 42.5 132.089 128.070 76.32 72 75.90 51

56.0

44.0

325 325 640 640 560 560 390 345 520 485 480 410 118 110 270 236 220 220 114 134 11498 285 218 40.5 40.5 44.80 92 43.43 80

156 49 110 100 781.35 128

116 48 100 99 744.62 120

200 208 182 222 37.5 37.590 114 234 224 130 126 130 120 1,500 1,420 82 82 390 340 30.5 30.0 570 500 108 108 365.22 345.74 100 96 86095 84044 76 7355 108 12.573 11.543 38.0 38.0 46 122 78 77 126 118 75 65 132 132 54 55 232 188 90 90 330 250 38.0 38.0 455 455 63 59 74.0 40.5 14.5 14.0 91 91 17.5 17.5 31.0 31.0 59 59 47.16 40.74 78 70 1,220 1,220 48.5 48.5 144 124 29.0 28.0 24.5 23.5 26.0 25.5 28.5 27.0 16.5 15.5 134 134 32 32 220 220 57 60 295 270 49.86 49.73

232 260 130 128 470 450 158 150 1,460 1,420 340 335 212 222 MTD 710 740 180 180 2.81% 104 116 3.24% 460 460

2.60%

17.46 88.93 12.13 13.65 1.33 13.02 0.00 23.89 0.00 19.12 0.00 23.73 0.00 55.09 0.00 14.76 0.00 0.00 0.00 13.98

6.56 9.75 11.97 9.19 317.52 32.31 0.00

13.80 0.00 13.46

0.00 9.60 116.80 0.00 0.00 14.66

5.62

0.00

0.00 71.64 86.17 17.06 0.00 3.02 8.28 8.21

22.77 11.92

10.50

61 48 61.48 43.00

5.26 7.80 8.19 23.73 16.78 0.00

5.19 10.01

3.78

16.97 25.05 12.90 12.38 9.91 8.56 17.37 16.90 296.83

10.92 7.52 6.54 12.60 11.43

37.20 12.83 12.49 22.21 17.83

16.20 5.72

11.40

5.29 23.77

9.84

15.28 11.15 39.65 21.70 0.00

14.56 9.76 26.32 35.62

7.39 8.10 37.95

4.15

10.28

67.58 19.44 10.66

11.37 0.00 5.38 27.28

20.67 9.93 23.07 11.33 18.82 63.06 0.00 11.03 0.00 16.27

14.44

70.58 18.38

11.40 6.49 8.02 14.89 193.84 YTD 96.15 10.91 2.99% 23.15 1.27% 26.77

2.67%

STOCKS WITH NBK CAPITAL

ALWATAN DAILY friday, march 16, 2012

April 21, 2009 March 15, 2012

2% 6%

2% 6% Oman

-1%

Oman

Dubai

-4% -6%

GCC Best Performers

Saudi

95 15-Dec-11 85

15-Jan-12

15-Feb-12

MENA Best Performers

-2%

15-Mar-12

-6% -2

S&P Pan 3-Feb-09 Arab Large/ 18-Feb-09 Mid Composite S&P 20-Mar-09 GCC Large/ Mid Composite 19-Jan-09 5-Mar-09 4-Apr-09 19-Apr-0

1 Period's Liquidity 1 Ratio (PLR x)*

-1

MENA Indices Highlights Country (Index)

Index Level

% Chg.

YTD

Sa Saudi Arabia (Tadawul All Share Index)* Country (Index)

Index 7,568 Level

UASa UAE (ADX Index) Saudi Arabia (Tadawul All Share Index)

2,626 5,250

-0.2% -4.0%

QaUAUAE Qatar (DSM Index) (ADSM Index)

8,660 2,695

0.4% 0.6%

BaQa Bahrain Qatar (BSE (DSMIndex) Index)

1,152 5,590

Jo Jordan (Amman General Index)

1,993

Ku Kuwait (KSE Weighted Index)

UAE (DFM(KSE Index) Ku Kuwait Weighted Index)

OmOman UAE(MSM (DFMIndex) Index)

420

1,683 406

5,951 1,745

Eg Egypt (EGX 30 Index)

OmOman (MSM Index)

Ba Bahrain (BSE Index)

M Morocco (Casa All Shares Index)

Eg Egypt (Hermes Egypt Index (HFI))*

Le Lebanon (Beirut SE Index)

Jo Jordan (Amman General Index)

Pa Palestine (Al-Quds Index)

M Morocco (Casa All Shares Index)*

Tu Tunisia (Tunis SE Index)

Le Lebanon (Beirut SE Index)* *Market Closed

Pa Palestine (Al-Quds Index) * Market Closed

5,173

5,478

1,681

11,206

463

1,214

2,825 488

10,621

4,754

1,094 546

Tu TunisiaClosed (Tunis SE Index)* * Market

3,282

52 Wk High

% Chg.-

17.9% YTD

0.4%

3.5%

8,892 5,148

8,071 2,137

85 122

123,444 69,783

0.7% -18.8%

1,433 12,627

1,129 4,230

0 196

17,265 65,352

2,246

1,921

0.7%

0.2%

-6.8%

0.8%

8.5%

3.2%

2.2%

0.4%

0.0%

2.4%

2.3%

5,628

12,109 2,903

9 305

3,587

4,224

10,785

5,044

2,551

1,425 513

328

465

4,091

23.6%

739

407

13.6%

1,164

4,785

2,119

9,406

3,418

1,043

2,837

1 7

9,517

1.39

1.68

1.63

8.07

1.29

16.28

10,542

33,782

3.58

1.56

6.45

0.89

12.71

2,555

2.15

9.54

59,990

1.19

18.36

3.95

14.76

8,507

1.68

6.47

2,079

0.86

8.67

6,576

2.50

13.85

1.92

SAUDI ARABIA *Market Closed

KWD 0.280 SAR 22.95

225 Saudi Industrial Inv. Grp.

101 Riyad Bank

% of stocks trading above 1yr avg. price

121

SAR 24.70

-6.4%

17,504,709 12,870,564

SO Sorouh Real Estate Co. (UAE)

343,553,085 12,694,305 119,955,261 12,164,099

115 Alinma (KSA) DFM Dubai Bank Financial Market (UAE)

97,126,838

NBKNational Bank of Kuwait (KUW)

Turnover (SAR '000)

115

1,488,754,279

Market Cap. (SAR '000)

114

#N/A

#N/A #N/A

Highest Turnover

105

88,742,222

#N/A

15-Jan-12

15-Feb-12

S&P GCC Large/Mid Composite

15-Mar-12

64,280,166 Close

#N/A

% Chg. #N/A

#N/A

Worst Performers Turnover (SAR) 4190.SSE Jarir Marketing Co. #N/A 4190.SSE Jarir Marketing Co. #N/A #N/A #N/A

1 Al Rajhi Bank

-6.8%

Turnover (USD)

201 Basic Industries ZAISaudi Zain Kuwait (KUW) Corp. (KSA)

7,568 / 5,916

Tadawul Index 52 week High / Low

-3.5% -8.9%

20,078,997

IQCIndustries Qatar (QA)

#N/A

-6.0%

Turnover (USD)

MENA Highest Turnover

Advance/Decline Ratio

% Chg.

-3.5% -8.6%

EMAEmaar Properties (UAE)

93%

2.5%

8.0%

1.40 SARAED 48.00

SAR 13.70

GCC Highest Turnover

7,568 (0.0%)

Tadawul Index (% Chg.)

125

2.9% 8.6%

1.39 -13.1% -4.1% KWDAED 0.265

EMAEmaar Properties (UAE) Best Performers

Summary

5.3% 8.8%

AED 1.19% Chg. -4.8% Close

KFI Kuwait Finance House (KUW)

Rebased Performance

95 15-Dec-11

KWD 0.395

TAMTamweel

7.8% 9.8%

8.0%

IFA IFA Hotels & Resorts

0.88 201 ALDALDAR Properties 1.74 Saudi Basic Industries Corp.

9.50

7.67

MENA Worst Performers

1.88 FAC SOCommercial Sorouh Real Estate Co. 1.37 Facilities Co. 1.64 OU Oula Fuel Marketing 0.88 238 Rabigh Petrochem. Co.

9.31 8.85

63,640

0.80 1.52

10.26

60,713

10.52 9.99

1.10 1.77

OMR 0.720

GCC Worst Performers

2.05

10.99 6.87

18,727

QAR 21.60

BKMBankMuscat

PB1.46

14.24

KWD 0.248

QGTQatar Gas Transport Co.

PE 14.25

27,312

KWD 0.720 QAR 6.35

NINNational Industries Grp. Holding

11.59 7.29

15,024

Trailing

9.25 10.24

60,554

KWD 1.000 OMR 0.703

CBKCommercial Bank of Kuwait KCB Al Khaliji Commercial Bank

13.35

18,571 37,413

AED 3.30 SAR 5.60

MAGalfar Mabanee Co. GEC Engineering & Contracting

Trailing

35,484 98,547

1,572

12,662

1,033

71 718

5,419 1,433

14,635

-7.2%

0.9%

6,406 5,860

1,301 316

-3.3%

-0.1%

1,754 787

102,584

-1.3% 12.8%

0.0%

155

69,377 264,263

42.8%

0.4%

-0.2%

Mkt.396,938 Cap. USD million

37 2,183

4.5% 6.6%

5.1%

Turnover USD million

2,293 4,130

-0.4% 1.9%

0.1%

396

Mkt. Cap. USD million

2,775 10,090

24.4% -0.2%

1.6%

467

525,916 Wk Low

Turnover USD million

9.3% 9.3%

-0.5% 1.8%

0.3% 3.9%

52 Wk 7,568 High

52 Wk Low

% Chg.

AED 1.99% Chg. 8.2% Close

CBD Commercial 3 428 Kingdom Hldg.Bank Co. of Dubai

Period's Liquidity Ratio (PLR x)*

MENA Indices Highlights

4 NBQNational Bank of Umm Al Qaiwain

Abu Dhabi

Bahrain

Abu Dhabi

Tunisia Abu Dhabi

Abu Dhabi

100

-2%

Palestine Palestine

Return DailyDaily Return (%)(%)

105

Qatar

Bahrain

Kuwait Kuwait

Dubai Dubai

Dubai

Oman Saudi Qatar

105

100

Qatar

Morocco Qatar

111

110

Oman Lebanon

110

Jordan

113

112

Kuwait Kuwait

113

114

DailyIndex Index Performance Snapshot Daily Performance Snapshot

Egypt Jordan

115115

Bull/Bear Indicator Bull/Bear Indicator

Bahrain Bahrain

Rebased RebasedPerformance Performance

#N/A

153.00 -

% Chg.

153.00 -

#N/A

Saudi SE

Quotes Company Name 1 Al Rajhi Bank

1 Alinma Bank 2 Almarai Co.

1 Arab National Bank 1 Bank AlBilad

1 Bank Al Jazira

Close 77.75

% Chg.

Daily -

High -

Low

Turnover (SAR '000)

32.90

110.00 27.60

28.00

45.70

4 Emaar the Economic City

11.90

7 Etihad Etisalat Co.

4 Jabal Omar Development Co. 4 Jarir Marketing Co.

4 Kingdom Holding Co.

2 National Industrialization Co.

2 Rabigh Refining & Petrochemical Co. 1 Riyad Bank

1 Samba Financial Grp.

2 Saudi Arabian Fertilizer Co.

1 Saudi Arabian Mining Co.

2 Saudi Basic Industries Corp.

3 Saudi Cement Co.

5 Saudi Electricity Co.

1 Saudi Hollandi Bank

22 Saudi Industrial Investment Grp.

2 Saudi International Petrochemical Co. 1 Saudi Investment Bank 2 Saudi Kayan Petrochemical Co. 7 Saudi Telecom Co. 2 Savola Group Co. 0 3 Southern Province Cement Co. 0 1 SABB 3 Yamama Saudi Cement Co.

2 Yanbu National Petrochemicals Co. 7 Zain - Saudi Arabia

13.95

1 Banque Saudi Fransi

4 Dar Al Arkan Real Estate Dev. Co.

Volume ('000)

11.40

63.25

17.20

153.00 12.20

45.10

25.60

26.90

51.50

187.00

27.60

112.50

15.70

18.85 40.00

35.10

98.00

51.25

34.20

51.75 9.75

56.75

192.75

20.05

26.90

33.20 24.30

70.2%

0.0%

57.2%

42.5%

20.5%

35.7%

0.0%

29.80

35.30

21.20

23.10

42.40

165.00 22.30

87.75

7.3%

65.2%

30.91

19.6%

0.0%

45.10

2.4

0.0%

8.6%

61.9%

41.6% 9.9%

0.0%

37.9%

-14.1% -9.3%

0.0%

-3.0%

40,350,000

12.8

1.3

7.8%

46,750,000

11.4

5.7

11.3%

316,500,000

10.8

2.3

18.3%

64,582,204

29.1

1.2

10.5%

1.0%

9.6%

45.5% 7.6%

33.20

25.70

0.0%

11.4%

17.7%

24.30

17.75

0.0%

23.4%

22.3%

-1.6%

8.3%

8.6%

24.60 19.15

15.55

-18.5% -1.0%

15.50

11.5%

32.1% 24.1%

40.40

33.00

106.75

59.50

83.25

49.90

-38.4%

-26.8%

5.25

-0.5%

75.7%

35.40

46.50

54.00 9.80

23.70 34.20

41.60

-0.8%

-8.2%

-26.5% -4.2%

18.3%

24.6%

46,350,000 32,097,500

13,846,500

17.6%

18.4%

64.7%

nmf

16.7

1.6 1.9

4.2

8,910,000

12.6

1.6

28,275,000

nmf

1.9

11,295,000

80,000,000

-14.1%

10.8

2.8

1.5

9.3%

-16.0%

nmf

1.8

10.8

11,027,500

41.5%

nmf

10,980,900

-7.8%

22.3%

14.0%

1.8

2.3

22,425,600

6.3%

2.4

10.3

18.0%

15.5%

nmf

1.4

25,140,024

10.1%

10.8%

75.7%

15,985,680

8.7

10.1

25.7%

-7.7%

44,275,000

nmf

1.7

17.9

55.6%

18.55

0.8

11.4

9,180,000

-7.7%

27.20

11.3

45,211,764

51.50

12,312,000

42.7%

37.2%

-1.3%

1.8

10,115,000

74.9%

1.7

31.0

91.9%

31.8%

12.9

8,400,000

33,050,894

-1.7%

-6.2%

27,965,000

3.2%

98.00

12.85

1.3

25.3

-1.0%

7.05

3.6

8,280,000

87.50

12.20

48.5

56.4%

154.50

20,925,000

39.0%

11.10

51.6%

15.8

0.0%

-1.9%

17.20

116,625,000

3.8

46.60

4.0%

Trailing

22.2

64.50

6.05

49.2%

Market Cap. (SAR '000)

25,300,000

0.0%

11.40

11.9%

12 mths

18.9%

6.20

15.75

YTD

11.1%

11.90

17.20

% Change

0.0%

-6.5%

25.10

83.75

26.60

0.0%

-8.6%

90.50

9.05

-3.7%

37.50

28.00

67.25

on high

50.00

15.50

35.18

Low

13.95

110.00

80.75

34.70

105.50

52-Week

High

17,550,000

13,720,000

34,200,000

21.4 15.6 10.5

14.7

15.3

11.8

2.5%

10,378,125

14.1

42.3%

13,650,000

nmf

29,109,375

9.2

1.9 1.3 1.7

2.3

5.2

2.0

3.1

2.8

3.2

STOCKS WITH NBK CAPITAL

ALWATAN DAILY friday, march 16, 2012

KUWAIT Rebased Performance

Summary

Best Performers 6,200 (0.6%)

KSE General Index (% Chg.)

