March 20, 2012 by Al Watan Daily

TUESDAY, MARCH 20, 2012

@alwatandaily

Issue No. 1379

www.alwatandaily.com

150 Fils with IHT

Volunteers may replace employees on strike

Mohammed Al-Khaldi Staff Writers

20 PAGES

KUWAIT: The ministerial committee which has been monitoring the ongoing strikes presented on Monday names of citizens who voluntarily expressed desire to fill up posts of any potential shortages in government institutions that have been affected by the strikes. The committee, which met under the chairmanship of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Sabah, deliberated ways to utilize volunteers to ensure a continuous workflow amid the current strikes. The committee also viewed reports on losses incurred in the past days due to employees’ strikes. This comes at a time when Kuwait Airways employees vowed on their third day of strike, to continue their protest which has caused losses of over 30 million US dollars and cancelled 47 flights. The Customs strikers,

however, allowed the passage of about 100 truckloads of fruit and vegetables to prevent further price increases. In related news, it has been gathered that the Cabinet will attend Parliament’s Thursday session which has been set to discuss wage increases, special allowances and the ongoing strikes sweeping a number of government institutions. The official source disclosed that the government will set out its vision concerning the approach it has been pursuing in addressing these issues in such a way that the State is not adversely affected. As such, the government will be keen to reach a common ground with the legislative authority with regard to this critical matter. Earlier, about 12 MPs filed a request for a special session to be held by the Parliament on Thursday to gauge the government’s opinion on wage demands and special allowances, as well as the ongoing labor action, as airline and Customs employees have been on strike. The MPs are eager to know government’s approach in addressing

Kuwait Airways continues strike for third day Losses exceeded 30 million US dollars, 47 flights cancelled

Jameel W. Karaki Staff Writer and Agencies

Kuwait Airways counters are empty for third consecutive day as employees strike demanding an increase in salaries and beneﬁts at Kuwait’s International Airport in Kuwait City on March 19, 2012. (AFP)

this critical issue and exchange views on it. MP Dr. Faisal Al-Mislem urged the government to come up with solutions to tackle wage demands and address the issue of labor action, rather than engage in selfexoneration. The lawmaker criticized the government for indecisiveness at the critical moment to address the issue of strikes. However, he praised the prime minister for offering talks with union leaders. For his part, MP Adel Al-Damkhi announced that the premier held a meeting with the Parliamentary majority to find an outlet for this current crisis. The MP called on the government and union leaders to engage in genuine discussions to end the impasse. MP Ali Al-Omair called on the government to keep the promises it previously made to labor unions in the best interest of the general public. He equally urged syndicates to end the strikes which cripple the normal functions of the State and endanger CONTINUED ON 2 food security.

Kuwait Dairy Company doubles its production to ensure food security

KUWAIT: Kuwait Dairy Company (KD Cow) announced, on Monday, that it increased its production capacity to meet shortage of dairy products in the markets. The company’s Director-General Saleh Al-Attiqi told Kuwait News Agency (KUNA), that in order to maintain food security, under the current customs strike that paralyzed the market, the company doubled its production. However, it ensured that the prices of its products remain unchanged. He pointed out, that the company’s sense of obligation towards consumers led to “unchanged” prices over the past 10 years amidst great hike in most commodities and feedstock. He ensured that the company has a strategic reserve of pasteurized milk to meet the demands of local market More on 3 and guarantees food availability.

Dismay expressed over Al-Qallaf’s TV statements on chief of tribe Lawmaker apologizes, says he ‘did not mean’ offence

KUWAIT: The statement released by MP Hussein Al-Qallaf during a TV debate on Scope Satellite Channel led to strong reactions by a number of lawmakers, as they said that, in their opinion, Al-Qallaf spoke inappropriately about the Chief of Awazem Tribe, Falah Bin Jamae. A number of current and former MPs attacked Al-Qallaf, accusing him of attempting to stir sectarian sedition, in addition to undermining the national unity. The MPs affirmed that such statements will never go unpunished. Al-Qallaf has apologized to the tribe, indicating that he did not mean by his statement scolding the Chief of the tribe. On his part, MP Dr. Ahmad Al-Azmi

criticized Al-Qallaf who attacked the most prominent figure in the tribe, adding that even though Al-Qallaf did not mention the name of chief, it was obvious in his statements who he was referring to. The lawmaker said that he will not remain silent and promised to hit with an iron fist anybody that trespasses on the tribe or attempts to scold its icons. MP Menawer Al-Azmi said that insulting the chief of the tribe should not go unpunished and called on the government to apply its laws on everyone who attempts to stir sedition and undermine national unity. He disclosed that the chief endorsed great stands, which include his position against the corruption of the for-

North wants rocket for nuclear weapon, says South Korea SEOUL: South Korea on Monday condemned rival North Korea’s planned rocket launch as a “grave provocation”, saying it was a disguised attempt to develop a long-range ballistic missile capable of delivering nuclear weapons. Seoul also extended a security alert in the capital, and said it was concerned the North might follow the ballistic missile launch with another nuclear test. The North announced on Friday it would put a satellite into orbit next month barely two weeks after reaching an agreement with Washington to suspend long-range missile launches as part of a deal to restart food aid. “Our government defines North Korea’s so-called working satellite launch plan as a grave provocation to develop a long-distance delivery means for nuclear weapons by using ballistic missile technology,” presidenMore on 5 tial spokesman Park Jung-ha said in a statement.

mer government. Al-Azmi added, “We will not permit insulting our tribe or any other Kuwaiti tribes and the government will be brought to account if it doesn`t apply laws on those who stir sedition”. Lawmaker Mubarak Al-Walaan said, “When a follower and a spy of Tehran and the Syrian Ba`ath regime attacks an icon like the chief of Awazem tribe, then we have to be aware of the fact that there is a plan that aims at attacking the icons of our society and such step will contribute effectively in undermining national unity.” The MP said that Bin Jamae was attacked for playing an effective role in dismissMore on 2 ing the former government.

Solar power station in Spain works at night

PARIS: A unique thermosolar power station in southern Spain can shrug off cloudy days: energy stored when the sun shines lets it produce electricity even during the night. The Gemasolar station, up and running since last May, stands out in the plains of Andalusia. From the road between Seville and Cordoba, one can see its central tower lit up like a beacon by 2,600 solar mirrors, each 120 square meters (28,500 square feet), that surround it in an immense 195-hectare (480-acre) circle. “It is the first station in the world that works 24 hours a day, a solar power station that works day and night!” said Santago Arias, technical director of Torresol Energy, More on 15 which runs the station.

His Highness the Amir Sheikh Sabah Al Ahmed Al Sabah during the graduation ceremony of student ofﬁcers from the Saad Al-Abdullah Academy on Monday, March 19, 2012 (KUNA)

Kony filmmaker to focus on health after bizarre incident: Family

Damascus rocked by fighting, Annan team arrives

DAMASCUS: Fierce clashes between rebel troops and Syrian forces rocked a Damascus district bristling with security facilities on Monday, just hours before experts sent by peace envoy Kofi Annan arrived in the capital. The fighting, the heaviest in Damascus since a revolt against President Bashar Al-Assad’s regime erupted a year ago, came as the capital was still reeling from deadly weekend bombings. State television said three “terrorists” and a security force member were killed in the clashes that erupted early morning in the upscale and heavily guarded Mazzeh neighborhood of Damascus, where several security facilities are housed. It said several people were also wounded on both sides. Rami Abdel Rahman, head of the Syrian Observatory for Human Rights, said at least 18 security troops were wounded in the fighting that broke out before dawn in Mazzeh. “The clashes were the strongest and the closest to security installations in the capital since the outbreak of the revolt a year ago,” Abdel Rahman told AFP. He said that by 4:00 am (0200 GMT) the fighting had ebbed. Mourtada Rasheed, an activist in Damascus, said blasts and heavy shooting could be heard in

Mazzeh as well as two other districts, Qaboon and Arbeen. “We woke up at 3:00 am (0100 GMT) to the sound of heavy machine-gun fire and rocket propelled grenades (RPG),” said one resident of Qaboon who did not wish to be identified. A resident of Mazzeh, located near the presidential palace and home to several embassies, said locals were terrified by the sound of gunfire. “We were very scared but now the roads are clear and stores are open for business,” she told AFP. Rasheed said the fighting was the result of a hit-and-run operation launched in Mazzeh by the rebel Free Syrian Army to ease pressure on other regions targeted by regime forces. Violence was also reported on Monday in the central province of Hama, where several houses in the town of Qalaat Al-Madiq were destroyed in shelling by security forces, the Britain-based Observatory said. It added that troops also besieged and stormed the town of Kafar Shams, in the southern province of Daraa. Monday’s clashes came after twin car bombs ripped through two neighborhoods of Damascus on Saturday killing 27 people according to the More on 4 Syrian interior ministry.

Original Einstein manuscripts to be posted online

Sri Lankan buddhist monks protest in Colombo on March 19, 2012. US-led move to censure Sri Lanka at the ongoing UN Human Rights Council sessions in Geneva over its alleged war crimes while crushing Tamil rebels in 2009. (AFP)

JERUSALEM: All 80,000 items in Albert Einstein’s archives, including personal correspondence with half a dozen lovers and a poignant postcard to his ailing mother, are going online. The Hebrew University of Jerusalem, which owns the Einstein collection, is slowly uploading high resolution photographs of scientific papers, letters on social issues including nuclear disarmament and the Arab-Israeli conflict, and other texts. Archivists said Monday’s launch of the online repository will give scholars around the world direct access to Einstein’s papers. Most have been locked in storage at the university and only half of the collection appears online. The university has also published a complete inventory of all 80,000 items in the Einstein collection. -AP

Syrian refugees walk in their camp near the Syrian border in Reyhanli, Turkey, Monday, March 19, 2012. The number of Syrian refugees ﬂeeing violence in their country is now more than 16,000. (AP)

Afghan shooting suspect called to duty repeatedly

ALWATAN DAILY

kuwait

TUESDAY, march 20, 2012

Kuwait Airways continues strike for third day Losses exceeded 30 million US dollars, 47 flights cancelled Jameel W. Karaki Staff Writer and Agencies

KUWAIT: Kuwait Airways, the state’s national carrier, extended flight cancellations across its route network into a third day Monday as it struggled to cope with a strike by workers. Director of Public Relations at the National Carrier Adel Boresly has expressed his apologies to passengers for any inconvenience due to uncontrolled circumstances. Meanwhile, passengers were outraged on Monday since there were no employees to transfer their airline reservations to other companies. Head of Kuwait Airways employees union Abdullah Al-Hajri asserted that the strike will continue until all the demands of the employees are met as stipulated in their contracts and asked the government to approve all salary and allowances increases. However, overseas medical treatment flights will be serviced, where they head to Paris, London, New York, Abu Dhabi, and Jeddah for Muslims going to Umrah. It is worth noting that losses have exceeded 30 million US dollars, and 47 flights were cancelled. Al-Hajri explained that it is impossible for the army or volunteers to fill in the shortage, since working in such field requires certain skills and experiences. Moreover, Kuwait Airways is expected to suffer significant losses as a result of suspending its flights for the past period, not to mention the bad reputation that the company will have in international transportation arenas; in addition to facing legal action from outraged passengers who failed to travel. Head of Operations Department in the General Directorate for Civil Aviation Essam Al-Zamel revealed that the number of incom-

Photo showing strike banners placed next to the counters where Kuwait Airways’ employees should be working as they go on strike for third consecutive day on Monday, March 19, 2012. (KUNA)

ing and departing flight that was suspended from Saturday until now is 103. Moreover, the Director of the Civil Aviation Fawwaz Al-Farah said despite the suspension of all flights, he insisted that such strike would not affect the aviation traffic at Kuwait International Airport.

Al-Farah said that there are 44 Arab and non-Arab operational airlines that are running their flights regularly. There are also Al-Jazeera airlines as well as other international companies, where people may choose to book on any of them to travel to their intended destination . He reassured that in case the land services

suspended its operation, there would be agents working for the private sector available for that job. Al-Farah explained that the Civil Aviation has been coordinating with the Ministry of Interior to maintain order and security in the airport throughout the duration of the strike. He

insisted that his department would not hesitate to take legal action against anyone who tries to take advantage of the strike to obstruct work, especially the freedom of aviation as well as the reputation of the Kuwait International Airport. Al Watan Daily spoke to a group of workers at Kuwait Airways, the National carrier, about the reasons behind their strike and their expected outcome. A Kuwaiti worker who asked to remain anonymous said that “this strike comes after the strike of the Customs officials, where all of us demand higher pay and benefits. They announced a rise in pay for us, but measures did not go far enough since we are not just numbers”, noting that one of the reasons that Kuwait Airways is not making any profit is lack of wise human resource policies and a lack of transparency with stakeholders. Another worker, explained, that employees are concerned about their future and career, where their strike is not only about a raise, but developing their working conditions and environment. He added, “Even some pilots are on strike because they are worried about their safety and till now, I see no hope in the short run that our fleet will be updated”, pointing out that Kuwait is a democracy where labor unions should be the wage setters. A third worker from the ground operations said, “The strike will continue despite the news about a government pledge to increase workers’ wages by 25 percent”, adding that he is aware of the impact of participating in the strike, but it is a must for a better future and career at Kuwait Airways. Moreover, he believes that Kuwait Airways employees and the Customs workers weren’t treated fairly before, but with the strikes more light is shed on their case. The action by Kuwait Airways employees follows a work stoppage by Customs officials that began last week and is blocking food items from entering the country. Workers are demanding higher pay and other benefits.

Dismay expressed over Al-Qallaf ’s Experts say salary increase demand is not economically feasible TV statements on chief of tribe Lawmaker apologizes, says he ‘did not mean’ offence Staff Writer

KUWAIT: The statement released by MP Hussein Al-Qallaf during a TV debate on Scope Satellite Channel led to strong reactions by a number of lawmakers and citizens, as they said that, in their opinion, Al-Qallaf spoke inappropriately about the Chief of Awazem Tribe, Falah Bin Jamae. The statements caused a number of Awazem Tribe to storm yesterday the headquarters of Scope TV. Several members of the tribe called for shutting down the channel and referring its employees to the Public Prosecution for undermining the national unity. On his part, the Director of Scope Channel Mohammad Al-Said addressed the tribe saying the opinions which were expressed through the channel represent just the person’s opinion and not the channel’s. Scope TV stopped broadcasting in an attempt to express rejection to the government’s silence for not taking action against the storming the channel’s building. Kuwait Society for Fundamental Human Rights said that the laws protect the media’ freedom, however it stressed that the media should not be undermining the social fabric. The society denounced storming the headquarters of the channel as well as insulting the chief of Awazm tribe. Meanwhile, a number of current and former MPs attacked Al-Qallaf, accusing him of attempting to stir sectarian sedition, in addition to undermining the national unity. The MPs affirmed that such statements will never go unpunished. Al-Qallaf has apologized to the tribe, indicating that he did not mean by his statement scolding the Chief of the tribe. On his part, MP Dr. Ahmad Al-Azmi criticized AlQallaf who attacked the most prominent figure in the

tribe, adding that even though Al-Qallaf did not mention the name of chief, it was obvious in his statements who he was referring to. The lawmaker said that he will not remain silent and promised to hit with an iron fist anybody that trespasses on the tribe or attempts to scold its icons. MP Menawer Al-Azmi said that insulting the chief of the tribe should not go unpunished and called on the government to apply its laws on everyone who attempts to stir sedition and undermine national unity. He disclosed that the chief endorsed great stands, which include his position against the corruption of the former government. Al-Azmi added, “We will not permit insulting our tribe or any other Kuwaiti tribes and the government will be brought to account if it doesn`t apply laws on those who stir sedition”. Lawmaker Mubarak Al-Walaan said, “When a follower and a spy of Tehran and the Syrian Ba`ath regime attacks an icon like the chief of Awazem tribe, then we have to be aware of the fact that there is a plan that aims at attacking the icons of our society and such step will contribute effectively in undermining national unity.” The MP said that Bin Jamae was attacked for playing an effective role in dismissing the former government. Al-Waalan asked the government to adopt a clear stance as well as shutting down Scope TV, which opens its door to agitators and the followers of Tehran and Ba`ath Party. MP Mohammad Hayef asked the Minister of Information to apply the media laws on Scope TV and all corrupt media means that still practice suspected role for stirring sedition. MP Salem Al-Namlan Al-Azmi called both the Prime Minister and the Minister of Information to apply the laws on any person who attempt to undermine national unity, wherein applying laws everyone contributes effectively in suppressing sedition. He added that he will submit an interpellation motion against the prime minister and the minister of information regarding this case if the government doesn’t take severe action.

Volunteers may replace employees on strike Continued from page 1

Meanwhile, MP Mohammad Al-Saqr asserted that strike is an indisputable right so long as it doesn’t imperil public interest or turn into a tool for blackmail. The legislator commended the wage increases that have been recently announced by the Civil Service Commission. Al-Saqr stressed that strikes should be dealt with responsibly and firmly, adding that all means of dialogue need to be exhausted to reach an agreement. He added that the issue at stake is critical because it involves the State’s financial status and the future generations. For his part, the Chairman of the Parliamentary Financial Committee MP Marzouq Al-Ghamen stated that the committee had coordinated a meeting with the government tomorrow (Wednesday) discuss special allowances, wage increases as well as strikes. He explained that the meeting is designed to come up with a

vision regarding the matter. In other news, Al Watan has learnt that the Social Securities Institution has rejected the early retirement proposed law which is being examined by the Parliamentary Financial Committee. The draft law stipulates that the service of men be reduced to 20 years and 15 years for women. Sources close to the committee have indicated that the official of Social Securities are of the view that the said proposed law can cause deficit in the institution’s budget if it is passed by the Parliament. On the other hand, the members of the committee believe that the law has the potential to resolve the issue of unemployment and end the manipulation of sick leaves. In another development, the Chairman of the Parliament’s Interior and Defense Committee MP Nayef Al-Merdas announced that the committee had endorsed a 500 Kuwaiti-dinar allowance for all military personnel with lieutenant up to captain ranks.

Kuwaiti troupe thrills Japanese audience TOKYO: Kuwait TV Troupe on Monday thrilled Japanese audience with a number of traditional folklore songs and dancing that ended with warm applause by the Japanese public. The performance was held at Nihonbashi Mitsuhi Hall in downtown Tokyo as part of Kuwait Cultural Days on the occasion of the 50th anniversary of diplomatic ties between Kuwait and Japan. At the end of the show, the troupe also composed a song for the Japanese people as a token of friendship and harmony. In his opening address, Japanese Parliamentary Vice-Minister for Foreign Affairs Kazuyuki Hamada

expressed gratitude to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah and the Kuwaiti people for unstinting support and assistance following the last March’s massive earthquake and tsunami. “Kuwait has provided us with the five million barrels of crude oil, worth some 550 million US dollars. Kuwait made largest contribution to Japan by any countries after the March disaster,” Hamada underscored. Kuwait contributed oil upon the directives of His Highness the Amir in the wake of a 9.0-magnitude earthquake and ensuring tsunami that left more than 19,000 people dead or missing in the northeastern region. -KUNA

Kuwait may be heading towards a budget deficit in approximately ten years Michael A. Kolarov and Agencies Staff Writer

KUWAIT: From Doctors, to Customs Agents, to several ministries, public workers are going on strike to demand an increase in their salaries. The strike has thus caused disruptions to business in Kuwait, grounding flights, and causing the prices of basic goods to rise. According to Khalid Al-Mutari who spoke to Al-Watan Daily on behalf of the Kuwait Trade Federation Union, strikers demand a 60-80 percent increase in salaries. The Kuwait Chamber of Commerce has spoken out against giving into the strikers’ demands. According to a statement published in local newspapers Monday, it opposes concessions because of the strain it would place on the country’s finances. It was also announced on Saturday that the Government has rejected the demands of all strikers and has warned that the strikes are a violation of the law. Abbas Al-Mejren, an economist at Kuwait University, said in an interview to

The National in Abu Dhabi that from 2002 to 2010, the cost of public sector salaries increased from 1.5 billion Kuwaiti dinars to KD four billion. He said if the price of oil drops, the government could face a huge deficit. The head of the Kuwait parliament’s budgets committee said earlier this year that Kuwait needs an oil price of around 85 US dollars to $90 a barrel to balance its budget. Oil is currently hovering around $100 a barrel. Presently, 85 percent of the national GDP goes to paying public sector employees, with economic analysts in the media predicting that Kuwait is heading towards a budget deficit in approximately ten years. While unions point to a massive budget surplus, which they believe should be the source of their pay increase, financier Zachariya Al-Hamoud doesn’t believe that the price of oil is at immediate danger of dropping below $80, but stresses that market forces are difficult to predict and impossible to control. On the issue of granting a raise to all Public sector employees, Al-Hamoud doubts that it would be in the nation’s best interest at this time, “No raise would cause debt down the road, and a raise far below 60 percent would destroy our surplus here and now and create a deficit.”

yet unions are demanding an increase of up to 80 percent. “An increase of salaries would increase inflation. Right now Kuwait actually needs to cut back on spending.” He elaborates, “What happens when (oil) prices are high, other market forces come into play, meaning, for example there’s an oil type called ‘shale’ it’s expensive to gather and difficult to drill for, meaning it isn’t always economically feasible to gather. However, now that oil prices are high, it is economically feasible to drill for it. So that means there will be completion in the oil market from other nations. The effects of which can’t be predicted right now, but with time and development, it will have an effect on the overall market.” Al-Hamoud offers his opinion saying, “Kuwaitis don’t remember times of austerity in distant past. They are used to living well and not being worried about whether or not they should eat dinner on any given day. People should be happy for the nation having a budget surplus, some of it needs to be put into a financial reserve for the nation, and some of it needs to be invested in the development of the private sector to diversify the economy. Serious economic issues can’t be addressed under the pressure of strikes.”

Ambassador Al-Keleid: Jordan rejects any form of military action in Syria Wafaa Qansour Staff Writer

KUWAIT: Jordanian ambassador in Kuwait Mohammed Al-Keleid denied rumors that Jordan will open its air space and lands to launch military strikes against Syria, and stressed that Jordan rejects any form of military action in Syria. He described Syria as a ‘neighboring country’ and said that Jordan has common interests with it. Al-Keleid applauded the strong relationships between Kuwait and Jordan, and mentioned that this relationship is based on brotherhood and common incidents. He hoped that the bilateral relationships would witness further development, under the wise reign of the leaders of both countries. Furthermore, he revealed that Jordan is working in collaboration with the Gulf Cooperation Council (GCC) countries to join the council. He added that several meetings were held regarding that issue.

Photo of Jordanian ambassador in Kuwait Mohammed Al-Keleid on Monday, March 19, 2012. (Al Watan)

Labor unions announces its support to MoH worker’s demands

Hamed Al-Sayed Staff Writer

KUWAIT: The Head and members of the board of Labor Union at the Ministry of Health called all employees of the ministry to participate in the sit-in that the union had planned to stage today before the headquarters of the ministry of health, especially after the ministry rejected approving the cadre and other legal requests of employees. Meanwhile, the Head of Union Hussein Al-Sabeel said, in a press statement, that the union asked all employees to participate in the sit-in which, adding that the union will tend to further escalade the issue to reach a strike if the ministry

does not approve the requests of employees. On his part, the Head of Labor Union at the Ministry of Social Affairs and Labor affirmed that the union supports the requests of the employees of the Ministry of Health who have been calling for such rights for a long time but their requests are not approved till now. He added that the recent raises which were endorsed by Civil Service Commission (CSC) don’t fit the hard efforts of employees. Furthermore, the Head of Labor Union at the Ministry of Information Yaseen Abdullah AlFarisi affirmed that the union supports all legal requests of the employees of the Ministry of Health, indicating that the government has to consider all legal requests of employees in order to approve requests as soon as possible.

ALWATAN DAILY

KUWAIT

TUESDAY, march 20, 2012

Amir honors military officer’s graduation ceremony KUWAIT: His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah, Supreme Commander of the Armed Forces, sponsored and attended the graduation ceremony of the 38th group of officers, 32nd group of specialty officers, and 4th group of female support staff at Saad Al-Abdullah Academy for Security Sciences, Monday. His Highness was greeted during his arrival by First Deputy Prime Minister and Interior Minister Sheikh Ahmad Al-Humoud Al-Jaber Al-Sabah, Interior Undersecretary Lt. General Ghazi Abdulrahman Al-Omar, and Interior Assistant Undersecretary for Training and Education Affairs Lt. General Sheikh Ahmad Al-Nawaf Al-Ahmad Al-Jaber Al-Sabah. Also, His Highness was greeted by Saad Al-Abdullah Academy Chief Major General Fahad Yusef Al-Sharqawi, and a host of senior ministry officials. The graduation ceremony was attended by His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Sabah, National Assembly Speaker Ahmad Al-Saadoun, former speaker Jassem Al-Kharafi, senior Sheikhs, Deputy Chief of the National Guard Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, and His Highness Sheikh Nasser Al-Mohammed Al-Ahmad Al-Sabah. Other senior officials in attendance included His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad AlSabah, Deputy Minister of Amiri Diwan Affairs Sheikh Ali Jarrah Al-Sabah, and other

Staff Writer

KUWAIT: Patients seeking medical attention from public and government hospitals claim that no medical records are available. Small clinics that are public or government run are often unequipped with facilities. Yet interviewees attest that no such neglect happens, especially in cases of medical records and other related issues pertaining to information archives. Al Watan Daily spoke to the nurses and administrative officers who requested anonymity and shared information in defense against such allegation. In a study made by Kuwait Medical Journal published under “Perceptions of Patients, Doctors and Clerks of their Roles in Causing Problems in Medical Records” by Dr. Abeer Khaled Al-Baho, Director of Family Medicine Training Program, Kuwait Institute for Medical Specialization identified its study objectives as: To study the perceptions of clerks, doctors and patients regarding their roles in the causation of current problems in medical records in Primary Health Capital area. The problems were summarized as follows: the non-retrieval, improper storage and loss by clerks, the non- recording by doctors, and the no-arranging and non-requesting for file retrieval by patients. The study concluded that clerks, patients and doctors have good aware-

KUWAIT: Kuwaiti Minister of Justice, Awqaf and Islamic Affairs Jamal Al-Shahab made a decision on Monday to re-establish the human rights higher committee. Based on the decision, the minister will head the committee and will include two consultants, representing the General Prosecution, in addition to two members representing the Justice Ministry, Interior Ministry, Foreign Ministry, Social Affairs and Labor Ministry, Education and Higher Education Ministry, Health Ministry, Awqaf and Islamic Affairs Ministry, and a representative from Kuwait University’s law school. The decision also specified tasks and missions assigned to the committee, including providing views and counseling to the state’s decision makers and to all topics regarding human rights issues, reviews, reports, and legal institutes. The committee was a result of a 2009 ministerial decision. -KUNA

sense of obligation towards consumers led to “unchanged” prices over the past 10 years amidst great hike in most commodities and feedstock. He ensured that the company has a strategic reserve of pasteurized milk to meet the demands of local market and guarantees food availability. Kuwait Dairy Company, established in 1960, has become one of the most prominent companies in the region, specializing in the processing and marketing of fresh dairy products. Its daily production capacity reaches more than 120,000 liters. -KUNA

Number of meat purchasers reduced by 40 percent: Local Butchers Officers march in a parade performed during the graduation ceremony of the 38th group of officers, 32nd group of specialty officers, and fourth group of female support staff at Saad Al-Abdullah Academy for Security Sciences, on Monday, March 19, 2012. (KUNA)

senior officials, along with families of the graduates. The ceremony started with an address by the academy chairman, followed by reading of the ministerial decrees appoint-

ness regarding the importance of maintaining a patient’s medical record. However, many obstacles still exist before each patient could have a medical file. These include: absence of records in the clinic itself, overcrowding, patients not asking for their file on each visit, patients not bringing their ID cards or not arranging for a file when they did not have one. The study also stated that the three parties contributed to the problem of maintaining medical records. Managing this problem will require the cooperation of all. Based on these premises, Al Watan Daily spoke to three different individuals from different public hospitals and attested similar claims that no such discrepancy occurs. M.S., a nurse working for a government hospital in Sharq, told Al Watan Daily that government hospitals are required to keep medical records of patients after consultations, adding that there is no such thing as records don’t exist. M.S. explained that each patient, as in the case of an expatriate, is required to show the Civil ID which states the person’s location of residency that entitles the person to medical services in public clinic or government hospital within the area specified. In many instances, other hospitals also accommodate patients from other localities. M.S. added that patients who come to these hospitals are often registered and personal and individual files are opened, where three

FILE - picture obtained from online shows the operation room in one of Kuwait’s public hospitals. Nurses and administrative officers said that public clinics and hospitals do keep medical records.

Justice Minister issues decision to re-establish human rights higher committee

Kuwait Dairy Company doubles its production to ensure food security

ing the officers in the Police force, and then the graduates’ parade. This was followed by performance of an operetta (Protectors of the Constitution) and the oath taking of the graduates. -KUNA

Public hospitals refute patients’ claim that medical records are unavailable Ricky Laxa

copies are provided for the purpose of records of patient, hospital and administration. T.C., a nurse in a hospital in Farwaniya, attested M.S. claims. She rejected claims that no medical records are available for each patient. T.C. stated that in cases of expatriates, who come to the clinic for medical attention, records are kept. However, in some cases, these records somehow were not updated due to several reasons; the span of time between two consultations was five years and that most of these files are often archived, patients do not belong to the area and are considered “out-patient” not unless the patients request to open files and that in such cases are directed to proceed to their respective clinics. Patients can always request for copies of their medical records yet in some cases, these files are drawn out from record section without proper procedure. “Some patients take their files from the hospitals record sections without hospitals’ knowledge and should they lose these records, no copies are left available. Taking of medical records without going through the procedure of request is not allowed by hospital administration and against policy”, commented TC. In cases of referrals from smaller clinics to specialized hospitals, each clinic will submit a request form confirming the need for the patients to seek medical attention. MAZ, a hospital administrative clerk told Al Watan Daily that procedure for such transfer is very accessible for everyone. Since most of the clinics are considered outpatient departments, specialized services such as laboratory works, x-ray and more can only be availed from equipped hospitals, nonetheless both facilities keep records of patients. “Medical records are very important for everyone; these records are essential in acquiring clearances and applications for jobs, colleges and universities applications for foreign education and more. Loosing these records will require new sets of medical tests and will require additional expenses. Keeping personal records and requesting for copies is essential for further references. Kuwait government has enhanced and developed its medical services along these years and that new improved facilities are rendered to patients as results of continuing education with local medical practitioners, updating state of the art equipments and latest medical breakthroughs,” commented family medicine physician.

Authority praises Kuwait’s relief efforts

A Syrian child from the city of Homs receives medical aid sent from Kuwait. (KUNA)

VIENNA: The executive director of Austria’s relief authority, Dr. Ahmad Al-Matbouli, has praised the distinguished role of charities of Gulf Corporation Council (GCC) states in general and Kuwait in particular. In an interview with Kuwait News Agency (KUNA), Dr. Al-Matbouli discussed the occasion of launching a campaign here for aiding Syrian children, noted the fact that generation after another in Kuwait has adopted humanitarian aid for needy nations. He also expressed hope to increase of cooperation between Kuwait and the Austrian authority for offering help for stricken families from various corners of the world, without discrimination. The Austrian authority sponsors orphans, launches relief and social help programs, supports relocated people and grants food to the helpless during the fasting month of Ramadan. Meanwhile, Christine Nostlinger, a writer specialized in children literature, condemned the horrific acts of killing targeting the children of Syria. She said, this campaign was aimed for educating the world and the Austrian people about the dilemma of the Syrian children in the cities of Homs, Hamas and Aleppo. Nostlinger added in the remarks to KUNA, that she was deeply distressed at pictures of children being placed in horrific conditions in Syria and called for sparing the young from this cycle of mad violence. -KUNA

Nancy Oteifa Staff Writer

KUWAIT: It has been noted that the prices of meat had increased lately, including also local meat. Al Watan Daily visited some butchers to investigate the issue and realized that the prices of meat had increased by almost 30-40 percent. Ahmad, a butcher in Reggie area, told Al Watan Daily that the price of a local sheep reached 90 Kuwaiti Dinars from KD 50. He added that a young sheep jumped from KD25 to around KD 40. He said, “The prices of local sheep increased because there is a lack of local meat in the country. Also, there isn’t any support from the Ministry of Commerce to Kuwait Livestock Company, where the traders increased the prices of the goods.” He also noted, “The sheep that used to come from Syria and Egypt is banned due to the situation in both countries.” Abo Sami, another butcher in Hawalli area, stated that the prices of local cows increased by 40 percent because it is not found in the markets nowadays. A kilo of meat was KD 1.750,

however, the price now reached three dinars, hence causing most of the residents and citizens to shift to purchasing chicken and fish because it’s cheaper. Adel, another butcher in Salmiya area, noted that a lot of people are not purchasing meat imported from china, particularly big families, for their affordable price. Anwar added, “some meat also comes from Pakistan which is very cheap and only costs a dinar per kilo. Usually Asian people are those who prefer to purchase this type of meat.” He also noted, “Life is too expensive and we are not selling, because meat is priced higher than expected and at the same time we are suffering because we have to pay salaries and rents.” Mohammed said, “The meat that comes from Syria, Lebanon and Egypt is not favored, because the quality had changed and the traders are buying the cheap meat and selling it for higher prices, so we have to increase the prices of the preferred meat in order to make a living.” The number of people who stopped to buy meat had reduced by 40 percent and this is because they found that chicken and fish is much cheaper and afforded by large families.