115

420 (0.4%)

KSE Weighted Index (% Chg.)

114

58%

% of stocks trading above 1yr avg. price

KSE General Index 52 week High / Low

Highest Turnover

100

15-Feb-12

15-Mar-12

S&P GCC Large/Mid Composite

0.248

2.5%

0.250

2.5%

0.890

2.3%

Worst Performers Turnover (KWD) 3,544,250

Zain Kuwait ZA

15-Jan-12

5.3%

2.9%

28,641,511

Market Cap. (KWD '000)

101

% Chg.

0.720

43,320

Turnover (KWD '000)

95 15-Dec-11

Commercial Bank of Kuwait

467 / 396 PCEM.KSE Kuwait Portland Cement Co.

KSE Weighted Index 52 week High / Low 105

CBK.KSE

1.000

2.00 NIND.KSE National Industries Grp. Holding 6,523 / 5,694 TAM.KSE Tamdeen Real Estate Co.

Advance/Decline Ratio

110

MABANEE. Mabanee Co.

N National Industries Grp. Holding

2,927,680

K Kuwait Finance House

1,440,150

A Agility

1,774,200

MMabanee Co.

1,369,400

IFAHR.KSEIFA Hotels & Resorts

0.395

OULAFUELOula Fuel Marketing Co.

0.280

IFC.KSE

0.106

AGLTY.KSEAgility NRE.KSE

% Chg.

-6.0% -3.5%

0.410

International Finance Co. National Real Estate Co.

-2.4%

-1.9%

0.142

-1.4%

KSE Weighted Index

Quotes Company Name

A Agility

0.410

T Al Themar Intl. Holding Co.

0.087

A AREF Energy Holding Co.

0.112

A Al Ahli Bank of Kuwait

0.630

A Alafco Aviation Lease and Fin. Co. B Boubyan Bank

B Boubyan Petrochemical Co. B Burgan Bank

0.550

448

0.430

500

1.560

0.285

0.610

0.0% 0.0%

0.430

-1.2%

1.560

0.0%

2.9%

0.285

1.8% -

0.108

0.610

0.600

0.435 -

1.560

0.720 -

0.104

0.079

0.280

-17.1%

810

0.620

0.550

-9.7%

220

0.142

0.620

1,150

0.524

1.945

0.495

0.420

105 -

0.085

0.055

0.019

170

0.495

0.285

-20.2%

-16.8%

0.106

-1.9%

0.104

111

0.096

-58.4%

3.9%

0.242

0.236

-21.9%

0.212

0.202

2.1%

0.480

0.460

1.2%

0.440

1.2%

K Kuwait Projects Co. (Holding)

0.345

1.5%

0.890

2.0%

2.3%

0.108 -

1.700

300

0.206

0.134

0.480

0.114

1,060

0.255

0.310

100

1.380

0.630

0.415

nmf

-11.1%

21.2%

47.1%

154,500

16.0

1.1

321.1%

105,600

9.3

4.3

5.5%

-0.8%

-4.3%

302,301

-58.4%

85,106

-23.2%

8.3

280,568

3.7

nmf

63,719

-25.4%

1.7

0.8

nmf

0.8

20.4

2.0

0.345

0.340

105

310

0.425

0.295

-18.8%

13.1%

-10.6%

439,160

0.900

0.870

1.580

0.660

0.285

0.192

N National Real Estate Co.

0.142

-1.4%

0.146

0.140

580

0.168

0.218

1.9%

0.214

450

2,080

0.226

0.174

0.120

128

1,060

0.138

0.093

0.092

489

5,280

0.094

0.067

2.280

450

195

2.280

0.174 0.280 0.220

0.275

0.224

0.222

0.250

2.5%

0.250

0.094 -

2.320

0.850

0.840

413

0.0%

0.124

0.170

0.222

0.0%

179,283

1.4%

1.2

11,920

0.850

-21.0%

3.1

23.9

2,928

Z Zain Kuwait

2.8

nmf

259,332

0.240

0.0%

39.7

64,309

-19.4%

0.250

2.280

1,216,236

-2.0%

2.5%

N Wataniya

-3.0%

1.7

-28.6%

1.420

0.248

1.0

nmf

0.236

1.620

N National Industries Grp. Holding

0.130

14.0

0.350

0.909

S The Securities House

152,978

915,856

-24.0%

530

1.145

-1.1%

4.1

133

340

0.093

18.9

0.250

372

A The Commercial Real Estate Co.

1.0

150,744

0.255

1.080

T Tamdeen Real Estate Co.

1.5

1.3

1.100

0.0%

13.1

39.3

0.0%

0.120

26.2

2,366,356

1.080

S Sultan Center Food Products Co.

53,454

4.2

1.3

-15.4%

0.627

-3.5%

-30.2%

12.0

-2.2%

1.000

0.280

0.0%

295,911

1.2

nmf

-20.0%

1,395

1.2%

0.0%

nmf

0.820

1,369

0.172

-15.3%

-14.2%

84,000

1.0

1.6

1.100

0.960

664,336

1.9

nmf

1,655

1.000

0.325

-2.3%

0.5

1,440

5.3% -

979,012

0.860

0.880

1.000 0.033

-1.8%

16.7%

0.395

6.2

0.0%

-10.9%

0.415

1.440

245,628

-23.4%

9.6%

-6.0%

1.440

-7.4%

-8.9%

-27.8%

nmf

18.9

-25.0%

-1.3%

953,341

-45.7%

-4.9%

0.395

0.0%

1.8%

20.3%

-4.9%

0.0%

S Salhia Real Estate Co.

-5.1%

-16.4%

1.440

A Qurain Petrochemicals Industries Co.

5.7%

0.0%

0.470

0.250

O Oula Fuel Marketing Co.

88,088

0.580

K Kuwait International Bank

N National Investments Company

-13.0%

590

0.440

N National Industries Co.

-4.4%

0.2%

283

0.880

N National Bank of Kuwait

429,203

-39.3%

-19.8%

Trailing

Market Cap. (KWD '000)

5.1%

19.6%

1.300 0.255

9.3%

12 mths

8.9%

-17.9%

0.700

0.395

-1.6%

0.419

0.198

0.960

-21.1%

YTD

0.480

K Kuwait Finance House

M Mena Holding

-16.3%

% Change

0.485

0.480

M Mabanee Co.

-4.1%

0.380

75 -

0.581

-5.7%

2,790

0.710

0.285

0.248

0.657

0.435

on high

0.0%

JAJazeera Airways

P Kuwait Portland Cement Co.

0.112

Low

0.485

0.206

F Kuwait Food Co.

4,290

High

0.560

IK Ikarus Petroleum Industries Co.

K Kuwait Cement Co.

52-Week

Volume ('000)

0.0%

1.440

K KIPCO Asset Management Co.

0.560

C Gulf Cable and Electrical Industries Co.

IF International Finance Co.

1,774

874

0.049

IF IFA Hotels & Resorts

0.410

0.305

0.720

G Gulf Bank

Turnover (KWD '000)

0.315

C Commercial Bank of Kuwait G Global Investment House

0.415

Low

1.6%

0.255

F Commercial Facilities Co.

-2.4%

High

0.315

A Burgan Co. for Well Drilling

C Combined Grp Contracting Co.

Daily

% Chg.

0.060

0.340

2,400

0.265

0.200

0.270

3,544

0.056

0.240

0.158

0.360

360

0.260

0.295

0.033

0.216

4,170

1.640

1.380

0.840

-11.1%

-2.7%

-43.7%

25.4%

0.0%

16.3%

-5.7%

6.1%

-45.0%

0.0%

-4.4%

16.1%

-41.7%

0.0%

-13.0%

-4.6%

-7.7%

578,883

-37.2%

31.9

1.3

59.5%

555,626

26.7

3.8

2.4%

4,701,777

15.5

2.2

-2.7%

321,185

nmf

-49.2%

21,780

-1.5%

112,496

-41.7%

-3.5%

1.9%

22.5%

-13.0%

0.0%

-13.0%

-1.1%

20.8%

31.0%

170,638

0.0%

17.5%

35.7%

1,149,195

-7.5% -7.4%

0.0%

-38.4%

6.7% 8.7%

0.0%

-5.6%

11.7

31.5%

0.0%

-40.1%

0.8

nmf

0.8

0.6

239,800

13.3

1.2

69,459

nmf

1.0

113,825

-2.0%

1.4

nmf

92,316

-5.9%

0.1

39.2

-5.1%

0.8

2.3

150,709

10.9% -6.7%

2.0

80,905

-15.5% -22.2%

12.1

25.4

22.0

93,280

18.8

88,400

nmf

3,661,404

2.2

0.9

16.2

0.7

7.0

3.2

1.4

12.9

1.8

UAE Rebased Performance

Summary

Best Performers 1,683 (-0.5%)

DFM Index (% Chg.)

130

2,626 (-0.2%)

ADSM Index (% Chg.)

86% CBD.DFM 0.47 DIB.DFM

% of stocks trading above 1yr avg. price

123

Advance/Decline Ratio

120

Highest Turnover

D Dubai Financial Market

S&P GCC Large/Mid Composite

15-Feb-12 Abu Dhabi SE

31,858,760

D Dubai Islamic Bank

15-Mar-12

7.8%

2.22

1.8%

1.94

1.0%

12.15

Turnover (AED) 73,756,179 TAMWEEL Tamweel 47,277,441 SOROUH.A Sorouh Real Estate Co. 44,682,384 ALDAR.AD ALDAR Properties

S Sorouh Real Estate Co.

15-Jan-12

Dubai Islamic Bank

0.8%

Worst Performers

E Emaar Properties

90 15-Dec-11

8.2%

413,781,601

Market Cap. (AED '000)

100

% Chg.

3.30

396,696

Turnover (AED '000)

109

Commercial Bank of Dubai

2,775 / 2,293 NBAD.ADS National Bank of Abu Dhabi

ADSM Index 52 week High / Low

110

1.99

1,754 / 1,301 ARMX.DFM Aramex

DFM Index 52 week High / Low

114

NBQ.ADSM National Bank of Umm Al Qaiwain

24,929,571

A ALDAR Properties

DFM.DFM UPP.DFM

1.19

% Chg.

1.39

Dubai Financial Market

-4.1%

1.40

-3.5%

0.45

-3.2%

1.18

Union Properties

-4.8%

-3.3%

Dubai FM

Quotes Company Name

A Abu Dhabi Commercial Bank

3.15

T Abu Dhabi National Energy Co.

1.32

A Air Arabia

0.72

A Abu Dhabi Islamic Bank

A Abu Dhabi National Hotels A ALDAR Properties A Amlak Finance

A Arabtec Holding

3.42

2.20

1.40 1.02

Daily

% Chg.