IICO sponsors 10,000 Syrian families in Lebanon KUWAIT: International Islamic Charitable Organization (IICO) announced on Monday a plan to sponsor 10,000 Syrian families who left their country and settled in northern Lebanon as a result of violence practiced by the Syrian regime against civilians. IICO announced that it has offered humanitarian aid, valued at 3.5 million US dollars, to 17,000 Syrian families in Lebanon. Head of Committee for the Muslims of Asia and Development of Human resources in IICO Abdulrahman Al-Awadi told Kuwait News Agency (KUNA), that the Organization is preparing well equipped medical vehicles to provide treatment services to the wounded and sick Syrians in various areas of Lebanon

including Akkar, Dnayyeh and Minieh. IICO is offering material supplies; cash money and food to the Syrian families, besides financial support to three Lebanese governmental hospitals to cover the cost of major surgeries and deliveries, Al-Awadi said. IICO has prepared a budget for medical support for the Syrian refugees, he affirmed. It is offering this support in coordination with Kuwait Finance House, Kuwaiti and Lebanese charity societies working in field of humanitarian relief. The organization ensures decent housing, medical and educational services for Syrian refugees in Lebanon and Jordan and Turkey. -KUNA

ALWATAN DAILY

regional

The Respectable Professor By Hossam Fathi Staff Writer

KUWAIT: Whether you agree with him or not, Yehia Al-Jamal will always be part of Egypt’s history and its deputy prime minister in one of the most critical phases in Egyptian history, not to mention being a university professor and a Constitutional authority. I prepared this introduction to show you that Al-Jamal must be taken seriously; especially when he made statements to Saudi Arabia’s Al-Youm Newspaper, claiming that the United States and Israel spearhead a campaign to weaken the relationship between Egypt and Saudi Arabia. This man knows exactly what he is saying, while Egyptians have been busy searching for the ‘third party’ that is responsible for all the disasters in Egypt. I believe that Al-Jamal must reveal the sensitive information he has to the concerned authorities, and if he does not trust them, he should disclose this information before the public; or at least speak to the Public Attorney or the parliament’s National Security Committee, instead of making such statements to foreign news agencies. Al-Jamal must shed more light on his statements, so that Egyptians can know their real enemies, instead of attempting to find the ‘third party’ in vain. hossam@alwatan.com.kw Twitter:@hossamfathy66

Saudi, Iraq sign deal to repatriate prisoners

DUBAI: Iraq has agreed to repatriate Saudi prisoners who fought alongside Islamist insurgents against US-led forces under a deal that signals further improvement of relations between the two major Arab countries. The prisoner exchange deal comes less than a month after Saudi Arabia, which has had uneasy relations with Iraq’s Shiite Muslim-led government, named an ambassador to Baghdad for the first time since Saddam Hussein invaded Kuwait in 1990. It also comes ahead of an Arab summit in Baghdad on March 29 which has been delayed twice by regional turmoil and acrimony between Baghdad and some Sunni Muslim Gulf Arab states over a crackdown by Bahrain’s Sunni rulers on Shiite protesters. “The agreement emanates from the strong relations between the two brotherly people and in the interest of strengthening friendship and cooperation between them,” the Saudi Justice Ministry said in a statement. It was issued after the accord was signed in Riyadh by Justice Minister Muhammad Al-Eissa and his Iraqi counterpart Hassan Al-Shimari. Iraqi officials were not immediately available for comment. It was not immediately clear how many people would benefit from the accord. But rights activists say hundreds of Saudis held in Iraq, mostly for involvement in an insurgency against US-led troops, as well as Iraqis held in Saudi Arabia for criminal offences, are expected to be affected. Thousands of Saudis travelled to Iraq to fight alongside Islamist insurgents after the 2003 US invasion of Iraq. Official rights group statistics show that less than 100 Saudis are held in Iraq, but the number is believed to be much higher and could reach hundreds. Under the accord, prisoners from each country will serve out the remainder of their sentences in their home countries without being eligible for pardons. Saudi media said the deal does not cover inmates facing the death penalty. -Reuters

Libyan team heads to Mauritania in Al-Senoussi case NOUAKCHOTT/TRIPOLI: Libyan Deputy Prime Minister Mustafa Abu Shagour was flying to Mauritania on Monday to press for the handover of Muammar Gadhafi’s intelligence chief Abdallah AlSenoussi, officials said. Al-Senoussi, the last major Gadhafi associate on the run since the dictator’s overthrow and death in a popular revolt last year, was arrested in Mauritania after his arrival late on Friday on a flight from Morocco. France and the International Criminal Court (ICC) in The Hague also seek custody of him. Mauritania has made no official statement on AlSenoussi, accused of playing a central role in repression and torture under Gadhafi, apart from a brief report by its official state news agency. A security source speaking to Reuters on condition of anonymity said it had yet to take a decision on his fate. Al-Senoussi was being held at the headquarters of the Mauritania’s security service in Nouakchott, sources there said. Diplomatic sources said he was carrying several false passports when detained. Libyan Foreign Ministry spokesman Saad Elshlmani said it was not clear how long Shagour and his delegation would stay in Mauritania. The ICC has indicted him for crimes against humanity, but Libya also wants him to face local justice. While Mauritania is not a signatory to the ICC, the court says it is bound to cooperate with it by a UN Security Council resolution. Meanwhile, two British journalists detained by a Libyan militia a month ago and accused of spying left Tripoli for the United Kingdom on Monday after being cleared of all charges. Nicholas Davies-Jones and Gareth MontgomeryJohnson, who were working for Iran’s English-language Press TV, were detained on Feb. 22 by the Swehli brigade, one of dozens of militias which last year helped force out Libyan leader Muammar Gadhafi. Earlier this month, the Swehli militia said the Britons, initially detained for entering Libya illegally, were suspected of spying. Both men were transferred to government custody last week and were released on Sunday after charges were dropped. Arriving at Tripoli airport for their flight home, the two men looked healthy if tired. Asked if they had been well treated, Montgomery-Johnson nodded his head. “I’m just glad to be going home and to see my family again,” he said, before being whisked through to board the flight. -Reuters

tuesDAY, march 20, 2012

Iraq’s Sadr stages Shiite show of force before summit BASRA: Up to a million followers of Iraqi cleric Moqtada AlSadr took to the streets on Monday in a massive show of force before an Arab League summit which Iraq’s long-oppressed Shiite majority view as their debut on the regional stage. The protest in the southern city of Basra marked the anniversary of the start of the US invasion in 2003. Slogans were mainly directed at the government of Prime Minister Nouri Al-Maliki for failing to improve the lives of Iraq’s poor. But the main context appears to be the March 27-29 Arab League summit, the first in Iraq in more than 20 years and the first ever hosted by a mainstream Shiite Arab ruler. Basra police estimated the size of the crowd at between 700,000 and 1 million. A Reuters correspondent on the scene said it was clear at least several hundred thousand were there. Sadr’s followers frequently hold demonstrations denouncing Sunni rulers of other Arab states, especially Bahrain and its ally Saudi Arabia, for cracking down on Shiite protesters last year. The last demonstration on March 9 saw Saudi flags burned. Monday’s demonstration, by contrast, seemed to show a deliberate effort to avoid antagonizing Arab neighbors by channeling protesters’ anger into domestic grievances. There is no shortage of such outrage in a country where oil wealth has yet to alleviate dire poverty. Nine years after the invasion that toppled Saddam Hussein - a Sunni who oppressed Shiites - most Iraqis have electricity only a few hours a day. Men and women travelled from across Iraq to protest bearing Iraqi flags and portraits of Sadr. They carried black caskets labeled “Electricity”, “Education” and “Democracy”. “We came to call for the removal of injustice against Iraqis ... There are no jobs. We are living in bad conditions without services,” said Latiaf Kadhim, who came hundreds of miles from Kerbala to participate in the demonstration in Basra. Muttashar Saeed, who had travelled from Baghdad’s Sadr City neighborhood, said: “Lawmakers are looking out for themselves while the state ignores the poor. We want the attention of officials who are busy with their own affairs in their comfortable chairs and armored vehicles.”

Hundreds of thousands of supporters of the anti-US cleric Moqtada Al-Sadr’, wave the Iraqi flag as they rally to mark the ninth anniversary of the US invasion of Iraq in 2003, in Basra, March 19, 2012, demanding better living conditions and a resolution to corruption across the country. (AFP)

Holding Monday’s protest in Basra rather than Baghdad helps Al-Maliki’s assertion that the capital is safe for the summit. Authorities in Baghdad took no chances on Monday,

Damascus rocked by fighting, Annan team arrives DAMASCUS: Fierce clashes between rebel troops and Syrian forces rocked a Damascus district bristling with security facilities on Monday, just hours before experts sent by peace envoy Kofi Annan arrived in the capital. The fighting, the heaviest in Damascus since a revolt against President Bashar Al-Assad’s regime erupted a year ago, came as the capital was still reeling from deadly weekend bombings. State television said three “terrorists” and a security force member were killed in the clashes that erupted early morning in the upscale and heavily guarded Mazzeh neighborhood of Damascus, where several security facilities are housed. It said several people were also wounded on both sides. Rami Abdel Rahman, head of the Syrian Observatory for Human Rights, said at least 18 security troops were wounded in the fighting that broke out before dawn in Mazzeh. “The clashes were the strongest and the closest to security installations in the capital since the outbreak of the revolt a year ago,” Abdel Rahman told AFP. He said that by 4:00 am (0200 GMT) the fighting had ebbed. Mourtada Rasheed, an activist in Damascus, said blasts and heavy shooting could be heard in Mazzeh as well as two other districts, Qaboon and Arbeen. “We woke up at 3:00 am (0100 GMT) to the sound of heavy machine-gun fire and rocket propelled grenades (RPG),” said one resident of Qaboon who did not wish to be identified. A resident of Mazzeh, located near the presidential palace and home to several embassies, said locals were terrified by the sound of gunfire. “We were very scared but now the roads are clear and stores are open for business,” she told AFP. Rasheed said the fighting was the result of a hit-andrun operation launched in Mazzeh by the rebel Free Syrian Army to ease pressure on other regions targeted by regime forces. Violence was also reported on Monday in the central province of Hama, where several houses in the town of Qalaat Al-Madiq were destroyed in shelling by security forces, the Britain-based Observatory said. It added that troops also besieged and stormed the town of Kafar Shams, in the southern province of Daraa. Monday’s clashes came after twin car bombs ripped through two neighborhoods of Damascus on Saturday kill-

ing 27 people according to the Syrian interior ministry. Another car bomb exploded on Sunday in a residential neighborhood of Aleppo, Syria’s second city and commercial hub, killing two people. Al-Assad enjoys a strong support base in Damascus and Aleppo, both of which had so far been largely spared the unrest shaking the country since the revolt against the regime began last March. More than 9,100 people have been killed in the fierce government crackdown to crush the uprising, according to the Observatory. The regime has consistently blamed the unrest on foreign-backed “armed terrorist gangs” and has pressed its crackdown despite a chorus of international condemnation. On the diplomatic front, a mission sent by UN-Arab League special envoy Kofi Annan arrived in Damascus for talks on a monitoring operation to end the bloodshed. “The mission has arrived. There are five people with expertise in political, peacekeeping and mediation,” Ahmad Fawzi, spokesman for Annan, told AFP. “They will be staying for as long as they are making progress on reaching agreement on practical steps to implement Mr. Annan’s proposals,” he added. Technical experts from the UN and Organization of Islamic Cooperation were on Monday also working in Syria to assess the humanitarian impact of the regime’s deadly crackdown on the protests. “The joint OIC-UN mission entered Syria on Friday to carry out an evaluation of humanitarian aid,” on a mission led by the Syrian government, OIC assistant secretary general Atta Al-Mannan Bakhit told AFP. The mission, with three OIC experts in the team, would cover 15 cities, he added. It would submit a report to the Saudi-based Islamic grouping and the United Nations on the humanitarian needs of the Syrian population. In parallel with the mission, Jakob Kellenberger, president of the International Committee of the Red Cross, flew to Moscow for talks Monday with Russian Foreign Minister Sergei Lavrov on the “extremely difficult” humanitarian situation in Syria’s protest centers. “A daily ceasefire of at least two hours is imperative to allow the evacuation of the wounded,” he said ahead of the mission to Moscow, an ally of Damascus which is seen as having some influence on Syria’s leadership. -AFP

imposing a security operation with checkpoints conducting thorough searches that snarled morning rush-hour traffic for hours. -Reuters

Hamas claims Israel using Gaza as trial run for Iran strike

CAPITALS: Israel is using the the Gaza Strip as a testing ground for a possible military strike on its arch foe Iran, the head of the radical Palestinian movement Hamas said on Monday. “Israel is warming up the region for a possible war against Iran,” Khaled Meshaal said in an interview with Turkey’s Anatolia news agency. Accusing Israel of pursuing “state terrorism” in Gaza, Meshaal defended the Islamist group’s firing of rockets into southern Israel from the impoverished coastal strip which is run by Hamas. “The only purpose of these rockets is to defend ourselves. Israel is attacking us and naturally our brothers in Gaza are exercising their right to self-defense,” said Meshaal, who is the head of the powerful Hamas politburo. Militants in Gaza reached a truce with Israel last week after four days of violence in which 25 Gazans died and 200 rockets were fired at the Jewish state. Meanwhile, Israeli settlers have taken over dozens of natural springs in the West Bank, limiting or preventing Palestinian access to much-needed water sources, a United Nations report said on Monday. The report produced by the UN’s Office for Coordination of Humanitarian Affairs (OCHA) said at least 30 springs across the West Bank had been completely taken over by settlers, with Palestinians unable to access them at all. In most instances, the report said, “Palestinians have been deterred from accessing the springs by acts of intimidation, threats and violence perpetrated by Israeli settlers.” The report said an OCHA survey carried out in 2011 identified a total of 56 springs that were under total or partial control of Israeli settlers, most in the part of the West Bank known as Area C, which is under full Israeli civil and military control. “Springs have remained the single largest water source for irrigation and a significant source for watering livestock” for Palestinians, OCHA said, noting that some springs also provide water for domestic consumption. “The loss of access to springs and adjacent land reduced the income of affected farmers, who either stop cultivating the land or face a reduction in the productivity of their crops.” The report said in most cases where settlers were trying to limit Palestinian access to springs, they have undertaken to turn the area into a tourist attraction, constructing pools, picnic areas and signs carrying a Hebrew name for the spring. “Such works were carried out without building permits,” the report said. OCHA said the takeover of springs was an extension of settlement activity in the West Bank, which it pointed out is illegal under international law. -AFP

Somali Al-Shabaab fighters kill six in Mogadishu attack

Somalis carry the dead body of a victim killed with four family members by a mortar shell that struck their home in Wardhigley district, Mogadishu on March 19, 2012. (AFP)

MOGADISHU: Somalia’s Al-Qaeda allied Al-Shabaab insurgents fired mortars at the presidential palace in the capital overnight, killing six civilians in a camp for displaced people nearby. The hard-line Islamist group said its salvo of “midnight mortar attacks” were targeted at the palace, and boasted of killing African Union and government soldiers. But AU force spokesman Paddy Ankunda said only civilians were killed, adding the shells missed the presidency by about 300 meters and hit one of the many crowded camps. “A father, mother and two of their children have all died, after a mortar shell smashed into their hut, and another round killed two other civilians,” said Abdiwahid Mohamed, a witness. “People were sleeping when the mortar shells started falling, it killed a number of civilians at a camp near the presidential palace,” said Colonel Bare Mohamed, a government security official. The presidency - guarded by a 10,000-strong AU force - has come under several recent attacks, including a suicide bomber attack claimed by the Al-Shabaab that killed five people last week.

“It’s the second attack on the presidential palace in a week, demonstrating the sheer impotence that is surrounding the weak apostate regime,” the insurgents said in a message posted on Twitter. “In every alley, every corner and every lane of Mogadishu, a mujahid (Islamist fighter) lies in wait for them,” the rebels added. Muktar Ali, another witness, said at least six mortar shells hit around the camp for displaced people in warwracked Mogadishu and three inside. Seven other people were injured. “We are burying the dead at a cemetery not far away from the camp,” he added. The hard-line Islamists have resorted to guerrilla tactics after the majority abandoned fixed bases in Mogadishu in August in what the Al-Shabaab claimed was a tactical retreat but the AU mission said represented a military defeat. Al-Shahaab last month also lost control of their strategic base of Baidoa to Ethiopian troops and pro-government Somali forces, the second major loss in six months. However, experts warn the Al-Shabaab are far from defeated and remain a major threat, especially now they have switched to guerrilla tactics. -AFP

ALWATAN DAILY

WORLD

tuesdAY, march 20, 2012

Deadly shooting at French Jewish school kills four TOULOUSE: Three children among four killed as gunman opens fire outside school in southwest city of Toulouse. At least four people, including three children, have been killed in a shooting outside a Jewish school in the southwest French city of Toulouse, officials say. Monday’s incident occurred as children and their parents were arriving at the Ozar Hatorah school, in the northeast of the city, for the start of the school day. The shooter drove away on a scooter, a national police officer said. Patrick Rouimi, the father of a child at the school, told AFP that a man opened fire on a group of people standing at a spot where children were picked up for school. “He shot at everything he could see, children and adults, and some children were chased into the school,” Michel Valet, the local prosecutor, told journalists. The daughter of the school’s director was seriously injured in the attack, said Charles Ben Semoun, a parent of another child in the school. Al Jazeera’s Jacky Rowland, reporting from Paris, said that one rabbi was also killed in the shooting. Claude Gueant, the French interior minister, has ordered security to be tightened around all Jewish schools in France following Monday’s attack.

French President Nicolas Sarkozy, his education minister and interior minister are travelling to Toulouse. Gilles Bernheim, the grand rabbi of France, who is also on his way to the city, said he was “horrified” and “stunned” by what had happened. Israel’s foreign ministry declared itself “horrified” by the attack. “We are horrified by this attack and we trust the French authorities to shed full light on this tragedy and bring the perpetrators of these murders to justice,” Yigal Palmor, the Israeli foreign ministry spokesperson, told AFP. Police in southwestern France launched a major manhunt last week after the killing of three paratroopers and the wounding of another in two separate, but connected incidents. Our correspondent said that people were particularly concerned because the recent incidents point towards a possible pattern emerging. The perpetrator of both attacks fled on a motorbike. “Towards the end of last week there was a shooting in which three [paratroopers] were shot dead... Again the attacker was on a scooter,” Rowland said. France has Europe’s largest Jewish community, estimated at up to 700,000 people. -AFP

Policemen are at work in front of the “Ozar Hatorah” Jewish school, on March 19, in Toulouse, southwestern France, where four people (three of them children), were killed and two seriously wounded when a gunman opened fire. (AFP)

Afghan shooting suspect called to duty repeatedly North wants rocket for nuclear weapon, says South Korea TACOMA: Robert Bales built a life around a call to arms. A call that emanated from the ashes of the World Trade Center in New York and took him to the mayhem of faraway Iraq and Afghanistan. A call he may have heard one time too many. The 38-year-old US Army staff sergeant suspected of gunning down 16 Afghan civilians, including nine children, had struggled to make financial ends meet and was disappointed at being sent back into a war zone for a fourth time rather than an easier posting in Germany or Hawaii. Bales was a high school football star from Ohio who enlisted in the Army after the September 11, 2001, attacks on the United States. He married Karilyn Primeau in 2005 and soon they moved into a fourbedroom house near a clear Seattle lake. The couple had two children, but Bales was absent for three tours in Iraq, where he was commended for valor. His wife, a public relations executive, blogged enthusiastically about their life. Today, his family has the lake house on the market for less than they paid for it and a second home, with a mortgage larger than its market value, has been abandoned for two years, a red notice from the city warning it is uninhabitable. Bales was denied a longed-for promotion to Sergeant First Class in March 2011. Then his family missed out on the adventure they felt they deserved - a posting in Europe or Hawaii - when Sergeant Bales was sent to a fourth tour abroad, in Afghanistan.

In Iraq, he was celebrated and proud of the heroism of US troops. “We ended up helping the people that three or four hours ago were trying to kill us,” he said in a 2009 Army publication describing the rescue of a downed helicopter that turned into a pitched battle, after which victorious US troops gave aid to enemy casualties. “That’s the real difference between being an American as opposed to being a bad guy,” he said. But in Afghanistan something apparently went very wrong. Authorities believe he left a small camp of US soldiers in the middle of the night Sunday, taking his rifle with him and massacring 16 civilians, mostly children, in two villages near Kandahar. “Please keep (Staff Sergeant) Robert Bales in your prayers. I know his alleged crime is terrible, but he is not a terrible person. He’s one of the best guys I’ve ever served with,” Chris Alexander, an Army Captain who served in Iraq with Bales, said on his Facebook page shortly after Bales was identified as the shooting suspect. Edith Bouvette, 52, who knew the couple when they first lived there together, said she was shocked about Robert Bales. “What I really remember is him in his uniform, his pants tucked inside of his boots,” Bouvette said. “He was crisp, clean. Military - and very polite military. When you talked to him it was ‘Yes, Ma’am’ - just a really, really nice guy, and it’s just a terrible shame. “I blame part of this on the military. They never should have sent him back for that fourth tour.” -Reuters

Indonesia police shoot dead five suspected militants in Bali DENPASAR: Indonesian police shot dead five suspected militants planning attacks on the resort island of Bali, including one on a night club popular with foreign tourists, the national counter terrorism agency and police said on Monday. The five men, who were shot dead in overnight raids on the island, were linked to the banned Jemaah Islamiah group, which carried out nightclub bombings on Bali in 2002 that killed 202 people, most of them Australian tourists, officials said. The 2002 attacks were a watershed for Indonesia, which has the world’s largest Muslim population, forc-

ing the secular state to confront the presence of violent militants on its soil. Bali, which is majority Hindu, is a global tourist destination. The five arrived on Bali on March 17 and surveyed La Vida Loca nightclub in the Seminyak beach resort, about 2.5 miles northwest of Kuta where the 2002 attack took place. “Last night we have paralyzed five criminal perpetrators who were planning to commit terrorist acts ... All the suspects died during the raids because they defied or shot back with pistols at the police officers,” national police spokesman Boy Rafli Amar told Reuters. -Reuter

Nurses charged in 16 ‘mercy’ killings in Uruguay

Uruguayan male nurses, whose names are being held in reserve for legal reasons, are escorted by police under arrest outside a courthouse after being accused of multiple homicides of patients they were caring for, in Montevideo. (Reuters)

MONTEVIDEO: Prosecutors in Uruguay have filed murder charges against two nurses for at least 16 ‘mercy’ killings, and jailed the suspects. The male nurses, 39 and 46, were charged with homicides of patients both at a private Neurological Intensive Care Center and a public hospital’s intermediate-level care unit. A girlfriend of one of the men was charged with covering up information related to the case. Judge Rolando Vomero, in charge of the investigation, has not said exactly how many deaths are being probed. But he said that one of the suspects has admitted to 11 killings and the other to five. According to the judge, the accused used various methods to administer euthanasia. “In one of the cases,” he explained,” the suspect introduced morphine directly into the blood stream while in another, they pumped air into the blood stream, which resulted in deaths in just a few minutes.” The suspects have admitted they had been driven by a desire “not to see human suffering.” But they also acknowledged that their patients had not been afflicted by terminal diseases, Vomero pointed out.

Uruguayan Interior Minister Eduardo Bonomi told a news conference that an investigation into the alleged killings had been launched in January following a criminal complaint that came from one of the medical facilities. “A death that occurred soon after gave investigators specific evidence,” Bonomy added, pointing out that he could not rule out that more people could have been involved in the killings. Defense attorney Ines Mazziotti said these were “mercy” killings. “After 20 years in intensive care, or constant stress on the edge of life and death, he could not take it anymore,” she said of one of the suspects, who were not immediately identified. The nurses worked separately and barely knew one another, local daily El Pais reported. More than 50 deaths could be involved overall, the paper said. The Health Ministry also has voiced “deep concern” and said it is working to help move the investigation along. It also convened the Patient Safety Commission “to help collect information and assist in the criminal and judicial probes.” -Reuters

SEOUL: South Korea on Monday condemned rival North Korea’s planned rocket launch as a “grave provocation”, saying it was a disguised attempt to develop a long-range ballistic missile capable of delivering nuclear weapons. Seoul also extended a security alert in the capital, and said it was concerned the North might follow the ballistic missile launch with another nuclear test. The North announced on Friday it would put a satellite into orbit next month barely two weeks after reaching an agreement with Washington to suspend longrange missile launches as part of a deal to restart food aid. “Our government defines North Korea’s so-called working satellite launch plan as a grave provocation to develop a long-distance delivery means for nuclear weapons by using ballistic missile technology,” presidential spokesman Park Jung-ha said in a statement. Washington says the North’s longrange ballistic missile program is progressing quickly, and last year said the

American mainland could come under threat within five years. The secretive North has twice tested a nuclear device, but experts doubt whether it yet has the ability to miniaturize an atomic bomb to place atop a warhead. Pyongyang is believed to have enough fissile material to make up to a dozen nuclear bombs, and in 2010 unveiled a uranium enrichment facility to go with its plutonium program which opened a second route to making an atomic weapon. On Monday, President Lee Myungbak met the foreign and security-related ministers to discuss the North’s surprise announcement, which also flies in the face of a UN Security Council resolution banning long-range missile launches. Park said in a statement that Seoul would work closely with the United States, Japan, China and Russia - all members of the sixparty forum which deals with the North’s nuclear program - during next week’s Nuclear Security Summit in Seoul. North Korea’s weapons of mass destruction program is not on the agenda

for the summit, but will be one of the major talking points on the sidelines of the meeting involving some 50 world leaders including Barack Obama and Hu Jintao. The South’s defense ministry said it had established a team to monitor the rocket launch and would maintain a heightened defense alert for the Security Summit in Seoul through to the rocket launch, scheduled for between April 12 and 16. Ministry spokesman Yoon Wonshik told reporters that Seoul and Washington would use “surveillance assets” to watch the missile base in Tongchang-ri and follow the flight path after it is launched. The North says the flight will not impact neighbors.Yoon said authorities were also on alert in case the North follows up the rocket launch with a nuclear test, as it did in 2009. Ties between the two Koreas, which are still technically at war, having only signed an armistice to end the 1950-53 Korean War, have hit their lowest level for decades since conservative Lee Myungbak won the presidency in 2008. -Reuters

ALWATAN DAILY

OPINION

TUESDAY, march 20, 2012

Centuries of despotic rule made the unexpected inevitable Fuad Al-Hashem Staff Writer

taxi pulled over opposite the main gate of a government building in the Egyptian capital Cairo where applicants queued up wishing to apply for the position of the president of the Arab Republic of Egypt which is now vacant. The taxi driver stepped out of the car and started shouting at the applicants. “This is ridiculous! What is taking place here is ridiculous! You have marred the reputation of Egypt abroad,” he screamed. The case of the disgruntled taxi driver is not a unique one. In reality, he is representing a very large portion of the Egyptian society who are not happy with what is taking place and happening in their own country. It is not that the disgruntled populace is satisfied with former rulers or leaders and that they needed to see them re-instated. The issue here is not that the crowd is seeking a certain leadership but it is the issue of the quality of those who are seeking the most important position in the country’s politics and economy. It is the post of the president of Egypt. The names and professions of the applicants are not secret and people everyday get to look at the new applicants who are jostling to register their names before it is too late. It has been shocking news for many to find out that the caliber of those who wish to become the president of one of the most powerful countries in the Middle East are former mechanics, carpenters, cleaners, tea boys, butchers, and above all an unemployed man who came to register himself as a candidate only to find out that he was not stable enough even to hold the application. When checked by the security officer, it was found out that the unemployed man had nonmedical drugs in his pocket and that he was intoxicated.

The Islamic-Liberal conflict

The issue here is not that the crowd is seeking a certain leadership but it is the issue of the quality of those who are seeking the most important position in the country’s politics and economy.

An Egyptian friend of mine who works as an editor in chief for one of the weekly magazines published in Egypt told me that he had sent one of his reporters to find out more about this bizarre incident and whether there was any credibility behind the story. After investigating the matter, it turned out that the “stoned candidate” had justified his action on grounds that he wanted to legalize drugs in the country and the only way to do it is to get stoned and apply for the most powerful position. Then the man added that by doing so he would rule the country comfortably and uninterruptedly because the people would be too stoned to think. The total number of people who have applied for this powerful position has reached 300 thus far. While the number appears to be really high, one is not surprised considering that the Egyptian people since time immemorial never for once voted for a president as all were imposed on them in one way or another. Since the time of the pharaohs, no elections were recorded and certainly no consensus was carried out to find out the people’s preference for the country’s leadership. Even in recent times when the former president of Egypt Mohammad Hosni Mubarak ran in the elections. He was by all means the only candidate for the position. Things were then arranged for President Mubarak to celebrate well be-

fore the elections results. I remember how pictures of him were all over the streets, roads, buildings, bridges in Egypt, Alexandria and so on even though the “elections” were not over yet. I recall once I was driven by a taxi driver from Cairo International Airport to Mina House Hotel when the driver felt extremely uncomfortable with inordinate number of the pictures of the “candidate Mubarak” scattered all over. After closing his window, the driver complained. “Ok! This is for someone who is still a candidate and running the elections without a contestant. I can’t imagine what he would do if there were one or two to contest his term in office,” he remarked. There is no doubt that after more than 7000 years of one-man rule, the Egyptian vocabulary lacks words such as democracy, freedom, and so forth. The people are indeed ravenous to see and experience such principles. Let us take one simple example to illustrate such freedom constraints. The hero of the story here is not a normal, your-next-door Egyptian citizen. He is the former Head of the Egyptian Intelligence and former Vice-President of Egypt General Omar Suleiman. According to the current presidential candidate Mamdouh Qutob who occupied then a very senior position within the Egyptian Intelligence, that following the repeated appearance of Jamal son of Hosni

Mubarak and the issue of passing the presidency to him after Mubarak, the intelligence complied a report in which it was highly recommended that the son and heir apparent needs to keep a low profile for a while as a large segment of the society is dissatisfied with idea and therefore the whole issue may backfire. The problem here is that the intelligence officers who compiled the report including their seniors refused to inform Mubarak of their recommendation. After long discussions, it was decided that the Head of the Intelligence himself should do the job. Omar Suleiman found himself obliged to do it and agreed that such a sensitive matter can only be done by him. Suleiman went to the Egyptian president and informed him that his son needs to keep a low profile so that his proposed presidency would gain momentum. Mubarak didn’t object to the idea but instructed Omar Suleiman to pass the message to Jamal in person. The Head of the Intelligence arranged a meeting with Jamal and informed him of the recommendation of the intelligence apparatus. Suleiman thought that his mission was over and that he would be hearing the last of it. It was not long when the faithful Suleiman, the man who had earlier rescued the president from a well planned assassination attempt in the Ethiopian capital Addis Ababa, found out that a presidential memo decreed that a one-month of his salary would be deducted. Curious and intrigued, Suleiman inquired about the reason behind such a drastic decision. He was told that the “spoiled brat” Jamal had complained to his mother who furiously demanded that Mubarak “discipline the guy who is general in the intelligence”. This is the kind of authority that governed the country. Many rulers, presidents and monarchs came and left but they all are of the similar dictatorial and authoritarian nature no matter how faithful, loyal or devoted to their cause.