-1.3%

-1.2%

3.11

1.18

D Dubai Islamic Bank

2.22

E Emirates NBD

3.16

E Emaar Properties E Etisalat

F First Gulf Bank

G Gulf Cement Co. M Mashreq

N National Bank of Abu Dhabi N National Bank of Fujairah

N National Bank of Umm Al Qaiwain S Sharjah Islamic Bank

S Sorouh Real Estate Co. T Tamweel

-3.5% -

* Closing Prices, Turnover and Market Cap. in USD

0.49

3,238

0.0%

3.16

1.90

3.29 0.42

3.10

84 49

4,466 5,343

776

Low

2.37

2.92

1.14

3.63

396 6,490

1,710

0.8

1.07

-19.3%

84.3%

173.3%

4,380,350

1.77

0.71

-40.7%

4.0%

-10.3%

0.71

0.34

-29.6%

11.1%

-18.0%

1.96

3.40

0.46

3.30

1.69

2.90 0.20

2.80

1.88

3.16

3.13

9.70

12,371

3,762

0.8%

12.40

12.00

8.2%

1.99

-4.1%

1.44

1.36

47,277

3.19

1,245

1.19

-4.8%

0.6%

-3.2% -

1.01 1.23

3.22

0.47 -

0.99

639

1.18

13,324

0.45

6,270

1,253

3.49

0.0%

-1.0%

-8.8%

94.8%

-5.8%

-19.2% -3.9%

2,840,354

nmf

17.2

13.4

1,837,500

47.7

3,301,001

7.9

1.1

1.5

1.1

-4.3%

6,406,249

86.9%

2,397,870

nmf

0.5

4.7%

14,217,143

13.0

2.3

-0.8%

4.7%

9,440,000

8,429,460

7.8

0.6

nmf

8.3

1.0

0.4

1.3 0.9

13.1%

18,882,839

10.5

0.6

11.20

8.64

-17.1%

1.8%

-15.9%

73,448,041

12.6

1.9

1.56

0.67

-16.7%

83.1%

-0.8%

1,067,426

nmf

0.0%

11.0%

4.63

10.75

2.65

6.98

-31.7%

-8.2%

2.91

-12.8%

0.80

-2.0%

12.15 2.39

1.02

9.42

1.63

33,956

1.54

0.67

388

3.90

2.82

12.1%

1,530,000

12.4

20.6%

4.70

13,858

14.4%

0.0%

3,336,691

-11.2%

11,120

7.6%

40.5%

-9.0%

2.41

74.70

7.8%

13.8%

102.00

640

0.0%

-2.9%

310

1.2

1.1

8.9

2.31

10.05

12.6

0.8

5,719,181

14,315

1,573

7.0

9.4%

31,859

1,372

8,217,000

8,087,294

52.2%

2.18

4,311

-7.7%

13.6%

5.8

-16.7%

2.26

14,608

17,626,132

0.3

1.8%

9.23

31.3%

13.3

0.68

9.35

Trailing

Market Cap. (AED '000)

2,200,000

1.46

23,672

12 mths

-25.4%

37,388

-0.6%

22.0%

3,242

10,688

8.2%

-14.6%

0.76

13.3% 10.0%

1.68

YTD

-19.0%

17,791 -

% Change

0.0%

44,682

73,756

-3.7%

-25.2%

0.57

1.16

3.07

-5.1%

2.02

1.24

3.16

on high

2.94

-3.3%

-1.0%

3.70

0.51

1.94

0.43

1.00

U United Arab Bank

417

-2.8%

0.45

1.04

1.45

3.30

91.45

3.21

1.07

2.30

7.8%

-1.8%

U Union National Bank U Union Properties

1.0%

9.87

1.39

9,509

0.84

0.1%

1.99

2.88

5,523

9.29

4.10

2.99

3,961

-0.3%

12.15

24,930

0.71

3.10

1.30

1.37

0.73

0.0%

D Dubai Financial Market

1,708

3.55

-1.1%

0.50

D du

2.20

1,408

3.32 1.63

D Dana Gas

0.42

4,820

331

6,514

-1.9%

D Deyaar Development Co.

1,045

High

8,632

1.05 3.30

3.15

3.40

3.47

52-Week

Volume ('000)

1.31

A Arkan Building Materials Co. C Commercial Bank of Dubai

Turnover (AED '000)

1.35

-0.7%

1.94

3.22

Low

0.0%

2.93

A Aramex

High

1.49

0.50 5.30

-10.3%

-16.7% -9.7%

7.5%

27.8%

-1.9%

21.5%

-9.9%

22.4%

-9.9%

-5.7%

9.9%

19.0%

63.5%

27.3% 1.5%

5.3%

1.3

4,510,000

16.1

2.2

2,425,500

9.7

0.6

3,184,000

9.9

1.0

8.6%

8,010,956

5.3

0.7

0.24

-9.1%

74.4%

80.0%

1.6%

9.4

0.9

1.3

0.6

20.2%

-30.2%

34,871,026

18.8

1.1

10.9

97.3%

3.28

8.0

0.5

3,648,750

-20.1%

11.1%

29,610,000

6.9

35.0%

0.53

-17.7%

17,562,568

-34.5%

1,190,000

1,515,086

3,686,685

11.7 nmf

11.2

0.5 0.6

1.8

STOCKS WITH NBK CAPITAL

ALWATAN DAILY friday, march 16, 2012

QATAR Rebased Performance

Summary

Best Performers 8,660 (0.4%)

DSM Index (% Chg.)

115

Advance/Decline Ratio

16.29

Turnover (QAR '000)

449,485,350

Market Cap. (QAR '000)

% Chg.

1.1%

73.80

8,892 / 8,071 QGTS.DSMQatar Gas Transport Co. 308,556 CBQK.DSMThe Commercial Bank of Qatar

DSM 52 week High / Low

110

39% KCBK.DSMAl Khalij Commercial Bank 3.67 QNNS.DSMQatar Navigation

% of stocks trading above 1yr avg. price

114

0.8%

17.76

0.7%

73.60

QIBK.DSM Qatar Islamic Bank

0.7%

77.40

0.7%

105

Highest Turnover 100

Worst Performers Turnover (QAR) 63,738,148 IQCD.DSM Industries Qatar 31,174,973 QTEL.DSM Qatar Telecom

IQIndustries Qatar

Q Qatar Gas Transport Co.

28,089,219

C The Commercial Bank of Qatar

95 15-Dec-11

15-Jan-12

15-Feb-12

15-Mar-12

S&P GCC Large/Mid Composite

20,829,273

MMasraf Al Rayan

9,526,447

Q Qatar Telecom

142.00

AHCS.DSMAamal Co.

% Chg.

-1.4%

164.00

-0.3%

7.30

0.0%

15.63

VFQS.DSM Vodafone Qatar

QIIK.DSM Qatar International Islamic Bank

-0.1%

50.10

0.2%

Doha SM

Quotes Company Name

A Aamal Co.

15.63

Daily

% Chg.

-0.1%

K Al Khalij Commercial Bank

16.29

C The Commercial Bank of Qatar

73.60

0.7%

E Ezdan Real Estate Co.

19.00

B Barwa Real Estate Co.

28.70

D Doha Bank

60.00

1.1% 0.5% 0.3%

High

Turnover (QAR '000)

Low

15.63 16.29

15.55

329

28.50

6,389

73.80

73.30

28,089

60.00

58.90

4,456

IQIndustries Qatar

142.00

-1.4%

144.20

142.00

63,738

Q Qatar Electricity & Water Co.

135.50

0.4%

136.00

135.10

4,725

0.2%

50.20

49.95

1,425

M Masraf Al Rayan

26.65

Q Qatar Gas Transport Co.

Q Qatar International Islamic Bank

17.76

0.7%

77.40

0.7%

50.10

Q Qatar Islamic Bank

Q Qatar National Bank

135.90

Q Qatar Telecom

164.00

Q Qatar Navigation

73.80

V Vodafone Qatar

0.6%

7.30

26.65

17.85 77.50

26.45

20,829

17.65

31,175

76.20

5,606

72.50

5,838

7.27

932

0.4%

135.90

134.60

6,760

-0.3%

167.00

164.00

9,526

0.8%

0.0%

74.20 7.30

952

16.13

28.70

Volume ('000)

52-Week

High

24.09

Low

19.15

223

on high

15.40

-35.1%

16.06

35.90

-14.9%

28.10

-20.1%

% Change YTD

-1.7% -5.1% -4.2%

382

85.50

68.00

-13.9%

-12.4%

24.97

18.60

-23.9%

67.00

50.00

-10.4%

50,397,437

-4.3%

25.8%

1.4%

0.1%

-8.2%

153.50

126.20

-11.7%

-2.9%

56.20

44.90

-10.9%

-7.2%

1,756 73

19.58

16.59

85.30

76.30

141.73

112.05

167.00

131.33

128

-9.3%

92.20 8.12

-9.3%

-4.1%

69.90

-20.0%

7.24

-10.1%

-1.8%

11,167,877

5,864,400

-21.8%

-6.4%

-5.2%

-13.3%

-10.3%

-14.4%

118.80 21.13

7,736,850

18,212,053

148.50 28.10

-10.9%

-2.0%

445

785

-4.4%

12 mths

Market Cap. (QAR '000)

6.8%

14.3%

Trailing

14.4

1.4

12.0

1.1

9.2

0.9

9.7

1.3

12,401,868

10.0

6.4%

78,100,000

9.8

3.0

6.0%

13,550,000

10.4

4.5

9.9%

7,583,574

19,987,500

1.8

nmf

1.8

14.2

2.4

9,836,269

12.5

8.1

-0.3%

18,289,094

13.4

1.6

-3.5%

-20.0%

8,451,960

15.7

0.8

-3.3%

-2.9%

6,171,420

nmf

0.9

-1.7%

16.5%

16.1%

95,093,231

23.1%

28,864,000

11.6

1.5

12.7

2.3

11.2

1.4

OMAN Rebased Performance

Summary

Best Performers 5,951 (-0.4%)

MSM Index (% Chg.)

115

58% OCOI.MSM Oman Cement Co.

% of stocks trading above 1yr avg. price

114

0.75

Advance/Decline Ratio Turnover (OMR '000)

7,149,732

Market Cap (OMR '000) 105

104

243,762

O Oman Telecommunications Co.

15-Feb-12

S&P GCC Large/Mid Composite

201,665

N National Bank of Oman

15-Mar-12

1.0%

1.41

0.1%

0.74

-0.4%

0.60

Turnover (OMR) 756,251 NBOB.MSMNational Bank of Oman 336,234 BKDB.MSMBank Dhofar

O Oman Cement Co.

15-Jan-12

2.1%

-0.5%

Worst Performers

B Bank Muscat 95 15-Dec-11

% Chg.

0.94

RNSS.MSMRenaissance Services

Highest Turnover

100

0.54

RCCI.MSM Raysut Cement Co.

6,406 / 5,419 OTEL.MSMOman Telecommunications Co. 3,639 BKMB.MSMBank Muscat

MSM 52 week High / Low

110

95,560

R Raysut Cement Co.

0.31

% Chg.

-1.6%

0.59

RNSS.MSMRenaissance Services

0.60

OTEL.MSMOman Telecommunications Co.

1.41

BKMB.MSMBank Muscat

-0.8% -0.5%

0.74

-0.4%

0.1%

Muscat SM

Quotes Company Name

B Bank Dhofar

0.594

N National Bank of Oman

0.311

O Oman Telecommunications Co.

1.405

R Renaissance Services

0.596

B Bank Muscat

O Oman Cement Co.

R Raysut Cement Co.

Daily

% Chg.

-0.8%

High

Turnover (OMR '000)

Low

0.599

0.590

0.736

-0.4%

0.740

0.733

336

0.537

2.1%

0.540

0.530

756

0.943

-1.6%

0.1% 1.0%

-0.5%

0.315 1.408 0.943

0.600

Volume ('000)

0.310

202

1.404

244

0.590

52-Week

High

0.680

Low

457

0.781

0.658

1,408

0.608

101

1.190

648

0.332

174

-12.6%

8.6%

-3.9%

0.416

-11.7%

24.3%

0.711

-20.8%

24.1%

-6.3%

1.041

1.197

YTD

-5.8%

0.302

1.410

on high

0.509

% Change

-0.4%

0.458

-50.2%

-2.8%

7.3% 9.4%

12 mths

Market Cap. (OMR '000)

-11.6%

543,652

3.8%

1,139,607

1.6%

13.6

2.4

1.3

177,679

13.9

1.2

188,600

12.6

1.8

20.9%

1,053,750

-46.1%

168,128

-17.6%

9.7

336,191

-8.4%

Trailing

9.8

1.2

9.4

2.1

nmf

1.0

BAHRAIN Rebased Performance

Summary

Best Performers 1,152 (0.3%)

BSE Index (% Chg.)

115

32% BATELCO.BBahrain Telecommunications Co. - AUB.BSE Ahli United Bank

% of stocks trading above 1 yr avg. price

114

Advance/Decline Ratio

1,433 / 1,129

BSE 52 week High / Low

110

130

Turnover (BHD '000)

6,508,954

Market Cap. (BHD '000)

#N/A

0.41

% Chg.

1.5%

0.68

0.7%

#N/A

105

Highest Turnover 100

Worst Performers Turnover (BHD) 43,070 AUB.BSE Ahli United Bank 29,787 BATELCO.BBahrain Telecommunications Co.

B Bahrain Telecommunications Co.

A Ahli United Bank

B Albaraka Banking Grp.

95 15-Dec-11

15-Jan-12

15-Feb-12

15-Mar-12

S&P GCC Large/Mid Composite

#N/A

BARKA.BS Albaraka Banking Grp. #N/A

#N/A

0.68

% Chg.

0.41

1.06 #N/A

#N/A

0.7%

1.5% #N/A

#N/A

Bahrain SE

Quotes Company Name

A Ahli United Bank*

0.680

A Arab Banking Corp.*

0.420

B Albaraka Banking Grp.* B Bahrain Islamic Bank

B Bahrain Telecommunications Co. B BBK

IN Investcorp Bank* IT Ithmaar Bank*

N National Bank of Bahrain U United Gulf Bank

* Closing Prices, Turnover and Market Cap. in USD

1.060 0.082

Daily

% Chg.

0.7% -

0.410

1.5%

797

0.412 0.090

0.575

0.304

High

0.685 -

Low

0.675

Turnover (BHD '000)

0.406

116 -

0.410 -

Volume ('000)

105 -

52-Week

High

0.770 1.280 0.570 0.116 0.492 0.436

1,139

0.655

Low

0.660

on high

-11.7%

% Change YTD

2.3%

-10.5%

3,389,350

0.0%

-26.3%

1,306,200

4.6%

0.0%

590,400

1.000

-17.2%

-2.8%

0.082

-29.3%

-8.9%

-5.5%

-0.5%

-21.7%

38.5%

-28.3%

1.3%

0.420 0.380 0.390

-26.3% -16.7%

797

-30.0%

0.560

-12.2%

0.115

0.065

0.424

0.270

12 mths

Market Cap. (BHD '000)

-8.2%

-29.3%

921,723

Trailing

10.9 7.8

7.4

1.2

-8.4%

350,759

11.0

-21.7%

240,999

nmf

-25.9%

253,707

0.0%

-12.2%

637,560 491,832

0.8

0.4

nmf

-37.0%

1.3

6.4

77,053

0.0%

0.8

1.5

4.5

0.6

10.8

1.8

nmf

0.4 1.2

LIFE

Pack a healthy, easy lunch A quick, healthy lunch can be easy to make, delicious, and satisfying -- and it can keep you out of the fast-food drive through. The Academy of Nutrition and Dietetics offers these quick and healthy lunch ideas: •Combine some whole wheat couscous with black beans or chick peas for protein. •Make a whole wheat tortilla wrap stuffed with skinless grilled chicken breast and veggies -- use mushrooms, tomatoes and onions. •Make a baked potato and top it with salsa, broccoli, low-fat sour cream and a little low-fat cheese. •Toss a spinach salad with some low-fat feta cheese, chopped red onions and pears.

friDAY, march 16, 2012

Anti-smoking efforts saved 795,000 lives over 25 years CONNECTICUT: Bans on smoking in public places, hikes in cigarette taxes and other efforts to get people to quit smoking prevented close to 800,000 deaths from lung cancer between 1975 and 2000 in the United States, a new study shows according to HealthDay News. The findings likely represent just the tip of the iceberg as lung cancer is only one of the diseases linked to tobacco smoke, experts say. Researchers led by Dr. Suresh Moolgavkar, of the biostatistics and biomathematics program at the Fred Hutchinson Cancer Research Center in Seattle, developed a sophisticated model to estimate changes in US smoking patterns resulting from tobacco-control efforts, and how these changes affected deaths from lung cancer between 1975 and 2000. During that time, nearly 2.1 million lung cancer deaths occurred among men and about 1.05 million lung cancer deaths occurred among women. The researchers predicted that over 552,000 lung cancer deaths among men and 243,000 among women were averted by tobacco-control efforts. While an impressive number, this is just one-third of the number of deaths that could have been averted had all US cigarette smokers successfully quit smoking and no one else started after the watershed 1964 US Surgeon General’s report on the dangers of tobacco, the researchers calculated. On the other hand, if smoking behaviors had not changed at all after the Surgeon General’s report, an additional 795,000 people would have died of lung cancer. “Quitting smoking most definitely reduces deaths from lung cancer. However, too many people continue to smoke,” Moolgavkar said. “The most effective way to reduce the burden of lung cancer is to

get smokers to quit and to prevent nonsmokers from taking up smoking.” Another study author, Eric Feuer, chief of the Statistical Methodology and Applications Branch of the US National Cancer Institute, said that Americans have come a long way, but can’t afford to become complacent. “We can’t let our guard down and we really need to continue our efforts,” Feuer said. Recent data from the Surgeon General’s office showed that one in four U.S. high school seniors still smokes and three in four high school smokers continue to smoke as adults. Dr. Len Horovitz, a pulmonary specialist at Lenox Hill Hospital in New York City, said that “the new study is good news and very persuasive. It shows us very conclusively that less smoking means fewer smoking-related deaths.” And it is more than lung cancer rates that are likely decreasing, Horovitz noted. “Smoking cessation would also reduce rates of heart attack, stroke and the lung disease, chronic obstructive pulmonary disease,” he said. “The list goes on and on.” In an editorial accompanying the new findings, Thomas Glynn, director of cancer science and trends and international cancer control at the American Cancer Society, wrote: “The good news is that we have become more aggressive in our tobacco control efforts.” Many of the deaths averted occurred in 2000, suggesting that the efforts are picking up steam. Glynn noted that his own father died from lung cancer after smoking for decades and never met his granddaughter. “He was not one of the 795,000, but seeing [her] would have brought tears to his eyes, and thinking of him, and what he missed due to tobacco, brings tears to mine,” Glynn wrote.

This image provided on Wednesday, March 14, 2012 by the Centers for Disease Control shows Shawn Wright who had a tracheotomy after being diagnosed with head and neck cancer. Now the government is trying to shock smokers into quitting with a new graphic nationwide advertising campaign. (AP)

Pregnant reptile fossil earliest record of live birth NEW YORK: Newly found fossils of embryos from the first aquatic reptiles called mesosaurs along with a pregnant female - may be the oldest known example of birth given to live young instead of eggs, scientists report according to LiveScience. Both mammals and reptiles wrap their developing embryos in protective layers, something that helped the little ones survive and ultimately helped their ancestors conquer the land. Mammals often keep these membrane-swaddled offspring within them, giving birth to live young, while reptiles typically lay their membrane-bundled progeny in eggs. However, there are some oddballs: Some mammals, such as the platypus, lay eggs, while some reptiles, such as most vipers, are viviparous, giving birth to live young. The fact that mammals and reptiles surround their embryos with these protective layers makes them known as amniotes. The fossil record of amniotic eggs and embryos is very sparse, and as

such, scientists have little information about when, how and why they evolved. Now researchers have uncovered two exceptionally well-preserved 280-million-year-old fossils that are the earliest amniotic embryos found yet. These belonged to mesosaurs, the first aquatic reptiles and what may be the most primitive known reptiles. The two fossil embryos, unearthed in Uruguay and Brazil, are about a quarter-inch to a half-inch long (0.75 to 1.5 centimeters). The gypsum crystals in the rocks they were found in suggest the reptiles lived in salty, oxygen-poor water, which helped preserve these embryos until discovery. The mesosaurs apparently once dwelled alongside burrowing worms and now-extinct crustaceans. “Despite their age and their delicate nature, they remained in the rocks all that long time almost perfectly preserved,” said researcher Graciela Piñeiro, a paleontologist at the University of the Republic in Uruguay. Intriguingly, the embryos lacked recognizable

Lack of sleep may make you more likely to be obese

CONNECTICUT: People who don’t get enough sleep consume more calories and may be more likely to become obese, according to a new study reports HealthDay News. The study included 17 healthy young men and women who were studied for eight nights. Half of the participants got their normal amount of sleep (control group) while the other half got only two-thirds of their typical amount of sleep (sleep-deprived group). All the participants were allowed to eat as much as they wanted during the study. Those in the sleep-deprived group slept one hour and 20 minutes less each night than those in the control group, and consumed an average of 549 additional calories per day. Both groups burned about the same amount of energy for activity, which suggests that those in the sleep-deprived group didn’t burn additional calories. Lack of sleep was associated with increased levels of leptin and decreased levels of ghrelin, both of which are appetite-associated hormones. These changes were more likely a result of overeating, rather than the cause of overeating, according to the study, which was presented Wednesday at an American Heart Association (AHA) meeting. “Sleep deprivation is a growing problem, with 28 percent of adults now reporting that they get six or fewer hours of sleep per night,” study co-author Dr. Andrew Calvin, a cardiology fellow and assistant professor of medicine at the Mayo Clinic, said in an AHA news release. Although this study suggests sleep deprivation may be an important and preventable cause of weight gain and obesity, it was a small study and does not prove a cause-and-effect relationship, the researchers noted. “Larger studies of people in their home environments would help confirm our findings,” Calvin said. Because this study was presented at a medical meeting, the data and conclusions should be viewed as preliminary until published in a peer-reviewed journal.

New gel treats precancerous skin condition in days

eggshells. Moreover, one well-developed embryo was found within an adult presumed to be a pregnant female, suggesting that mesosaurs were viviparous. One of the well-developed mesosaur embryos was discovered on its own, not inside an adult. This might suggest the mesosaurs laid eggs after embryos reached advanced stages of development. On the other hand, this specimen could represent a miscarried embryo. “With the discovery of the mesosaur embryos, we may now have direct evidences that embryo retention or viviparity were strategies developed by early amniotes,” Piñeiro told LiveScience. Other extinct aquatic reptiles were known to give birth to live young, including the plesiosaur; in 2011, scientists reported a pregnant plesiosaur, a marine reptile, which lived some 78 million years ago. These new findings push back the known records of live birth and amniotic embryos by 60 million and 90 million years, respectively.

CONNECTICUT: A newly approved gel appears effective in treating a condition called actinic keratosis, which is a common precursor to squamous cell skin cancer, a new study finds according to HealthDay News. Earlier topical treatments took weeks or even months to treat the condition, but the new product -- Picato (ingenol mebutate) gel -- can work in a matter of days, according to the report in the March 15 issue of the New England Journal of Medicine. “There are a number of agents available to treat precancerous skin lesions,” said study author Dr. Mark Lebwohl, a professor and chairman of dermatology at Mount Sinai School of Medicine in New York City. “Most of the other ones are applied over a period of weeks to months and have a reaction that lasts for a long time, so it interferes with your life for a good period of time. This one is unique in that it is applied for only one to three days,” he said. The US Food and Drug Administration approved Picato for use on actinic keratoses in January. The new study was funded by LEO Pharma, the maker of Ingenol. For the study, more than 900 people with actinic keratoses on their face or scalp, or elsewhere on their body (trunk, arms or legs) were randomly assigned to treatment with either Picato or an inactive placebo. The researchers found that when used on the face or scalp, the gel cleared the condition nearly 43 percent of the time, compared with nearly 4 percent for the placebo. When used on the trunk or extremities, the gel was again more effective than placebo -- about 34 percent for the gel versus nearly 5 percent for the placebo, the study authors noted. Local skin reactions such as redness and crustiness developed within several days, but were gone quickly, and side effects were mild to moderate and went away without any problem, according to the report. And because treatment takes less time, patients are more likely to adhere to their treatment, said study co-author Dr. Neil Swanson, director of dermatologic surgery at Oregon Health and Science University in Portland. “It is an option to treat these lesions, a good percentage of which will go on to evolve to skin cancer,” Swanson said. In addition to skin gels, doctors treat actinic keratosis in other ways that include burning or scraping with an electric or laser device, cutting the tumor out, or freezing the tumor in a procedure called cryotherapy.

Gates Foundation gives $220 million for TB research PARIS: Microsoft billionaire Bill Gates and his wife are to give $220 million over five years to the non-profit biotech firm Aeras to develop vaccines to fight tuberculosis, a company statement said Thursday. The Bill and Melinda Gates Foundation is donating the money to Aeras which from its bases in the United States and South Africa has developed six possible TB vaccines that are being tested across Africa, Asia, Europe and America. “This infusion of funding must be seen as a global call to action in response to one of the world’s deadliest diseases,” said Jim Connolly, Aeras’s president and chief executive, expressing gratitude for the massive grant. “It will allow Aeras to expand upon existing partnerships in Europe, Africa, China, and around the

world.” A total of 8.8 million people globally fell ill with the contagious lung disease in 2010 and around 1.4 million died, according to the World Health Organization (WHO). Trevor Mundel, president of the global health program at the Bill and Melinda Gates Foundation, said the development of successful vaccines “would be the single greatest advance in the global fight against TB.” Once known as “consumption” for the slow wasting away of the people who died of it, one out of every three people is thought to be infected by the airborne TB organism, though only a fraction go on to develop the disease. The WHO estimates the global economic burden of TB is $12 billion a year, with India and China together accounting for more than half that cost. -AFP

Scientists find ancient camel fossils in Panama MIAMI: Researchers say they have discovered the fossils of a small camel with a long snout that roamed the tropical rainforests of the isthmus of Panama some 20 million years ago. The ancient camel had no hump, and one of the two species found appeared to stand only about two feet (.6 meters) tall, scientists reported in a recently published article in the Journal of Vertebrate Paleontology. University of Florida researcher Aldo Rincon discovered the fossils during the widening of the Panama Canal to accommodate hulking new cargo ships. He and other scientists from Panama, the United States and the Smithsonian Tropical Research Institute also reported finding fossils of ancient marlins, turtles and horses. “We never expected to find a camel there,” said Smithsonian scientist Carlos Jaramillo, coauthor of the journal article. “It’s really, really a surprise.” Unlike contemporary camels, these had crocodile-like teeth. Scientists believe the camels, Aguascalientia panamaensis and Aguascalientia minuta, may have used the sharp teeth as they chomped on lush foli-

age and fruit. Geologists and paleontologists have essentially been traveling in the footprint of construction workers who are completing the canal’s five-year expansion. The $5.2 billion project is providing a unique opportunity for researchers to excavate and preserve fossils that are normally hard to uncover from the extensive tropical foliage. The find is raising questions about just how long ago the strip of land joining North and South America was created. Though relatively small, Panama carries great scientific importance because it serves as the land bridge connecting those continents. When that gateway was created, there was a global sea change: The Pacific and Atlantic oceans were cut off from one another, and a great interchange of animals began, leading some species into extinction and others to adapt. Researchers have long thought the isthmus was created 3.5 million years ago, but now that scientists have discovered a camel species living in the area about 17 million years earlier, that hypothesis is being questioned. Plant species are believed to have spread be-

tween continents about 45 million years ago, and some animals such as crocodiles and turtles at about 20 million years ago. Mammals, however, didn’t travel over until considerably later - between 1.5 and 3 million years ago, scientists estimate. Why they didn’t is still somewhat of a mystery. Unfortunately, there are big gaps in the ancient fossil record in Panama. Jaramillo said there are no fossils dating between 1 and 4 million years old there. The camels are believed to have originated in what are now Florida and Texas and evolved as they moved southward. By studying the teeth of the camels, scientists can determine what they ate. While the molars of today’s camels tend to be flat from grazing on grasses, the camels of Panama had more ridged teeth, indicating they were browsers that ate a variety of plant life. The species is now extinct in the Americas, but researchers say they likely evolved into the llamas and guanacos now seen in the Andes. In all, fossils from about five camels have been found. Four of the recovered jaws belong to the larger species, which likely stood no more than three feet (1 meter) tall. -AP

In this undated photo made available by the Florida Museum of Natural History, shows the lower jaw of Aguascalietia panamaensis, a new species of ancient camel (AP)

ALWATAN DAILY

CULTURE

friDAY, MARCH 16, 2012

Titanic comes home as Belfast launches attraction

A replica of a Main Staircase aboard the Titanic ship is pictured at the Titanic Belfast visitor centre in Belfast, Northern Ireland, on March 13, 2012. (AFP)

FRANCE: The world’s biggest Titanic visitor attraction opens in the ship’s Belfast birthplace this month, 100 years to the day since the doomed liner was completed in the same yards. After decades of quietly forgetting “the most famous ship since Noah’s Ark”, Belfast has reclaimed the Titanic, and is championing a legend which continues to captivate the imagination a century on. “What happened to Titanic was a disaster. But Titanic itself wasn’t,” Tim Husbands, the chief executive of Titanic Belfast, told AFP. “The craftsmanship was a symbol for the industrial time. A symbol of ambition, a symbol of hope. And we’re now creating exactly the same feelings.” The attraction, which has risen from the derelict Harland and Wolff shipyards, tells the story of the liner from its inception in Belfast’s industrial boom years through to its launch, its sinking and the aftermath. The six-level, aluminum-clad building is in the form of

four Titanic-sized prows that can be seen shimmering from any one viewpoint, representing Titanic and its two sister ships, Olympic and Britannic. Inside, workmen are putting the finishing touches to its nine interactive galleries ahead of the March 31 launch. “There are a lot of other Titanic visitor attractions in the world, with no connection to the Titanic at all. This will be the largest and the only one with the authentic story to tell,” Husbands told AFP. “People have been talking about Titanic for 100 years now. They want to know more, there’s a real hunger for it.” The biggest, most ambitious ship of the age hit an iceberg on its maiden voyage across the Atlantic Ocean from Southampton to New York, sinking on April 15, 1912. Of the 2,224 people aboard, 1,514 perished. This is no dusty museum -- the visitor experience uses a barrage of computer-generated imagery, audio, special effects and interactive touch screens to tell the ship’s story.