BU QUTADA & BU NABIL

Dr. Shamlan Yousef Al-Esa

he religious-liberal conflict surfaced in the last stage especially about the nature of the state due to the transitional circumstance that some of the Arab countries have been undergoing at the present time. The difference between the religious and liberal power is on the nature of state and democracy and whether the state will have real democracy or whether the religious parties succeed in becoming authoritarian under the pretext of applying Islamic instructions. While following up the circumstances during the Arab Spring, we can discover that certain political organizations became unified about one goal, although they were of different stances on the different issues like the goal of overthrowing the dictatorial regimes. However, achieving real democracy requires social culture in which people should believe in democracy and each movement should be open to the others. We cannot now in detail discuss the negative points that accompanied the Arab Spring especially after the movements of political Islam seized power in Tunisia, Egypt and Libya. Let us focus on the Gulf countries which were influenced by the Arab Spring such as Bahrain and Kuwait. Bahrain had witnessed wide political moves calling for reforms and change. At the beginning of the development, many political, liberal and religious parties participated in the moves and requests focused on reforms excluding any sectarian slogans and requests. During the Arab Spring ideological disputes have increased in some Arab countries then such disputes affected Bahrain leading to divides between the Islamic Sunni Movements and the Shiite ones. The divides that occurred among those movements also led to violent reactions between security personnel and demonstrators, and members of the two sides were killed. The differences reached a culmination when the Shiite Movement “Al-Wifaq” announced establishing a new gathering named “Gathering for Republic” and it later announced that the regime is illegitimate!! Such extremism of Bahraini religious parties did not help the image of Bahrain and its newly born experiment with democracy. In Kuwait, the parliamentary election was conducted on February the second, wherein the traditional opposition including Islamic political movements such as the Muslim Brotherhood and the Salafi Movement along with the Popular Action Bloc and certain tribal movements achieved great success by obtaining 35 seats out of the 50 parliamentary seats. During the very election the liberal movements and women suffered hard defeat. The issues which we face now are the attempts to undermine the bases of the civil state by the Islamic political movements although the bases of civil states have already enabled them to share power. Some MPs have called for amending some constitutional articles in order to establish a religious state instead of the civil one, therefore they attempt to Islamize some laws, restricting the role of woman and banning loan interests. They also try to prevent women from working for police. After considering some factors, we have begun to understand that such movements do not believe in democracy and are opposed to modernity and change. They act against the democracy that which enabled them to become MPs!!

Haaa...Nabeel... What are you going to bring for your mom as a Mother’s Day present?

No, she will not be happy about that as well..

No... that’s nothing..

Umm... Surely I will bring her gold.

Mom, I tried to find something for you in the market but could only find a carton of tomatoes.

Ok, I know what to buy her..

Then, I only have to bring her a barrel of oil...As you know oil price is high

Wow my son. I have not eaten tomatoes for a long time because of these strikes.

Mohmmed Thallab

mthallab@alwatan.com.kw

Defy the strike and those who invented it! Dr. Khalid Sultan Al-Sultan

ll Kuwait suffered from the negative effects of strike which was staged by individuals of Customs General Department. We countered such results after people started to seek forbidden means which are usually practices by the West such as demonstrations, sit-ins and strikes. Kuwait has already suffered from such practices especially after some MPs from the former parliament and other scholars encouraged civil servants to practice such strange behaviors to obtain certain advantages including dissolv-

ing the cabinet or national assembly. They forgot that their stupid policy will attract the attention of others who will interrupt the interests of both the country and people just to get some advantages like salary raise. That policy was practiced for a while but suffers from its influence nowadays due to strikes that led to big financial losses. We hope the citizens could understand that demonstrations and strikes will never lead to the results that they expect because even if some citizens benefit from them, most people would not. I`d like to bring forth a simple question

to our brothers who staged the strike: what is the difference between the losses that Kuwait suffers from now and that which Kuwait suffered from during the Iraqi invasion? We would also like to tell them that if you have legal requests then we support your requests. It is not supposed to challenge the government for the sake of a salary raise particularly the strikes that affect both the people and the government but the people might be affected much more than the government!! For me, I consider civil servants who stage strikes like the sons who disobey their parents who believe that his/her parents did not do

and set aside the things that he needed but in the meantime such behavior is a sin and God will punish him/her for such behavior even if parents were wrong because the sons have to obey and be beneficent to their parents. I`d like to remember and remind the readers of the hadiths of Prophet Mohammad peace be upon him which urge Muslims to be patient especially being patient to what rulers do. However, I am afraid that others will accuse me of being submissive to the government but I will be patient even if they release accusations against me and we hope everything in the country to be well.

Have an opinion?

Share it with the world! The Al Watan Daily accepts articles written on any subject, expressing personal views on topics you care about or in reaction to a column already published in our pages. We will review it and then get back to you. Just email us your thoughts at opinion@alwatandaily.com If your submission grabs our attention, we’ll let you know what we think and possibly publish it on this page. Give your opinion a voice. Write for Al Watan Daily today.

Editor-IN-CHIEF

Dr. Ali Altarrah Al Sawari International for advertising & publishing

DISCLAIMER:

General Manager

Dina Al-Mallak

Editors Ali Marafie Darlynn Amara Angie Galal Halah Al Gharabally Julius Paul Coelho Amina Mustafa

To Advertise:

Tel. +(965) 2249 5103 Fax. +(965) 2249 5107

To Subscribe: +(965) 2482 6780 Al Watan Hotline: 1822255

E-mail:

times@choueirigroup.com

For Press Releases: alwatandaily@alwatandaily.com or info@alwatandaily.com

for Classifieds

FAX: +(965) 2492 5797 E-mail: classifieds@alwatandaily.com

The views and opinions presented on the ‘Opinion’ & ‘Views’ page are the authors’ own, and do not necessarily represent those of Al Watan Daily and its staff.

ALWATAN DAILY

views

TUESDAY, march 20, 2012

The Greek tragedy, act II Luigi Zingales Project Syndicate

Greek tragedy is typically composed of three acts. The first sets the scene. It is only with the second that the plot reaches its climax. For current-day Greece, the imposition of “voluntary” losses on the country’s private creditors represents just the end of the beginning. The real tragedy has still to unfold. On the face of it, the “voluntary” arrangement with creditors might appear to have been a big success. The volume of Greece’s foreign debt has been reduced by more than 100 billion Euros (130 billion US dollars). Greece’s European partners have provided 130 billion Euros in new loans. As a result, Greece has avoided generalized bank failures, and it has been able to continue paying its public employees. But, despite these trumpeted results, the reality is much harsher. Even with the latest deal, Greece’s debt ratio remains at 120 percent of last year’s GDP. With a projected drop in GDP of seven percent this year and a sustained deficit, the debt ratio would exceed 130 percent before stabilizing at 120 percent in 2020. But even this reduced level is not sustainable. With its

The delay in reaching an agreement enabled most private creditors to escape the consequences of their reckless lending to Greece.

population set to contract by 0.5 percent annually over the next 30 years, even if per capita income in Greece were to rise at the German rate of 1.5 percent per year, the debt would be difficult to service. Assuming that Greece could borrow at a real interest rate of only three percent, the current level is 17 percent, the government would need to run an annual 2.6 percent-of-GDP primary budget surplus (the fiscal balance minus debt-service costs) for the next 30 years just to keep the debt burden stable. To put that task in perspective, in the last 25 years, Greece ran an average primary deficit of two percent per year. To reduce the debt-to-GDP ratio to 70 percent, Greece would have to maintain an average primary surplus of four percent for the next 30 years, a level that it was temporarily achieved in only four of the last 25 years. If the situation is so dramatic, why are the European Union and the International Monetary Fund celebrating the recent agreement? Simply put, these institutions’ primary objective was to minimize the repercussions that a Greek

default would have on the international financial system. Greece, frankly, was not their priority. Given the reaction in financial markets, they have succeeded. The delay in reaching an agreement enabled most private creditors to escape the consequences of their reckless lending to Greece. Roughly half of Greece’s external debt migrated from the private sector to official institutions. But the group of lenders that the EU and the IMF wanted to help the most - the banks - only partly reduced their exposure. Between May 2010 and September 2011, the value of Greek sovereign debt held by French banks dropped by 4.6 billion Euros (39 percent), while German banks reduced their holdings by 2.9 billion Euros (31 percent) and Italian banks by 530 million Euros (30 percent). In part, this drop reflects the reduction in market value of the existing liabilities. Thus, on average, banks have sold very little. But, while private-sector losses have been minimized, at what price? Had Greece defaulted on its debt in 2010, imposing the same “haircut” on private creditors as it has

imposed now, it would have reduced the debt-to-GDP ratio to a more manageable 80 percent. That would have been painful, but it could have spared the Greeks from a seven percent decline in GDP and a rise in unemployment to 22 percent (including an increase in youth unemployment to a whopping 48 percent). More importantly, a default in 2010 would have left some room for adjustments. Under the current plan, there is none: if the economy does not turn around quickly, Greece will need more help. But where can it go now to find it? Most of the sovereign debt is now held by the official sector, which traditionally does not allow any haircut. The remainder has been reissued under English, not Greek, law, putting it outside of the control of the Greek government and its new collective-action clause, which facilities partial defaults. In other words, Greece has exhausted its ability to share part of the burden with the private sector. Next time, Europe’s taxpayers will be on the hook. The second act of the Greek tragedy will cast desperate Greeks against angry and disenchanted Europeans elsewhere. Only at the climax will we know whether the effort to delay the inevitable contributed to undermining the idea of Europe for the current generation. * Luigi Zingales is Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business and author of the forthcoming book A Capitalism for the People.

The bailout bias

Leszek Balcerowicz Project Syndicate

he seemingly never-ending debate over the eurozone’s fiscal problems has focused excessively on official bailouts, in particular the proposed purchase of government bonds on a massive scale by the European Central Bank. Indeed, we are warned almost daily - by the International Monetary Fund and others - that if bailout efforts are not greatly expanded, the euro will perish. For some, this stance reflects the benefits that they would gain from such purchases; for others, it reflects mistaken beliefs. Creditors obviously support bailing out debtor countries to protect themselves. Many political leaders also welcome official crisis lending, which can ease market pressure on them. The media, meanwhile, always thrives on being the bearers of bad news.

To some extent, official crisis lending replaces the pressure from financial markets with pressure from experts and creditor countries’ politicians. Mistaken beliefs, on the other hand, are reflected in metaphors like “contagion” and “domino effect,” which imply that financial markets become blind, virulent, and indiscriminate when they are disturbed. Such terms provoke fear that, once confidence in any one country is lost, all others are in danger. According to this logic, it follows that only a formidable countervailing power - such as massive official intervention - can halt the ravenous dynamics of financial markets. Widespread use of expressions like “aim a bazooka at the eurozone,” and “it’s them or us,” demonstrates a pervasive Manichean view of financial-market behavior vis-à-vis governments. But financial markets, even when agitated, are not blind. They are capable of distinguishing, however imperfectly and belatedly, be-

FILE- Flowers are seen near the Euro sculpture in front of the European Central Bank in Frankfurt, Germany, Wednesday, March 7, 2012. (AP)

tween macroeconomic conditions in various countries. This is why interest-rate spreads within the eurozone have been widening, with Germany and the Nordic countries benefiting from lower borrowing costs and the “problem” countries being punished by a high-risk premium. Another, related, fallacy is the assumption that reforms can reap benefits only in the long run. This misconception reduces the short-term solution to affected governments’ sharply higher borrowing costs to bailouts. In fact, properly structured reforms have both short- and long-term effects.

For example, one does not need to wait for the completion of a pension reform to see reduced yields on government bonds. Markets react to credible announcements of reforms, as well as to their implementation. The countries that have been severely affected by the financial crisis illustrate the impact of reform. One group - Bulgaria, Estonia, Latvia, and Lithuania (BELL) - experienced a surge in yields on their government bonds in 2009, followed by a sharp decline. Another group - Portugal, Ireland, Italy, Greece, and Spain (PIIGS) - has had more mixed outcomes: yields have soared on Greek and Por-

tuguese bonds, while Ireland’s were falling until recently. These differences can be explained largely by the variations in the extent and structure of these countries’ reforms. Proper reforms can produce confidence and growth. Official crisis lending can buy time to prepare, and it can help to stop a banking-sector crisis, but it cannot substitute for reform. All bailouts can create moral hazard, because they weaken the incentive to implement reforms that will avoid bad outcomes in the future. To some extent, official crisis lending replaces the pressure from financial markets

Did the market know about Apple’s announcement? Felix Salmon Reuters

n Tuesday March sixth, Apple shares opened at 523.66 US dollars. On Thursday March 15 - eight trading days later - they opened at 599.61 US dollars.Which means that over the course of those eight trading days, the market capitalization of Apple increased by more than 70 billion dollars.

Given how unusual it is for a company to see its capitalization rise so astonishingly quickly, it’s reasonable to raise an eyebrow at the timing here.

Let’s put that in perspective: the market capitalization of Molson Coors is eight billion US dollars. The market capitalization of Staples is 11 billion US dollars. The market capitalization of Yahoo is 18 billion US dollars. The market capitalization of eBay is 48 billion US dollars. The market capitalization of Nike is 51 billion US dollars. The market capitalization of Goldman Sachs is 63 billion US dollars. Apple isn’t just worth more than those companies. In fact, it is worth more than double all those companies combined. The point I’m making here is that if you take

the amount that Apple was worth on Thursday morning, and subtract the amount that Apple was worth eight days earlier, the difference is more than the total value of any of those companies, up to and including Goldman Sachs. To a first approximation, there was no news about Apple that emerged over the course of those eight days. The only real thing we learned was that the new iPad had sold out, which, well, would have been more surprising if it hadn’t. Now, however, there’s news - real, market-moving news, about what Apple’s going to do with its 100 billion US dollars or so in cash. As Chris Tolles drily puts it, that news is evidently “so huge that it propagated backwards in time”. Apple stock closed on Friday at 585.57 US dollars per share, after a run-up all but unprecedented in the history of mega-caps. Back in November, when I wasremarking on how cheap Apple seemed, the stock was 363 US dollars per share; since then it has added 208 billion US dollars in market cap. That’s more than the valuation of

Google. So one way of looking at the crazy price action of the past couple of weeks is to chalk it up to the astonishing power of momentum. Alternatively, you could just say that the stock market has been slow to price in what has been clearly evident since February 23, when Apple CEO Tim Cook said at the company’s annual meeting that Apple has more money than it needs, and that he and the board were nearing a decision about what to do with it. But still, it is a little bit suspicious that Apple’s big announcement is coming immediately after one of the largest and fastest rises in market capitalization that the stock market has seen since the dot-com bust. Or even during the bubble, for that matter. Look at Apple in the famous context of Amazon. On December 16, 1998, when the stock was trading at 242 US dollars, Henry Blodget put a price target of 400 US dollars on the company. On January 6, 1999, Amazon hit 400 US dollars. Amazon had grown its market capitalization by 13 billion US dollars in 14 trading days, which means that its market cap was increasing at a rate of just under one billion US dollars per trading day. If you look at those eight days of Apple trading, by contrast, the company’s market cap was increasing at a rate of 8.9 billion US dollars per day. Given how unusual it is for a company to see its capitalization rise so astonishingly quickly, it’s reasonable to raise an eyebrow at the timing here. On Monday, Apple will make its announcement, and the stock will rise, or it will fall. But if it falls, that won’t necessarily mean that the market is disappointed in what Apple is announcing. It might just mean that the announcement got more than fully priced in, over the course of the past couple of weeks. * Felix Salmon is the finance blogger at Reuters. The views expressed are his own.

with pressure from experts and creditor countries’ politicians. Among the proposed eurozone bailouts, none has come under the spotlight as much as the idea that the ECB should purchase massive quantities of the problem countries’ bonds. Advocates of this approach stretch the concept of “lender of last resort” to suggest that providing liquidity to commercial banks is the same as funding governments. They also present the alternative to a bailout as a “catastrophe.” Finally, they cite similar policies implemented by the United States Federal Reserve, the Bank of England, and the Bank of Japan - as though merely mentioning past examples is evidence that ECB lending will work. These rhetorical devices must not overshadow careful analysis of the various options. There has been surprisingly little comparative analysis of the effects of quantitative easing (QE) in Japan, the US, and Britain. Yet the evidence indicates that QE is no free lunch. Although it may offer potential benefits in the short run, costs and risks invariably emerge later. In Japan, QE may have contributed to delays in economic reform and restructuring, thereby weakening longer-term economic growth and exacerbating fiscal distress. In the US, it failed to avert the slowdown during 2008-2011, while America’s 2011 inflation figures may turn out to be higher than they were in 2007. In Britain, economic growth is even slower, while inflation is much higher. And these countries’ QE has also fueled asset bubbles in the world economy. Massive purchases of government bonds by the ECB would be the worst type of bailout. The fact that such purchases are potentially unlimited would exacerbate the problem of moral hazard. It would also increase the risk of inflation, along with other negative economic consequences. Moreover, such a bailout could undermine the ECB’s trustworthiness as guardian of the euro’s stability, particularly in light of the new political power that it would obtain. And it would further undermine the rule of law in the EU at a time when confidence in the Union’s governing treaties is already fragile. The key to resolving the eurozone crisis lies in properly structured reforms in the ailing countries. Indeed, experience shows that there is no substitute. * Leszek Balcerowicz, a former governor of the Central Bank of Poland, and Deputy Prime Minister and Finance Minister in the first post-communist Polish government, is currently Professor of Economics at the Warsaw School of Economics.

classifieds@alwatandaily.com

tuesday, march 20, 2012

Tuition available in Hawalli

Western Expat teacher certified, offering English lessons to adults or children. Preparation for exams, or Immigration, also available. Please call: 6556 7494 Convert your VIDEO CASSETTES (OLD COLLECTIONS) into DVD or in SD Card or in USB or any other formats.

Call after 3 pm (66025668)

27-02/27-03

Boston whalev super sport 150 boat.Tel:65880918 Required licensee for a tax business.Tel:66689802

Call: 97292083

27-02/27-03

Garmin GPS Tel:99226042

for

sale.

Selling the numbers (90008944-5500503). Tel:69644449 Selling the number (60601313) KD800. Tel:50250500 Used furniture’s for sale with air conditioner. Tel:99739700 Kitchen Tel:24762688

appliances.

Pictures and Information of all items available upon request…!!!

Contact: 67009278

Birthdays and weddings

SLR

Professional gardening services. SLR

Carpenter.

Tel: 66291129 Westener teacher available to tutor English American and British Curriculums in English, Math and Science or Art.

For rates, please call

FOR SALE

Apartment in Hawalli, 2 master rooms, kitchen, balcony and living room. Tel:60001848

For Sale

B.C. Rich Electric Guitar. Warlock Style Platinum-Pro. 7-String, Free Coffin Case 15-02/15-03

Arabic Teacher

Apartment in Manqaf, private entrance, 3 bedrooms, 3 bathrooms, living room and kitchen along a maid room. Tel: 90958689-99925977 Super deluxe furniture apartment in Salmiya, 2 rooms, 2 baths, living room, kitchen and laundry room, KD500.Tel:25352200

WDLR

Apartment in Jabriya, 3 bedrooms, 3 bathrooms, living and kictehen.Tel: 66256814

Fridge medium size (great condition) KD 50 Fridge small size KD 15 Cloth hanger KD 5 Stove KD 90 Washer & Dryer KD 120 Gym KD 20 Microwave KD 5

located at Block 4 Mahaboula behind Alia and Galia Tower. Floor space 5mX5m, with bathroom, include 2 chillers, 2 freezers, cash register, vegetable scale, with stocks.

Laptop repairs, Formats, anti-virus program and games.

Tel:97601745

Interested parties may contact

60452716

Cars

Chevrolet Lumina V6 2008 model done 80000 km in good condition for KD 2800, single used. Tel: 99962456

Volkswagen Touareg 2005, navy exterior in a very good condition, KD 2500.Tel: 94404405

Toyota mini buss KD2900.Tel:24747418

2005.

Ford Lincoln, grey exterior. Tel: 99288558

2005,

Mercury Grand Marquis 2005, hardly used in great condition with valid insurance.Tel:97175533

Lexus IS400 1998, navy full option, KD 1900.Tel: 97803380 Hyundai 2000, green exterior, KD 500.Tel:99628345 BMW 2000, White exterior, beige interior, KD 1250 Tel: 97878183 25/12 - 25-02

Toyota Camry 2000, in great condition.Tel:99734995

SLR

20-03/20-04

Paints and wallpapers, professional work. Tel:99795097

Private English Lessons Experienced teacher All levels and age groups KD 10 per hour

Contact 69931734

SLR

I am an MBA holder with more then 23 years experience in Accounting, Analysis, and Business development. Responsibilities in India & Kuwait, now I am looking part time job after 6 pm from Sunday to Thursday, Friday & Saturdays full day free, if any suitable vacancies for me please contact 55710397.

Learn Arabic For foreigners to learn Arabic easily. Contact: 66972388

SLR

Packing and moving services.

06-03/06-04

Required Sales person for men’s textiles shop with sales experience (speaks Arabic). Salary KD 160 + commission. Tel: 66970789

Tel:65599091

SLR

Laptops rent,

Seeking qualified female Nail Technicians of Filipino Nationality. If interested please contact 99030565 or 25319812.

Tel: 66644270

GMC Yukon 1999, spacious and clean. KD 1700, price is negotiable. Tel:66694310 Nissan Maxima 2008, 6VS, KD 3200. Tel: 99997494 Nissan Maxima KD1500. Tel: 66565511

SLR

Egyptian babysitter, baby sit kids from 1 years old to 4. Tel:94996159

Required chef for Lebanese restaurant. Tel: 6509292697686366

SLR

23-01/23-02

Cars

30-01/30-02

Fitness Personal Trainer available

A well known Bakala

Required sales person with knowledge of using the computer. Tel:66292269

Items for sale

Nissan Altima Tel:94915050

19-03/19-04

24-01/24-02

Please contact 965-6610-8174 Email: naznaz.fawzi@yahoo.com

Arabic Teacher for non-native speakers Beginners and advanced - All levels of the Arabic language - IGCSE & GCSE. Only 10 KD for an hour and free books

please call 66052065

30-01/30-02

16-01/16-02

WDLR

Chocolate Easter eggs, Easter cookies, Easter cupcakes available. For further details,

Call Greg at 69931734

Work/Employment

Deluxe villa for rent in Egila, strategic location located around 3 streets, 2 floors, 7 bedrooms and 5 bathrooms, 4 living rooms + 2 kitchens and 2 gardens. Tel: 55969322

Apartment in Mahboula, 4 master bedrooms with baths, living room, kitchen, maids room, laundry and storage room ,swimming pool, parking. Tel: 65563683 Studio in Hawalli with private parking.Tel:66387779

28-02/28-03

25/12 - 25-01

FOR RENT

Apartment in Hawalli, duplex furnished, great location, 2 master rooms, kitchen, living. Tel: 97720081

Investors looking to take advantage of EB-5 Investor Program to obtain US Citizenship, Investing US$ 500,000 in Approved Regional Center, investors receives “Green Card” within 4 months allowing permanent residency. Fund is placed on real estate investment for 5 years with up to 6% income per year. For appointment call: (965) 66834599, Email: nkoni@ konikonsultants.com / website: www.KoniKonsultants .com

Homemade Easter Eggs Available

25-01/25-02

FOR RENT

20-02/20-03

SLR

6068 5554

1. Showcase – from Home Centre (three piece – TV unit, book case and glass case) Price: KD. 15 each (All three pieces for KD. 35) 2. Wooden coffee table with 4 drawers (Home Centre) Price: KD. 15 3. Side table with wooden drawers (3 shelves) Price: KD. 6 4. Dark brown three door cupboard with two full length mirrors Price: KD. 30 5. Full length light brown cupboard with mirror Price: KD. 30 6. Wooden shelves Price: 500 fills each 7. Book stand Price: KD. 5 8. Ikea Wooden crib Price: KD. 15 9. Ikea changing table Price KD 8 10. Playpen Price: KD. 5 11. Baby Pram Price: KD. 8 12. Sony Trinitron TV, 29 inches Price: KD. 25 13. Queen size bed (includes mattress) Price: KD. 30 14. Wooden Master bed (King size) Price: KD. 40 (includes mattres)

Serious buyers please contact 67002524

Tel:67058331

contact Mr. Khaled Ph: 99619998 & 55619998

1/02-02/03

Items for sale

Tel: 9769364

Call: 94441209

KD 50 KD 25 KD 60 KD 35 KD 10

Brand New Items…!!! 5) MOTHERCARE 2 position Baby Carrier – KD 5 (sold in MC for KD 10) 6) AVENT’s Award Winning ISIS Breast Pump Set (with 2 Bottles & Accessories) KD 20 (sold in MC for KD 30)

Events planner

TREADMILL excellent condition, high-tech screen, KD 35. Tel:90989840 Billiard table for sale in great condiditon.Tel:66666168

1) GRACO Baby Stroller (designed by Laura Ashley) 2) GRACO Baby Car Seat (designed by Laura Ashley) As a Set – both Stroller & Car Seat for 3) JUNIORS Car Seat (from Birth upto 18kgs) 4) JUNIORS Baby Tub + Stand

Kitchen Equipment repairs 24hours. Abu Mahmud: SLR

WDLR

Baby Items in “Excellent Condition” For Sale

SLR

Satellite service, 24hours, covers all area.

miscellaneous

Mudarrib Nafais : Contact: 65553012

Tel: 93399180

Satellite

Tel: 60091481

- Flexible Timing - Reasonable Price - For all languages

Tuitions available with a qualified /experienced teacher in Hawalli for students from Class 1 to Class 7 in all subjects except Arabic.

27-02/27-03

EB-5 Investor Program

Driving Instructors available for learners

2004,

WDLR

Carpool service, female driver covers all Kuwait areas.

Website designer and management

Tel:60361977

SLR

Sewer system cleaning. Tel:66070166

Tel:66238890

SLR

Paints and wallpapers.

SLR

Baraka: Tel: 99881053

SLR

McDermott, Daewoo sign Saudi-Kuwait Hout gas project deals

BUSINESS

tuesdAY, march 20, 2012

m ar ket watc h KUWAIT 0.04% 6231

DUBAI

QATAR

0.5% 1668

0.2% 8684

OIL MARKETS

OMAN

ABU DHABI

BAHRAIN

EGYPT

0.5% 5896

0.1% 2605

0.5% 1148

0.5% 5039

SAUDI 0.1% 7620

US Crude $107.72 $0.66 London Brent $125.50 $0.31 Kuwait Crude $125.37 $0.04 Information Courtesy: KAMCO

Oil steady above $125 on Iran fears

See page 10

CURRENCIES US Dollar

British Pound

Saudi Riyal

Qatari Riyal

Indian Rupee

Euro

Japanese Yen

UAE Dirham

Bahraini Dinar

Philippine Peso

Buy 0.2785 Sell 0.279 Buy 0.3664 Sell 0.3671

Buy 0.4423 Sell 0.4432

Buy 0.003349 Sell 0.003356

Buy 0.0743 Sell 0.0744

Buy 0.07583 Sell 0.07597

Buy 0.07665 Sell 0.07648 Buy 0.7388 Sell 0.74015

Buy 0.005555 Sell 0.005544 Buy 0.006505 Sell 0.006489

Prices in Kuwaiti fils As of March 19, 2012 Courtesy: KAMCO

Based on $109 pb, budget surplus of KD 11 billion for FY 2011-2012 expected

In Focus

Thinkgnation

Compiled by Al Watan Daily

CAPITALS: Brent crude oil traded above 125 US dollars on Monday as tension over Iran’s nuclear program supported prices, offsetting an increase in oil exports from Libya and a rise in production by Saudi Arabia. The threat of military action against Iran, the world’s fifth largest oil exporter, has unnerved energy markets and sent oil prices soaring, with Brent nearly 17 percent higher since the start of the year. Iran has agreed to a new round of talks with the international community about its nuclear program, which it describes as peaceful, but Western sanctions against Tehran have impacted oil exports and there are fears a military strike would severely restrict supply, analysts say. With the oil price above $125 and potentially stalling global economic growth, Organization of Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia has boosted production and the US government has considered plans to release oil reserves to ease supply fears. The supply picture was also boosted by news that Libya’s oil exports will exceed pre-war levels in April, climbing to almost 1.4 million barrels per day (bpd), a senior official at the National Oil Corporation (NOC) told Reuters. “Iran as a supply risk is supporting prices and weaker demand, rising production and physical oversupply is weighing on prices, so it is keeping prices rather stable in this narrow range,” said Carsten Fritsch, commodity analyst at Commerzbank. Brent crude was trading at $125.51 a barrel by 1429 GMT, down 30 US cents after settling up more than three dollars in the previous session. US crude rose 67 cents to $107.73, after climbing almost two dollars on Friday. Oil prices were also supported by a brighter outlook for the US economy and signs of stability in the euro zone which also helped push Asian stocks higher on Monday. Meanwhile, according to the latest Economic Brief prepared by the National Bank of Kuwait (NBK) crude oil prices saw major gains in February, with some blends reaching new post-2008 highs. From the start of the month, the price of Kuwait Export Crude (KEC) jumped

Savio S. Gomes Exclusive to Al Watan Daily

The head office of TNT is seen in Hoofddorp, the Netherlands March 19, 2012. United Parcel Service will pay $6.85 billion for Dutch peer TNT Express in a deal making the world’s largest package delivery company the market leader in Europe. (Reuters)

$13 to a peak of $123 per barrel (pb) by late February, while Brent crude saw an even larger surge of $17 to $128 pb. At these levels, prices are just $13-17 from their 2008 peaks, credited by some as a catalyst for the global recession. The price of the main US crude benchmark - West Texas Intermediate (WTI) - by contrast, was still $35 off its 2008 high, at $109 pb in late February. “An average oil price of $109 pb could generate a budget surplus of 11 billion Kuwaiti dinars for Kuwait in fiscal year (FY) 2011-2012. Based upon preliminary reports of the government’s spending plans, next year could see a further large surplus,” stated the report. “If as we expect, spending comes in at 5-10 percent below the government’s forecast, this year’s budget surplus could end up between KD 10.3 billion and KD 11.7 billion before allocations to the Reserve Fund for Future

Generations (RFFG). This is lower than the KD 14.4 billion surplus revealed by official figures for the first ten months of the year. But spending usually accelerates towards the end of the year, pushing the surplus back down,” it said. The outlook for next year contains a great deal of uncertainty, but based upon recent press reports of the government’s proposed budget, FY 2012-2013 could see another huge surplus. In the official projections, spending is projected to rise by 13 percent to KD 22 billion and oil prices are assumed to average an ultra conservative $65 pb, resulting in a projected eight billion dinar budget deficit. Based upon our price scenarios above, however, and assuming that spending comes in below budget, we project a surplus of between KD 4.8 billion and KD 15.5 billion before allocations to the RFFG.

Kuwait Gulf Oil plans GCC faces liquidity squeeze as significant raise in European banks retreat, says Moody’s non-associated gas production KUWAIT: Kuwait Gulf Oil Company (KGOC) said, on Monday, that according to its 2030 strategic plan it will raise production of non-associated gas to 400 million standard cubic feet per day (mmscfd) in 2020 and increase it to 500 MMSCFD in 2030 from the present capacity. KGOC Chairman and Managing Director Hashim AlRefae said in a press statement that the company’s Strategic Plan envisages an ambitious and challenging growth plan of producing 350 million barrels per day (mbpd) of oil in 2015 and sustain it through 2030. KGOC is going to participate in the upcoming Gulf Petroleum Conference and Exhibition which will be held on April 9-10, 2012, under the patronage and attendance of Oil Minister Hani Hussein. The event is organized by Investors group. Al-Refae noted that KGOC, a subsidiary of Kuwait Petroleum Corporation, will pay utmost attention in raising the ceiling of its production, obtaining new resources and promoting its trade business in the next five years. He further noted that the company was able to reach an oil reserve of 45 million oil barrels through using the latest technologies to increase the numbers of producing oil wells in various locations at different earth layers. In order to achieve this strategic plan, a number of high-technology and capital intensive projects and programs have been planned. These strategic programs and projects have been prioritized in terms of ‘business impact’ and ‘delivery capability’, and are at various stages of implementation, he said. -KUNA

CAPITALS: A decrease in lending from European banks to the Gulf Cooperation Council (GCC) region could lead to a short-term liquidity squeeze and, more likely, a longer-term structural shortfall, Moody’s Investors Service said in a new report published Monday. Some banking systems in GCC countries could face funding gaps in the event of a sustained retrenchment by European banks from the region, Moody’s said. According to Emirates 24/7, overall, European bank lending to the GCC region amounted to around 237 billion US dollars as of September 2011. Moody’s expects the likely deleveraging to result in a sustained reduction of lending to the GCC at a time when the region faces sizable funding requirements, with an estimated $1.8 trillion of capital investments underway or planned over the next 15 years. The European banks’ retrenchment from the region has been prompted by the ongoing euro area debt crisis and their need to deleverage and build up capital buffers. Although the economic reliance on European bank funding varies across the GCC, Moody’s says that in order to meet the gap resulting from an anticipated pullback by European banks, local GCC banks would need to grow as well as adjust their own funding structures. Asian banks are also likely to be a growing source of foreign funding. The ratings agency believes that a short-term liquidity squeeze among GCC banks that would result from European banks’ retrenchment could in some cases be moderated through temporary liquidity support from governments, central banks as well as the GCC banks’

improved liquidity positions since the last ‘crunch’ in 2009. However, GCC banks will also face longer-term structural funding shortfalls that would, in the agency’s view, be more difficult to address. Moody’s has classified GCC banking systems into three categories of low, moderate and high vulnerability to European funding: Low vulnerability: With European bank financing equivalent to around 10 percent of GDP, the economies of Saudi Arabia (rated Aa3, stable), Kuwait (Aa2, stable) and Oman (A1, stable) are not highly reliant on European funding and are the best positioned to withstand a sustained retrenchment. Moderate vulnerabilty: For Qatar (Aa2, stable) and the United Arab Emirates (UAE, Aa2, stable) European bank financing in the local economy is equivalent to a significant 25 percent of GDP. The short-term refinancing and investment needs in Qatar and the UAE can be handled by the respective governments. However, for Bahrain’s (Baa1, negative) onshore retail banking sector, European financing is a much higher 75 percent of GDP due to the sector’s size but the mitigant here is that the banks here show matched levels of foreign assets and liabilities. High vulnerability: European funding accounts for around 40 percent of the total $120 billion liabilities held by Bahraini offshore wholesale banks. A sustained outflow of funds would lead to a significant liquidity squeeze, a slowdown in business volumes in the short term and major structural challenges to offshore banks’ franchises in the long term. -Agencies

EKUWAIT: Business, financial and economic philosophy has changed more in the past three years than in the previous three decades. One is likely to conclude that it is not this decade (as the International Monetary Fund (IMF) constantly threatens us with) but the previous three that were ‘lost’ decades on account of the ‘thinkgnation’ (stagnation in thought leadership). Michael Flanders and Donald Swann in their song ‘Bed’ took the line that the worm too early to rise is the one that gets caught by the bird. Andrew Carnegie (old school) deferred and opined that the over riding business philosophy was that the first to the oyster gets the pearl. Peter Gomes (Harvard) preferred ‘the second mouse gets the cheese’. Business and country entry strategies have generally shown that the second and third entrants tend to be more prosperous than first comers. Makes one wonder not whether, but how quickly, devices such as the Blackberry and the iPad will go the way of the walkman. The first off the block often is also to get the chop on the block together with the privilege of swallowing all developmental costs. The Hong Kong stock exchange has cut the lunch break from two hours to one hour during the past year. The exchange is the international gateway to China and Chinese stocks make up nearly 70 percent of the trading volume. The many, relatively small brokers have figured out that their businesses can be won or lost during the lunch hour. The exchange’s market capitalization has risen by 900 percent over the past ten years. Neither the bears (nor the bulls) will have the time to complain about Goldilocks tucking into their porridge, and Goldilocks certainly (then as in now) does not have time for the nap after porridge. Yelp’s, the business review internet business shares that were priced at 15 US dollars, traded early at a high of $26. The company is loss making and is valued at over 15 times the previous year’s sales. Yelp’s plans include expansions outside the US and non advertising revenues (wouldn’t all internet sites like these two add-ons). With break even projected only after 2013, Yelp meanwhile, plans to ride the wave of investor confidence (as misplaced as before) in internet companies. Yelp probably plans to rely on a very basic human trait, fondness for finding fault with others. The site has nearly 70 million visitors a month with over 25 million reviews posted by visitors. Investors must be expecting that sites such as Yelp, LinkedIn, Zynga or Groupon will fail, need to consolidate and be eventually bought over by giants with strong technological and marketing DNA (e.g. Google, Yahoo, Alibaba, Microsoft and Apple). The Forbes list of billionaires would lead one to infer that it is better to follow jockeys than horses. Bill Gates had a nine percent increase in net worth in 2011, whereas Microsoft’s shares fell by more than 5 percent. The secret is that today, less than 30 percent of Gates’ wealth is in Microsoft shares. Mr. Buffet on the other hand suffered a 12 percent decline in his wealth in 2011 (down to a mere, modest $ 44 billion), whereas the stock of his company Berkshire Hathaway dropped by only around 5 percent. At current rates of inflation, in another 300 hundred years, Buffet could even attain humble middle class status. Some jobs are designed for relaxation. A ‘torcedor’ is a cigar roller with the prime ‘responsibility’ of smoking cigars every day. The torcedor is also responsible for supervising the drawing, size, shade and colour grading and correct blending of cigars. This occupation probably comes in a close third after ice cream and wine tasting, on the list of jobs people never want to retire from, other than those whose principal occupation is being a Forbes billionaire. The views expressed above are the writer’s own and do not necessarily represent those of Al Watan Daily and its staff. Savio is a financial and management advisor with a background in economics. He has carried outconsulting and management intervention projects in several countries such as USA, UK, Australia, Kenya, Armenia, Kuwait, Saudi Arabia etc. The writer may be contacted on saviosgomes@ gmail.com.

Bahrain’s Arcapita files for US bankruptcy protection

DUBAI: Bahrain investment house Arcapita has filed for Chapter 11 bankruptcy protection in the United States after it was unable to reach a 1.1 billion US dollar debt deal with creditors, it said on Monday - a first for an indebted Gulf-based entity. Arcapita blamed non-bank creditors - hedge funds, in other words - for its inability to strike a deal on its proposal to delay repayments by three years. “The actions of certain non-bank creditors have precluded Arcapita from reaching such a consensual resolution before the March 28 maturity date, jeopardizing Arcapita’s ability to satisfy its fiduciary duties to its stakeholders,” Chief Executive Atif Abdulmalik said in a statement. The filing will allow for a “comprehensive restructuring that rationalizes Arcapita’s capital structure and maximizes recoveries to creditors and other stakeholders,” the firm said in the statement. No immediate asset sales are

planned, the company added, saying they would only be carried out “at a time we consider to be the appropriate point of the investment cycle.” Arcapita’s debt maturity has been regarded as one of the most challenging liabilities facing the region in 2012, given its poor cash position and the difficulty it has faced in selling assets because of the market volatility caused by the European debt crisis. The investment firm had $119 million in cash on its balance sheet on Dec. 31, according to a Standard & Poor’s’ report published in February. Most of its portfolio companies are based in the United States, according to its website, hence its Chapter 11 filing. The cost of insuring Bahraini sovereign debt against default for five years rose on Monday to 370 basis points, up 12 bps from Friday’s close, according to data monitor Markit.

Hedge funds complicate

Unlike other restructurings in the region, hedge funds hold a significant portion of Arcapita’s debt - thought to be around 25 percent of the $1.1 billion Murabaha facility. A Murabaha is a cost-plus-profit arrangement which complies with Islamic law. This exposure was reflected in the presence of US hedge fund Davidson Kempner Capital Management on the creditor committee, the first time that a hedge fund has fulfilled such a role on a Middle Eastern debt restructuring. However, two sources familiar with the restructuring talks said a separate hedge fund was the main opponent to the plan but declined to name the fund. While most restructurings in the Gulf region, such as Dubai World’s $25 billion debt deal, have been bank-only affairs and have seen long extensions to maturity dates,

hedge funds have fewer concerns about maintaining relationships and were expected to force a shift from the usual conciliatory attitude. The other four members of the creditor committee are Barclays, CIMB, Standard Bank and Royal Bank of Scotland, sources familiar with the matter told Reuters last week. Arcapita’s legal advisors are Gibson Dunn & Crutcher and Linklaters, while its financial advisor is Rothschild, the statement said. PricewaterhouseCoopers and Clifford Chance are working with the creditor committee, sources told Reuters last week. Like most investment firms in the region, Arcapita was hit by the financial crisis as it struggled to exit its investments due to global investor woes and its fee income from raising fresh funds in the Gulf Arab region collapsed. -Reuters

BUSINESS IN REGION

ALWATAN DAILY tuesDAY, march 20, 2012

McDermott, Daewoo sign Saudi-Kuwait Hout gas project deals KD 1 billion spent for projects to protect environment, says KPC

CAPITALS: US-based McDermott International and South Korea’s Daewoo Engineering and Construction have signed contracts to build facilities to recover gas from Hout, one of the joint oilfields shared by Saudi Arabia and Kuwait, two industry sources said. Al-Khafji Joint Operations Company (KJO) a partnership between state oil firms Saudi Aramco and Kuwait Petroleum Corporation (KPC) signed the contracts two weeks ago, the sources said. One of the sources said the contracts for onshore and offshore work in the Neutral Zone between the two Gulf Organization of Petroleum Exporting Countries (OPEC) countries were worth a total of around 240 million US dollars. Under the contracts, McDermott and Daewoo are to build offshore gas gathering facilities, a subsea pipeline to carry 48 million cubic feet of gas per day and associated onshore gas facilities. India’s Larsen and Toubro, Italy’s Saipem, CCC and United Arab Emirates’ (UAE) NPCC, South Korea’s GS Samsung Engineering and France Technip were among firms invited to bid. In more news, cost of ventures for protection of the environment exceeded one billion Kuwaiti dinars over the past 10 years, said Farouk Hussain Al-Zanki, Deputy Chairman of the board of Directors and Chief Executive Officer of Kuwait Petroleum Corporation (KPC). The KPC, in a statement released on Monday, quoted Al-Zanki as indicating at various projects that had been executed; production of lead-free

FILE - A general view shows Kuwait’s main oil refinery at Al-Ahmadi on Aug. 1, 2005 in this file photo. US-based McDermott International and South Korea’s Daewoo Engineering and Construction have signed contracts to build facilities to recover gas from Hout, one of the joint oilfields shared by Saudi Arabia and Kuwait, two industry sources said. (Al Watan)

gasoline, construction of land and marine reserves. The KPC and its subsidiary companies are keen on being leader at the regional level in terms of public health and environmental safety. Execution of a chain of projects for sustainable development and environmental protection is aimed at minimizing harmful gases, he affirmed.

Egypt to receive $392 million to fund new metro line

CAIRO: Egypt will receive a 392 million US dollars loan from the Japan International Cooperation Agency (JICA) to fund the construction of Cairo’s fourth metro line, Egypt’s planning minister said on Monday after signing the agreement. The amount is the first tranche of a $1.28 billion loan that carries an interest rate of 0.2 percent, Planning and International Cooperation Minister Faiza Abu El-Naga said. The new line, costing an estimated 15 billion Egyptian pounds ($2.49 billion), is to run from the northwestern suburb of Sixth of October City via the site of a new Egyptian museum near the Pyramids of Giza to a district south of downtown. Construction is set to begin in September and expected to take seven years to finish. Egypt last month inaugurated the first phase of the third line, running from the city centre to the airport in the northeast. -Reuters

Qatar-Belgium JV wins $1.2 billion Gulf dredging contract

Qatar boosts position as top Lagardere shareholder

DUBAI: Qatar has awarded a 4.5 billion Qatari riyal (1.24 billion US dollars) dredging contract to a joint venture of a local company and a unit of Belgian building group CFE and holding firm Ackermans & Van Haaren, a statement said on Sunday. The contract to dredge a 20 kilometers (13 mile) approach channel for a 27 billion riyal new port project was awarded to Middle East Dredging Company (MEDCO), set up by Qatar’s United Development Co, state-run Qatar Holding, and Belgian dredging group DEME, the statement added. DEME is jointly owned by CFE and Ackermans & Van Haaren. In more news, energy-rich emirate Qatar has increased its stake again in Lagardere, boosting its position as the largest shareholder in the French media-to-aerospace conglomerate. The unit of the Qatar Investment Authority, the emirate’s sovereign wealth fund, said in a regulatory filing it could raise the stake further after increasing it to 12.8 percent and may seek representation on the group’s supervisory board. The Gulf state has been a staunch supporter of chief executive Arnaud Lagardere in the face of criticism from some shareholders of the CEO’s strategy for the company his father founded, becoming its top shareholder in December. Lagardere had a steep net loss of 707 million euros (931 million US dollars) last year, triggered by write-downs at its fledgling sports rights and marketing business and its French pay-TV unit. The results capped a tumultuous year in which it scaled back profit goals twice because of problems at the sports unit and scrapped plans for an initial public offering of pay-TV unit Canal+ after the Japan earthquake roiled markets. After losing a third of their value last year, Lagardere shares have risen more than 15 percent since the start of this year. They were roughly flat at 23.565 euros at 1100 GMT. Qatar Holding now owns 16.82 million of the shares, giving it just over 10 percent of voting rights in the group, which has a market value of about three billion euros. Qatar Holding said in the filing that it may discuss strategic partnerships “allowing the creation of long-term value for shareholders” of Lagardere, though there were no specific plans. It also added that it had no merger plans for the group. Lagardere, which competes with Pearson and Bertelsmann in radio and book publishing, had no immediate comment. The Lagardere family retains 9.6 percent in the group, according to its website. -Agencies

The KPC has succeeded in cutting proportion of emissions by 1.75 percent, he declared. Al-Zanki also indicated at the special award for the best environment-friendly project, that has involved 60 projects and all the domestic oil companies. The KPC and its companies will celebrate, on Thursday, the honoring of the top project in this sector. -Agencies

Gold tracks oil higher, India duty may cap gains SINGAPORE: Gold rose more than half a percent on Monday after firm oil prices prompted safe-haven buying from investors and speculators, while technical buying also resurfaced after bullion bounced from its weakest level in two months. But gains may be capped by worries that a plan by main consumer India to double its import duty could cause a temporary slip in purchases. Silver tracked gold higher, while platinum prices stayed at premiums to bullion on supply concerns. Gold added 9.31 US dollars an ounce to $1,662.80 by 0703 GMT after posting a three percent fall last week in its second-biggest weekly decline this year, on fading expectations of more monetary easing in the United States. Bullion raced to a record of around $1,920 last September on fears the euro debt crisis could stall global growth. “You can see there’s short-covering. I think it’s technical. The upside will be at $1,675 to $1,680, and there will be some resistance there,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. India’s customs duty on gold and platinum rose from March 17 after Finance Minister Pranab Mukherjee announced the move on Friday among steps to cut the deficit in his 2012-2013 budget. Indian consumers had yet to return to physical market on Monday, having bought some gold in panic buying triggered by the announcement on Friday. US April gold rose $7.30 to $1,663.10 an ounce. Money managers in gold and silver futures and options reduced their net long positions for a second straight week in the week of March 13, as both markets

Saudi Electricity picks banks for global Sukuk roadshow DUBAI: Saudi Electricity Company (SEC) can expect strong appetite for its debut foray into global debt markets, after the state-owned utility picked banks for roadshows ahead of a potential dollar-denominated Islamic bond. SEC will hold investor meetings in Asia, the Middle East and Europe starting March 21 following which the company may issue a Sukuk, subject to market conditions. “The new Saudi Electric Sukuk will be very well-received by investors as it promises to be a rare foray into dollar-denominated investmentgrade territory,” says John Bates, head of fixed income at London-based asset manager Silk Invest. “The company has majority Saudi Kingdom ownership, and given the highly liquid banking system there, margins are otherwise quite tight for international investors in the local market,”

Bates said, adding he expected at least a benchmark-sized issue with a broad investor base. Benchmark is normally understood to mean at least 500 million US dollars. Hong Kong and Shanghai Banking Corporation (HSBC) and Deutsche Bank will arrange investor meetings which begin in Hong Kong and will take in Singapore, Malaysia, the United Arab Emirates (UAE), and London, according to a roadshow schedule seen by Reuters. Germany and Switzerland may be added to the list. SEC is majority-owned by the Saudi government, and carries a high probability of state support, as the kingdom’s national electricity provider. “SEC’s business risk profile benefits from the company’s quasi monopoly on generation and a monopoly on transmission and distribution, with minimal, if

any, competition over the next several years at least,” ratings agency S&P said in a note on Monday. “In addition, we factor in the strong forecast growth in electricity demand as well as ongoing government support,” S&P said, adding that the Sukuk is due to be an Ijara structure. Ijara sukuk involves a transfer of tangible assets - most commonly real estate - from one party to the next, as Islamic law does not allow for debt or interest payments. SEC was awarded a $13.63 billion loan from the government in June to help it increase power production. It has an installed capacity of 50,000 megawatts and plans to boost its capacity to at least 80,000 megawatts by 2020. But rising consumption costs contributed to a wider fourth-quarter loss, missing analyst expectations. -Reuters

consolidated from their late-February plunges. The fall in gold prices has prompted one or more central banks to buy as much as four tons of bullion in recent weeks, according to an industry source and a Financial Times report on Friday. Bullion has fallen more than seven percent since Feb. 29, the day gold saw its biggest one-day drop in more than three years. US crude oil futures extended gains on Monday on continuing tensions over Iran’s disputed nuclear program and the potential for supply disruptions in the region, which raised fears of inflation. But a firm dollar and equities still weighed on gold as an improving economic outlook in the United States prompted some investors to shift their money back to riskier assets. On Friday, the benchmark Standard & Poor’s 500 Index stayed above the 1,400 level it reached last week for the first time since May 2008, while European stocks hit their highest level since before the market’s slump in late July. Global economic growth will slow this year, with the United States looking much improved but risks still to the downside as Europe’s financial markets remain fragile, the deputy managing director of the International Monetary Fund (IMF) said on Monday. In Singapore, dealers waited for Indian gold jewelers to re-enter an otherwise dull physical market. Many Indian families buy gold as an investment in a climate of high inflation and crimped real interest rates. Gold is also an integral and important part of weddings, often representing the wealth of a bride and acting as her security. -Reuters

Investcorp acquires UK education group DUBAI: Investcorp Corp, a Bahraini alternative investment manager, on Monday said it acquired UK-based education firm GL Education Group for an undisclosed amount. Investcorp, which once floated luxury brands Gucci and Tiffany & Co, said it bought the company from Veronis Suhler Stevenson, a private equity and debt capital firm focused mainly on education, media and information sectors. GL Education, earlier called Granada Learning Group, is a provider of tools and services to enhance educational capabilities among children. It runs two units, GL Assessment and GL Performance. Investcorp is looking to spend more than 400 million US dollars on stakes in companies in Turkey and in the Gulf Arab states in the next two years through its one billion dollars Gulf Opportunities Fund I which is 50 percent invested so far in four deals, a senior executive told Reuters in November. The company reported a 90 percent drop in half-year profits hit by declining hedge fund revenues. -Reuters

Warba Bank opens second branch after recording success of the first branch KUWAIT: In line with its commitment to recreate the Islamic banking experience in Kuwait, Warba Bank announced in a press release this week, the intention to open its second branch, located in Qibla, Awtad Tower, Kuwait City by the end of this week. The opening follows the successful inauguration last week of the bank’s first branch in Kuwait, located at the Rimal Complex, Hawally. Warba Bank will offer a full range of products and services including retail,

investment and corporate banking from branches in Hawally and Kuwait City in addition to future branches, offering customers exceptional levels of service, innovation and choice in an inclusive Sharia compliant environment. Commenting on the opening of the new branches, Adnan Salman Al Salem, Chief Retail Banking Officer said: “We are very content with the performance and operations of the first branch. Three more additional branches will open throughout

the month of March, one by the end of next week in Awtad Tower, Qibla, Fahd Al Salem Street while the other one will open next week in Laila Gallery, Salem Al Mubarak Street, Salmiya. The forth branch will be open in Khalifa Tower, Ahmad Al Jaber Street, Sharq.” He further highlighted that the bank is ready to receive its different clients during the official working hours to provide the best banking services which includes the opening of various accounts such as

current accounts, salary accounts, saving accounts, bank deposits in addition to credit cards of all types (accredited internationally), as well as ATM cards, prepaid cards and providing financial solutions comprising of consumer (cars, boats, furniture, electronics, etc), home finance (construction materials). Adnan further highlighted that all the mentioned services are already available in the current branch and will be provided in the further branches.

Oula introduces Geowash service, strengthens its efforts to preserve environment KUWAIT: Out of its keenness to develop its services and in an effort to preserve the environment, Oula Fuel Marketing Company exclusively launched Geowash Car Wash system for the first time in Kuwait. The Geowash is distinguished by its preserving the environment according to international standards, and is now available in Sharq and Kaifan stations; and will be introduced to the rest of the Oula stations soon. This was announced in a press release on Monday. Geowash system plays a key role in adding value to Oula Fuel Marketing’s services, since the new system provides innovative technology for car washing through the use of environmentally friendly and recyclable chemicals. Furthermore, Geowash provides high-quality service and integrated amenities for Oula clients. The principle of Geowash cleaning has emerged through the urgent need to preserve the environment, especially as this system is 100 percent environmentally friendly, and only uses three liters of water per wash. The Geowash system also ensures no scratches on cars and it

A handout picture of the new Oula exclusively launched Geowash Car Wash system for the first time in Kuwait.

uses special components to remove dirt, polish colors, and protects the car from Ultraviolet rays and pollution, dust and other weather defects. Commenting on the launch of the

new efficient car wash service in Oula stations, Managing Director of Oula Fuel Marketing Company Hamza Bakhash, said, “Oula has exerted concerted efforts for the adoption of technologies that pro-

tect the environment and satisfy customers at the same time. Hence, Geowash is the perfect system for protecting the environment while securing a unique service of car washing, cleaning and polishing, all in a very short period of time. It has been proven through statistics and studies that customers desire to wash their cars four times a month, but time constraints do not allow them to do it except once a month. Therefore, Oula was keen to provide the Geowash system which ultimately would save time, water and efforts” Bakhash added, “Oula customers can now clean their cars using the modern advanced system in Sharq and Kaifan Stations given that the Geowash system is characterized by its fast service and integrated facilities. Oula plans to also launch the service in 10 other filling stations during this year and is welcoming all its customers to visit its stations and enjoy their car being washed with the most effective and environmentally-friendly means. We look forward for more additional initiatives that will enrich our customer’s experience and allow them to benefit from our various services.”

ALWATAN DAILY

MARKETS

tuesDAY, march 20, 2012

KSE weighted index registers positive gains in February, increases 1.06% cent of GDP over 2010/11 – 2013/14), which aims at boosting the country’s infrastructure and diversifying the economy away from oil. On the economic front, Kuwait’s surplus widened to KWD 13.2 bn (USD 47.6 bn) in the first nine months of its 2011/12 fiscal year, nearly doubling from last year’s level on the back of higher than expected oil income and lower spending. Revenues stood at KWD 21.4 bn while spending was at KWD 8.3 bn, marking a 42.5 per cent of the full year plan according to the Central Bank of Kuwait.

KSE monthly reviewFebruary 2012

2,900

1,050 975

750

2,750

675

2,700

525

600 450

2,650

375 300

2,600

225 150

2,550

Company

High

Low

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

1,100

1,080 460 730 880 250 430 860 540

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.

108 280 61 174 340 14.0 65 24.0 112 118 32.0 138 60 32 40.0 53 43.5 106

465 730 890 255 430 880 550

Global Index - Banking

Taiba Kuwaiti Holding

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

28.5 69.0 190 89 71 55 140

108 280 59 172 335 13.5 64 24.0 106 116 32.0 136 58 31 38.0 53 42.5 102 240.0 99.0 28.0 64.0 182 85 71 54 134

248.0 104.0

Global Index - Investment

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

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

60 116 144 222 244 42.0 104

1,020

75 16.5 65.0 92 59 65 90 20.0 42.5 75 126 46.0 33.0 39.0 24.5 22.5 59 335

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

Ÿ ŷ Ÿ ŷ ŷ ŷ Ÿ ź ź

255 132 455 130

1,440

320 870 370

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

ŷ ŷ ŷ ŷ ŷ ŷ ŷ

59 112 140 220 244 40.5 102 1,020 74 15.5 61.0 91 59 64 88 19.5 41.5 75 120 43.5 32.0 36.5 24.5 22.0 58 310

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

248 130 455 130 1,440 315 860 370

ź ź ŷ ŷ ŷ Ÿ ŷ ź ŷ ŷ ź

Last Close 186.57 6,231.00 Last Prev. Close Close 1100 465 730 630 880 250 430 870 550 330.40

108 280 60 172 340 14.0 64 25.0 130 24.0 230 108 118 50 52 32.0 136 60 30.5 71 39.0 48.5 64 26.0 242 53 38.5 51 43.0 104 240.0 99.0 24.0 28.5 65.0 29.0 182 255 114 29.50 89 71 57 54 64 42.50 136 85.28 290 610 490 148 220 122 40.50 44.89

59 112 144 220 32.5 244 118 100 40.5 120 102 1,020 75 15.5 65.0 92 59 65 79 36.0 88 19.5 87 17.5 42.0 57 75 124 43.5 32.0 39.0 24.5 22.0 134 134 220 58 310 57.00

248 130 455 130 1,440 320 150 870 190 114 370

1080 465 710 630 880 250 425 880 560 328.49 110 285 61 172 345 14.0 64 25.0 130 24.5 230 112 118 50 52 32.5 140 59 30 71 38.5 48.5 64 26.0 242 52 38.5 51 43.5 98 244.0 104.0 24.0 28.5 65.0 29.0 186.0 255 114 29.50 85 71 57 56 64 42.50 140 85.99 290 610 490 148 220 122 40.50 44.89

Last Bid

Last Ask

MTD YTD 3.10% 4.05% 7.17% 1.70% Div. Annual Close Low P/E Yield High

2,360,000 520,000 5,000 80,000 1,180,000 130,000 1,065,000 1,890,000 7,230,000

67 14 1 5 9 6 58 61 221

2,553,400 239,300 3,650 70,700 296,600 55,900 926,900 1,025,350 5,171,800

1,080 460 690 590 880 250 425 860 540

1,100 465 740 630 890 255 430 870 550

3.6% 0.0% 2.1% 3.2% 1.6% 0.0% 0.0% 2.3% 0.0% 1.9%

1,220 510 790 680 920 260 480 900 590 330.40

1,060 465 700 630 790 236 425 820 550 317.17

15.92 33.49 84.02 17.93 30.73 23.78 12.04 24.78 104.63 19.24

-2 -5 -1 -5

40,000 540,000 17,160,000 740,000 280,000 2,960,000 1,280,000 80,000 6,760,000 560,000 80,000 4,200,000 2,600,000 3,040,000 480,000 40,000 17,840,000 10,140,000 13,240,000 8,200,000 1,840,000 20,520,000 480,000 760,000 1,080,000 1,440,000 6,760,000 123,140,000

2 17 139 22 11 26 23 1 116 9 1 41 48 31 4 1 112 172 269 201 14 315 17 15 9 26 140

106 275 58 172 335 13.5 63 23.5 104 116 31.0 136 59 30 38.5 64.0 51 36 42.0 104 240.0 98.0 27.5 65.0 182 29 87 70 53 53 134.0

108 285 60 174 340 14.0 65 24.5 230 108 118 32.5 138 60 31 40.0 69.0 244 57 43.0 106 242.0 99.0 24.0 28.5 66.0 190 30 90 72 56 55 136.0

0.0% 7.9% 0.0% 0.0% 5.9% 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% 3.3% 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 35.5 140 65 35 71 44.0 48.5 70.0 26.0 244 54 39 51 43.5 104 244.0 130.0 25.0 33.5 96.0 29.0 190 255 114 32 89 73 60 56 64 42.5 140.0 85.99

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 13.02

1,782

4,320 151,200 1,028,240 127,440 94,400 40,680 82,240 1,920 743,480 66,040 2,560 572,000 153,320 94,680 18,720 2,120 767,960 1,057,760 3,222,680 833,520 51,840 1,363,040 89,800 66,080 76,680 78,360 926,840 11,717,920

Ex-D -

290 560 485 28.0

300 580 500 148 43.0

6.9% 4.1% 5.1% 6.8% 2.7% 0.0% 0.0% 4.6%

325 610 520 148 220 134 40.5 44.89

280 550 450 102 220 102 40.5 42.22

15.14 14.06 10.01 23.37 296.83

-6 6 -

6,600,000 5,180,000 1,920,000 200,000 80,000 5,760,000 1,120,000 305,000 280,000 3,360,000 19,440,000 14,680,000 280,000 640,000 2,760,000 2,080,000 3,440,000 40,000 300,000 49,040,000 560,000 6,560,000 80,000 2,160,000 200,000 15,410,000 142,475,000

31 66 54 7 4 45 43 18 4 28 219 110 6 13 42 20 38 1 12 238 7 58 1 19 4 330

58 112 142 220 240 114 95 40.0 100 1,000 74 15.5 64.0 92 58 64 87 19.0 87 42.0 75 122 31.5 38.5 22.5 21.5 32 58 310

59 114 144 222 35.0 244 100 40.5 130 104 1,020 76 16.0 65.0 93 59 65 88 19.5 42.5 58 78 126 43.5 32.0 39.0 26.0 22.0 32 60 325

0.0% 0.0% 0.0% 9.1% 0.0% 4.1% 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 1,020 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 39.0 28.5 25.5 134 34 220 70 480 57.24

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 24.5 15.0 134 31 220 49 270 49.06

45.72 14.37 25.79 19.62

1,418

389,440 591,600 272,520 44,320 19,520 236,960 114,920 311,100 20,960 52,920 1,230,120 1,349,960 16,520 41,040 245,480 40,600 144,080 3,000 36,560 2,175,240 18,080 248,480 1,960 48,000 11,640 5,009,700 12,674,720

5,990,000 680,000 10,000 100,000 112,500 30,000 20,000 20,000

72 25 1 3 14 3 3 2

1,487,030 88,960 4,550 13,000 162,000 9,550 17,300 7,400

248 130 450 128 1,420 315 144 860 180 110 365

250 132 455 132 1,440 325 150 870 198 116 375

0.0% 0.0% 2.2% 3.8% 4.5% 3.1% 3.3% 11.5% 5.3% 0.0% 5.4%

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 -4 -4 0.5-4 1 1 1 1 0.56 4.05.04.04 -2 -4 0.71-

59 118 138 220 32.5 244 118 100 42.0 120 104 1,020 76 16.5 63.0 92 60 65 79 36.0 88 20.0 87 17.5 44.0 57 77 120 46.0 32.5 36.5 25.0 22.5 134 134 220 61 315 57.24

1.5-2 -1 1.02.0 -1 0.52.0-2 4 -3 0.52.5 0.50.5-3 -5 0.24-

255 132 455 130 1,440 310 150 880 190 114 375

-7 -2 10 -10 -5

29.2.12

1.2.12

15.2.12

4.1.12

18.1.12

7.12.11

21.12.11

9.11.11

23.11.11

26.10.11

28.9.11

12.10.11

14.9.11

31.8.11

3.8.11

17.8.11

6.7.11

20.7.11

8.6.11

22.6.11

25.5.11

11.5.11

27.4.11

13.4.11

2.3.11

30.3.11

DTD 0.23% -0.04%

20 20 5 -10 -10 1.91

Close (KWD)

M-T-M % Chg

Sokouk Holding Co.

0.029

Al-Safat Energy Holding Co.

0.074

55.79%

Investors Holding Group Co.

0.019

54.17%

0.050 0.023

70.59%

66.67% 55.17%

Source: KAMCO Research

cap. Furthermore, theearnings, Capital Markets Authorsmall cap The buying the marRegarding FY-2011 aggregate earningsupexcluding thestocks. Non-Kuwaiti Sectorindecreased ity (CMA) has ordered listed 1.97 companies ket adjusting did not reflect fundamentals were 22.7% to KWD 1.52 bn nine from KWD bn; however, for the one time gains rather recorded by toZain be removed from the stockearnings exchange. Most 4.9% mainly speculations. Investors to and NMTC, aggregate increased to KWD 1.26 bn from KWD continued 1.2 bn. Zain announced of KWDcompanies 284.9 mn that in 2011target down penny-stocks 11% from KWD mn (excluding gain firms delisted2011 wereprofit investment in 321 an attempt to benefit from struggled discontinued operations of KWD 741 mn) reported in 2010. decline earnings was have to meet debt obligations since from quick capitalThe gains as theinprices for sevcaused a marginal margins competition due to volatility in the globalbyfinancial crisisdrop andintheir sharesearned have aseral small capincreased, companiesand surged with Sukouk currency exchanges of its main markets. NMTC on the other hand reported a 24% increase in net been suspended for failing to report earnings Holding Co. ending as the month’s top gainer profits to reach KWD 96.6 mn (excluding the revaluation gain from Tunisiana) in 2011 from KWD on nine companies Investsurging 70.6their percent KD 0.029. 78time. mn. The In the Banking sector,included all Kuwaiti banks announced 2011toresults where aggregate ment Dar,were International Investment Group,mn fromThis speculative trading wasback the main facearnings down 1.7% to KWD 565.5 KWD 575.3 mn on the of higher International Investment Co., Gulftor behind the banks significant vol-a provisioning Leasing and tight&credit conditions. Nevertheless, Kuwaiti werejump able intotrading maintain moderate growth of 10% in their operating profits (before provisions) to reach KWD 1.21 invest, Safat Global Holding, Abraj Holding, ume asloan the loss top ten most active stocks during bn in Moda, 2011 fuelled by theHolding, 20% growth non-interest commissions, investmentGulf and Villa Network and inKuwait theincome month(fees were& penny stocks including fx income) to KWD mn also alongannounced with decline Finance in fundingHouse, cost. However, provisions for nonNational Airways. The719 CMA International Financial Adperforming place pressure on banks’ figures as that a furtherloans nine continued investmenttofirms willdownward face visor and Abyaar Realbottom Estate line Development; aggregate provisions booked by the sector surged 26% in 2011 to KWD 645 mn, consequently delisting if they fail to correct their financial and accounted for 57 percent of total traded increasing the accumulated provisions that had been booked since 2008 to KWD 2.77 bn. On the positions by March Nevertheless, investors volume. In addition, Ratings released a assets quality side,31. NPLs coverage ratio for the banking sector improvedFitch to 84% in 2011, up from shrugged the announcement by the CMA andwas reduced statement regarding to 68% in 2010 while NPLs to Gross Loans ratio to 6.6% downpotential from 8.6%weaknesses in 2010. continued speculations on small cap stocks to the country’s ratings which is currently at ‘AA’ push the market higher as volume spiked to with a stable outlook. the highest level in two years. The statement highlighted that Kuwait’s 2 During the month, parliamentary elections government effectiveness is low relative to were held and the new cabinet was sworn on rating peers and the friction between the exKAMCO Research Feb 14 which also added to upbeat investor ecutive and legislature can frustrate economic sentiment. The uptrend continued in the mardevelopment. Fitch believes that difficulties in ket where on Feb 19, Kuwait’s benchmark rereaching agreement at the political level will corded the largest one-day gain in 11 months continue to affect economic reforms, including to reach a seven month closing high of 6,083 the implementation of the four year Develpoints as local investors continued to pick opment Plan (worth 80 percent of GDP over

Previous Close Change 186.14 0.43 -2.40 6,233.40 Trading Activity Chng Volume Tran. Value(KD)

645,760

Al-Safwa Group Co. (Holding)

89.98 13.75 1.49 0.00

0.00 0.00 0.00 0.00 0.00 0.00 30.41 0.00 121.38 0.00 0.00 0.00

0.00 9.54 22 77 22.77 11.92 56.28

0.00 5.52 12.90

13.05

17.65 6.45 16.98 41.69 25.73 0.00 17.18 31.68

5.78 26.33 12.18 5.38 43.97

23.07 18.82 0.00 0.00 18.82 75.44 18.59 6.58 7.66 137.15 116.19 11.52 25.37 21.53

0.065

26,869

646,060

Feb-12 Best Return Performers

Source: KAMCO Research

Date of Closing Prices: 19 / 03 / 2012 For more information please contact “Global” at (+965) 180 42 42 or www.globalinv.net

Al-Ahlia Holding Co.