Forget Bollywood, Mumbai enjoys fight nights MUMBAI: The small wooden door in a film studio complex deep within the heart of Mumbai creaks open to pumping music, a beer-guzzling crowd and two men raining punches and kicks onto each other in the makeshift ring. Welcome to India’s very own fight night. First started around three years ago by Full Contact Championship (FCC), a company founded to promote mixed martial arts, fight nights are slowly gaining popularity in India, a nation where people traditionally have had no inclination to pay money to watch somebody be physically beaten in front of them. But increasing globalization, and years of growing up watching overseas professional wrestling broadcasts, has given younger Indians a taste for seeing the real thing themselves. “The first time I went into a fight ring, I froze for a few seconds. There were so many people cheering for me, especially girls,” said a blushing Sangram “Slammer” Bhakre, a 21-year-old mixed martial arts fighter. Sangram, who is also preparing for his third-year university exams, is a trained wrestler, boxer and wushu fighter who is something of a hero in his local club in Kolhapur, a town 400 km south of Mumbai. He is like many of the young fighters who take part in the fight nights, young men trained in different types of martial arts who come from small towns where such training is becoming popular. Sangram spent nine hours on a bus to reach India’s commercial and financial hub -- a journey he makes twice a year. The fighters come for quick money and cheering by a live audience. A fighter can make 10,000 to 20,000 Indian rupees ($200$300) from a single bout, which sometimes lasts less than a minute. The average Indian

monthly income is about 4,416 rupees, according to government data. The evenings are organized by Prashant Kumar, a trained mixed martial arts fighter who runs an advertising firm and said he dreamed of bringing the concept to India ever since first seeing it in the United States a decade ago. “The audience is increasing with every fight night as it’s a cheap mode of live entertainment for big spenders in this city,” Kumar said. “People are getting bored of watching sports on television. They want to see and feel the pulse of it by being a few meters away from the action.” Fight nights take place in hired studios in Mumbai otherwise used for Bollywood film shoots. The audience is invited mostly through word of mouth and social networking sites like Facebook. The overall event usually lasts for 3 hours with around eight or nine matches in different weight categories. Every bout consists of three rounds of 10-12 minutes, and most end in knockouts. Following each night is an after party. Kumar gives free entry with every fight night pass, along with two cans of beer. “For me it’s money to party and also a ticket to become popular with the girls in college who like boys who fight,” said a young fighter who prefers anonymity since his parents have yet to find out he participates. The audience consists of expats, young men and women working in multinational companies and sometimes even families -anybody able to fork out the 1,000 rupees ($20) for a ticket. “I cannot believe I am watching this in Mumbai,” exclaims Anubhav, a 30-year-old banker. “Next time I am going to bring 10 of my friends. This is amazing. This is pure action with real blood.” -Reuters

Watchmakers tickle fancies with feathers and bamboo BASEL, Switzerland: Feathers, unscratchable gold, bamboo and even straw. Adorning watches with regular gold and silver is rather boring these days, as designs at the 2012 Baselworld watch fair showed. Displays sparkling with the usual gold, diamonds and other precious gems, watchmakers were also keen to show their expertise by designing and working with new materials. Harry Winston worked with plumassiere Nelly Saunier to unveil four elegant watches that used peacock and pheasant feathers arranged in intricate geometric patterns on the dial. “In some civilizations, feathers had a similar value and meaning to diamonds,” Frederic de Narp, president and CEO of the jeweler and watchmaker, told Reuters at the fair. Gucci Timepieces went back to nature and its famous bamboo-handled bag for inspiration, presenting watches with elegant round faces, bamboo inlaid around the bezel and on the bracelet. Continuing the natural materials theme, Patek Philippe used wood marquetry, while the watch division of Hermes recreated two of its famous check and chevron tie prints using straw marquetry in watches costing around 150,000 Swiss francs ($161,100).

A computer generated image of the First Class accommodation that was available aboard the Titanic ship is pictured at the Titanic Belfast visitor centre in Belfast, Northern Ireland, on March 13, 2012. (AFP)

For those who don’t wrap their Swissmade watch in cotton wool, manufacturers have come up with tougher materials, such as unscratchable gold at Hublot and aerospaceengineered zalium at Harry Winston. Jean-Claude Biver, chairman of Hublot, even carried around a steel file to demonstrate the indestructibility of its new unscratchable gold that it has patented. Watches everywhere, especially those for ladies, had blue accents, reflecting a color popular on the fashion catwalks. La Montre Hermes unveiled watches with ‘electric blue’ and ‘lime’ leather straps, allowing ladies to match their watch to their Hermes handbag. Sound also played a big role for watchmakers. The chief executive of Ulysse Nardin demonstrated how the alarm on the Sonata cathedral watch chimed exactly like church bells, while Tudor replicated the sound of the dial on a safe with the Pelagos dive watch - retailing for 3,950 Swiss francs. Davide Cerrato, head of the creative department at Rolex’s Tudor, said people who wear diving watches often play with the bezel and the noise made as it turns would remind the wearer of the technical content of the watch. -Reuters

There are recreations of the opulent first-class accommodation and the cramped third-class bunks, which were nonetheless smartly fitted-out. A ride carries visitors through the sights, sounds and smells of the Harland and Wolff shipyard, while the liner’s launch is seen on a glass screen which then reveals a view of the actual slipway outside where Titanic was built. An ingenious “3D cave” allow visitors to ‘travel’ straight up from the giant engine room through the ship’s decks to the bridge. In the section on the sinking, the lights dim, the temperature plunges; the horror and heroism is retold, though here it is cast as just one part of Titanic’s story. The attraction houses a passenger and crew database, and an Ocean Exploration Centre, which shows footage from the seabed. Ongoing research on the wreck’s gradual degradation will be tracked from here. The top two floors host the Titanic Suite, a banqueting space containing a replica of the ship’s grand staircase,

Dante’s ‘Divine Comedy’ maybe removed from classrooms

LONDON: Abandon all hope, ye who enter here: Dante’s medieval classic the Divine Comedy has been condemned as racist, anti-Semitic and Islamophobic by a group calling for it to be removed from classrooms, reports The Guardian. The epic poem, written in the 14th century, is split into three parts, tracing the poet’s journey through Inferno, Purgatorio and Paradiso. It is seen as one of the cornerstones of world literature. But the Italian human rights organization Gherush92, which advises UN bodies on human rights issues, wants it to be removed from school curriculums, or at least used with more caution, because it is “offensive and discriminatory” and young people lack the “filters” to understand it in context. Gherush92 singled out some particular cantos from Dante’s masterwork for criticism: Inferno’s 34th, which tells of Judas, endlessly chewed in the teeth of Lucifer, and 28th, in which Mohammed is depicted torn “from the chin down to the part that gives out the foulest sound”, as well as Purgatorio’s 26th, which shows homosexuals under a rain of fire in purgatory. The work, it says, slanders the Jewish people, depicts Islam as a heresy and is homophobic. “We do not advocate censorship or burning but we would like it acknowledged, clearly and unambiguously, that in the Divine Comedy there is racist, Islamophobic and anti-Semitic content,” said Valentina Sereni, president of Gherush92, to the Adnkronos news agency. “Art cannot be above criticism.” But Italy’s cultural scene has been quick to come to the defense of one the country’s most famous works. “The benefits to be gained from reading and studying the Divine Comedy are so many that statements of this kind are just ridiculous,” the poet and literary critic Maurizio Cucchi told the news agency. Literary historian, critic and author Giulio Ferroni called the comments “another frenzy of political correctness, combined with an utter lack of historical sense”, and said that the Divine Comedy needed to be read in its historical context. “You could also include a few more notes, but it would be folly to abandon the study of a masterpiece that has helped build the image of humanity.”

which featured prominently in the 1997 blockbuster film starring Leonardo DiCaprio -- and is now set to appear in many a Belfast wedding photo. The attention to detail extends to the replica crockery bearing the White Star Line logo and the name RMS Titanic. Titanic Belfast was nine years in the planning and cost £97 million ($152 million, 117 million euros) to build, using a mixture of public and private investment. It took three years to construct and 10 months to fit out -- the same as the Titanic itself. In league with Northern Ireland’s Giant’s Causeway natural wonder, Titanic Belfast is hoping to tempt Asian tourists visiting Britain to venture outside London. “I think it’s the platform for growth that Northern Ireland’s been seeking,” Husbands said. Titanic Belfast expects 425,000 visitors in the first year and 80,000 tickets, priced £13.50 ($21.20, 16.25 euros), have been sold in advance. -AFP

Uganda screenings of Kony film halted after protests

FRANCE: A Ugandan youth group said Thursday it would stop screening a hugely popular Internet video calling for the arrest of rebel chief Joseph Kony after local people reacted furiously at its first showing. A screening in the northern town of Lira, attended by many people mutilated by Kony’s soldiers, was halted after some people started throwing stones, said Victor Ochen, the director of African Youth Initiative Network. His group had now dropped plans to show the film around the region. “We wanted to make our people part of the debate,” said Ochen. “But in the end we had to stop it because people were having such a strong reaction to the film and were getting very angry.” The video, “Kony 2012”, by US advocacy group Invisible Children, has been viewed by tens of millions people worldwide, mainly online, since it was released last week. But when the group held a public screening Tuesday in Lira, where few people had been able to watch the 30-minute film due to limited Internet access, it provoked an angry response. “As soon as they saw the clip saying that people should make Kony famous, people got very upset and started to react,” said Ochen. Many of the thousands attending, who included some mutilated by the soldiers of Kony’s Lord’s Resistance Army (LRA), objected to what they saw as the film’s insensitivity and its outdated view of northern Uganda, he added. “People were asking why they were showing white children in America and not telling the truth about the situation of the local people in the area,” said Ochen. “We realized that the reaction would be the same wherever we went,” he added. Kony’s ruthless rebels were infamous for mutilating civilians and abducting children to use as soldiers and sex-slaves during their two-decade war in northern Uganda. But they have been forced out of Uganda and since 2006 have been operating in neighboring countries. Kony, a semi-literate former altar boy, took charge in 1988 of a rebellion among northern Uganda’s ethnic Acholi minority, to fight the Kampala government it wanted to replace by a regime based on the bible’s Ten Commandments. He is accused by the International Criminal Court of the rape, mutilation and murder of civilians as well as forcibly recruiting child soldiers. Regional armies launched a hunt in 2008 to capture Kony after he repeatedly refused to sign a peace deal with Uganda. But he remains at large alongside a clutch of fighters. -AFP

Jewish, Muslim scribes keep calligraphy art alive

FILE-In this Thursday, Jan. 26 2012 photo, Palestinian calligraphy expert Adel Fauzy practices at his studio in the West Bank town of Hawara, near Nablus. (AP)

JERUSALEM: In a world overwhelmed by electronic gadgets that have changed the way we read, write and learn, the Jewish and Islamic arts of calligraphy have preserved their methods for generations. Parchment, feathers and “qalams,” a pen made of dried bamboo, are still used by sophers - Jewish scribes - and khattats - Muslim calligraphers. Calligraphy is one of the main art forms in Judaism and Islam, reflecting how central the word is to both religions. The Quran has played a major role in the spread of the Arabic language and alphabet, as have Judaism’s Torah and other holy books in the preservation of Hebrew. Both Muslim and Jewish scribes say deep knowledge of religion infuses the graceful lines of their calligraphy and is essential to the art, which they say ensures the art’s survival into the future something no electronic tool will be able to bring. -AP

ALWATAN DAILY

entertainment Song Of The Day

Fahad AlSabah Staff Writer

Song: Primadonna Artist: Marina and the Diamonds Album: Electra Heart Genre: Pop In short: The lead single off Marina and the Diamonds’ sophomore album is one of the very best single releases this year so far. Produced by Dr. Luke and Diplo, making it sound like a cross between Katy Perry-at her best-and Robyn. To listen to the song visit www.alwatandaily.com E-mail your feedback to falsabah@alwatandaily.com

The Buzz Weeds, Episodes get season premiere dates “Weeds” and “Episodes” will both return to the air on Sunday, July 1, Showtime said Wednesday. The Season Eight premiere of “Weeds” will air at 10 p.m., followed by the second-season debut of Matt LeBlanc’s “Episodes,” at 10:30. “Weeds” will begin production on the first of its 13 episodes in Los Angeles in April, while “Episodes” recently finished work on its nine-episodes in Los Angeles and London. Season Two of “Episodes” will pick up four months from where the first-season finale left off, with Sean and Beverly no longer cohabiting but finding themselves locked in an awkward working relationship with LeBlanc after his pilot “Pucks!” is picked up to series. “Weeds” will pick up following last season’s cliff-hanger, which saw a Botwin family dinner rudely interrupted by a lone gunman. -Reuters

BBC chief plans iTunes-style TV download service BBC Director General Mark Thompson announced proposals on Wednesday for an iTunes-style download service that would allow viewers to permanently download their favorite programs minutes after they have been broadcast for a fee. The plan, named Project Barcelona, would allow viewers to purchase a digital copy of a program to own in perpetuity for a “relatively modest charge”. He said the BBC intended to open a “digital shop” for such downloads, but did not specify the timescale or pricing. The plans will be put before the BBC Trust later this year. -Reuters