Arab Real Estate Co.

43,879

0.046 Kuwait Stock Exchange0.065 Revie 52,207

705,360

Source: KAMCO Research

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

720,640

Abyaar Real Estate Development Co.

Al Madina For Finance & Investment Co.

2,500

Trading Prices of Kuwait Exchange Trading Prices of Kuwait StockStock Exchange

Global General Index KSE Price Index

Int'l Financial Advisors Co.

825

2,800

16.3.11

Speculation on penny stocks helped offset the negative impact of weak corporate earnings announced for 2011, pushing the Kuwaiti bourse higher to buck the preceding three month downtrend. The KSE Weighted and KAMCO TRW Indexes registered positive gains during February rising 1.06 percent and 0.69 percent to close at 409.42 and 2,602.68 points, respectively. The KSE Price Index followed the trend and was able to break the 6,000 mark adding 257.8 points and close at 6,126.9. Investors became more active in the market and liquidity flowed into the stock exchange with value traded surging 47.7 percent to 862 million Kuwaiti dinars from KD 584 million in January while volume jumped a whopping 73.6 percent to 10.9 billion shares compared to 6.3 billion the previous month. Reflecting the performance of the market during February, the market breadth skewed towards the gainers, with an advancer-to-decliner ratio of 102-to-46, while 56 stocks remained unchanged from last month. Investors spike in risk appetite during February was evident with the surge in liquidity and market return. During the majority of the month, retail investors continued to trade small cap stocks pushing the Kuwaiti Bourse to new highs not witnessed in months. In addition, upbeat earnings from major banks helped spur buying by short term traders despite the banking sector being the only loser this month, shedding 2.33 percent of its market

Gulf Finance House

900

Vol. Traded (shr. mil.)

KAMCO TRW Index Value

2,850

KSE Review

KAMCO (March 19, 2012): A report performance Value of the Kuwait Stock Volume Close (000 shares) KWD) (KWD) assessing(000 the latest key economic 958,120 0.072 performance60,365 of the stock market.

KSE Most Active Stocks during Feb-2012

KAMCO TRW Index 52-Week Performance Relative to Volume

KUWAIT: A report prepared by Kuwait Projects Company (KIPCO) Asset Management Company (KAMCO) Research that analyzes the performance of the Kuwait Stock Exchange (KSE) during February 2012 in addition to assessing the latest key economic and market developments and their effect on the performance of the stock market.

Kuwait Stock Exchange Mo

Speculation on10,131 penny stocks 0.017 helped o announced for 2011, pushing the Kuw downtrend. The KSE Weighted and K Feb-12 Worst Return Performers February rising 1.06 per cent and 0.6 Close M-T-M respectively. The KSE(KWD) Price Index % Chgfollowe at 6,126.9. Invest Credit257.8 Rating &points Collectionand Co. close 0.120 (14.29%) Al Salam 0.172 intoGroup theHolding stockCo.exchange with (13.13%) value trade Hits Telecom Co. while volume 0.085 (12.37%) a w mn inHolding January jumped Kout Food Group 0.500 (12.28%) bn the previous month. Reflecting the Manafae Investment Co. 0.053 (11.67%) breadth skewed towards the gainers, w stocks remained unchanged from last mo

2010/11 - 2013/14), which aims at boosting ported a 24 percent increase in net profits to Investors KSE Sectors Performance during Februaryspike 2012 in risk appetite during Fe the country’s infrastructure and diversifying reach KD 96.6 million (excluding the revaluMonthly Trading Indicators Valuation Multiples During the majority of KD the mon the economy away from oil. ationreturn. gain from Tunisiana) in 2011 from Market Cap M-T-M Volumepushing Value P/E P/B Yield the Kuwaiti Bourse to new high On the economic (000 front, Kuwait’s surplus 78 million. In the Banking sector, all Kuwaiti Sector KWD) % Chg (000 shares) (000 KWD) (X) (X) (%) from major banks helped spur buying by widened to KD 13.2 billion (47.6 billion US banks announced their 2011 results where agBanking 12,801,917 (2.33%) 120,460 75,820 21.33 2.09 1.97% dollars) in the first nine months of its 2011/12 gregate earnings were down 1.7 percent to KD only loser this month, shedding 2.33 per Investment 2,202,433 5.14% 3,750,490 258,314 NM 0.71 1.89% fiscal year, nearly doubling from 3.05% last year’s 565.5 million504 from KD 575.3 million on the (CMA) has ordered nine Insurance 314,795 1,330Authority 15.71 1.07 4.63%listed level on the back of higher than expected oil back of higher provisioning and tight credit Real Estate 1,874,214 6.87% 2,467,615firms144,084 NM 0.76 1.10% delisted were investment companie income and lower spending. Revenues stood at 190,598 conditions.47,156 Nevertheless, Kuwaiti banks were Industrial 2,207,255 0.50% 19.86 1.02 their 2.77% global financial crisis and shares ha KD 21.4 billion while spending was2.84% at KD 8.3 2,870,730 able to maintain a moderate growth of 1011.80% perServices 7,446,776 233,394 11.76 1.36 The nine companies included Investm billion, marking a 42.5 percent of the full year cent in their operating profits (before loan loss Food 741,491 3.24% 110,375 12,593 15.69 1.82 3.84% Leasing & Investment Co., in Gulfinvest, S plan according to the Central Bank6.87% of Kuwait 1,388,100 provisions) to reach KD 1.21 billion 2011 Non-Kuwaiti 1,768,770 89,935 13.72 0.99 3.81% (CBK). fuelled by861,800 the 20 percent growth in non-interand Kuwait National Airways. T Total Market 29,357,651 0.98% 10,899,698Holding, 23.12 1.35 4.65% Regarding FY-2011 earnings, aggregate est income (feesface & commissions, firms will delisting ifinvestment they fail to cor Source: KAMCO Research earnings excluding the Non-Kuwaiti Sector deand fx income) to KD 719 million along with investors shrugged the announcement creased 22.7 percent to KD 1.52 billion from decline in funding cost. stocks toprovisions push thefor market higher as volum KD 1.97 billion; however, adjusting for the However, non-performing onetime gains recorded by Zain and NMTC, loansDuring continued to place downward pressureelection the month, parliamentary aggregate earnings increased 4.9 percent to on banks’ bottom line figures as aggregate prowhich also tosurged upbeat KD 1.26 billion from KD 1.2 billion. Zain anvisions booked by added the sector 26 investor percent sent 19, Kuwait’s benchmark recorded nounced 2011 profit of KD 284.9 million in in 2011 to KD 645 million, consequently in- the lar closing high of 6,083 pointsthat as local 2011 down 11 percent from KD 321 million creasing the accumulated provisions had inve (excluding gain from discontinued operations beenthe booked sincedid 2008 KD 2.77fundamentals billion. market notto reflect of KD 741 million) reported in 2010. The deOn the assetspenny-stocks quality side, NPLs coverage ratioto bene target in an attempt cline in earnings was caused by a marginal drop for the banking sector improved 84 Sukouk percent Hold cap companies surged to with in margins earned as competition increased, 3 in 2011, up from 68 percent in 2010 while to KWD speculative tra and due to volatility in currency exchanges of NPLscent to Gross Loans 0.029. ratio wasThis reduced to 6.6 trading volume as the top ten most acti KAMCO Research its main markets. NMTC on the other hand repercent down from 8.6 percent in 2010.

Gulf Finance House, International Finan accounted for 57 per cent of total traded regarding potential weaknesses to the c Trading Prices of Kuwait Stock Exchange Date of Closig Prices: 19/03/2012 outlook. The statement highlighted that K Date of Closing Prices: 05 / 01 / 2012peers and the friction between the execu For more Information please contact "Global" at (+965) 180 42 42 or www.globalinv.net Fitch believes that difficulties in reachin Last Close Previous Close DTD MTD YTD 210 210 - Change 208 214 ACICO - ŷ 4.8% 224 196 24.22 economic reforms, including the impleme -0.40% -1.55% 177.24 -0.70 -1.55% Global General Index 92 91 176.5392 -1 2,240,000 35 203,880 90 91 90 źź 0.0% 102 91 33.07 United Industries

- 5,754.20 253,100 6105,726.90 18 -27.30 610 415,000 610 600 źŷ 600 5.7% 610 550 86.98 -1.50% -0.47% 610 -1.50% 1 3,500 1,400 1,400 2,500 1,400 1,400 ŷ Last 1,400 Div. 2.9% Annual 1,400 Close 1,220 21.05 Gulf Glass Prev. Trading Activity Last - Last 216 216 HilalCompany Cement 226 4.6% - ŷ 216 206 11.21 Close Close High Low Volume Tran. Value(KD) Bid Ask Yield High Low P/E Chng Ex-D 350 350 375 Al Kout Ind. Project 5.7% 350 350 7.76 3,796,050 - 1,120 1,140 - 1,120 - ŷŷ - 1120 1120 69 3,377,500 National 1,140 1,120 14.74 275 275 260 K-PAK Bank 290 3.6% 7.3% 300 1,100 275 13.23 20 495 495 830,000 407,950 490 - ŷ Gulf BankMaterial 495 490 495 - 0.0% 510 490 33.95 224 224 Ex-D 0.0% 228 224 27.09 Building 770 770 10,000 1 7,700 - Commercial 770 770 - ŷŷ 770 780 790 770 88.62 325 325 2.5% 260 320 325 1.9% 325 20.86 Nat. Ind.Co.Bank 640 -20 5 217 6,400 660 10,000 640 Ahli Bank 640 64082 660 - 3.1% 66082 64051 17.34 67,560 82 77 840,000 0.0% 79 źŸ 39.30 82 Equipment Holding 800 50 850 350,000 23 282,700 Ahli United Bank 850 840 850 1.6% 850 790 29.68 800 Ÿ 33 33 0.0% 33 33 0.00 - ŷ Mena Holding 16 248 248 700,000 173,600 248 ŷ International Bank 246 248 0.0% 255 248 23.59 248 102 102 Consumer Industries 102 93 - ŷ 0.0% 460 465 -5 500,000 10 229,750 460 460 465 0.0% 475 460 12.26 Burgan Bank 455 ź 128 Ex-D 128 128 17.06 128 Kuwait Gypsum 9.4% 890 -10 880 1,280,000 66 1,127,050 890 880 2.3% Kw Finance House 880 ź 900 880 25.07 870 155,520 216 216 720,000 222 214 216 216 ŷŷ 216 0.0% 210 112.24 8.71 Qurain Bank 0.0% 590 590 607,850 - 1,035,000 3323 580 Boubyan 590 590 580 590 590 48 48 Salbookh Trading 51 41 45 48 - ŷ 0.0% 319.37 319.54 8,092,500 6,639,050 2.0% 319.54 318.41 18.61 0.17240 ź Global Index - Banking 197,280 940,000 23 -8 206 214 214 IKARUS 214 162 12.10 206 ź 206 210 0.0% 106 106 --4 Kw Investment 10272 10674 0.0% 10688 10670 40.56 - ŷź 77 58,120 800,000 16 73 0.0% 74 Boubyan Int'L Ind. 72 260 265 -5 250,000 14 65,750 265 260 265 8.5% 265 260 12.09 260 źź Commercial Facilit. 12,920,000 256 174.89 174.89 163.04 11.11 173.64 1.252,728,750 2.6% Global Index - Industrial Boubyan Petroch. KSE Price Index

KAMCO Research

41 40 ź Int'L Financial Adv. NationalInvest. Cinema 174 National 170 - źŷ KwProjects Hotels 300 - Ÿŷ Kw 300 395 ŷŸ Agility 405 12.5 Ahlia Holding 13.5 Coast Invest. 53 52 59 56 źź Market Complexes -860 -850 ŷŷ Int'L Investor ZAIN Securities House - ŷź 81.0 79.0 Safat Energy Ind. & Fin. Inv.Group Educational - ŷŷ -Securities Group - - ŷŷ Indep. Petroleum Int'L Finance 148 National Cleaning 142 ŷŸ 110 MARKAZ 108 122 Sultan Center 120 ŷŸ KMIFIC - ŷŸ 94 Arabi Group 94 Int'L Inv. Group City Group - ŷŷ Aref Inv. Group - ŷ 2,260 2,260 Ÿ Wataniya Tele. Investment Dar - ŷ 120 Kw Gulf Link 116 ŷ Al AMAN Inv. ŷ Kw Cable ALOLA Inv.Vision 110 108 - ŷŷ 305 Automated 305 ALMAL Inv. System 50 49 źŸ NAPESCO -Gulf Inv. House - - ŷŷ 280 KCPC Leasing 275 - ŷź A'ayan K.S.HInv. 32.5 - 31.0 - ŷŷ Bayan Eyas - ŷŷ GLOBAL Inv. Hits Telecom - 95 - 90 ŷŸ Osoul Inv. 21.5 Al Safwa Holding -20.0 ŷź GULFINVEST KFIC Human Soft - ŷŷ KAMCO - ŷź Privatization Holding 84 80 Int'l Leasing & Inv. -- - ŷŷ Nafaaes Holding - - ŷŷ Nat. Int'l Holding -National Slaughter - ŷŷ Housing Finance 112 Aref energy 108 MADAR - ŷŸ 610 Safwan 610 26.5 Al Deera Holding 26.5 62.0 Gulf Petroleum 60.0 ŷŷ Al Safat Inv. - ŷŸ 26.5 Gulf Franchising 24.5 122.0 Al Salam Credit & Group Collection - 114.0 - Ÿŷ 39.0 ź 41.0 Ekttitab Holding National Ranges 19.0 18.5 ź Al Qurain Holding ŷ Burgan Well Drilling - ŷ 16.5 Sokouk Holding 16.5 ŷ - 38.5 - ŷ IFA H&R Al-Madina Finance 40.0 ź 1,560 1,560 Combinted Group ŷ NOOR ŷ Jeeran Holding Tamdeen Inv. 160 158 - źŷ 112 106 Palms KW BH Agro Int'l Exch. - ŷŸ 73.0 SafatKuwaiti TEC Holding 70.0 Taiba - ŷź 91 90 Mushrif Trading Kuwait Syrian - ŷź U it d P j t United Projects 340 335 Strategia - ŷŸ 310 ALAFCO 310 53 53 ŷź Kuwait China Inv. Al-Muwasat -- - ŷŷ Manafae Inv. Gulf NorthHolding Africa - ŷŸ Mashaer 260 250 Amwal - ŷŷ Oula Fuel 280 280 Al MasarComm. -290 -280 ŷŸ Future 124 Al-Imtiaz 132 Hayat Comm. 79 źŷ 81

Global Index - Investment Mubarrad Transport 66

KuwaitInsurance Resorts Kuwait Advanced Technolgy Gulf Insurance Yiaco Medical Ahlia Insurance Al Jazeera Airways Warba Insurance Al Soor Fuel Kuwait Re-Ins. First Takaful Future Kid Ins. Wethaq K G L Insurance

54.0 -395 480 112 242 --295 87 Al Nawadi Global Index - Insurance Alrai Media Kuwait R.E. 48 Zima Holding United R.E. 100 -

64 54.0 -370 460 108 242 --280 87 48 100 -

Global R.E. Index - Services 118 National 126 200 Salhia R.E. Trans. 204 LiveStock 184 184 -100 Pearl -102 DanaR.E. Al-Safat 224 224 Tamdeen R.E. United Poultry Ajial R.E. 1,480 1,460 Kw FoodStuff Massaleh R.E. United Food Arab R.E. 30.0 30.0 Kout Food Union R.E. Global Index Food 98 96 ERESCO 860 840 Mabani Sharjah Cement 85 85 75 74 INJAZZAT RE Gulf Cement 91 95 Inv. UmHolding QuwainGrp Cement 12.0 71 11.5 70 - 90 -100 Int'L Resorts Fujaira Cement 78 77 Commercial R.E 120 Ras AlKheimah 120 70 65 Sanam R.E. ARIG 54 53 Aa'yan R.E United Gulf Bank Aqar 330 Egypt Kw Holding 330 Kuwait R.E Holding Bahrain Kw Ins. 59 AL Mazaya 60 Gulf House 56.0 14.0 53.0 Al DarFin. National R.E 14.0 Inovest Int'L Holding 63 60 Themar -188 Grand R.E Projects -190 Ahli United Bank -26.0 Tijara & R.E Invest Ithmaar Bank 26.5 Al Tameer Global Index - Non-Kuwaiti Arkan Al-Kuwait R.E 70 70 Markaz Real Estate Safat Global Al Argan Int'L Funds Investment 28.5 28.0 Abyaar Al-Bareeq Holding 23.5 23.5 Munshaat AFAQ 25.5 First Dubai 26.0 Al-Shamel KBT 27.0 27.0 Al-Safat Real Estate 16.5 Manazel 15.5 37 Ajwan Real Estate 37 REAM Specialities Group 375 380 Mena Real Estate Masaken Al Moudon Inter. Intl. R.E --Dulaqan R.EEstate Markaz Real 57 56 Eid Food Kuwait Remal R.E 295 285 Maidan Index Clinic - Real Estate Global Flex

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

Global Index - Islamic

źź ŷ ŷ ŷ ŷ ź ŷ źŸ ŷ ŷ ŷ ŷ ŷ źŷ ŷ ź Ÿŷ ŸŸ źŷ ŷ ź ź ŷ ŷ Ÿ ŷ ŷ ź ŷ ŷ źŸ Ÿŷ Ÿŷ źŷ ŷ Ÿ Ÿ ŷ ź ŷ ź ŷ ŷ ŷ ŷ ź źŷ Ÿ ŷ ŷ ŷ ŷ Ÿ ŷ Ÿ ź ŷ ŷ ŷ ź ŷ ź ŷ ź ŷ ŷ ź Ÿ ŷ Ÿ ŷ ŷ ŷ źŷ Ÿŷ źŷ ź ŷ ŷ ŷ ź

ŷ ŷ ź ŷ ŷ ŷ ŷ ź ŷ

40 1,020 170 280 300 405 12.5 52 56 25.0 860 130 80.0 31.0 110 230 305 102 148 108 122 50 94 44.0 550 52 2,260 74 118 28.5 63 108 305 49 345 23 275 71 260 31.0 260 48.5 94 68 20.5 20.5 26.0 270 244 81 94 102 51 154 36 110 51 610 26.5 61.0 75 26.5 120.0 120 39.5 18.5 19.0 255 16.5 395 38.5 1,560 29.0 73 158 112 255 70.0 114 91 26.00 340 68 310 53 130 60 46.5 260 64 280 42.50 280 128 81 75.90 64

54.0 325 640 560 370 485 480 110 242 220 114 98 40.50 290 87 43.43

128 48 100 100 783.82 124 200 184 37.5 100 224 130 120 1,480 82 365 30.0 530 108 358.23 97 860 85 75 95 11.5 70 38.0 100 78 120 65 132 54 228 90 330 38.0 455 59 56.0 14.0 91 61 17.5 190 31.0 26.5 59 46.59 70 122 48.5 124 28.0 144 23.5 106 25.5 250 27.0 23.0 15.5 37 134 380 134 51 220 345 57 106 295 2,260 49.73 36.0

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

41 1,020 172 280 295 400 12.5 53 60 25.0 860 130 81.0 31.0 110 230 305 102 144 112 120 50 93 44.0 550 52 2,240 74 118 28.5 63 108 280 49.5 345 23 285 71 260 31.0 260 48.5 91 68 21.0 20.5 26.0 270 244 84 94 102 51 154 36 110 51 590 26.5 61.0 75 25.0 112.0 120 41.5 19.5 19.0 255 16.5 395 39.0 1,560 29.0 73 160 102 255 73.0 114 92 26.00 335 68 315 53 130 60 46.5 250 64 280 42.50 275 130 81 76.02 65

54.0 325 640 560 385 485 475 118 242 220 114 98 40.50 290 87 43.63

128 49 100 99 782.60 120 204 184 37.5 102 234 130 120 1,440 82 365 30.5 530 108 350.62 98 850 85 73 95 12.0 70 38.0 95 77 120 70 132 55 228 90 330 38.0 455 63 56.0 14.5 91 58 17.5 190 31.024.0 59 46.31 74 122 48.5 124 28.5 144 24.5 106 26.0 250 27.0 23.0 16.5 35 134 355 134 51 220 345 58 106 290 2,260 49.75 36.0

-1 -2 5 -

1,680,000 1,040,000 110,000 2,730,000 7,040,000 1,280,000 8,160,000 1,415,000 6,760,000 - - 3,800,000 680,000 840,000 40,000 120,000 5,200,000 500,000 10,000 320,000 - 110,000 1,840,000 - 31,200,000 20,080,000 - 7,960,000 - - 620,000 5,000 240,000 2,960,000 1,040,000 11,180,000 1,920,000 8,160,000 480,000 10,640,000 25,000 80,000 480,000 2,040,000 960,000 30 000 30,000 260,000 200,000 - 1,970,000 10,000 20,000 1,240,000 120,000 40,720,000 2,680,000

13 20 5 4681 22 151 57 70 - - 87 1835 -1 29 108 14 41 - -8 22 - 254 135 - 106 - - 22 -1 253 12 212 24 49 5 93 -1 4 18 30 22 -3 210 - 51 -1 -2 38 3 55847

5 -1-4 1.0--4.0 -2 -1 20 - 25 -1 - -10 - 3 - -1 --3 - - - 20 - 1.5 8.0 2.01.00.52.0- - 10 3.01.0-5 --5 - 10 - -5 --2 0.12-1 -80,000 -2 -- - -15 90,000 -5 5 50,000 -8 120,000 65 40,000 Ex-D -2 - - - - 107 3,430,000 80,000 0.19- 120,000 62 1 -1 80,000 9 1 920,000 1,571 113,575,000 1.23 4 105 3,100,000 12 -4 520,000 2 120,000 --2 1,220,000 31 3 10.0100,000 30,000 6 40 1 80,000 0.57.60 1,370,000 -1 320,000 839 -

10 2 0.5- 5 1 -5 -1 Ex-D -4 0.5- 3 3 0.27 -4 0.51.00.5Ex-D 1.03 - 25 - -1 5 0.02- -

Ex-D

1,935,000 57 1 40,000 212 120,000 760,000 1515 2,000,000 960,000 1,000,000 17 3 240,000 60,000 1 17 1,000,000 4 200,000 10,000 1 11 440,000 21,880,000 214 1 80,000 17,000,000 207 1,120,000 17 12,560,000 82 55,390,000 567 320,000 2 - - - - 12 2,720,000 80,000 1 240,000 3 35,040,000 4 1,200,000 8 400,000 -4 660,000 30 - - 240,000 6 47 2,110,000 53,085,000 - 332 -

242 -10 13,220,000 - 154 93.0 128 140,000 6 65 470 -20 50,000 2 65 150 - - - 1,060,000 1,460 -40 2,500 134 335 5,854 212 - 456,100,000720 Close 230,000 19 Prev Close Prev. 180 196.13 195.72 106 -2 80,000 3 192.74 460 193.68 -

573.44

578.75

67,160 40 177,720 168 33,000 295 1,091,850 90,920 400 12.5 67,280 466,720 5155 - 850 1,215,250 539,840 79.0 - - 290 547,160 146 73,920 106 101,920 120 -89 3,760 271,200 2,260 618,440 118 27.0 54,920 108 3,050 305 15,840 49 345 - 21 30,350 275 58,760 31.0 - 2,915,320 64.093 414,440 -20.0 - -81 648,440 - - - - 67,360 110 3,050 550 6,360 26.0 180,800 60.0 26,480 25.5 1,305,280 - 118.0 77,080 154,920 18.5 18.0 7,920 16.0 380 419,440 38.5 39,000 1,560 12,680 15672 52,240 112 144,840 69.0 86,840 -90 10 150 10,150 335 63 80,600 310 10,600 52 - - 501,400 255 2,800 275 - 275 5,700 157,920 9,600 124.080 2,702,550 175,160 64

4,320 - 35,050 23,350 13,200 9,680 - 987,250 6,960 13,200 3,840 92,000 11,475,290 383,920

104,680 22,080 123,640 22,400 44,000 2,400 189,720 31,160 1,656,950 3,400 8,960 70,000 23,960 67,240 95,360 18,520 7,200 67,400 10,720 3,300 26,160 1,188,160 1,120 1,060,200 211,040 332,480 3,038,380 22,400 - - 76,880 1,880 6,160 946,080 19,240 14,800 250,600 - 13,520 610,850 4,151,200 -

51.0 300 510 370 460 465 108 242 - - 290 85 122 48 99 -

122 200 182 - 100 126 110 1,440 530 112 95 86082 7182 11.594 35.570 77 100 120 53 - 220 325 13.5 9055 - 60 30.0 188.0 70 116 28.0 23.5 106 25.0 24.5 21.5 15.5 37 375 29 218 55 29084

2,260 -

3,111,120 -17,800 122 22,550 455 - 150 265,400 3,550 1,420 310 46,996,580 165,600 Change 710 178 0.41 8,480 104 0.94 435

-5.31

0.0%

1,020 3.9% 172 0.0% 0.0% 300 - 6.7% 405 0.0% 9.9% 13.0 5256 0.0% 0.0% - 860 0.0% 23.3% 0.0% 0.0% 80.0 33.5 - 0.0% 0.0% 0.0% 325 9.8% 0.0% 0.0% 148 110 0.0% 122 9.3% -95 0.0% 0.0% 0.0% 560 0.0% 0.0% 2,280 2.2% 0.0% 0.0% 120 29.5 0.0% 0.0% 110 - 0.0% 8.2% 50 0.0% 5.8% 370 0.0% 24 1.8% 280 0.0% 6.0% 32.5 - 0.0% 3.8% - 0.0% 0.0% - 94 0.0% 0.0% -20.5 0.0% 0.0% - 0.0% 23882 0.0% 0.0% 0.0% 0.0% 104 54 - 0.0% 5.2% 0.0% 0.0% 112 0.0% 630 3.6% 0.0% 27.0 61.0 0.0% 0.0% 27.0 0.0% 120.0 130 0.0% 0.0% 39.0 0.0% 19.0 0.0% 20.0 0.0% 0.0% 265 16.5 0.0% 0.0% 395 0.0% 39.0 1,580 4.5% 0.0% % 0.0% 3.8% 160 7.1% 270 - 5.1% 70.0 0.0% 0.0% 0.0% 2791 0.0% 8 8% 345 0.0% 8.8% 73 3.2% 315 0.0% 53 5.4% 61 - 0.0% 47 260 10.8% 0.0% 69 280 0.0% 0.0% - 285 0.0% 8.9% 128.082 0.0% 12.3% 65 2.4% 0.0% 56.0 6.2% 0.0% 325 0.0% 610 - 4.5% 395 5.2% 2.7% 500 480 9.1% 0.0% 114 244 0.0% 2.7% 110 0.0% 106 0.0% 43.0 295 0.0% 1.7% 5.7% 90 4.7% 0.0% 130 49 0.0% 110 0.0% 0.0% 100 11.5% 126 0.0%

202 0.0% 186 10.0% 37.5 5.0% 102 0.0% 224 - 4.5% 0.0% 0.0% 130 4.4% 1,480 6.1% 85 1.4% 370 0.0% 31.5 3.8% 560 6.5% 118 3.9% 0.0% 98 87086 0.0% 5.9% 7686 0.0% 10.5% 12.095 0.0% 0.0% 37.071 0.0% 0.0% 0.0% 79 8.3% 0.0% 65 122 5.7% 0.0% 54 132 0.0% 0.0% 91 230 9.1% 0.0% 40.5 330 0.0% 7.7% 60 0.0% 14.5 0.0% 0.0% 9456 5.5% - 61 0.0% 5.3% 33.5 190.0 0.0% 0.0% 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 0.0% 255 3.2% 28.0 0.0% 0.0% 24.0 0.0% 16.0 0.0% 3.7% 130 1.8% 380 0.0% 32 0.0% 50 0.0% 0.0% 57 - 0.0% 0.0% 99 0.0% 295 - 1.1% 0.0%

48.0

232 93.0 130 70 465 -70 1,440 340 216 720 DTD 190 0.21% 108 0.49% -

-0.92%

0.0%

0.0% 0.0% 0.0% 0.0% 2.2% 7.7% 3.3% 0.7% 4.6% 3.0% 4.57% 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 25.0 25.0 900 840 130 130 81.0 45.0 36.0 31.0 110 110 230 230 295 345 102 102 148 110 116 108 108 136 50 5084 104 44.0 44.0 530 550 52 52 1,920 2,280 74 74 95 126 28.5 28.5 11268 10863 230 305 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 26.0 26.0 280 270 24484 24461 94 9490 104 51 51 154 154 36 3691 120 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 29.0 29.0 89 15673 162 112 25586 255 75.0 57.0 114 114 104 2680 28 340 270 68 68 280 315 53 55 130 130 60 60 47 47 172 260 64 64 265 305 42.5 42.5 265 300 132.089 128.070 76.32 72 75.90 51

44.0 56.0 325 325 640 640 560 560 345 390 520 485 410 480 118 110 270 236 220 220 134 11498 114 40.5 40.5 290 218 44.80 92 43.43 80

116 156 49 48 100 110 100 99 783.82 744.62 120 128 200 208 182 222 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 38.0 122 46 78 77 126 118 75 65 132 132 54 55 188 232 90 90 330 250 38.0 38.0 455 455 63 59 40.5 74.0 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 49.8649.73-

232 260 130 128 470 450 158 150 1,460 1,420 340 335 212 222 710 740 MTD 180 3.29% 180 104 116 3.87% 460 460

1.97%

17.46 88.93 12.13 13.48 1.33 0.00 13.17

23.89 0.00 19.93 0.00 23.23 0.00 55.09 0.00 14.63 0.00 0.00 0.00

15.23 6.56 9.57 0.00 11.97 9.19 347.06 32.31 0.00 13.80

13.30

0.00 116.80 9.60 0.00 0.00 15.16

5.62

0.00

0.00 71.64 86.17 17.06 0.00 3.02 8.28 9.58 22.77 11.92

10.27

63 35 63.35 43.00

5.17 7.80 8.58 23.73 0.00 17.08

5.19 10.01

3.78 16.97 25.05 12.90 11.90 9.91 8.56 17.37 16.90 296.83 10.92 7.65

6.25 12.60

11.43 37.20 12.83 12.55 22.21 17.83 16.20

5.72 11.72 23.77 9.84 15.28 11.43 39.65 5.29

21.70

0.00 14.56

9.60

26.32

35.62 7.50 8.10 37.29 4.15 10.17

19.44 83.29

10.61

11.37 0.00 5.38 27.28

20.67 9.93 23.07

13.05

18.82 63.06 0.00 11.03 0.00 16.27

14.44

70.58 18.38

12.45 6.49 8.02 14.96 193.84 96.15 YTD 10.91 3.48% 23.15 1.89% 26.77

2.04%

STOCKS WITH NBK CAPITAL

ALWATAN DAILY tuesday, march 20, 2012

April 21, 2009 March 19, 2012 Rebased RebasedPerformance Performance 115115

113 114

Bull/Bear Indicator Bull/Bear Indicator

DailyIndex Index Performance Snapshot Daily Performance Snapshot

2% 6%

1% 6% Oman

113 113

110

111

110

Qatar

2% 0%

Qatar Saudi Abu Dhabi Bahrain

Abu Dhabi

19-Jan-12

19-Feb-12

MENA Best Performers

-2%

19-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 7,620 Level

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

2,605 5,250

-0.1% -4.0%

QaUAUAE Qatar (DSM Index) (ADSM Index)

8,684 2,695

0.2% 0.6%

Ku Kuwait (KSE Weighted Index)

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

OmOman UAE(MSM (DFMIndex) Index)

422

1,668 406

5,896 1,745

BaQa Bahrain Qatar (BSE (DSMIndex) Index)

1,148 5,590

Jo Jordan (Amman General Index)

2,005

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

5,039

5,478

1,681

11,094

463

1,212

2,825 488

10,621

4,766

1,094 546

Tu TunisiaClosed (Tunis SE Index)* * Market

3,282

0.1% % Chg.