Jermaine Jones disqualified from American Idol Jermaine Jones was dismissed from “American Idol” - and not because of viewer votes. It was revealed during Wednesday’s installment of the Fox singing contest that the 25-yearold vocal instructor from Pine Hill, N.J., was disqualified Tuesday for not revealing that he had outstanding arrest warrants back home in New Jersey. “Idol” executive producers Ken Warwick and Nigel Lythgoe confronted Jones about the issue in a taped segment. “You were incumbent to tell us the truth about all of this, and it appears that you just haven’t on any level,” Warick told Jones. -AP

No Rolling Stones tour yet despite 50th anniversary The Rolling Stones are staying put this year, Rolling Stone reported Wednesday, leaving fans to look forward instead to a major documentary marking the rock band’s 50th anniversary. “Basically, we’re just not ready” for a fresh concert tour, guitarist Keith Richards told the pop culture magazine, adding that 2013 was the group’s “more realistic” target for hitting the road. Quoting other, unidentified sources, Rolling Stone cited worries about Richards’ health in the wake of a head injury he sustained in Fiji in 2006 as one reason for the band to stay close to home. “They don’t want to do a full tour,” a concert industry source told the biweekly magazine. “They don’t want to travel, and there are concerns about Keith’s health.”-AFP

CSI star William Petersen returning to TV in new series William Petersen has been MIA for the last two seasons of “CSI,” but the original star of CBS’s procedural franchise is planning a return to primetime in the new crime drama “Hurt People.” Petersen will star in and executive produce “People” with GK-TV producers Graham King, Tim Headington and Craig Cegielski. Petersen’s spokeswoman told TheWrap that the Emmy-nominated actor will play Hollis Brown, a veteran hitman employed by a crime family that killed his wife. Brown has been hired to locate his employer’s enemy: Brown’s own estranged daughter, who’s bent on destroying those responsible for her mother’s death. “Hurt People” is based on an original script by Peter Macmanus. -Reuters

Fox pulls plug on 24 movie; Kiefer Sutherland furious Kiefer Sutherland is furious at 20th Century Fox, which has called a halt to the movie version of his hit television show, “24,” over budget and star salary issues,TheWrap has learned. The movie based on the conspiracy-terrorism-action show was in pre-production and set to start shooting next month, but has now ground to a halt because Fox will greenlight a budget no higher than $30 million, while Sutherland and producer Brian Grazer feel the budget needs to be in the low $40s at its tightest. A Fox spokesman confirmed that the movie was on hold, and said it was related to timing. But insiders on the project refuted that version of the situation. According to them, the Fox television star feels insulted that Fox has offered him a relatively measly salary of $1 million to do the movie. -Reuters

friDAY, march 16, 2012

Clooney uses star power to spotlight Sudan crisis WASHINGTON: George Clooney used his Hollywood celebrity Wednesday to draw attention to the humanitarian crisis in the volatile border area between Sudan and South Sudan, offering a firsthand account of the suffering as thousands are forced to take refuge in caves because of daily aerial bombardments. “What you see is a constant drip of fear,” the actor and human rights activist told the Senate Foreign Relations Committee. Just back from an eight-day trip to the region, Clooney described a secret, six-hour trip across the border to the Nuba Mountains, with rocket attacks, death and destruction. He recalled how a 9-year-old boy had his hands blown off. Teamed with John Prendergast, co-founder of the advocacy group the Enough Project, Clooney made a film that captured the images of crimes against humanity. The four-minute video showed refugees in caves, the boy with bloody arms and a woman marked by her wounds. In the final image, Clooney stood above what appeared to be a dead man splayed on the ground. “How many more bodies until the Nuba Mountains become the next Darfur?” asked the video, which was released online. More than two decades of fighting in the region gave way last year to an agreement to create the world’s newest country, South Sudan. It seceded from Sudan last July amid hopes that have deteriorated into border clashes, deadly fighting and a standoff on oil. Clooney said civilians who have farmed the fields are unable to work for fear of bombs dropping from military planes. Sudan has refused to allow aid agencies into the region. Nancy Lindborg, an official with the US Agency for International Development, told the committee that 250,000 people are on the brink of a famine with the upcoming rainy season. Sudan President Omar al-Bashir is wanted for war crimes by the International Criminal Court for killings and rapes committed in Darfur. Clooney referred to Bashir and others as war criminals. Darfur has been in turmoil since 2003, when ethnic African rebels accusing the Arab-dominated Sudanese government of discrimination took up arms. The Khartoum government is accused of retaliating by unleashing Arab militias on civilians - a charge the government denies. The UN estimates 300,000 people have died and 2.7 million have been displaced.

Actor George Clooney watches a video from his recent trip to Sudan as he testifies on Capitol Hill in Washington, Wednesday, March 14, 2012, before the Senate Foreign Relations Committee hearing on Sudan. (AP)

The committee chairman, Sen. John Kerry, acknowledged that Americans’ attention is often diverted by other crises around the world, but resolving the issues in the Sudan region is critical. Clooney said he understood the competition from other major stories such as the Arab Spring and jobs, but he argued that the Sudan conflict should matter to Americans because of its affect on the price of gas. Oil-rich South Sudan and Sudan, the keeper of the pipelines, have been at odds over oil and profits. Exports have stopped, putting pressure on oil prices worldwide. “So we ac-

Deliberations begin in Desperate Housewives case LOS ANGELES: Jurors heard alternate plotlines Wednesday about Nicollette Sheridan’s departure from TV “Desperate Housewives.” Her lawyers claimed she was fired after complaining that show creator Marc Cherry hit her in the head during an on-set dispute in September 2008. Attorneys for Cherry and ABC countered that the decision to kill off Sheridan’s character on the show had been made four months earlier for creative reasons and had nothing to do with the dustup. The different versions were laid out in closing arguments delivered at Sheridan’s wrongful termination trial before the jury began its deliberations. The actress is seeking roughly $6 million in damages. Mark Baute, the actress’ attorney, accused ABC officials and Cherry of lying about when they decided to kill off the Edie Britt character. Baute also accused witnesses of destroying emails and other documentation that would pinpoint the timing of the decision that he contends was made in December 2008. “You don’t make decisions on killing one of your top five actresses early,” Baute said. “It’s a game-day decision. You wait.” The attorney also told jurors it didn’t make sense that ABC officials had renewed Sheridan’s

contract for the fifth season of the show if they intended to kill off her character. Her contract guaranteed her a full season’s pay and a share of profits for the entire series. Sheridan looked directly at the jurors as her attorney argued that she should be awarded millions for being dropped from the prime-time comedy/soap opera. In his closing argument ABC’s lawyer Adam Levin contended that Cherry obtained permission to kill off the character in May, during early planning for the season, and the plan was endorsed by top studio and network officials because it made creative sense. He urged the jury to reject defense contentions that most of the witnesses they heard during the two-week trial were lying. “If there is a conspiracy, then these are the Keystone Kops of conspirators,” Levin said. “The fact that these witnesses differ on small facts - it lends to their credibility.” Levin also said Baute and Sheridan were resorting to desperate tactics. “Desperate is claiming that 10 good citizens of California conspired to get their story straight,” Levin said. Sheridan’s case initially included a battery claim, but the judge ruled Tuesday that jurors will no longer be asked to consider that allegation. -AP

CBS renews 18 prime-time shows, including NCIS NEW YORK: CBS on Wednesday announced the renewal of a staggering 18 primetime series for next season, making the annual May announcement of its fall schedule almost moot and sending a message of stability. Fans of television’s top-rated network won’t have to worry about whether old favorites such as “NCIS,” ‘’CSI: Crime Scene Investigation” and “Survivor” are coming back in the fall. The Monday comedy lineup of “How I Met Your Mother,” “2 Broke Girls” and “Mike & Molly” will return intact, and CBS said it is negotiating to bring the Ashton Kutcher-led “Two and a Half Men” back. Thursday’s “The Big Bang Theory” also will return, CBS said. A handful of series did not get renewals, immediately putting them on the bubble for return. These include the New York and Miami spinoffs of “CSI,” the new dramas “Unforgettable” and “A Gifted Man,” the sixth-season comedy “Rules of Engagement” and the new comedy “Rob.” This doesn’t necessarily mean those series will be canceled. They’ll likely compete with potential new series for spots in the lineup. Wednesday’s announcement sends a clear message to producers of new series being considered by CBS: Raise your game because competition for space is fierce, said Brad Adgate, an analyst for Horizon Media. The CBS announcement also is aimed at advertisers who will be making decisions this spring about where to spend billions of dollars to hawk their wares. Besides “NCIS,” CBS has already committed to bringing back its Los Angeles spinoff. Other dramas that will return are

“Hawaii Five-0,” “Criminal Minds,” “Person of Interest,” “The Mentalist,” “Blue Bloods” and “The Good Wife.” “The Amazing Race” and “Undercover Boss” will join “Survivor” as CBS reality shows to return. The newsmagazines “60 Minutes” and “48 Hours Mystery” will be back. -AP Returning Shows:

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“NCIS” “CSI: Crime Scene Investigation” “Survivor” “How I Met Your Mother” “2 Broke Girls” “Mike & Molly” “Two and a Half Men” “The Big Bang Theory” “Hawaii Five-0” “Criminal Minds” “Person of Interest” “The Mentalist” “Blue Bloods” “The Good Wife” “The Amazing Race” “Undercover Boss” “60 Minutes” “48 Hours Mystery”

• • • • • •

“CSI: New York” “CSI: Miami” “Unforgettable” “A Gifted Man” “Rules of Engagement” “Rob!”

Undecided; Possibly not returning:

tually have a financial interest in this working out,” Clooney told reporters. Clooney suggested that the Senate send a special envoy to China to seek their help with the Sudan dispute and freeze the financial assets of the Sudanese leaders to prevent them from buying weapons.Clooney also met with Susan Rice, the US ambassador to the United Nations, on Tuesday and planned to meet with President Barack Obama at the White House and Secretary of State Hillary Rodham Clinton on Thursday. “I’m not a policymaker,” he told reporters. “My job is to just raise the volume.” -AP

HBO drama Luck axed after deaths of horses

In this undated image released by HBO, Nick Nolte appears in a scene from the HBO original series “Luck.” (AP)

LOS ANGELES: The critically-acclaimed horse-racing drama series “Luck” was canceled on Wednesday after the deaths of three horses, TV network HBO and producers said. “It is with heartbreak that executive producers David Milch and Michael Mann together with HBO have decided to cease all future production on the series ‘Luck’,” HBO said in a statement. “While we maintained the highest safety standards possible, accidents unfortunately happen and it is impossible to guarantee they won’t in the future. Accordingly, we have reached this difficult decision,” HBO added. “Luck”, starring Dustin Hoffman and Nick Nolte, began airing in January. But two horses had already died after being injured in races filmed last year for the first season of the drama. A third died earlier this week during filming for the second season. The American Humane Association, whose representatives were at the scene, said the horse had just passed a veterinarian’s inspection and was being walked back to its barn when it reared, fell backward and was seriously injured. The horse was

euthanized. The American Humane Association said that Tuesday’s death was an accident “that was in no way a result of any mistreatment or negligence on the part of HBO.” It said HBO had been “extremely collaborative and responsive” to the Association’s animal guidelines during filming. “Luck” is the story of colorful characters involved in the world of horse-racing, gambling and training, and much of the show was filmed on location at the Santa Anita Racetrack in southern California. But the complex, slow-burning drama was not a huge hit with audiences. Its January premiere attracted less than a million viewers. HBO said on Wednesday that it had maintained higher safety standards during production of “Luck” than exist in horse-racing anywhere “with many fewer incidents than occur in racing or than befall horses normally in barns at night or pastures.” Two more episodes of the first season remain to air. It was not immediately clear on Wednesday if any of the second season episodes already filmed would be broadcast. -Reuters

India’s Slumdog child star bags role with Hopkins PARIS: An Indian girl who was plucked from poverty to act in the Oscar-winning movie Slumdog Millionaire is to star in a new film with Hollywood legend Anthony Hopkins, her manager said Wednesday. Rubina Ali, now 13, will feature in “Lord Owen’s Lady,” a love story about a young Welsh nobleman and an Indian woman, with filming due to start in September this year in Britain and India. “Rubina had signed the project one and a half years back. The producers have now informed us that she will shoot for about three weeks in Shimla (northern India), Wales and London,” Dubey told AFP from Mumbai.

Rubina, who was picked from the Mumbai slums to play the role of young Latika in the 2008 hit Slumdog Millionaire by director Danny Boyle, will be paid “more than 20,000 pounds ($31,000)” for her second international project. She was just eight when she appeared in the rags-to-riches blockbuster, which won eight Academy Awards in 2009. Her journey from a Mumbai slum to Hollywood red carpet made her famous around the world. The teenager has since had her share of problems, following ugly family fights over her income and a fire in her congested Mumbai slum that destroyed her family’s tin-roofed shack. -AFP

ALWATAN DAILY

AROUND TOWN / TIME OUT

FRIDAY, MARCH 16, 2012

If you have an event you wish to include, please email: aroundtown@alwatandaily.com

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Dar Al Shifa hospital hosted workshop on ‘Tracer Methodology and Patient Safety’

KUWAIT: In line with its continued efforts to maintain the highest standards in medical practice, Dar Al Shifa hospital hosted a special workshop on ‘Trace Methodology and Patient Safety’ on March 4, 5 and 6. Attended by the hospital’s clinical and non clinical staff, the workshop was aimed at improving patient safety practices and utilizing the techniques of Tracer Methodology to ensure compliance in procedures. A program of speeches, video presentations and group activities, showcased techniques for the staff to use in order to measure the safety levels in the dayto-day clinical practices. The attendees were also introduced to an interactive process which shall help them in identifying areas of improvement. Sandra Kearns, an expert in Corporate Risk assessment and patient safety program developer from Canada conducted the workshop. “It has been identified in the recent decades that well-meant healing procedures can sometimes have an adverse effect on the patient,” she stated. “Thus resulting in a new category

Month a t

in medicine, Patient Safety, this focuses on identifying and eliminating avoidable mistakes from the various procedures.” “In the field of medicine, there is something new to learn every day, be it the discovery of new diseases or the founding of an improved patient-care procedure,” commented Kris Gustavson, an expert in Accreditation and Patient Services activities. “Procedures for patient-care are a matter of sensitive nature, and require careful attention to detail, and a willingness to continuously upgrade and improve. Dar-Al-Shifa recognizes that, and hence it placed a lot of significance on this workshop.” Tracer Methodology is an evaluation method in which surveyors select a patient, or process and uses this as a roadmap to evaluate the organization’s compliance with the standards and systems of providing care and services. Training in this Methodology helps the clinical staff deeply involved in the clinical process and thus ensuring the delivery of safe and quality health care.

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General A n n o u n c e m e n t s

a glance ing individuals with a wide range of volunteer work. Making giving to others simple and a way of life as well as a way to develop ones skills and then help others. This group is only 2 years old but is already making an impact and expanding their network. They regularly serve notable charities and good causes such as Bayt Abdullah hospice and journey of hope. All are welcome to learn more about this group.

AUK hosts lecture March 21/ 6 p.m. / AUK: The Centre for Gulf Studies (CGS) at the American University of Kuwait is hosting a lecture entitled “’The People Are Missing’: Palestinians in Kuwait” by Dr. Mai Al Nakib, Assistant Professor of English at Kuwait University. During her lecture, Dr. Al-Nakib will look at the status of the Palestinian community in Kuwait prior to the first Gulf War, discussing the ethical consequences to Kuwait after their expulsion in 1991.

K’S PATH invites applicants for the adoption of pets Lana is a very affectionate and sweet female puppy of mixed breed. She was born in October 2011. Lana is a happy girl who loves to play and go for long walks. She will be a great addition to a family with children over 10 years of age.

New Toastmasters Club Kuwaiti cuisine March 15-April 5/6 p.m. - 8 p.m./TIES Center: TIES Ladies Club invites you to our Kuwaiti cuisine classes which will start soon. Join us for a one month cooking program where you will learn to cook real Kuwaiti food. All ladies are invited to join our classes and let your family enjoy the mouth watering Kuwaiti cuisine. For more information/registration, contact 25231015/6.

Arabic course March 11-April 19/ TIES Center: TIES Center is glad to announce the start of Arabic courses. We offer classes for all levels, from beginners to advance and also introduced new classes called Kuwait dialect. TIES Arabic classes are intended for all expatriates who wish to learn Arabic for whatever purposebusiness, basic communication, as a second language or simply as a hobby. For more information/registration, contact 97228860/97793440.

Diwaniya presentation March 20/ 7 p.m. /The AWARE Centre: The AWARE Center cordially invites you to its diwaniya presentation Tuesday entitled, “Spread the Passion: connecting volunteer opportunities to social responsibilities” by Fatemah AlMousawi. Spread the Passion is a group of volunteers with the aim of involv-

Fiona is a beautiful female SemiLong Haired cat born in May 2008. She loves being cuddled and a good belly rub! She enjoys being held and likes to play. Fiona would be a lovely new family member in a household with children over 5 years of age. To adopt, call (+965) 6700 1622.

Second and fourth Tuesday/ 7 p.m. - 9 p.m. / Jabriya: A new Toastmasters Club is being formed and encouraging new members to join. Toastmasters International is a world leader in communication and leadership development. It is a non-profit international organization dedicated to improve member’s communication and leadership skills by attending and participating toastmasters meetings. For more information, please contact Khaled Al-Hashem at 65588824.

Waist Watchers Every Tuesday/ 6 p.m. – 7 p.m. / British Ladies Society: Meetings are based on the world’s most successful healthy eating plan. Weekly meetings include private weigh in, motivational talks, recipes to try, and cooking demonstrations. Fee of KD 2.500 is required to cover for the cost of course material. For more info contact; Danielle desertdanny@hotmail.com.

Brainbang session October 7-April/ 11:45 a.m. -1:45 p.m. /Salmiya: BRAINBANG, the creative arm of Friends of CRY Club (FOCC) invites all students aged 11 and above, to join us fortnightly on Fridays. The areas of development are: Creativity in learning, tools and techniques to empower your mind, profile based learning, activity, fun, games and worksheet based assignments, practical experiments, mind gymnastics and application of learning techniques to conventional study. E-mail: brainbang@focckwt.org or call 25660835/25618471/97677820.

Dilbert

The Philippine Embassy The Philippine Embassy in Kuwait announces that the Department or Foreign Affairs is advising all passport applicants to claim their passports within six (6) months from the date of application. Otherwise, unclaimed passports shall be cancelled and sent back to the Department for disposal. The Embassy will continue to entertain last minute claimants for such unclaimed passports within the next two months before finally canceling the passport in accordance with the directive of the Department.

Royal Thai Embassy The Royal Thai Embassy in Kuwait wishes to invite Kuwaiti companies that deal business with Thai companies or those agencies of Thai commercial companies to visit the Embassy’s Commercial Office to register their relevant information to be part of the embassy’s business and trade database. The Royal Thai Embassy is located in Jabriya, Block 6, Street 8, Villa No. 1, Telephone No. 25317530 -25317531, Ext: 14.

Nancy

Horoscopes Aries: March 21 - April 19

Emotions will run high with today’s planetary energies, Aries. But this is no reason to run away and hide! People will be much more honest than usual, even brutally so, and you could learn some valuable information as a result. Don’t be afraid to listen to some airing of dirty laundry as well.With your discerning judgment, you’ll be able to make sense of what is good information and what isn’t. Taurus: April 20 - May 20

Today’s emotional energy risks being exceptionally high, Taurus. You may find yourself at the end of your rope by midday. Try to take a long walk or bike ride in order to calm down. Go by yourself and do some deep breathing outdoors. Try to avoid being drawn into other people’s conflicts. Excuse yourself and trust that they can work things out on their own. Gemini: May 21- June 21

Today is good for entertaining, Gemini. Enjoy the company of family and friends, and don’t get distracted by gloomy thoughts about work or money. Just relax and let others take care of themselves. You enjoy nurturing other people and making sure they have a wonderful time, but you need to have a great time as well.

Cancer: June 22 - July 22

Today’s energies are going to be stirring up everyone’s emotions, Cancer. You may wish to avoid getting involved in any arguments or conflicts. If you ask for someone else’s advice, you’re likely to get an earful. It may be best to keep to yourself as much as possible today and spend some time alone tonight with a good book. Everything should be much calmer tomorrow. Leo: July 23 - August 22

Yes, you can be proud of yourself. You really know your stuff.You have committed yourself to deepening your knowledge and capabilities and it really shows. Friends and family members will be coming to you for advice, and rightfully so. Try not to grow complacent, though. It’s an easy trap to fall into.You’ll need to continue full-speed ahead on your educational journey in order to keep that edge! Virgo: August 23 - September 22

Today is wonderful for surrounding yourself with those you love the most. Host a get-together with family and friends, full of stimulating conversation and delicious food and drink. However, you might at some point feel a little sad, missing someone who should be with you but isn’t, and speculating about what he or she may be doing.

Libra: September 23 - October 22

As a person who enjoys being gregarious and outgoing, days like this provide a wonderful outlet for your energy. You might spend a lot of time with your family today, Libra, but you’ll also probably touch base with many others. At some point you might find yourself in the spotlight. You’ll feel especially fond of everyone around you and appreciate your good fortune. Enjoy your day. Scorpio: October 23 - November 21

This is a great time to take advantage of a little solitude to pursue some cherished goals, Scorpio. Your concentration and imagination are operating at a very high level, and you may not stop working until you’re completely finished. If you’re starting a project, you’ll probably do well on it and, if business and money are involved, be successful. Don’t let temporary snags get in your way. Sagittarius: November 22 - December 21

Be careful of gossiping too much with your friends and colleagues, Sagittarius. It’s fun to laugh and exchange stories, but remind yourself of the fact that the truth in a story is diminished and changed each time it’s repeated. If you gossip too much, your friends may begin wondering what you say about them when they aren’t there.

Capricorn: December 22 - January 19

Don’t be surprised if you don’t spend too much time at home today. All signs indicate that you’re more likely to be out and about, shopping, visiting, and maybe attending a special dinner or concert. There are a number of family activities that you won’t want to miss, Capricorn, so don’t let your friends distract you with too much shopping or sports on TV. Aquarius: January 20 - February 18

You know that you have a very fertile imagination, and today’s aspects highlight this special quality.You might wish to channel your thoughts into an artistic endeavor like writing or painting. Be sure to grab any opportunity to weave a fascinating tale for a child. Be careful about letting your imagination run away with you when making judgments about people. They’re most likely on the up and up. Pisces: February 19 - March 20

Yikes! What an emotional day, Pisces. The planetary energies are forecasting conflict, and lots of it. Do your best to personally steer clear of any of it, and try to avoid being drawn into any arguments. You may wish to keep to yourself today. Tonight either stay in or head out to the movies alone.

ALWATAN DAILY

SPORTS

friDAY, march 16, 2012

Cricket

Pakistan beats Sri Lanka by 6 wickets in Asia Cup DHAKA, Bangladesh: Skipper Misbah-ul-Haq and Umar Akmal smashed half-centuries to guide Pakistan to a sixwicket victory over Sri Lanka in a one-day international at the Asia Cup on Thursday. Chasing a winning target of 189, Pakistan comfortably reached 189-4 in just 39.5 overs in a steady yet determined innings. Misbah was unbeaten on 72 while Akmal made 77, the pair putting on 152 after Pakistan had been reduced to 3-33 at Mirpur Sher-e-Bangla National Stadium. Mibah hit nine boundaries and a six in 93 balls. Akmal hit seven boundaries and two sixes from 72 balls. Pakistan is almost certain to reach the final after earning one bonus point for winning within 80 percent of the allotted match time, while Sri Lanka is facing an early exit from the four-team competition. Pakistan beat Bangladesh by 21 runs in the first match of the tournament on Sunday. For Sri Lanka, Suresh Lakmal finished with figures of 2-37, while Farveez Maharoof and Seekkuge Prasanna took one wicket each. Pakistan set its victory course with the ball after Aizaz Cheema produced figures of 4-43, Saeed Ajmal took 3-27 and Umar Gul chipped in with 2-20 to dismiss Sri

Lanka for 188. Sri Lanka was bowled out with more than four overs left. In the face of aggressive and disciplined bowling by Pakistan, Kumar Sangakkara scored 71 and Upul Tharanga hit 57 in a 96-run stand after Sri Lanka had been reduced to 65-4. Sri Lanka lost five final wickets to add only 27 runs. Sri Lanka made one change to its team which lost by 50 runs to India on Tuesday, replacing Chamara Kapugedara with Lasith Malinga. Sri Lanka was without Angelo Mathews after the allrounder was ruled out of the tournament because of a calf injury on Wednesday. He was replaced in the squad by allrounder Shaminda Eranga, who failed to make the team on Thursday. Pakistan also made one change from its winning team that beat host Bangladesh. Asad Shafiq has been rested to include bowler Hammad Azam, who took 1-21. India is a five-time Asia Cup champion while Sri Lanka has won the tournament on four occasions. Pakistan has won it once. On Friday, Bangladesh will face India at Mirpur Sher-e-Bangla National Stadium. -AP

Sri Lanka’s captain Mahela Jayawardene (right) attempts to stop the ball after a shot is played by Pakistan’s captain Misbah-ul-Haq during their Asia Cup cricket match in Dhaka, , March 15, 2012. (AP)

Azarenka demolishes Djokovic, Federer win in 3 sets at Indian Wells Radwanska, Li goes out Tennis

INDIAN WELLS, California: Topranked Novak Djokovic and No. 3 Roger Federer each needed three sets to reach the quarter-finals of the BNP Paribas Open on Wednesday. Second-ranked Rafael Nadal beat 21stseeded Alexandr Dolgopolov of Ukraine 6-3, 6-2 to set up a quarter-final against David Nalbandian, who upset sixth-seeded Jo-Wilfried Tsonga 3-6, 7-5, 6-3. Djokovic, the two-time defending champion, beat Pablo Andujar 6-0, 6-7 (5), 6-2, racing through the first set in 27 minutes before Andujar picked up his game. The Spaniard, who had lost his previous meeting against Djokovic in straight sets, held at love to even the second set 1-1, drawing encouraging cheers from the crowd at the Indian Wells Tennis Garden. Federer got by lefty Thomaz Bellucci of Brazil, 3-6, 6-3, 6-4 in a fourth-round match that finished under the lights and completed a parade of the world’s highest-ranked players. It was Federer’s 12th straight win, making him 19-2 on the year. It was also his 74th consecutive victory against a player outside the top 20, and he has won 36 of 38 matches since the US Open. Federer used a big serve to go up 5-4 in the third set then won on his second match point when Bellucci committed his second straight forehand error. “These are the wins that sort of almost feel better, to be quite honest, because when you’re playing great, it’s simple, it’s easy, right?” Federer said. “But when it’s not going your way and things are difficult, that’s kind of the good wins.”