4.0%

2,775 10,090

-1.0% 12.8%

8,892 5,148

23.3% -0.2%

-0.5% 1.9%

3.5% 6.6%

-0.5% 3.9% -0.5%

5.1%

0.2%

0.4% -

2.2%

0.3%

0.0%

0.9% -

467

8.4% 9.3%

0.5% 1.8%

0.3%

52 Wk 7,616 High

18.7% YTD

0.2%

0.1%

52 Wk High

0.4% -18.8%

39.1%

0.7%

-6.8%

31 2,183

68,819 264,263

8,071 2,137

96 122

124,525 69,783

1 196

17,206 65,352

3,587

1,433 12,627

1,129 4,230

2,246

1,921

5,044

2,551

1,164 465

14,635 4,785

4,091

23.6%

739

407

2,119

13.6%

3,418

9,406

1,043

2,837

Trailing

13.46

2.08

0.79 1.52

9.26 8.85

63,640

7.67

18,727

0 3

9,521

1.29

3.54

1.56

6.42

0.88

12.71

2,557

2.15

9.57

59,990

1.20

18.36

3.95

14.72

8,507

1.65

16.12

10,508

33,782

1.68

8.07

60,304

1.37

9.50

14.35

1.68

6.47

2,079

0.86

8.67

6,576

MENA Worst Performers

2.50

13.85

1.92

SAUDI ARABIA *Market Closed

225 Saudi Industrial Inv. Grp.

101 Riyad Bank

115

114

SAR 24.70

-6.4%

471,390,161 291,651,484

430 Dar Al Arkan Real Estate Dev. Co. (KSA)

343,553,085 243,169,038 119,955,261 201,236,871

115 201Alinma Saudi Bank Basic(KSA) Industries Corp. (KSA)

97,126,838

NBKNational Bank of Kuwait (KUW)

88,742,222

4250.SSE Jabal Omar Development Co. 4280.SSE Kingdom Holding Co.

Turnover (SAR) 2,572,053,636 1080.SSE Arab National Bank 1,767,995,938 1040.SSE Saudi Hollandi Bank 1,093,868,055 3030.SSE Saudi Cement Co.

1 Alinma Bank

43Dar Al Arkan Real Estate Dev. Co. 19-Feb-12

S&P GCC Large/Mid Composite

912,029,794

23Saudi Kayan Petrochemical Co.

19-Mar-12

16.05

% Chg.

8.5%

13.85

6.1%

13.70

5.8%

12.95

4.0%

18.10

4.0%

Worst Performers

70Zain - Saudi Arabia

19-Jan-12

64,280,166

4300.SSE Dar Al Arkan Real Estate Dev. Co.

Highest Turnover

105

-6.8%

Turnover (USD)

201 Industries Corp. (KSA) 235Saudi SaudiBasic Kayan Petrochemical Co. (KSA)

1,503,314,785

Market Cap. (SAR '000)

-3.6% -8.9%

685,771,246

115 Alinma Bank (KSA)

17,913,788

-9.2%

Turnover (USD)

MENA Highest Turnover

7,616 / 5,916 4220.SSE Emaar the Economic City

Tadawul Index 52 week High / Low

Turnover (SAR '000)

% Chg.

-3.3% -8.6%

703 Zain - Saudi Arabia (KSA)

0.78

Advance/Decline Ratio

5.8%

8.0%

SAR 32.10 SAR 48.00

SAR 13.70

GCC Highest Turnover

93% 1150.SSE Alinma Bank

% of stocks trading above 1yr avg. price

121

Palestine

Dubai

KWD 0.108 SAR 22.95

7,620 (0.1%)

Tadawul Index (% Chg.)

125

5.9% 8.6%

KWD 0.206 -13.1% -3.7% KWD 0.265

EMAEmaar Properties (UAE) Best Performers

Summary

6.1% 8.8%

OMR 0.564% Chg. -3.8% Close

KFI Kuwait Finance House (KUW)

Rebased Performance

95 19-Dec-11

AED 1.18

BKDBank Dhofar

7.8% 9.8%

8.0%

GC Gulf Cement Co.

0.88 201 108Saudi Arab Basic National Bank Corp. 1.74 Industries

10.03

27,587

OMR 0.720

GCC Worst Performers

1.89 FAC IKACommercial Ikarus Petroleum Industries Co. 1.37 Facilities Co. 1.62 IFC International Finance Co. 0.88 238 Rabigh Petrochem.

10.92 6.87

15,024

1.08 1.77

11.69 7.29

QAR 21.60

BKMBankMuscat

10.47 9.99

59,364

SAR 13.70

QGTQatar Gas Transport Co.

35,255 98,547

9.14 10.24

USD 0.090 QAR 6.35

422 Emaar the Economic City

PB1.47

18,425 37,413

SAR 13.85 OMR 0.703

ITH Ithmaar Bank KCB Al Khaliji Commercial Bank

PE 14.32

328

AED 1.24 SAR 5.60

430Galfar Dar AlEngineering Arkan Real&Estate Dev. Co. GEC Contracting

103,537

1,572

10,785

-3.3%

-7.2%

90 718

4,224

12,634 513

0.1%

169

10 305

1,425

2.4%

2.3%

2,293 4,130

396

5,419 1,433

1,033

3.0%

Mkt.400,820 Cap. USD million

6,406 5,860

2,903

8.5%

Mkt. Cap. USD million

Turnover 4,776 USD million

1,301 316

12,109

-0.2%

525,916 Wk Low

Turnover USD million

1,754 787

5,628

0.6%

52 Wk Low

% Chg.

SAR 16.05% Chg. 8.5% Close

TAM TamweelHldg. Co. 3 428 Kingdom

Period's Liquidity Ratio (PLR x)*

MENA Indices Highlights

4 115 Alinma Bank

Abu Dhabi Abu Dhabi

GCC Best Performers

Saudi

95 19-Dec-11 85

Saudi Dubai

-6%

Palestine

-1%

Oman

Qatar Saudi

Bahrain

-4%

Oman Qatar

-2%

Kuwait Oman

100

Kuwait

Jordan Kuwait

105

Dubai

Jordan Egypt

Return DailyDaily Return (%)(%)

Dubai

Bahrain Bahrain

105

100

754,759,009

20Saudi Basic Industries Corp.

32.10

% Chg.

-3.0%

49.90

-2.6%

82.75

3020.SSE Yamama Saudi Cement Co.

2250.SSE Saudi Industrial Investment Grp.

-3.3%

27.80

24.50

-2.7% -1.8%

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 77.50

% Chg.

0.0%

16.05

8.5%

32.10

-3.3%

110.00 27.70

29.50

Daily High

78.00

16.20

Low

77.25

Turnover (SAR '000) 125,964

14.95

1,767,996

32.00

5,445

0.7%

113.00

108.50

47,157

-1.4%

28.20

27.60

46,295 4,969

3.5%

32.50

29.90

28.50

45,591

13.25

1,093,868

62.00

87,693

Volume ('000) 1,626

111,836

50.00

37.50

-9.8%

12.95

6.20

5.8%

1,563

4 Emaar the Economic City

13.70

5.8%

14.05

13.10

569,532

17.50

308,430

17,125

12.55

132,285

10,235

25.80

111,131

51.75

19,113

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

62.00

18.10

-0.8%

4.0%

62.50

18.40

152.00

-1.3%

154.25

150.00

44.90

-0.7%

45.30

44.80

26.60

-0.8%

185.00

-0.5%

12.95

25.80

52.00

33.80

106.25

4.0%

-1.5% 0.5%

0.0%

52.25

186.50 34.00

24.35

53,021

19.70

21,236

27.50

11,742

0.6%

24.55

24.35

19.75

-0.3%

20.05

19.60

912,030

33.70

-1.8%

33.50

31,152

34.20

-0.3%

34.10

4,978

19.90

40.10 96.50 49.90

51.00

11.50

-1.5%

0.3%

20.00

40.20

34.30

39.80

39,456

1.6%

97.75

94.25

18,287

-2.6%

51.75

49.50

70,668

11.40

2,572,054

-1.5%

3.6%

34.40

52.00

12.15

50.50

83,516

1,633 417

422

2,154

37.8%

52.50

-15.6%

14.9%

59.9%

28.67

21.42

-3.0%

11.9%

13.1%

27.20

12.85

-9.9%

15.55

-19.1% -0.7%

45,875

19.80

15.50

24.60

1.6%

18.55

17.75

10.4%

15.5%

28.9%

60.25

1,393

83.25

51.25

-40.1%

-28.7%

5.25

3.6%

107.2%

1,636

219,648

54.00

11.10

41.60

-9.6%

-5.6%

17.4%

12.2%

11.3%

33.7%

62.2%

-16.0%

-16.4%

15.9%

16.7%

0.0%

65.5%

nmf

10.9

1.7

5.6

1.8

2.3

11,033,820

10.9

1.5

80,200,000

21.9%

10.9

11.3

2.8

1.3

3.9

8.4%

13.5%

-26.5%

66,873,831

nmf

1.9

15.2

18.6%

-0.3%

106.75

34.20

22.1%

nmf

12,660,750

10,945,000

189

46.50

318,750,000

-13.5%

24.4%

-4.8%

9.5%

23.2%

0.4%

33.00

23.70

31,265,000

11,025,000

40.40

35.40

46,800,000

46,250,000

19.8%

985

145

12.7

98.00

24.40

919

39,900,000

50.2%

-5.6%

1.9

2.3

33.6%

87.75

2.4

10.2

-4.2%

5.3%

nmf

1.6

25,028,538

23.50

35.30

5.1%

8.5

10.1

2.0%

-4.0%

14.2%

45.3%

nmf

1.7

17.8

11.6%

42.40

165.00

-1.1%

10.3%

11.2

9,120,000

-8.4%

56.75

21.20

23.10

-13.4%

72.7%

16,822,140

22,600,800

26.90

2,964

1,065

49.0%

43,400,000

16.7%

15.80

34,748

366

1.0

11.0%

29.80

27,395

82.75

72,528

24.50

-0.7%

112.50

440,167

24.95

32.27

7,107

15.75

-1.8%

45.20

13.7

11,645,000

9.2%

1.6

14,958,000

119.2%

46.3%

1.5

1.9

86.4%

4.0%

12.6

3.5

32.7

32,616,965

33.0%

nmf

8,850,000

3.4%

47,991,176

192.75

16.30

29.00

968

4.0%

7.1%

27,285,000

43.1%

179

1.6%

-3.0%

-1.8%

33,177

105.50

27.80

91.50

184.50

55,265

18.1%

154.75

4,275

2.4

71.0%

7.05

25.4

91.0%

-3.9%

12.45

8,310,000

55.2%

6.1%

48.90

11.10

39.5%

75.6%

64.50

17.40

3.8

74.0%

1,411

41,830

6.05

22.2

3.5%

13.05

1,095

33.60

15.75

79,751

29,128

107.25 84.50

28.50

26.50

0.5%

-2.7%

24.50

26.20

26.90

43,566

754,759

82.75

16.05

13.20

5,620

110

25,300,000

24,075,000

15.8

17.6% 2.6%

11.1%

Trailing

116,250,000

16.7%

0.0%

Market Cap. (SAR '000)

4.7%

-8.7%

-2.5%

45.10

11.5%

12 mths

72.6%

17.20

26.60

YTD

71.7%

28.40

35.18

% Change

8.4%

1,654

45.40

14.10

9.05

-4.0%

83.75

-0.2%

6.1%

14.80

67.25

on high

110.00

169

45.10

13.85

80.75

Low

426

1 Banque Saudi Fransi

4 Dar Al Arkan Real Estate Dev. Co.

52-Week

High

30.1

20.9

1.3

1.8

8,983,333

12.7

1.6

29,625,000

nmf

1.9

16,850,000

13,510,000

34,200,000

15.5

10.5

14.1

15.1

11.8

10,104,750

13.7

16,100,000

nmf

28,687,500

9.0

1.3 1.7

2.2

5.1

2.0

3.0

2.7

3.8

STOCKS WITH NBK CAPITAL

ALWATAN DAILY tuesday, march 20, 2012

KUWAIT Rebased Performance

Summary

115

Best Performers 6,231 (0.0%)

KSE General Index (% Chg.)

114

422 (0.2%)

KSE Weighted Index (% Chg.)

58%

% of stocks trading above 1yr avg. price KSE General Index 52 week High / Low

Highest Turnover

100

19-Feb-12

19-Mar-12

S&P GCC Large/Mid Composite

4.4%

0.730

2.8%

1.100

1.9%

1.480

2.8%

0.122

1.7%

Worst Performers Turnover (KWD) 2,553,400

N National Bank of Kuwait

19-Jan-12

% Chg.

28,845,462

Market Cap. (KWD '000)

95 19-Dec-11

Commercial Bank of Kuwait

47,110

Turnover (KWD '000)

103

0.144

467 / 396 SULTAN.KSSultan Center Food Products Co.

KSE Weighted Index 52 week High / Low 105

CBK.KSE

National Real Estate Co.

1.00 FOOD.KSE Kuwait Food Co. 6,523 / 5,694 NBK.KSE National Bank of Kuwait

Advance/Decline Ratio

110

NRE.KSE

N National Industries Grp. Holding

1,487,030

ZA Zain Kuwait

1,215,250

A The Commercial Real Estate Co.

1,349,960

A Agility

1,091,850

IKARUS.KSIkarus Petroleum Industries Co. IFC.KSE

0.206

International Finance Co.

% Chg.

-3.7%

0.108

NIND.KSE National Industries Grp. Holding

0.248

FACIL.KSE Commercial Facilities Co.

0.280

BOUBYAN. Boubyan Bank

-3.6%

-2.8%

0.550

-1.8%

KSE Weighted Index

Quotes Company Name

A Agility

0.405

T Al Themar Intl. Holding Co.

0.087

A AREF Energy Holding Co.

0.110

A Al Ahli Bank of Kuwait

1.3%

0.630

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

B Boubyan Petrochemical Co. B Burgan Bank

0.550

-1.8%

0.430

1.2%

0.610

C Commercial Bank of Kuwait

0.730

G Global Investment House

2.8%

-1.8%

0.465

0.0%

0.395

K Kuwait International Bank

0.250

K Kuwait Projects Co. (Holding)

0.340

F Kuwait Food Co.

1.480

P Kuwait Portland Cement Co.

S Sultan Center Food Products Co. T Tamdeen Real Estate Co.

A The Commercial Real Estate Co. S The Securities House N Wataniya

239

2.8%

1.480

1.460

1.440

0.112

0.106

0.880

927

0.255

0.250

297

-1.5%

0.340

0.335

1.300

-19.8%

-4.9% -1.3%

0.495

0.285

-20.2%

-16.8%

5.9%

1.380

0.214

0.134

-15.3% -3.7%

6,760

0.255

0.096

-57.6%

0.290

0.236

-16.6%

0.480

0.114

0.630

0.415

0.0%

-27.8%

1,065

1.100

0.820

-20.9%

1,180

0.350

0.236

-28.6%

280

0.425

0.295

-20.0%

1.620

1.420

-8.6%

5.5%

-0.8%

-1.1%

0.248

1,487

5,990

0.285

0.192

-13.0%

0.144

4.4%

0.144

0.140

273

1,920

0.168

0.056

-14.3%

12.5%

0.216

156

720

0.226

0.174

-4.4%

0.9%

0.120

102

0.091

1,350

2.260

271

0.280

0.0%

0.216

0.0%

0.172

0.280

0.216

0.220

0.0%

0.222

0.220

0.244

0.0%

0.244

0.122

1.7%

0.092

0.0%

0.130

0.9%

0.860

0.0%

0.122 0.092 -

2.260

0.860

0.850

127

0.340

740

0.295

0.265

200

0.240

0.200

0.270

0.216

0.136

14,680

0.094

120

2.280

1,215

0.158

0.360

840

0.260

1,415

18.6%

-3.9%

8.1%

0.0%

-4.4%

16.1%

-41.7%

0.0%

-8.3%

12.4

2.0

-4.6%

-6.7%

5.8%

594,963

-37.9%

79,087

4,788,847

15.8

2.2

-4.6%

321,185

nmf

0.8

21,780

-1.5%

112,496

-40.7%

35.8% -0.7%

nmf

0.8

nmf

0.6

25.4

-6.8%

112,799

21.8

0.9

-6.2%

91,041

18.4

0.9

88,400

nmf

237,600

-0.9%

16.5%

36.1%

1,139,114

-4.4%

1.4

92,316

21.3%

168,803

-37.7%

0.1

39.2

35.3%

0.840

2.3

150,709

19.5%

1.640

0.8

6.2%

-49.2%

-2.1%

0.0%

1.2

3.9

0.067

0.0%

1.2

31.2

27.3

1.7%

6.1%

1.3

566,738

-10.3% -9.6%

0.8

60.4%

0.093

1.380

0.0%

-22.2%

2.1

11.5

22.5%

-45.0%

21.1

0.8

nmf

432,795

0.255

0.033

4.3

-9.6%

-2.8%

0.060

9.3

nmf

11.5%

-44.9%

3.7

105,600

290,133

-2.6%

1.7

1.1

63,719

-20.3%

3.1

2.8

16.0

86,711

-21.9%

0.9

154,500

23.9

0.248

0.660

-56.8%

313.8%

1.8

8.3

259,332

0.909

0.174

nmf

-19.4%

1.145

0.0%

179,283

-2.0%

0.0%

2,360

0.172

-19.4%

1.0

4.1

nmf

38.9

2,553

40.0

1.5

nmf

2,339,465

1.080

1,224,386 302,301

4.2

13.1

-17.9%

1.100

26.2

-3.3%

1.9%

53,454

-0.4%

53.7%

0.636

1.3

13.8

21.2%

1.020

0.325

12.0

150,294

-11.1%

305

1.580

295,911

18.9

-25.3%

1.0

1.6

nmf

150,744

1.4%

311 -

-14.2%

1.9

nmf

1.2

64,309

1.020 -

664,336

0.5

nmf

16.7%

1.020 -

-0.7%

82,500

0.0%

961,529

-10.9%

1.700

-3.5%

0.019

0.860

0.870

6.1

0.055

241,729

928,576

-4.3%

-6.1%

-24.0%

7.7%

nmf

18.9

-7.6%

-29.1%

953,341

-24.0%

0.255

-15.8%

3.3%

0.700

0.448

940

-45.7%

-6.8%

0.552

0.860

20.3%

-1.6%

520

113

743

-39.3%

-17.9%

0.2%

0.960

0.395

19.6%

-11.3%

0.419

0.198

1.945

8.9%

-1.6%

0.550

0.420

540

0.0%

2.260

Z Zain Kuwait

0.460

0.455

N National Real Estate Co.

S Salhia Real Estate Co.

0.465

0.455

N National Industries Grp. Holding

A Qurain Petrochemicals Industries Co.

151

0.730

0.280

0.0%

-1.1%

1.100

O Oula Fuel Marketing Co.

0.280

0.730

0.033

N National Investments Company

0.460

0.0%

N National Industries Co.

1.560

0.480

1.020

N National Bank of Kuwait

1.1%

-3.6%

-1.1%

M Mena Holding

-5.2%

0.495

0.524

3.8%

0.620

130

0.430

88,088

-22.5%

0.620

415

-13.0%

-18.4%

8.0%

Trailing

Market Cap. (KWD '000)

12 mths

-4.4%

-4.1%

0.085

1,890

YTD

423,969

0.142

1,025

0.280

% Change

11.0%

-16.3%

0.380

620

-6.9%

0.079

0.540

253

0.581

on high

0.104

260

197

0.0%

0.870

M Mabanee Co.

0.430

0.248

0.657

0.206

0.480

0.455

0.550

Low

0.435

0.310

0.214

JAJazeera Airways

0.870

0.310

2,730

High

162

-3.7%

K Kuwait Finance House

52-Week

Volume ('000)

1.440

0.206

K Kuwait Cement Co.

0.600

0.0%

0.242

0.610

IK Ikarus Petroleum Industries Co.

K KIPCO Asset Management Co.

1,092

0.0%

0.280

0.108

Turnover (KWD '000)

0.395

0.108

1.440

IF International Finance Co.

0.405

Low

0.112

C Gulf Cable and Electrical Industries Co.

IF IFA Hotels & Resorts

High

0.0%

1.560

0.049

G Gulf Bank

-1.6%

0.255

F Commercial Facilities Co.

0.310

A Burgan Co. for Well Drilling

C Combined Grp Contracting Co.

Daily

% Chg.

0.0%

70,617

0.0%

-36.8%

3,704,480

2.2

13.1

1.1

nmf

1.1

16.0

0.7

7.0

3.1

1.4

13.0

1.8

UAE Rebased Performance

Summary

Best Performers 1,668 (0.5%)

DFM Index (% Chg.)

130

2,605 (-0.1%)

ADSM Index (% Chg.)

Advance/Decline Ratio

121

DFM Index 52 week High / Low

110

Highest Turnover 100

S Sorouh Real Estate Co.

S&P GCC Large/Mid Composite

19-Feb-12

E Emaar Properties

19-Mar-12

Abu Dhabi SE

0.9%

12.10

Turnover (AED) 52,130,204 GCEM.ADS Gulf Cement Co. 45,511,726 FGB.ADSM First Gulf Bank 43,513,473 NBQ.ADSM National Bank of Umm Al Qaiwain 39,127,202 DU.DFM du

TATamweel

19-Jan-12

1.1%

1.15

0.8%

Worst Performers

D Dubai Financial Market

90 19-Dec-11

2.5%

410,989,269

Market Cap. (AED '000)

109

7.8%

1.90

444,057

Turnover (AED '000)

% Chg.

2.87

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

ADSM Index 52 week High / Low

114

1.24

86% ARTC.DFM Arabtec Holding 1.86 ARMX.DFM Aramex 1,754 / 1,301 DFM.DFM Dubai Financial Market

% of stocks trading above 1yr avg. price 120

TAMWEEL Tamweel

28,786,863

A ALDAR Properties

1.18

% Chg.

9.44

1.97

3.10

UNB.ADSM Union National Bank

3.17

-9.2%

-2.9%

-1.0% -0.6%

-0.6%

Dubai FM

Quotes Company Name

Daily

% Chg.

A Abu Dhabi Commercial Bank

3.10

T Abu Dhabi National Energy Co.

1.34

0.8%

A Air Arabia

0.72

0.4%

A Abu Dhabi Islamic Bank

A Abu Dhabi National Hotels A ALDAR Properties A Amlak Finance

A Arabtec Holding

3.40

2.20

1.34 1.02

0.0%

0.8% -

2.87

2.5%

A Arkan Building Materials Co.

1.06

D Dana Gas

0.49

A Aramex

C Commercial Bank of Dubai D Deyaar Development Co. D du

1.90

3.30

3.10

-0.6%

D Dubai Islamic Bank

2.21

E Emirates NBD

3.15

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

0.0%

0.2%

1.15

E Etisalat

0.41

D Dubai Financial Market

E Emaar Properties

1.1%

1,640

1,222

1.63

0.72

1,805

2,509

0.84

2.20

1.39 -

2.95 1.90 -

0.50

0.42

3.15

3.37

2.20

-9.2%

1.18

91.45

9.55 -

1.77

0.71

-40.1%

5.0%

-10.9%

3,868

0.71

0.34

-31.0%

8.9%

-18.3%

0.48

0.40

3.10

657 -

1,894 4,917 2,401

52,130 8,251

3.70

11,957 768

45,518 3,750

3.40 0.46

3.30

1.46

2.31

1.69

2.90 0.20

2.80

0.68

1.88

0.0%

-3.1%

0.0%

5.6%

-2.9%

13.8%

-9.9%

92.5%

-6.1%

-21.2% -4.3%

7.3%

36.9% 13.9%

0.0%

7.3%

1,530,000 2,781,790

0.8

nmf

16.9

13.1

1,855,000

48.2

3,234,981

7.7

nmf

0.5

2.3%

14,171,429

12.9

2.3

3.3%

9,200,000

8,391,489

nmf

8.3

18,578,277

10.4

9.25

14,842

1,590

11.20

8.64

-16.7%

2.2%

-14.8%

73,764,286

12.6

1.18

1.56

66.2%

-8.5%

968,894

nmf

9.30 -

6,328 -

1,662

1.00

985

1,125

1.10

45,512

0.42

9,659

670 -

137 -

500

1,122

10.75

6.98

0.67

-32.0%

-12.2%

22.2%

-10.3%

-9.9%

-24.4%

102.00

74.70

4.70

2.91

-12.8%

0.80

-2.0%

12.15 2.39 1.02

9.50

1.63

-0.4%

-17.6%

33,170

1.54

0.67

-14.9%

3.90

2.82

-18.7%

37,293 22,006 -

1.49

0.50 5.30

0.53

0.24

3.28

7.1%

19.9% 22.4%

17,506,990

28,320,000 -

27.4%

34,727,524

8.8%

0.5%

3,152,000

19.0%

-5.7%

9.9%

1.0

0.4

1.2

0.9

0.6

6.9

0.5

7.6

1.1

18.8 9.4

4,510,000

16.1

2,425,500

9.7

9.8

1.9

0.8

1.3

2.2 0.9

0.6

54.1%

24.8%

3,438,750

10.3

0.5

9.7%

8.3%

7,911,131

5.2

0.7

-16.8%

105.6%

-12.5%

67.8%

-30.2%

0.0%

10.5% -9.9%

1.2

2,368,980

7.0%

2.65

1.5

83.9%

18.7%

4.63

1.1

6,406,249

-6.5%

7.8

0.6

-4.3%

-12.6%

276

1.2

1.1

8.5

2.41

871

0.8

0.3

3.49

289

U United Arab Bank

1.96

8.8

12,835

3.17

0.45

347

7.0

39,127

43,513

0.2%

5.7

3.01

1.25

0.43

4,290,650

1.87

1.36 1.28

5,474,073

154.4%

0.8%

3.21

3.9%

80.5%

1.31

7.8%

2,200,000

-10.0%

-20.9%

1.97

-0.6%

12.5

-19.1%

1.21

1.97

1.24

3,360,024

8,040,000

0.0%

3.63

-1.0%

1.01

12.8

7,133

1.97

0.0%

22.9%

-25.2%

8,341,500

20,408

12.00

1.00

-14.0%

2.02

-6.3%

11.5%

2.72

12.20 -

11.7%

17,346,352

45.7%

0.8% -

-17.8%

2.94

0.57

7.6%

Trailing

Market Cap. (AED '000)

30.3%

-20.2%

12.10 4.10

1.14

-4.2%

11.5%

12 mths

0.76

3.15

9.40

2.92

-6.6%

YTD

1.68

3.16

0.4%

370

3.55

2.37

% Change

21,471

2.18

9.33

815

436

3.32

on high

28,787

2.23

3.09

1,485

341

Low

1.28

0.5%

3.17

* Closing Prices, Turnover and Market Cap. in USD

1.32

-0.3%

-2.9%

52-Week

High

1.35

3.42

1.11

9.44

Volume ('000)

1,058

1.17

-0.3%

Turnover (AED '000)

3.10

3.15

3.05

1.18

Low

0.9%

U Union National Bank U Union Properties

High

1.6%

25.3% 68.5%

-34.5%

1,240,000

1,457,849

3,686,685

12.2 nmf

11.2

0.5 0.6

1.8

STOCKS WITH NBK CAPITAL

ALWATAN DAILY tuesday, march 20, 2012

QATAR Rebased Performance

Summary

115

Best Performers 8,684 (0.2%)

DSM Index (% Chg.)

114

DSM 52 week High / Low

44% AHCS.DSMAamal Co. 2.33 ERES.DSMEzdan Real Estate Co. 8,892 / 8,071 MARK.DSMMasraf Al Rayan

Market Cap. (QAR '000)

453,444,774

% of stocks trading above 1yr avg. price Advance/Decline Ratio

110

350,245

Turnover (QAR '000)

16.09

% Chg.

3.5%

19.19

1.5%

26.75

QEWS.DSMQatar Electricity & Water Co.

0.6%

136.20

QGTS.DSMQatar Gas Transport Co.

0.5%

17.76

0.3%

105

Highest Turnover 100

Worst Performers Turnover (QAR) 28,444,054 QTEL.DSM Qatar Telecom 25,215,016 CBQK.DSMThe Commercial Bank of Qatar 17,820,307 QNNS.DSMQatar Navigation

C The Commercial Bank of Qatar

Q Qatar Gas Transport Co. MMasraf Al Rayan

95 19-Dec-11

19-Jan-12

19-Feb-12

S&P GCC Large/Mid Composite

17,634,380

Q Qatar Telecom

19-Mar-12

15,145,090

Q Qatar National Bank

#N/A #N/A

166.90

% Chg.

-1.0%

74.00

-0.5%

73.80

#N/A

-0.3%

#N/A

Doha SM

Quotes Company Name

A Aamal Co.

16.09

Daily

% Chg.

3.5%

K Al Khalij Commercial Bank

16.28

C The Commercial Bank of Qatar

74.00

-0.5%

E Ezdan Real Estate Co.

19.19

1.5%

B Barwa Real Estate Co.

29.00

D Doha Bank

60.00

IQIndustries Qatar

142.20

Q Qatar Electricity & Water Co.

136.20

M Masraf Al Rayan

Q Qatar Gas Transport Co.

Q Qatar International Islamic Bank

17.76

0.3%

77.10

0.0%

135.30

Q Qatar Telecom

166.90

73.80

V Vodafone Qatar

0.0%

0.6%

Q Qatar National Bank Q Qatar Navigation

0.0%

26.75

49.95

Q Qatar Islamic Bank

0.2%

7.40

High

Turnover (QAR '000)

Low

16.25

16.35 29.10 74.60 60.50 19.95 -

26.90

15.62

3,296

28.75

9,774

16.19

2,663

74.00

28,444

18.50

1,896

26.45

17,820

17.70

25,215

76.60

2,436

59.00

1,977

137.70

135.00

0.0%

50.10

49.90

1,739

17.80 77.10

0.1%

135.60

135.00

15,145

-1.0%

170.00

166.90

17,634

-0.3%

0.0%

74.80

164 337 382 33

100 -

24.09

Low

on high

15.40

19.15

-33.2%

16.06

35.90

28.10

85.50

67.00

50.00

24.97

-4.0%

25.3%

1.4%

-0.5%

-8.5%

-11.3%

-2.4%

56.20

44.90

-11.1%

-7.5%

85.30

112

141.73

112.05

105

168.50

135.70

222

-4.8%

-9.3%

76.30

87.50 8.12

15.6%

-20.0%

128.00 16.59

11,284,614

-13.6%

153.50 19.58

-14.6%

-23.1% -4.2%

22.09

7,964,550

-11.9% -6.4%

-9.6%

-4.5%

69.90

-15.7%

7.24

-8.9%

-1.0%

6.9%

Market Cap. (QAR '000)

-6.8%

-13.5%

-3.2%

28.10

12 mths

-5.2%

-10.4%

18.60

1.2%

-15.0% -19.2%

68.00

YTD

118.80

1,420

1,637

7.35

High

% Change

148.50

667

2,163

73.80

7.40

205

4,593

0.5%

52-Week

Volume ('000)

-9.8%

5,860,800

Trailing

14.8

1.4

12.0

1.1

9.3

0.9

12,401,868

10.0

1.8

4.6%

78,210,000

9.9

3.0

4.0%

13,620,000

10.5

4.5

8.6%

7,560,869

-1.1%

18,311,032 50,901,412 20,062,500

9.7

1.3

nmf

1.8

14.2

2.4

9,836,269

12.5

8.1

-1.8%

18,218,206

13.3

1.6

-3.5%

-13.7%

8,451,960

15.7

0.8

-2.0%

-1.1%

6,255,960

nmf

0.9

-2.1%

18.5%

17.1%

94,673,393

23.9%

29,374,400

11.6

1.5

12.6

2.3

11.4

1.4

OMAN Rebased Performance

Summary

115

Best Performers 5,896 (-0.5%)

MSM Index (% Chg.)

114

47% OCOI.MSM Oman Cement Co.

% of stocks trading above 1yr avg. price

1.00

Advance/Decline Ratio Turnover (OMR '000)

7,093,467

Market Cap (OMR '000) 105

104

292,994

O Oman Cement Co.

19-Feb-12

S&P GCC Large/Mid Composite

163,021

R Raysut Cement Co.

19-Mar-12

2.0%

1.41

0.4%

0.31

0.0%

0.59

Turnover (OMR) 711,117 BKDB.MSMBank Dhofar 526,069 BKMB.MSMBank Muscat

O Oman Telecommunications Co.

19-Jan-12

2.2%

-1.5%

Worst Performers

B Bank Muscat 95 19-Dec-11

% Chg.

0.97

RNSS.MSMRenaissance Services

Highest Turnover

100

0.52

RCCI.MSM Raysut Cement Co.

6,406 / 5,419 OTEL.MSMOman Telecommunications Co. 3,759 NBOB.MSMNational Bank of Oman

MSM 52 week High / Low

110

49,942

R Renaissance Services

0.56

% Chg.

-3.8%

0.63

-2.0%

RNSS.MSMRenaissance Services

0.59

-1.5%

OTEL.MSMOman Telecommunications Co.

1.41

0.4%

NBOB.MSMNational Bank of Oman

0.31

0.0%

Muscat SM

Quotes Company Name

B Bank Dhofar

0.564

N National Bank of Oman

0.310

O Oman Telecommunications Co.

1.410

R Renaissance Services

0.592

B Bank Muscat

O Oman Cement Co.

R Raysut Cement Co.

Daily

% Chg.

-3.8%

0.626

-2.0%

0.523

2.2%

0.969

High

0.566

Turnover (OMR '000)

Low

0.560

0.630

0.615

526

0.515

293

0.960

163

0.311

0.310

0.4%

1.415

1.403

711

0.590

2.0%

-1.5%

0.535 0.976

0.600

840

0.0%

52-Week

Volume ('000)

High

0.680

Low

0.679

0.332

0.304

504

1.410

1.041

168 84

-17.1%

0.572

560

on high

0.509

0.608 1.190

1.197

-7.8%

-6.6%

% Change YTD

3.1%

-6.0%

-3.1%

12 mths

-14.7%

1.0%

-14.0%

21.1%

-10.4%

0.711

-18.6%

27.5%

-14.9%

0.458

-50.5%

7.7%

8.6%

516,194

1,114,679

1.0%

0.416

0.0%

Market Cap. (OMR '000)

335,110

Trailing

12.9 9.5

9.5

2.1

nmf

1.0

193,800

13.0

-48.4%

167,000

1.3

1.2

13.5

1,057,500

2.3

9.8

173,046

22.2%

1.2 1.9

BAHRAIN Rebased Performance

Summary

115

Best Performers 1,148 (-0.5%)

BSE Index (% Chg.)

114

Advance/Decline Ratio

1,433 / 1,129 AUB.BSE 233 #N/A

BSE 52 week High / Low

110

32% ITHMR.BSE Ithmaar Bank 0.50 NBB.BSE National Bank of Bahrain

% of stocks trading above 1 yr avg. price

Turnover (BHD '000)

6,486,832

Market Cap. (BHD '000)

#N/A

0.09

% Chg.

5.9%

0.57

Ahli United Bank

-0.9%

0.67

#N/A

-2.9%

#N/A

105

Highest Turnover 100

Worst Performers Turnover (BHD) 151,114 AUB.BSE 27,221 NBB.BSE

A Ahli United Bank

100

IT Ithmaar Bank

2,857

N National Bank of Bahrain

95 19-Dec-11

19-Jan-12

19-Feb-12

B Albaraka Banking Grp.

19-Mar-12

S&P GCC Large/Mid Composite

#N/A

Ahli United Bank

0.67

National Bank of Bahrain

0.57

ITHMR.BSE Ithmaar Bank

0.09

BARKA.BS Albaraka Banking Grp. #N/A

% Chg.

1.06 -

#N/A

-2.9%

-0.9%

5.9%

#N/A

Bahrain SE

Quotes Company Name

A Ahli United Bank*

0.670

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

0.410

0.412 797

0.090

0.570

0.304

Daily

% Chg.

-2.9% -

5.9%

-0.9% -

High

0.675 -

Low

0.670 -

0.090

0.570

52-Week

Volume ('000)

401 -

0.090

0.570

Turnover (BHD '000)

595

Low

0.660

on high

0.0%

YTD

0.0%

12 mths

3,339,507

-26.3%

1,306,200

0.0%

590,400

-30.0%

637,560

1.000

-17.2%

-2.8%

-14.9%

0.116

0.082

-29.3%

-8.9%

-29.3%

-5.5%

-0.5%

0.570 0.492

0.436

797

0.420 0.380 0.390 797

-26.3% -16.7% 0.0%

0.0% 4.6%

0.0%

800

0.115

0.065

-21.7%

38.5%

0.424

0.270

-28.3%

1.3%

0.655

0.560

-13.0%

-0.9%

Market Cap. (BHD '000)

0.0%

1.280

0.750

High

% Change

-8.4%

-21.7%

-13.0%

-25.9%

921,723

Trailing

10.8 7.8 6.4

77,053

nmf

350,759

11.0

240,999

nmf

487,555

253,707

1.3

0.8 0.4

0.8

7.4

1.2

4.5

0.6

10.7

1.8

nmf

1.5 0.4

1.2

LIFE

Dealing with insomnia

If you can’t sleep, you’ve got more options than lying in bed and counting sheep. The US National Heart, Lung, and Blood Institute offers these suggestions to help manage insomnia: •Make lifestyle changes, including cutting out caffeine and setting a consistent sleep schedule. •Get cognitive behavioral therapy to learn relaxation techniques and help reduce sleep anxiety. •Talk to your doctor about prescription medication to help you sleep. •While there are a variety of over-the-counter sleep aids, you should discuss with your doctor before taking one.

tuesDAY, march 20, 2012

Solar power station in Spain works at night PARIS: A unique thermosolar power station in southern Spain can shrug off cloudy days: energy stored when the sun shines lets it produce electricity even during the night. The Gemasolar station, up and running since last May, stands out in the plains of Andalusia. From the road between Seville and Cordoba, one can see its central tower lit up like a beacon by 2,600 solar mirrors, each 120 square meters (28,500 square feet), that surround it in an immense 195-hectare (480-acre) circle. “It is the first station in the world that works 24 hours a day, a solar power station that works day and night!” said Santago Arias, technical director of Torresol Energy, which runs the station. The mechanism is “very easy to explain,” he said: the panels reflect the suns rays on to the tower, transmitting energy at an intensity 1,000 times higher than that of the sun’s rays reaching the earth. Energy is stored in a vat filled with molten salts at a temperature of more than 500 degrees C (930 F). Those salts are used to produce steam to turn the turbines and produce electricity. It is the station’s capacity to store energy that makes Gemasolar so different because it allows the plant to transmit power during the night, relying on energy it has accumulated during the day. “I use that energy as I see fit, and not as the sun dictates,” Arias explained. As a result, the plant produces 60 percent more energy than a station without storage capacity because it can work 6,400 hours a year compared to 1,200-2,000 hours for other solar power stations, he said. “The amount of energy we produce a year is equal to

the consumption of 30,000 Spanish households,” Arias said, an annual saving of 30,000 tons of CO2. Helped by generous state aid, renewable energies have enjoyed a boom in Spain, the world number two in solar energy and the biggest wind power producer in Europe, ahead of Germany. For the Gemasolar solar product, foreign investors helped too: Torresol Energy is a joint venture between the Spanish engineering group Sener, which holds 60 percent, and Abu Dhabi-financed renewable energy firm Masdar. “This type of station is expensive, not because of the raw material we use, which is free solar energy, but because of the enormous investment these plants require,” Arias said. The investment cost exceeds 200 million euros ($260 million). But “the day when the business has repaid that money to the banks (in 18 years, he estimates), this station will become a 1,000-euro note printing machine!,” he said, recalling that oil prices have soared from $28 a barrel in 2003 to nearly $130. For now, the economic crisis has nevertheless cast a shadow over this kind of project: Spain is battling to slash its deficit as it slides into recession and has suspended aid to new renewable energy projects. Andalusia, hard hit by the economic crisis with the country’s highest unemployment rate at 31.23 percent, holds regional elections on March 25. “We have three projects ready but stalled” because of the aid suspension, Arias said, admitting that in a difficult global economy the group has not managed to sell the Gemasolar technology abroad despite huge interest outside Spain. –AFP

Baby love may be hard-wired in human brain NEW YORK: An infant’s doting eyes and chubby cheeks can send many people into a heartwarming swoon. Turns out, rather than the heart, that lure of tots may stem from specific brain circuits, new research suggests according to LiveScience. The results, detailed in the journal NeuroImage, suggest such brain-activity patterns may represent some deep biological impulse driving adults’ interactions with kids. They also build on past research suggesting an evolutionary link between the cuteness factor of babies and care-giving by adults. And while some past studies have involved parents, this one found a link with those who had no children. “These adults have no children of their own. Yet images of a baby’s face triggered what we think might be a deeply embedded response to reach out and care for that child,” senior author Marc H. Bornstein, head of the Child and Family Research Section of the Eunice Kennedy ShriverNational Institute of Child Health and Human Development, said in a statement. Bornstein and colleagues showed seven men and nine women a series of photos while recording their brain activity with a functional magnetic resonance imaging (fMRI) scanner. The participants viewed images showing the faces of puppies, kittens, full-grown dogs and cats, human infants

and human adults. When viewing human infants, participants showed brain activity in regions that would typically “light up” just before picking up a child or talking to an infant, the researchers noted. The pattern didn’t show up when participants looked at photos of animals, even baby animals. Specifically, the team found increased activity in the premotor cortex and the supplemental motor area (both right under the crown of the head). These regions direct brain impulses just before voicing something or physically moving. Increased activity related to seeing infant faces was also found in the fusiform gyrus, on each side of the brain near the ears, a brain area linked to facial recognition. The other regions activated were related to emotion and reward and included areas deep in the brain called the insula and the cingulated cortex. Past studies have suggested activity in these brain areas is linked with parents responding to their own infants. Other research has also found young women are better than men as well as older women at spotting cute baby faces. In that study, women on the pill were quicker at spotting a cute infant than those not on the pill, suggesting sex hormones are involved in the phenomenon.

FILE - The Torresol Energy Gemasolar plant in Fuentes de Andalucia near Seville. The unique thermosolar power station in southern Spain can shrug off cloudy days: energy stored when the sun shines lets it produce electricity even during the night. (AFP)

Daydreaming is good for the mind

NEW YORK: Catch yourself daydreaming while washing the dishes again? If this happens often you probably have a pretty capable working memory, new research suggests according to LiveScience. This mind wandering, it seems, actually gives your working memory a workout. Working memory is the mental work space that allows the brain to juggle multiple thoughts simultaneously. The more working memory a person has, the more daydreaming they can do without forgetting the task at hand. “Our results suggest that the sorts of planning that people do quite often in daily life - when they’re on the bus, when they’re cycling to work, when they’re in the shower are probably supported by working memory,” study researcher Jonathan Smallwood, of the Max Planck Institute for Human Cognitive and Brain Science, said in a statement. “Their brains are trying to allocate resources to the most pressing problems.” Wandering brain

Researchers studied groups of people from the University of Wisconsin-Madison com-

munity, ranging in age from 18 to 65. The first group was asked to perform simple tasks, like pressing a button every time they took a breath or clicking in response to a letter popping up on a computer screen; these tasks were so easy that their minds were likely to wander, the researchers figured. The researchers checked in periodically, asking the participants if their minds were on task or wandering. When the task was over, they measured each participant’s working memory capacity by having them remember letters while doing math equations. Though all participants performed well on the task, the researchers noticed that the individuals who indicated their minds had wandered more than others also scored higher on the working memory test. “What this study seems to suggest is that, when circumstances for the task aren’t very difficult, people who have additional working memory resources deploy them to think about things other than what they’re doing,” Smallwood said. Missing moments

When our minds run out of working memory, these off-topic thoughts can take the main

stage without us consciously meaning them to; for instance, arriving at home with no recollection of the actual trip, or suddenly realizing that they’ve turned several pages in a book without comprehending any of the words. “It’s almost like your attention was so absorbed in the mind wandering that there wasn’t any left over to remember your goal to read,” study researcher Daniel Levinson, a graduate student at the University of Wisconsin-Madison’s Center for Investigating Healthy Minds, a part of the Waisman Center for Brain Imaging and Behavior, said in a statement. People with overall higher working memory were better able to stay focused when the task at hand required it. Those who had low working memory often had their thoughts drift away from the task, and did less well at it. The findings add to past research suggesting these mind drifts can be positive moments. For instance, daydreaming has often been associated with creativity - researchers think that our most creative and inventive moments come when daydreaming. It’s likely that the most intelligent among us also have high levels of working memory, Levinson noted.

Panda feces to fertilize organic green tea

Working out in the early hours more popular NEW YORK: Night owls, insomniacs, shift workers and other denizens of the dark are finding less need to fit their workout time into the nine-to-five world. More gyms are remaining open round the clock, experts say, spurred by advances in surveillance and security technology, clients’ ever more fluid work habits and a generation of multi-tasking consumers. “A lot of people work untraditional times and they take advantage of clubs open at all hours,” said Carl Liebert, CEO of 24 Hour Fitness, an international chain of health clubs, most of them open around the clock. Liebert said his 30-year-old chain has seen an increase in after-hours traffic, with five to 15 percent of clients, depending on location, working out between midnight and 5:00 a.m. “I think people have changed,” he said. “They’re online; they’re connected day and night.When I grew up I went to bed at night and got up in the morning. Between those times I wasn’t multitasking.” Liebert said common night visitors include people who work out to relieve stress, insomniacs, and hard-core fitness fanatics who wouldn’t miss a workout and prefer a gym less crowded. The number of health clubs open 24 hours has soared from just couple hundred five years ago to more than 2,000 today, according to IHRSA, the International Health, Racquet & Sportsclub Association, a trade association of fitness facilities. Spokesperson Meredith Poppler said while most club goers still work out during regular hours, technology has enabled small, often rural, clubs to operate overnight, and sometimes unstaffed. “Cameras on the doors, cameras in the clubs, safety buttons each member carries set them apart,” said Poppler. “Many of the operators are in the clubs at certain times of days, but other times the clubs are truly unstaffed.” Access is granted via a swipe card or key fob. Poppler said the largest franchising company of 24-hour key clubs is Anytime Fitness, based in Hastings, Minnesota. Earlier this year the chain reported that late-night workouts from midnight to 3:00 a.m. totaled 1.2 million in 2011, up from 900,000 the previous year. “Anytime Fitness finds that 24/7 access caters to everyone from your typical night owls, to doctors and nurses, and other public service officials who work odd hours,” said spokesperson Tara Dosh. Liz Neporent, spokesperson for the American Council on Exercise, belongs to a 24-hour gym in New York City. She said physiologically it doesn’t matter when you choose to work out, although some studies suggest that morning exercisers may be more likely to stick with their program. More important is finding a time that’s convenient. Neporent, who has experience operating health clubs, said while she prefers to see staff on duty at night, sometimes it’s not economically feasible. -Reuters

A green gecko on a palm trunk at Vallee de Mai natural reserve, a Unesco world heritage site, in Praslin island. Bursts of torrential rain have lashed the idyllic white beaches of the Seychelles, where conservationists fear that rare species such as the giant tortoise are at severe risk from climate change (AFP)

EU agrees crack down on shark finning PARIS: The European Union endorsed tighter shark fishing rules on Monday to ensure fishermen respect a ban on slicing off the fins of their catches and throwing the live body overboard to drown. The EU has prohibited shark finning since 2003, but an exemption allows fishermen with special permits to remove the fins from their carcass out at sea and bring back the remainders together or land them in different ports. EU fisheries ministers meeting in Brussels endorsed a European Commission proposal that would force fishermen to bring sharks to port intact. The European Parliament must now take up the proposal. While shark finning is forbidden in EU waters and vessels, the ministers said in a statement, “the still possible processing on board has

cast doubts about the effectiveness of controls.” Asia’s taste for shark fin soup is viewed as a key threat to sharks, with marine protection groups saying up to 73 million are killed annually to satisfy demand for the delicacy. EU nations combined account for the second-largest share, with 14 percent of the world’s catches. Slow to grow and with very few young per birth, sharks are exceptionally vulnerable with several dozen species threatened with extinction. “In recent years, some shark populations have been severely targeted and put under serious threat as a result of a dramatic increase in demand for shark products, fins in particular,” the EU ministers said. Shark finning has also increased due to a strong demand for traditional medical cures in Asia, the ministers added. -AFP

First commercial cargo run to space station April 30 CAPE CANAVERAL, Fla.: The International Space Station should be getting its first commercial cargo shipment in early May. Space Exploration Technologies Corp., better known as SpaceX, plans to launch its Dragon capsule from Cape Canaveral on April 30. The Dragon will take a few days to get to the space station. The launch was delayed from February for additional testing. It will be the first time a private company

launches space station supplies. It will also be the first US delivery since NASA’s space shuttles stopped flying last year. Unmanned cargo ships from Russia, Europe and Japan are filling the void. The billionaire founder of SpaceX, Elon Musk, wants to provide rides to the space station for American astronauts in the next few years. NASA astronauts currently are hitching rides on Russian vessels. -AP

YA’AN, China: China’s national treasure, the giant panda, will become even more precious if one businessman succeeds in using their dung to grow organic green tea he intends to sell for over $200 a cup. An Yanshi, an entrepreneur in southwest China, grows the tea in mountainous Ya’an in Sichuan province using tons of excrement from panda bears living at nearby breeding centers. The first batch of panda dung tea will be sold in lots of 50 grams that will cost some 22,000 yuan ($3,500) each, a price An said makes it the world’s most expensive tea. Most people use about 3 grams of tea per cup. Yanshi defended the steep price, saying he would channel profits from the initial batches into an environmental fund. Future batches would be cheaper, he added. “I thank heaven and earth for blessing us with this environmental panda tea,” the 41year-old former teacher and journalist said at a weekend event to promote the tea. “I just want to convey to the people of the world the message of turning waste into something useful, and the culture of recycling and using organic fertilizers.” Dressed in a panda suit to promote his tea, An invited a dozen or so guests to help hand-pick the first batch of tea at his plantation at the weekend. The fertilizer made the tea a health boon, An said, because pandas only eat wild bamboo and absorb only a fraction of the nutrients in their food. And pandas make plenty of fertilizer. “They are like a machine that is churning out organic fertilizer.” An said. “They keep eating and they keep producing feces.” “Also, they absorb less than 30 percent of the nutrition from the food, and that means more than 70 percent of the nutrients are passed out in their feces.” After brewing the first pickings, An described the tea as fragrant and smooth. Some of his guests, however, were not impressed. “It’s sold at such a sky-high price, perhaps this is just hype,” said 49-year-old Li Ximing. -AFP

ALWATAN DAILY

CULTURE

tuesDAY, MARCH 20, 2012

Auction houses poised for marathon of Asian art sales NEW YORK: Bronze Buddhas, modern art, hanging scrolls and even a trove of carved rhinoceros horns featured on the popular television show “Antiques Roadshow” are among highlights at Christie’s and Sotheby’s semi-annual Asia week sales starting on Monday. With thousands of works, including ceramics, ancient calligraphy, furniture and more on offer and estimates totaling well over $100 million, stakes are high for the two powerhouses of the auction world as they conduct their sales of Asian art in New York. Asian art, which officials say is a key driver in the global market, has seen strong activity in the past year, and enthusiasm for it is still growing, especially among Chinese collectors. Asian art has begun to outpace even the once-indomitable Impressionist and modern category. Christie’s Asia sales a year ago achieved $117 million, its highest-ever in New York. Last fall it took in over $75 million, and several works at both Christie’s and Sotheby’s carry pre-sale estimates of more than $1 million. Christie’s president of Asia, Francois Curiel, has affirmed that its long-term strategy is to continually reinforce its presence in Asia. The sales kick off on Monday with Sotheby’s auction of South Asian modern and contemporary art, led by Sayed Haider Raza’s “Village With Church,” which once graced the collection of Asia Society founder John D. Rockefeller III, a noted collector along with his wife. The Rockefellers “were two of the most important early champions of modern Indian painting in the United States,” said Priyanka Mathew, head of the Sotheby’s sale. “Their patronage and support was key in introducing the work of

A man views an anonymous 17th century Japanese screen from the late Momoyama-early Edo period, estimated at 700,000 to 900,000 USD, is displayed on March 16, 2012 at Christie’s in New York. (AFP)

the Progressive Artists’ Group in America, of which ‘Village With Church’ is such a significant example.” The vibrant abstract work is estimated to sell for $1.5 million to $2.5 million, the top lot at Sotheby’s series of four sales which are expected to total $30 million to $40 million.

At Christie’s, where seven sales over four days are set to take in about $50 million to $80 million, the top lot is a massive gilt bronze figure of Vairocana from the Ming dynasty, expected to fetch $2 million to $3 million at its two-day fine Chinese ceramics and works of art auction at week’s end. Two of Christie’s’ other top-priced works hit the block at

FCC ‘Dance with sun by the sea’ wraps up three months weekly workout Ricky Laxa Staff Writer

KUWAIT: Presidential award recipient, the Filipino Cultural Club (FCC) culminated its three months long event with an impressive and memorable one hour workout lead by prominent Filipino fitness instructors from different gyms and fitness centers in Kuwait. “Dance with sun”, a pioneering project on fitness and health by FCC earned popularity not only among Filipinos but other foreign nationals engaged in fitness regimens. Al Watan Daily journalist and fitness trainer Ricky spearheaded the workout. The event kicked-off with a brief message from the Philippines’ Labor Attaché David Dicang congratulating FCC for such a beneficial and essential health program and creating awareness among Filipinos on the importance of being fit and healthy. The Labor Attaché also encouraged everyone to continuously support the project and extended his gratitude to the organizations that participated in the project. The Labor Attache was accompanied by Welfare Officer Norlita Lugtu and other staff of the Philippine Overseas Labor Office. Jonathan and Aaron from Oxygen Gym, Joy of Fit and Shape and personal trainer Jericho facilitated a circuit workout utilizing steps, gym stick, kickboxing, floor and lower body workouts to the delight of the crowd. Jonathan of Oxygen Gym and Rodel of Fit and Shape contributed to the success of the workout. The equipments were provided for by The Viking Club of the Radisson Blu Hotel. Among those who graced the occasion were Filipino organizations’ officers and leaders as well as friends. Among them were; FBC (Filipino Badminton Committee) Dr. Chie Umandap, Club Ilonggo headed by Oliver, Filipino Sailors Club headed by Capt. Syril Mansueto, LIFE headed by Benjie Ugaban, PANIK (Pilipino Ambulance Nurse in Kuwait) headed by Hengie Taton, RUGB

Members of the Filipino Cultural Club with founding chairperson Marie Al-Ameeri.

Intl. Inc. (Reformed and United Guardian Brotherhood) headed by Allan Bonifacio, GRII (Guardian Republican Intl. Inc.) headed by Josefina C. Cahero and GBI-TBBG (Kuwait Falcon Chapter). Invited guests and family members joined in the workout. “We laud the project initiated by Marie AlAmeeri as it created awareness among Filipinos that exercise is vital and essential to all of us in order to earn well for our families decent wages. Without good health such is unattainable and impossible to achieve. We often disregard brief exercises’ benefits; they can save lives and afford us longer and healthier lifespan. We hope it goes on next year and if not continue its weekly run,” commented participant Rose Reyes. The event culminated with attendees who en-

Schools in England ‘illegally’ excluding pupils: Report FRANCE: More must be done to stop schools in England illegally excluding pupils, a report said Monday, calling for government research to uncover the extent of the problem. The Children’s Commissioner for England found that some schools were ordering pupils to leave without recording it as exclusion, or coercing families into moving schools rather than face expulsion. In one case a head teacher admitted he was planning to ask parents to keep their children at home from Christmas until May so that they “slip under the radar”. The report said that such practices were “illegal and simply unacceptable.” It added: “However, because it is usually covert and informal with no records kept, it is extremely hard to identify and quantify.” Children’s Commissioner Dr Maggie Atkinson said there was “compelling evidence” of illegal exclusions in a small proportion of schools. “Whilst most schools work far beyond the call of duty to hold on to troubled and vulnerable children, a minority exclude on what seems to the observer to be a whim,” she said. “And for whatever reasons, many of them explored in this report, we have not sufficiently challenged the failures and brought about the changes required. We must do so now.” Schools in England are allowed to exclude pupils for behavioral reasons as long as they act within the law. The report says pupils should be excluded only for safety reasons or to prevent disruption to learning, warning that is “never appropriate” to exclude for “minor infringements” such as breaching school uniform codes or wearing jewelry. Overall, the number of exclusions from England’s schools has declined over the last decade, official figures show. In 2009-2010 some 5,740 children were permanently expelled from state-funded schools, while 179,800 were excluded for a fixed term at least once during that year. Among those most likely to be excluded are pupils with special educational needs and those of black Caribbean ethnicity. Boys are also more likely to be excluded than girls. A Department for Education spokesman said exclusion was necessary “as a last resort: to enforce nonnegotiable school rules, to protect staff and students and to guarantee that excluded children get the support they need.” She added: “Our policy on exclusions is the right one, and we will continue to support it. Obviously unofficial exclusions are unlawful. All schools must follow the legal exclusion process.” -AFP

joyed home cooked food prepared by FCC members and other contributors. Its members also held brief meeting to hold raffle draws and bid its founding chairman Marie Al-Ameeri send-off wishes as she travels to an Eastern Europe country to undergo rehabilitation as a result of a stroke that occurred earlier. “I thank everyone for their endless support and generosity in making this event huge success. It has been a great opportunity for us to be of service to everyone and rest assured that FCC will work hand in hand with the community in such events like this. To all our valued sponsors and generous donors and most especially to Ricky of Al Watan Daily for launching the event sensationally and ending it with flair, we thank them all,” concluded Al-Ameeri.

Ai Weiwei says censors removed his microblog BEIJING: For nearly two hours on Sunday, dissident artist Ai Weiwei was able to maintain a Twitter-like microblog account, briefly raising hopes the Chinese government had relaxed some of its tight control over online expression. Ai’s first microblog post said: “Testing. Ai Weiwei. March 18, 2012.” Ai’s account on Sina, the operator of China’s most popular microblogging platform, drew 10,680 followers in that brief period, he told Reuters on Monday, including the jubilant-sounding comment: “The moment has come. The skies have changed in China.” Shortly afterwards, however, the account was inaccessible, apparently deleted by government censors. Ai is a prominent social critic who was detained without charge last year for 81 days until his conditional release in late June. He said he used his social security number to register the microblog account after discovering that his name was unexpectedly no longer blocked. “The controls are very strong,” Ai told Reuters by telephone. “They (the government) are very insecure, they are not ready for any kind of change.” It was unclear what caused the crack in China’s “Great Firewall” as microblog operators such as Sina comply with government orders and monitor content, blocking and removing comments deemed unacceptable or too sensitive. Repeated calls to Sina went unanswered. China heavily filters the Internet and blocks foreign social networking websites

such as Facebook and Twitter, fearing that unfettered access would lead to instability. The deletion of Ai’s microblog, or weibo in Chinese, came after new regulations went into effect on Friday requiring Beijingbased microbloggers to register using their real identities. Officials said the new rules are meant to curb rumors, vulgarities and pornography, but many users say the restrictions are aimed at muzzling the often scathing and raucous microblog chatter in a country where the Internet offers a rare opportunity for open discussion. Ai said his account was deleted just past midnight on Monday, replaced with a message that read: “Error. Invalid Weibo user”. He said this was the first time he had succeeded in creating a weibo account. Ai is active on Twitter and has over 131,000 followers. Since his release from detention, Ai has ignored efforts to silence him and has instead become a rallying point for dissidents and activists who have been harassed and arrested since a government crackdown on opponents began last year. Ai is a vocal critic of the Communist Party, who has spoken out on everything from the award of the 2010 Nobel Peace Prize to Chinese dissident Liu Xiaobo to Internet curbs. Even after Ai’s weibo account was deleted, some supporters held out hope. “Ai Weiwei, when can you speak up on Weibo?” a user called Arizona_Hal wrote on Sina’s microblogging website, where users could still search for the artist’s name on Monday. -Reuters

Wednesday’s South Asian modern and contemporary sale. An untitled work by Tyeb Mehta subtitled Figures with Bull Head carries a $1.5 million to $2 million estimate, while Akbar Padamsee’s “Cityscape” is poised to sell for about $1.5 million. Christie’s also expects strong interest in its offerings from the Robert H. Blumenfield collection of Chinese carvings, scholar’s objects, scepters and furniture, which is expected to total more than $5 million on Thursday. Another private collection, sculpture and paintings from India, the Himalayas, Southeast Asia and Gandhara assembled by gallerist and collector Doris Wiener, carries a $7 million to $11 million estimate. A circa 11th century bronze group of Somaskanda from South India is poised to fetch about $1 million. At Sotheby’s, a widely anticipated sale of five carved rhinoceros horn cups from the Qing Dynasty could bring in $1 million or more, after the collection assembled by Douglas Huber since 1979 for about $5,000 received the highest evaluation in the history of the television show “Antiques Roadshow.” The show appraised the cups to be worth $1 million to $1.5 million, but Sotheby’s said it estimated the grouping in line with results for similar recent offerings. They will be sold on Tuesday at the fine Chinese ceramics and art auction. Another top lot at Sotheby’s will be offered at its classical Chinese painting sale on Thursday - a hanging scroll, “Landscape After Lu Guang” by Hongren, a leading artist of the late Ming Dynasty estimated at $1 million to $1.2 million. “Eagle Perching on a Pine,” by 20th-century master Qi Baishi, is estimated even higher, $1.2 million to $1.5 million. -Reuters

Bangladesh’s ‘teenage’ brothels hold dark steroid secret TANGAIL, Bangladesh: Their faces painted heavy with make-up, teenage girls in short, tight blouses and long petticoats loiter in squalid alleys, laughing and gesturing to potential clients who roam Tangail town’s infamous red light area in the early evening. There is no shortage of men looking for “company” in Kandapara slum, a labyrinth of tiny lanes - lined cheek-by-jowl with corrugated iron shacks - a few hours’ drive northeast of Bangladesh’s capital, Dhaka. But with rates as low as 50 taka (60 US cents), the need to attract as many customers as possible is desperate - prompting a rising, yet dangerous, trend of steroid abuse among adolescent sex workers to “enhance” their appearance. “There is a huge difference between my appearance now and the malnourished look of my childhood,” says Hashi, 17, who was lured into the sex trade by a trafficker when she was 10 and sold to Kandapara’s brothel, where she began taking steroids. “I am healthier than before and fit to serve a lot of customers in a day. Sometimes up to 15,” she says, placing a large black bindi, or dot used by Hindu women, between her perfectly shaped eyebrows. Hashi is one of around 900 sex workers - some as young as 12 - living a painful life of exploitation in Kandapara, not only bonded by debt and fear of stigma, but compelled to take the steroid, Oradexon, which brings more income but leaves dangerous side effects. Cow fattening drug

Also known as Dexamethasone, Oradexon treats inflammation and allergies in humans and is used by farmers to fatten livestock. Charities say the over-the-counter drug is taken by 90 percent of sex workers in Kandapara and the other 14 legalized brothels across this impoverished South Asian nation. The girls are first forced to take it by their madams, or “sardarnis”, who run the brothels. It increases their appetite, making them gain weight rapidly and giving the appearance that these poorly nourished teens are in fact healthy and older - attracting clients who prefer girls with “curves”. It also helps sardarnis keep the police away. The legal age for sex work in Bangladesh is 18. “My sardarni forced me to take a tablet. She beat me up and stopped giving

food. She threatened me and reminded me about my loans,” says Hashi, who has a four-year-old son staying with relatives, whom she has not seen for two years. “In this brothel, customers always look for healthy girls. I take Oradexon. I need customers so I can pay my bills and loans. If I don’t get any customers one day, I cannot eat in the next day. I wish to save some money for my son.” The story is the same with most of Kandapara’s teenage sex workers, or “chukris”. Sold for as little as 20,000 taka ($245) by their poor, rural families to traffickers, they are then traded on to brothel sardarnis, who are former prostitutes themselves and keep the teenagers in bonded sex work. Many girls have been in Kandapara’s brothel for years, yet due to their illiteracy, they have no idea whether their debts have been cleared and what their rights are. Others, who have been left by their sardarnis because they are too old or notprofitable, are in principle free to leave but choose not to, fearful of the social exclusion they will face in the conservative, Muslim society outside of Kandapara. Battle with brothels