Roger Federer of Switzerland reacts to his backhand during his win over Tomaz Bellucci of Brazil at the Indian Wells Tennis Garden, March 14, 2012. (AFP)

Against Djokovic, Andujar held at 6-all to force a tiebreaker, which he won 7-5 as the Serb committed a slew of errors. Djokovic broke to open the third, then again to lead 5-2. He served out the match at 40-love, winning when Andujar’s forehand service return sailed wide. Andujar fell to 1-8 against top-10 players, although he hung in for a stretch against Djokovic, keeping him on the run at the baseline with deep shots. The

Basketball

Victoria Azarenka of Belarus, reacts during her match against Agnieszka Radwanska, of Poland, at the BNP Paribas Open tennis tournament Wednesday, March 14, 2012. (AP)

set and three times in the second, completing her first win over the Chinese in four career meetings when her opponent hit a backhand service return long. -Reuters

Formula one

Bulls overcome Rose absence to beat Heat

Chicago Bulls forward Carlos Boozer (5) celebrates after scoring a basket in front of Miami Heat forward LeBron James (6) during an NBA basketball game in Chicago, Wednesday, March 14, 2012. (AP)

CHICAGO: John Lucas III scored 24 points, and the Chicago Bulls beat the Miami Heat 106-102 without Derrick Rose in a charged showdown between the Eastern Conference’s top two teams on Wednesday. The Bulls built a 16-point lead in the second quarter, were up 11 at halftime and boosted it back to 17 in the third after a push by Miami. They then hung on after Miami closed within two in the closing minute for their 11th win in 12 games. Even better, they won without their superstar, and they did it on a night when Dwyane Wade scored 36 and LeBron James finished with 35 points for Miami. Wade did his best to lift the Heat down the stretch scoring 19 points over the fourth quarter. His jumper with 1:20 left cut it to 100-96, and it stayed that way until Chicago’s Kyle Korver hit two free throws with 17 seconds remaining. The Heat weren’t finished, though. James Jones nailed a 3 with 10 seconds left to make it a three

friendship between Djokovic and the 26-year-old Spaniard dates to when they played each other in an under-16 match in Belgium. Other winners were: No. 11 seed John Isner, who defeated Aussie Matthew Ebden 6-4, 7-5; and No. 12 Nicolas Almagro, who defeated No. 7 Tomas Berdych 6-4, 6-0. No. 13 Gilles Simon outlasted young American Ryan Harrison 7-5, 5-7, 6-1 to set up a quarter-final against Isner. -Reuters

INDIAN WELLS, California: Top seed Victoria Azarenka stormed into the last four of the Indian Wells WTA tournament with a ruthless 6-0 6-2 demolition of Agnieszka Radwanska, improving her record this year to 21-0. The Belarusian world number one will next face Germany’s Angelique Kerber, who upset eighth seed Li Na of China 6-4 6-2 after one hour 23 minutes in Wednesday’s night session. Australian Open champion Azarenka outplayed her Polish opponent from the baseline, coasting through the opening set in 25 minutes and racing to a 5-0 lead in the second before being surprisingly broken. Though fifth-seed Radwanska then held serve for the first time in the match, Azarenka served out to clinch a one-sided victory in just over an hour when her opponent netted a forehand. The pony-tailed Belarusian clenched her right fist in delight as she looked at the players’ box, having moved into joint second place in the all-time standings for the best start to a WTA Tour season. Swiss Martina Hingis leads the way with 37 consecutive victories to launch her 1997 campaign while American Serena Williams, with 21 in 2003, and Azarenka are next best. Radwanska came into Wednesday’s match with a 20-3 record for this season, all three of her defeats coming against Azarenka. “I was really impressed with the way I played today,” a beaming Azarenka said in a courtside interview after improving her record to 9-3 against Radwanska. “I was just really focused on every moment, on every point I played, on every ball I was striking. I didn’t really think about the score,” added the 22-year-old, who converted six of her 12 break points. Kerber broke Li twice in the opening

point game, and he hit another one with 6.8 seconds to go after Korver buried two more free throws, pulling Miami within 104-102. Lucas then clinched it when he hit two foul shots with six seconds remaining, giving the Bulls the win on a night when Rose watched from the sideline with a strained groin. That had to feel particularly good since the Heat clinched the Eastern Conference championship the last time they visited Chicago. Lucas III provided a huge spark off the bench, missing his previous career-high by one point, and led six Bulls in double figures. Joakim Noah chipped in with 14 points and four blocks. Korver and Ronnie Brewer scored 12, Luol Deng and C.J. Watson added 11 apiece, and Chicago’s bench outscored Miami’s 56-15. While Wade and James dominated, Chris Bosh struggled in a big way for the Heat. He scored 12 but was just 3 of 15 from the field as Miami lost again after falling to Orlando the previous night. -AP

Vettel breaks caution code in Australia MELBOURNE: Sebastian Vettel reflected a widespread caution over predicting the outcome of the Formula One season on Thursday but at least the world champion was prepared to share his season goal, however unsurprising it was. Driver after driver at the season-opening Australian Grand Prix expressed the opinion that winter testing had been inconclusive and only in Saturday’s qualifying, perhaps even in Sunday’s race, would the true pace of the cars be known. The 24-year-old Red Bull driver broke the mould, however, when asked whether matching Juan Manuel Fangio and Michael Schumacher as the only drivers to win three successive world titles was important “I’m here to win the championship so that’s the target,” he told a news conference ahead of the Australian Grand Prix. “Whether it is the third or not doesn’t make a difference. It would be nice, but the reason we’re here is to race and to win.” The German also conceded that his compatriot Schumacher, who won five of his seven titles in succession from 2000-2004, was his boyhood hero - for a while at least. “When I was growing up, and similar to a lot of kids of that age in Germany, we were admiring Michael,” he said. “He was our hero, he was my hero. I had posters of him on my wall, yes I did, but when I got a bit older, I took them off and put some other posters on the wall,” he added, to laughter. Vettel reprised his hero’s dominance when he won 11 of 19 races last year, including by a formidable 22 seconds at Albert Park, and claimed a record 15 pole positions. Despite that dominance, Vettel said all we was able to report from his experiences in the car so far this year was that he felt good. “I think it was difficult to read testing 100 percent,” he said. “We’ve got a feeling. It’s always important

Sebastian Vettel (left) of Red Bull Racing shares a joke with Fernando Alonso (right) of Ferrari during previews to the Australian Formula One Grand Prix at the Albert Park circuit, March 15, 2012. (AFP)

to have a good feeling about yourself, about the car, how you feel in the car.We were quite happy with that. It didn’t always go to plan but we were happy. It’s a bit unknown at this stage so it’s good to finally be here.” One of the few changes to the regulations this year is that drivers will not be able to return to the main driving line at a corner if they have already made a defensive move.

“I think nothing has changed to be honest, yes, there is a little bit more in writing but I always found there is a code of honor or a gentleman’s agreement, if you like,” he said. “If you are racing someone, you are allowed to race him hard but you should always give him enough room. Here and there you might disagree but largely it has worked well.” -Reuters

FRIdAY, MARCH 16, 2012

SPORTS

Football

Chelsea aims to further revive season in cup

Sports Editors Highlight

RIO DE JANIERO: Ronaldinho was on Wednesday named in Brazil coach Mano Menezes’ preliminary 52-man squad for the football tournament at this year’s London Olympics. Menezes must whittle the squad down to 35 players by June 8 before announcing a final 18-man squad by July 6. Each squad is only allowed to include three players aged over 23 and Menezes’ squad included young stars such as Neymar, Ganso, and AC Milan forward Alexandre Pato. There is strong competition for the three over-age slots, with playmaker Ronaldinho joined in Menezes’ list by Barcelona right-back Dani Alves, Chelsea defender David Luiz and Milan centre-back Thiago Silva. There was no place, however, for Robinho or Kaka. In total, 24 of the players pre-selected currently play their domestic football in Brazil. The London Olympics run from July 27 to August 12. - AFP

Barca could have injured players back for Sevilla MADRID: Barcelona hopes to have several players back from injury for the difficult match at Sevilla as the defending champions battle to trim the 10-point gap to Spanish leader Real Madrid with 12 rounds remaining. Alexis Sanchez (right leg muscle) and Thiago Alcantara (right leg) could be fit to play on Saturday at Sanchez Pizjuan Stadium, where Barcelona hasn’t lost in five years. But Eric Abidal won’t return as he is set to undergo a liver transplant in the next few weeks. Lionel Messi has scored 16 goals in his past six games, only five away from matching Cesar Rodriguez’s club record of 235. Madrid hosts Malaga, an opponent it has beaten in the past five encounters. Sevilla, which is one of the few teams to have taken a point at the Camp Nou this season, also need points. The Andalucians are seven off the last Champions League spot and hopeful that forwards Jesus Navas and Frederic Kanoute are fit for the match. Barcelona will also hope the question about Pep Guar-

diola’s future doesn’t prove distracting, with speculation over whether he will sign on for a fourth season accompanying every news conference involving the club. Malaga hasn’t beaten Madrid since returning to first-division football, a run of nearly 13 years that includes eight straight losses at Santiago Bernabeu stadium. Madrid has won 18 home matches this season, with its only losses at the Bernabeu coming against Barcelona. The team has looked especially strong since Brazilian playmaker Kaka returned to form. Cristiano Ronaldo, Karim Benzema and Gonzalo Higuain have combined for 62 league goals this season, putting them on course to break the 71 from the Barcelona trio of Samuel Eto’o, Thierry Henry and Messi three seasons ago. Madrid has scored 88 goals and is on track to break its own record of 107 set in the 1989-90 season. Malaga travel to the Spanish capital on Sunday on the back of three straight victories to rise to fourth place in the final Champions League berth, but there are a handful of teams giving chase. -AP

King Otto’s Hertha next in line for Bayern Chelsea’s Branislav Ivanovic (left) celebrates after scoring with Didier Drogba 16 second leg football match, March 14, 2012. (AFP)

LONDON: Chelsea can take another step to reviving what had looked set to be a disastrous season when it hosts Leicester in the quarterfinals of the FA Cup on Sunday. Two weeks ago, Chelsea was struggling in the cup, appeared to be on the verge of Champions League elimination and its hopes of finishing in the top four of the Premier League were fading after one win from six matches. But three straight wins have lifted morale and put the west London club back in contention for all three competitions, with only second-tier Leicester now standing in the way of a Wembley semifinal appearance. Liverpool hosts Stoke in Sunday’s other quarterfinal, while Everton is at home to Sunderland on Saturday, when Tottenham takes on Bolton in north London. Chelsea’s firing of coach Andre Villas-Boas following months of reports of clashes with players seems to have rejuvenated and bonded the squad, which immediately beat Birmingham in an FA Cup replay, Stoke in the Premier League and Napoli in the Champions League. “The only way to answer it is to win games and play well and we’ve done that,” midfielder Frank Lampard said.

during the UEFA Champions League round of

Chelsea has won its last five meetings with secondtier Leicester, scoring four goals in each of the last two, and is now a strong contender for a fourth FA Cup win in six seasons. After scoring in the 4-1 win over Napoli, Didier Drogba looks set to continue up front in place of Fernando Torres, who has just five goals in 50 appearances since joining Chelsea in January 2011. Torres’ former club, Liverpool, is aiming to add a first FA Cup title since 2006 to the League Cup it won in a shootout last month. Stoke reached last season’s FA Cup final but lost 1-0 to Manchester City and still has never won football’s oldest cup competition. Only Arsenal and Manchester United have won the FA Cup more times than Tottenham but the last of Spurs’ eight wins was 21 years ago and they need to put a Premier League three-game losing streak behind them to overcome Bolton. It’s a massive game for us,” Tottenham winger Gareth Bale said. “We know our league form hasn’t been great of late, but the FA Cup is a different competition and, being at home, we’ve got a great chance to get to the semifinals.” There are only four Premier League games scheduled for the weekend, with Swansea at Fulham and West Bromwich Albion at Wigan on Saturday. -AP

United can go four clear by avoiding Wolves bite MANCHESTER: Premier League leaders Manchester United will go four points clear if they beat second-from-bottom Wolverhampton Wanderers at Molineux this weekend but need only look back a year to know that is not as easy as it sounds. In February 2011, then bottom club Wolves ended United’s 29-match unbeaten league run, inflicting a first league defeat of the season on the eventual champions when they stunned their visitors 2-1 in this fixture. Wolves, again embroiled in a battle to avoid relegation after just one win in their last 14 league games, fell behind to an early Nani goal but replied with two goals before halftime which led manager Alex Ferguson to bemoan his side’s “bad play at set-pieces”. With Manchester City, the long-time leaders before their rivals overhauled them last week, not playing until Wednesday because opponents Chelsea are among those involved in the FA Cup quarter-finals, United can turn the screw on Sunday. One of the keys to whether they can retain their title could be striker Wayne Rooney, who has been chal-

FILE - Goalkeeper Wayne Hennessey and Karl Henry of Wolves combine to snuff out Phil Jones of Manchester United during a match between Manchester United and Wolverhampton Wanderers, Dec. 10, 2011. (AFP)

lenged by Ferguson to net 40 goals this season and who scored twice in December’s 4-1 victory over Wolves at Old Trafford. Another double in last week’s 2-0 victory over West Bromwich Albion took his tally to 26, eight fewer than his best ever haul of 34 in 2009-10, and his team mates see his run continuing. City manager Roberto Mancini has said the champions have the mental edge having been involved in so many title battles while his club are seeking a first championship since 1968. But he has refused to be down and says his team have enough games left to swing things back in their favor, including next month’s mouth-watering Manchester derby. “Now we can’t cry, now is a time to be strong and keep going because we are a top team,” the Italian, whose team have 66 points from 28 games compared to United’s 67, told a news conference. “We have 10 games, all is in our hands and we can change if we want. We have pressure because we want to win the title, we want to make history for the club.” - AP

BERLIN: Otto Rehhagel has twice pulled off near-impossible feats in his distinguished coaching career and faces another huge challenge on Saturday as his relegation-threatened Hertha Berlin attempt to stop goal happy Bayern Munich. Bayern have been irresistible in their last two games, scoring seven in each, and suddenly appear to have gained momentum at the right time in the season after a slump which including defeats to Borussia Moenchengladbach and Bayer Leverkusen. If anyone can stop find a way of stopping them, however, it is the 73-year-old Rehhagel, who led Kaiserslautern to an improbable Bundesliga title in 1998, the only time a promoted team has won the

championship, and won Euro 2004 with Greece, an equally unlikely achievement. Rehhagel’s total of 18 wins over Bayern at various stages during his career is more than any other coach has managed and “King Otto” is always happy to put one over on the Bavarian club who sacked him after less than a season back in 1996. In complete contrast to Bayern, Hertha, who are 16th with 23 points and occupy the relegation playoff spot, have found goals almost impossible to come by, scoring only once in their last seven outings in all competitions. Bayern, second with 51 points, are still five behind leaders and titleholders Borussia Dortmund, with nine games each to play, including a meeting between the two sides on April 11. Juergen Klopp’s

team host sixth-placed Werder Bremen and are attempting to set a club record of 20 Bundesliga matches without defeat, their last reverse having come against Hanover 96 in September. They had also won eight games in a row until being held to a goalless draw at Augsburg last week. Borussia Moenchengladbach have dropped back into third spot, three points behind Bayern, after picking up only one point and failing to score in their last two games and hope that a visit to local rivals Bayer Leverkusen will inspire them to an improvement. The weekend also features a key relegation battle with Hamburg SV, who have dropped into 14 place with 27 points, facing 17th place Freiburg, who have 22. -Reuters