Oradexon, they say, keeps them going, even though there are known risks associated with its long-term use. The steroid can cause diabetes, high blood pressure, skin rashes and headaches and is highly addictive, according to social activists. It also weakens the immune system and leaves patients more susceptible to illnesses. There have been reports of young sex workers dying from over-use of the drug. The small white pill is easily available in Kandapara’s slums. It is sold without prescription for 15 taka (18 US cents) for a strip of 10 at the tea and cigarette stalls blaring Bangladeshi pop music that populate a maze of open-sewer lanes. In 2010, ActionAid Bangladesh began a campaign to promote awareness of the drug among sex workers. But they say they are facing a long fight in persuading not only the brothels to stop using it but also authorities to regulate it. “There have been attempts to raise awareness on the negative impact of the use of such medicine but brothel owners, madams and pimps are a long way from withdrawing such practices,” said Farah Kabir, country director for ActionAid Bangladesh. -Reuters

Hashi is one of around 900 sex workers - some as young as 12 - living a painful life of exploitation in Kandapara, not only bonded by debt and fear of stigma, but compelled to take the steroid, Oradexon, which brings more income but leaves dangerous side effects. (Reuters)

ALWATAN DAILY

entertainment Song Of The Day

tuesDAY, march 20, 2012

Curtains for Humphries’ Dame Edna Everage

Fahad AlSabah Staff Writer

Song: This Grudge Artist: Alanis Morissette Album: So-Called Chaos Genre: Rock/Alternative In short: Alanis Morissette wrote, composed, and produced her sixth studio album all by herself, bringing different genres together under one umbrella. The testimonial “This Grudge” brings back to mind Morissette’s debut; the sheer detail and honesty of her lyrics make her music more accessible than trying to have a universal theme like most pop artists try to do nowadays. To listen to the song visit www.alwatandaily.com E-mail your feedback to falsabah@alwatandaily.com

The Buzz Comedian Gallagher out of coma, telling jokes The comedian Gallagher is telling jokes after being taken out of a medically induced coma that doctors put him in following his heart attack last week in Texas. Doctors slowly woke up Gallagher on Sunday morning. His promotional manager, Christine Scherrer, says Gallagher immediately recognized his family and started talking to them. She says he’s breathing on his own, moving and joking around. The comedian, whose full name is Leo Anthony Gallagher, is known for smashing watermelons with a sledgehammer. Scherrer says Gallagher had two stents replaced after collapsing Wednesday before a performance at Lewisville bar, near Dallas. Gallagher had a minor heart attack last March after collapsing while performing in Minnesota. Scherrer isn’t sure how long Gallagher will remain hospitalized. She says he appreciates his fans’ thoughts and prayers. -AP

John Cusack finds humor in Poe for The Raven It’s all about serial killers and gruesome murders, but John Cusack doesn’t mind if you get a giggle watching the film “The Raven,” in which he plays Edgar Allan Poe. “I don’t mind you find the film funny,” Cusack told the UK’s Guardian. “I guess it’s ultimately supposed to be a bit scary, but I admit I personally went for the wit and black humor I’ve always found in Poe. I don’t know if that’s what they wanted from me, but...” The film, from Intreped Pictures, opens April 27 in the United States. Relativity is distributing. Cusack, 45, admits he sometimes struggles to stay relevant as a film actor these days. “Sometimes I think I’m in control, but more and more I realize that it’s just a complete farce,” he said. “It used to be that if you did a big, big movie then you could leverage it and make some smaller, cooler ones, and I got away with that for a few years. But now, they just want you to put on tights if you don’t put on the tights, they just want to get rid of you. And I’m not putting on the tights, so you know...” -Reuters

Film trailer and viral video: Ridley Scott’s Prometheus The second trailer for Ridley Scott’s “Prometheus” was released on March 17 after a screening with the director at WonderCon in Anaheim, California for fans. The sci-fi horror action film brings Scott, who directed the classic Alien in 1979, back to the sci-fi genre. It stars Charlize Theron, Noomi Rapace, Michael Fassbender, Idris Elba and Guy Pearce as a team of explorers who find the origins of mankind in the darkest corner of the universe. This footage opens on the discussion of a pictogram mysteriously appearing in different eras from various locations. What seems to be an invitation to communicate turns into a mysterious and threatening life form. When a monstrous spaceship leaves for Earth, the group must fight to save the future of the human race. The video ends with Fassbender, an android on the mission, making a cryptic statement: “Big things have small beginnings,” which he also says in a viral video about robots made to replicate humans. “Prometheus” opens May 30-June 1 in Europe, then on June 7-8 in Australia, Hong Kong, Singapore, Brazil, and North America, with a few other markets, such as Germany, to follow in August. -AFP

Jessica Simpson celebrates with baby shower Jessica Simpson celebrated the nearing arrival of her little girl with a baby shower on Sunday; according to Access Hollywood. The “Fashion Star” mentor, 31, wore a light blue dress to the Los Angeles bash, according to People, and was happily surrounded by family and friends -- including sister Ashlee Simpson and fellow Hollywood mom Jessica Alba. “Jessica looked pretty and very happy,” an eyewitness told the mag, while a friend added, “She’s so excited to be a mom. She can’t wait to meet her little girl.” As previously reported on AccessHollywood.com , the fashion mogul mom-to-be recently shot down rumors she may be expecting more than one baby. “No, it’s not twins,” Jessica said on “The Tonight Show With Jay Leno” on Monday night.

Daft Punk’s next album to feature songs by ex-Muppets songwriter? Daft Punk’s new album could be released within the next three months, according to a songwriter with whom they have been secretly composing material. Paul Williams, who co-wrote the Muppets’ 1979 song Rainbow Connection, said he has done “a couple of tunes” for the French DJs’ upcoming record, “working with another composer writing lyrics”. -Reuters

FILE - Australian Actor Barry Humphries in an undated photo. (AFP)

PARIS: Australian comedian Barry Humphries said Sunday he would retire iconic character Dame Edna Everage, a gaudy lilac-haired parody of suburbia, because he felt a “bit senior” and was ready to move on. Everage, along with the lecherous and boorish Sir Les Patterson, are Humphries’ best-known characters, but the veteran comedian, 78, said his current tour would be their last stage outing. “Edna will crop up on television I guess but not in a live show,” Humphries told Australia’s Sunday Telegraph newspaper. “The fact of the matter is that I’m beginning to feel a bit senior. “It’s the best aerobics you could do, leaping around on stage, but it’s gruelling when there are other things to do.” Everage took to Australian television Sunday night to personally confirm her farewell tour. “I’m not leaving the stage, you’ll never drag me off the stage, but to do these productions, I couldn’t keep it up,” she said. “I’ve got so many international obligations, I have the prostate Olympics coming up - that was my own idea - and I’m doing a lot of work for my pet charity now, the deviated septum.” Humphries’ turns as Everage and Patterson saw him achieve international renown, particularly in Britain where he

FILE - Dame Edna Everage, aka Barry Humphries attends a Royal Wedding International Media Event in London West End at Lancaster House on April 26, 2011 in London, England. (AFP)

was made a Commander of the Order of the British Empire in 2007 for services to entertainment. He also won a special Tony award for a live theatrical event in 2000, “Dame Edna: The Royal Tour” through North America. Everage was first conceived when Humphries toured southern Australia as a young actor in the 1950s and evolved from drab housewife to a self-proclaimed “gigastar” parody of celebrity best known for her catchphrase “Hello Possums.” She went on to host her own 1980s talk show, “The Dame Edna Experience”, which attracted an array of luminaries including Sean Connery, Charlton Heston, Mel Gibson, Zsa Zsa Gabor, Dusty Springfield and Chubby Checker. Her 1990s talk shows, “Dr Dame Edna Kisses It Better” and “The Dame Edna Treatment” were just as star-studded, with guests ranging from actors Susan Sarandon, Alec Baldwin and Martin Sheen to Shane Warne and Ivana Trump. Sporting her trademark horn-rimmed glasses and wisteria curls, Everage even had a cameo as Claire Otoms - an anagram of “A Sitcom Role” - in American TV series Ally McBeal. Vanity Fair received death threats after she penned a satirical column about learning Spanish which drew the ire of

Kony filmmaker to focus on health after bizarre incident: Family SAN DIEGO: Jason Russell may be the most public face of Invisible Children, the non-profit group he cofounded to stop African war atrocities. He narrates a 30minute video on warlord Joseph Kony that went viral on the Internet. Less than two weeks after the video’s smashing success, Invisible Children is facing the prospect of carrying on without Russell - at least for a while. He was briefly detained by police and hospitalized after witnesses saw him running through streets in his underwear, screaming and banging his fists on the pavement. Danica Russell said late Friday that her husband “did some irrational things brought on by extreme exhaustion and dehydration.” She denied that alcohol or drug use triggered the behavior. “We thought a few thousand people would see the film, but in less than a week, millions of people around the world saw it. While that attention was great for raising awareness about Joseph Kony, it also brought a lot of attention to Jason and, because of how personal the film is, many of the attacks against it were also very personal, and Jason took them very hard,” she said. “On our end, the focus remains only on his health, and protecting our family. We’ll take care of Jason, you take care of the work,” her statement continued. “The message of the film remains the same: stop at nothing.” San Diego police dispatcher transcripts show neighbors began calling around 11:30 a.m. Thursday to report that a man was running around in his underwear in the city’s Pacific Beach neighborhood. “(Subject) is at the corner, banging his hands on the ground, screaming, incoherent,” the transcript says. “People are trying to calm him down, he’s been stopping traffic.” Police Lt. Andra Brown said a 33-year-old man was taken to a hospital for medical evaluation. He was never arrested, and no charges are planned. Russell, a San Diego native and graduate of the University of Southern California’s film school, narrates the video, which has been viewed more than 80 million times on YouTube. In the video, Russell talks to his young son, Gavin, about Kony and the Lord’s Resistance Army. The video’s overnight success has brought heightened scrutiny to the San Diego-based non-profit over its tactics, governance and spending practices. The group has been criticized for not spending enough directly on the people it intends to help and for oversim-

FILE - Jason Russell, co-founder of non-profit Invisible Children and director of “Kony 2012” viral video campaign, poses in New York, March 9, 2012. (Reuters)

plifying the 26-year-old conflict involving the LRA and its leader, Kony, a bush fighter wanted by the International Criminal Court for crimes against humanity. The group acknowledged the video overlooked many nuances but said it was a “first entry point” that puts the conflict “in an easily understandable format.” Ben Keesey, chief executive officer, released a video on Monday to respond to questions about the group’s finances, including the amount of money it spends on travel and operations. He said money that directly benefits the cause accounted for more than 80 per cent of its spending from 2007 to 2011. Charity Navigator gives Invisible Children two out of four stars for accountability and transparency. The watchdog group says organizations should have at least five independent members on their boards of directors. Invisible Children has four, though it plans to add one this year. -AP

actress Salma Hayek, prompting the magazine to publish a full-page apology to the Hispanic community. Everage also starred in the closing ceremony of the 2006 Commonwealth Games, held in her home town of Melbourne, and she is seen as one of the most enduring comic figures of modern times The coarse and vulgar Patterson came later, first appearing in a Humphries stage show in 1974 and evolving into a caricature of Australian diplomats abroad at a performance in Hong Kong. Best known for his offensive ttaché, which includes belching, flatulence and nose-picking, the buck-toothed, grubby “late cultural ttaché to the Court of St James” also has a devoted following. Announcing that his current tour of Australia would be his last live stage show, Humphries - who is also a prolific author said he had a “contract to write another book” and there were “places I want to go, things I want to do.” He recalled seeing performers as a child who had “outlived their shelf life” and about whom it was said “you should have seen him when he was funny”. “I want to avoid that being said about me and know that I can’t keep doing it,” Humphries said. -AFP

Comic 21 Jump Street leads box office

LOS ANGELES: A comic spin on 1980s television hit “21 Jump Street” nabbed the No. 1 slot on North American movie box office charts over the weekend, beating forecasts and knocking two-time winner “The Lorax” to second place. “Jump Street” locked up an estimated $35.0 million in US and Canadian ticket sales from Friday through Sunday, according to studio estimates compiled by Reuters. The performance prompted distributor Sony to order a sequel. The movie stars Jonah Hill and Channing Tatum as bumbling young cops who go undercover to bust a high-school drug ring. The TV show was a more serious teen drama that launched the career of Johnny Depp, who appeared in a cameo in the new film. Critics liked the makeover, with 87 percent giving the movie a thumbs-up in reviews collected on the Rotten Tomatoes website. Audiences graded the film a “B” on average in polling by survey firm CinemaScore. Going into the weekend, Sony had projected sales around $25 million in US and Canadian theaters for “Jump Street.” Sony’s Columbia Pictures and MGM produced the film for about $42 million. Advance screenings and an Internet marketing campaign helped build buzz ahead of the movie’s debut, said Rory Bruer, president of worldwide distribution for Sony Pictures. “I think we were very successful in getting an opening like this with tremendous word-of-mouth,” said Bruer, who confirmed the studio planned a sequel. Males made up 53 percent of the movie’s audience, with half of filmgoers under the age of 25 and half older than 25. “Jump Street” was the only new nationwide release over the weekend, which for the first time this year lagged the same frame in 2011. Ticket sales for all movies slumped 6 percent from a year ago, according to the box office division of Hollywood.com. Year-to-date receipts are running nearly 16 percent ahead of last year. -Reuters

The Hunger Games songs deliver soulful despair NEWYORK: It was never going to be easy, living up to the expectations of the devoted fans of “The Hunger Games.” But Grammy-winning producer T Bone Burnett has managed to create a deftly meditative soundtrack to the movie adaption of the best-selling book, bringing together big names and indie darlings of all stripes on this guitar- and banjo-heavy release. The surprise comes from the soulful direction of this 17-track album. One might have expected a more energetic and thrilling sound. A little bit country, a little bit indie and a little bit folksy, the mix makes for a rather charming recipe, pointing to themes of despair (Punch Brothers’ “Dark Days”), injustice (The Decemberists’ “One Engine”), loneliness, but also hope (The Secret Sisters’ “Tomorrow Will Be Kinder”) and humanity. Double winners on this album are Grammy win-

ners Taylor Swift and The Civil Wars, both with two tracks, one of which is a collaboration with each other, “Safe and Sound.” Swift’s more impressive contribution is “Eyes Open.” Its lyrics offer a double entendre commentary on both the story’s heroine, who has to be vigilant in order to stay alive, and the celebrity culture: “But now we’ve stepped into a cruel world / Where everybody stands and keeps score/Everybody’s waiting for you to break down / Everybody’s watching to see the fallout / Even when you’re sleeping, sleeping / Keep your eye-eyes open.” Maroon 5 chips in with a Western-sounding ballad featuring Rozzi Crane, “Come Away to the Water,” while Miranda Lambert brings out the big country guns with her group the Pistol Annies in “Run Daddy Run.” -AP

“21 Jump Street” movie poster 2012. (AFP)

ALWATAN DAILY

AROUND TOWN / TIME OUT

TUESDAY, MARCH 20, 2012

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

Feature o f

graffiti

the day

moderately confused

Cancer medical team from Canada’s Princess Margaret Hospital to visit Kuwait

Dr. Ahmed Al-Awadhi, KCCC Medical Director announced that multidisciplinary medical team of cancer specialists from the University Health Network, Canada’s leader in patient care and research, will be visiting Kuwait for 12 days starting March 18. “The visiting team of 28 consultants specializing in head and neck cancer care treatment, quality improvement, and laboratory medicine will include top medical and surgical oncologists, radiation specialists, oncology nurses, dieticians, pharmacists, “ said Adil Khalfan, the regional director of the UHN International Program in Kuwait. The site visit’s objectives include sharing expertise, providing technical advice around policies and procedures, providing input for the KCCC strategic plan, implementing systems for the initiation of joint research and education ventures, and performing clinical activities. The visit to the Kuwait Cancer Control Centre is part of Kuwait’s efforts to enhance cancer care in the country and become a regional leader in this field. In 2010, the University Health Network signed an

Month a t

agreement with the Ministry of Health to provide it with clinical expertise with a focus on radiation medicine, chemotherapy, surgical oncology, and laboratory medicine. “The idea behind bringing a multidisciplinary team of medical professionals is to improve patient care by putting the patient in the center,” explained Khalfan. “This will help us align KCCC’s resources so that they are organized around the patient rather than the patient trying to find his or her way around departments and clinics in the hospital.” During this visit The medical consultants team will discuss the mechanism of applying the criteria for recognizing the existence of health care status of Kuwait Cancer Control Center within the joint program to apply the recognition program in accordance with the standards issued by the Authority of Canada to recognize the quality of health care, and how it will achieve the paradigm shift in the quality of health care within this continued cooperation and coordination between the two sides.

Sudoku

Elementary

Intermediate

Advanced

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

a glance Mousawi. Spread the Passion is a group of volunteers with the aim of involving 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 Sepp is a Domestic Long Haired (DLH) male cat. He will be 2-years-old April 2012. This friendly, laid-back boy loves a good cuddle and likes a high vantage point in a cat tree or ledge to look out from. He would do best in a home with children over 12 years of age. To adopt, contact +965 67006122 or visit the website www.kspath.org

Flag hoisting ceremony 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 Al-

Mario is a gentle and affectionate 6-years-young Spitz male. This friendly boy does great with people and dogs of all ages.

March 23/ 8 a.m. / Jabriya: On the occasion of Pakistan National Day on Friday, a flag hoisting ceremony will be held at the Chancery premises in Jabriya (Block 11, Street-101, Building 46). All Pakistanis resident in Kuwait are cordially invited to attend the ceremony.

New Toastmasters Club 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.

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

You might feel as if your heart is playing tricks on you today, Aries. Perhaps you’re coming up against a strong force that’s causing you to doubt yourself in some way. Don’t be conned by loud, obnoxious talk. Seek the true meaning behind the words. You’ll find that most of your strength is internal. Be prepared for stubborn wills to make a powerful presence in your world today. Taurus: April 20 - May 20

There is a great deal of unexpected communication coming your way today,Taurus, but be careful about the people you trust. There’s an element of fantasy factored into the picture. This might cause some disruption if you automatically accept everything at face value. Make sure you check your sources at least twice before proceeding. You’ll be much better off if you prepare for the worst. Gemini: May 21- June 21

You may find that people aren’t necessarily very sympathetic to your feelings today, Gemini. It’s quite possible that they’re more responsive to facts and information than emotions. It could be that you need to enlist some sort of translator in order to get through to a person with whom you’re trying to communicate.

Cancer: June 22 - July 22

You may feel as if people have turned against you today and that they’ve suddenly lost interest in what you have to say, Cancer. Maybe this is a reflection of your own inability to truly listen to someone else talking. Look at the collective picture and open your eyes to the world around you. Get involved in the community instead of only focusing on you all the time. Leo: July 23 - August 22

Let your emotions play with your imagination today, and feel free to discuss your findings openly with others, Leo. Don’t get caught up in so rational a frame of mind that you refuse to acknowledge any other way of viewing a current situation. Put away your analytical side in order to disclose a more abstract, intuitive perspective. Exercise that part of your brain that doesn’t normally get used. Virgo: August 23 - September 22

Trust that you have all the facts you need today, Virgo. You should be feeling quite good, emotionally. Use this self-confidence to make great strides in whatever you want to accomplish. Have fun letting your mind drift to a fanciful world where it can explore your imaginative proclivities.

Libra: September 23 - October 22

You may find yourself emotionally challenged today by a strong force demanding your attention, Libra. Your hyperawareness to every situation might be driving you a bit crazy. Perhaps you just need to tone things down and relax. Enjoy rather than question the fun-loving energy of the day. The more you simply let loose and explore, the better off you’ll be. Scorpio: October 23 - November 21

You have the opportunity to do some intense selfhealing today, Scorpio, so you communicate more directly with your core self without the distractions of other people. Do what you can to hone in on the internal issues that require your attention. It’s key that you learn how to address these issues yourself instead of relying on other people to take care of these needs for you today. Sagittarius: November 22 - December 21

You might be a bit confused with the mood of the day, Sagittarius, which fosters quick action and a sporadic approach to things. More than likely, this approach isn’t exactly in line with your usual methodical protocol. Do what you can to merge with this energy in order to add a more spontaneous spark to your daily routine.

Capricorn: December 22 - January 19

Feel free to match your plaid pants with your paisley shirt today, Capricorn. Accessorize with wild sneakers and a striped jacket. Let the oddball within you shine brightly! This is a terrific day for you, and you should feel free to express yourself openly and loudly to the world. You should experience a great deal of self-confidence. Take full advantage of it at this time. Aquarius: January 20 - February 18

Feel free to enlist your own creativity today to solve any problem that may come your way, Aquarius. Don’t feel like you absolutely need to take a rational and methodical approach. This sort of frame of mind has already been tried. Now it’s time to explore a more intuitive way to complete any task that you wish to tackle now. Exercise more of your sensitive nature. Pisces: February 19 - March 20

The energy of the day is electric, and you could find yourself bouncing from task to task and person to person, Pisces. Things are apt to happen when you least expect them, so be prepared for surprises. There’s an element of genius to the day that might inspire you to be someone much greater than you ever thought you could be.

ALWATAN DAILY

SPORTS

TUESDAY, march 20, 2012

Tennis

Indian Wells champion Top billing an easy role, Federer sparks grand slam talk so far, for unbeaten Azarenka

Roger Federer of Switzerland holds up his trophy after defeating John Isner of the US in the men’s final match at the Indian Wells ATP tennis tournament, March 18, 2012. (Reuters)

INDIAN WELLS, California: Roger Federer continued his red-hot run by dispatching surprise finalist John Isner 7-6, 6-3 on Sunday to become the first player to win the Indian Wells ATP tournament four times. The Swiss world number three blunted the powerful serving of Isner with a controlled display, edging the American 9-7 in the first set tiebreak then breaking him twice in the second set to triumph in one hour and 21 minutes. Federer clinched the title when the towering Isner, who upset world number one Novak Djokovic in the semi-finals and will rise to a career-high 10th in the rankings on Monday, dumped a forehand into the net. The Swiss, who had won three consecutive titles at Indian Wells from 2004-06, raised both arms skywards in celebration as the capacity crowd at the Indian Wells Tennis Garden erupted in applause. “This tournament victory couldn’t come at a better time in my career,” Federer, who has triumphed six times in his last eight ATP World Tour events, told reporters while sitting beside the glittering crystal trophy. “It’s a big tournament, the first Masters 1000 of the season. It’s been a long time since I have been this successful here, even though I have had some really good matches here in the past.” Federer expressed a measure of surprise over his victory, having come close to withdrawing from the tournament before his opening match because of a lin-

gering flu bug. On a cool afternoon in the California desert, the opening set went with serve until the 12th game when Federer, leading 6-5, had a chance to break Isner when the American hit a forehand long to go advantage down. However Isner saved that with a 129 mph (207 km/h) serve to force a Federer error and the set went into a tiebreak where the Swiss squandered further set points when leading 6-5 and 7-6. Federer, beaten by Isner in four sets in a Davis Cup first round tie last month, finally clinched the set on his fourth opportunity when his opponent’s backhand service return sailed long. He broke Isner in the seventh game of the second, unleashing a trademark backhand pass down the line to go 15-40 up before winning the next point when the American netted a backhand volley as he charged forward. After holding serve to lead 5-3, Federer broke Isner for a second time to end the match, improving his record for the year to 22-2 and surpassing Jimmy Connors and Michael Chang who were both three-times champions at Indian Wells. Since his semi-final loss to Djokovic at last year’s US Open, the 16-times grand slam champion has been arguably the hottest player on the men’s circuit, winning 39 of his 41 matches. -Reuters

Formula one

Victorious Button warns Vettel

INDIAN WELLS, California: Since breaking through with her first grand slam crown at the Australian Open in January, Victoria Azarenka has effortlessly grown into her role as the world’s top player. The 22-year-old Belarusian has reigned supreme this season, compiling a perfect 23-0 record and winning her third title with a 6-2, 6-3 demolition of Maria Sharapova in the final of the Indian Wells WTA tournament on Sunday. Azarenka had long been considered as a possible number onw and Russian Sharapova can certainly attest to her burgeoning status after being crushed by the Belarusian in their last two meetings. Azarenka reached that first grand slam final in Melbourne in January and made the most of the opportunity by pummeling Sharapova 6-3, 6-0.Azarenka, whose other titles this season have come in Sydney and Doha, plans to deal with all the expectation and pressure she faces as world number one by maintaining the “one-match-at-a-time” strategy that has, so far, worked so well for her. “I know it’s never gonna be easy, so every match I take it as important as any match, if it’s the final of Australian Open or the first round,” she smiled. “You know, I could have been out here in the first round.” Azarenka was taken to a third set tiebreak in her opening match at Indian Wells against Germany’s Mona Barthel. “But that’s the importance of being on top of the game when you’re not playing your best, trying your best every time, every point,” the Belarusian added. “So I’m not thinking too much ahead, that I’m No. 1 and I have to continue winning or something like that. I’m just trying to be the best player and the best person I can be on every single day.” -Reuters

Victoria Azarenka of Belarus poses with the winner’s trophy after defeating Maria Sharapova of Russia the final of the BNP Paribas Open at the Indian Wells Tennis Garden, March 18, 2012. (AFP)

OLYMPICS

IOC confident Saudi women will compete in London BERLIN: Saudi Arabia looks set to send women athletes to an Olympics for the first time later this year. The Saudis, Brunei and Qatar have never previously included females in their teams and the International Olympic Committee (IOC) is eager to see that situation change in London in July. The IOC said on Monday that Saudi Arabian Olympic Committee officials presented a list of potential candidates for the London Games during a meeting at its headquarters in Lausanne last week. “After the assessment of the level of each athlete by the IOC and the international federations concerned, a formal proposal will be submitted to the next meeting of the IOC executive board in Quebec City in May,” it said in a statement. “The IOC is confident Saudi Arabia is working to include women athletes and officials at the Olympic Games in London in accordance with the rules of the international federations.” Human RightsWatch criticized Olympic organizers last month for what it said was their tolerance of gender discrimination by the Gulf Arab states of Saudi Ara-

The London Olympic logo outside the Olympic Stadium on March 19, 2012 in London, England. (AFP)

bia and Qatar, as well as the tiny southeast Asian nation of Brunei. Qatar, bidding to host the 2020 Games, said last month it would send female athletes to the Olympics for the first time. The IOC has offered Qatar wild-

card invitations for two female athletes to compete in London, swimmer Nada Arkaji and sprinter Noor al-Malki. Sport in the patriarchal society of Saudi Arabia has long been reserved as an activity for men, with stadiums prohibiting females. -Reuters

Basketball

Wade ignites Heat to victory over Magic

McLaren Formula One driver Jenson Button (center) is congratulated by second placed Red Bull Formula One driver Sebastian Vettel after the Australian F1 Grand Prix in Melbourne March 18, 2012. (Reuters)

ENGLAND: Jenson Button warned Sebastian Vettel that he plans to end the days when the German’s trademark bent-finger salute is seen at the end of Formula One grands prix. The 32-year-old Englishman cruised to victory himself in Sunday’s season-opening Australian race -- and admitted his new celebration, in which he forms a ‘W’ for winner with his hands, needed some practice. “Yes, it was not ideal was it, but I am planning to have a lot more practice. We don’t want to see the crooked finger any more this year and I hope that we can see the end of that,” Button said. Vettel’s celebration, in which he raises his slightly bent right index finger to signify number one, was widely used last year as he took his second title in a row. He finished second on Sunday but never looked likely to win. The good-natured Vettel laughed and warned: “I want to win, everyone does, and I don’t think it will be too long before I do again. “This race proved that after all the worries on Saturday we still have the pace. Everyone said we were in trouble, but if we were there are plenty of others in much worse and deeper trouble than we are. And I am pretty sure we can go well at Sepang next race.” Sunday’s opening showdown proved that McLaren and Red Bull will be the two main forces in the early

part of the season and that Button is in excellent form already. His composure and technique saw him take the lead at the opening corner and leave McLaren teammate Lewis Hamilton frustrated at failing to exploit his pole position. Victory brought Button his third win at Albert Park and his 13th in all, proving beyond doubt that he will be a serious contender for his second world title, providing he and Hamilton do not take too many points from one another. “It is too early to talk about that and we shall just have to see how it pans out over the next few races,” said Button. “Lewis was very fast in qualifying and he was unlucky in this race. That can change. We know what Red Bull can do and we are not discounting anyone at all.” While Vettel talked of bidding to bounce back, it is more likely that Hamilton will find some luck in Malaysia next weekend. Hamilton admitted he was not sure why he wheelspun at the start, allowing Button to take charge, but he was also unfortunate when a safety car intervention allowed Vettel to take second spot. “I feel pretty disappointed for myself, but the team have done a great job over the winter and we are both on the podium at the opening race,” Hamilton said. -AFP

MIAMI: Dwyane Wade scored 14 of his 31 points in the fourth quarter, Chris Bosh added 23 points and the Miami Heat beat the Orlando Magic 91-81 on Sunday night to extend their home winning streak to 13 games. LeBron James finished with 14 points, 12 rebounds, seven assists and five steals for the Heat. His pass with 3:46 left made it past two Magic defenders and set up Bosh for perhaps the clincher, a threepoint play that stretched Miami’s lead to 84-73. And with the way Miami was playing defense, that was enough: Orlando scored 12 points in a span of nearly 16 minutes in the second half. Dwight Howard finished with 18 points and 11 rebounds for Orlando. Quentin Richardson was 5 for 7 on 3-pointers for a 15-point night for the Magic, who split four games with Miami this season, both teams going 2-0 at home. The win kept Miami (33-11) one game in the loss column behind Chicago (37-10) for the NBA’s best record and top Eastern Conference seed. It was a 69-68 game before Wade made back-to-back shots to give Miami some breathing room, and the Heat never gave up control again. Wade wound up scoring 12 straight Miami points, and his assist set up Shane Battier’s 3-pointer that made it 87-75 with 2 minutes left. James reached double digits for his 400th straight regular-season game, a streak beginning Jan. 6, 2007. Jameer Nelson scored 13 points and Jason Richardson added 12 for the Magic.

After a three-game road trip last week that started by getting outrebounded by 10 in Orlando . Fueled by a perfect 5-for-5 start by Bosh, the Heat made 12 of 18 shots in the first quarter, running out to a 31-22 lead that had Magic coach Stan Van Gundy lamenting in a television interview between quarters that his team “didn’t do anything well - nothing.” His assessment had to change from

there, thanks to what Orlando started doing on the defensive end. It took Miami the next 19-plus minutes to match what it scored in the opening 12, as the Magic steadily made what was as much as a 13-point deficit disappear. The Heat lead was only 50-47 at the break - a three-point play by Wade with inside of a minute left provided that margin - and Miami went on to miss eight straight shots early in the third quarter. -AP

Miami Heat’s LeBron James (6) dribbles the ball as Orlando Magic’s Dwight Howard (12) defends during an NBA basketball game, Sunday, March 18, 2012, in Miami. (AP)

tuesdAY, MARCH 20, 2012

Sports Editors Highlight

SPORTS

MILAN: Inter Milan coach Claudio Ranieri has denied that striker Diego Forlan refused to come off the bench in Sunday’s 0-0 draw with Atalanta, which severely hit their outside hopes of bagging third and a Champions League qualifying spot. Uruguay’s Forlan was seen to be involved in an exchange with Ranieri and never entered the field. Ranieri was later quoted as saying that Forlan, who has struggled for form in a mediocre Inter team since joining from Atletico Madrid in August, had not wished to come on if he was not a central striker. The under-pressure coach, who saw his team crash out of the Champions League in midweek, also denied president Massimo Moratti had stormed out of the San Siro at halftime after Diego Milito missed a penalty. -AFP

Football

Juventus set for Milan clash ROME: AC Milan will need to become the first team to beat Juventus this season if they are to overcome their semi-final, first leg deficit and qualify for the Italian Cup final. Juve have played 31 matches in the current campaign, winning 17 and drawing the other 14. They may only be second in the league, behind Milan, but in three games against the rossoneri this term they have recorded two wins and a draw. But if they want to progress, Milan are going to have to win in Turin and score at least two goals. Juve won 2-1 at the San Siro in the first leg last month leaving champions Milan with an uphill battle to climb. And that’s not lost on coach Massimiliano Allegri, who wants his side to be more clinical, saying they made too many errors in Saturday’s 2-0 win at Parma. “We made too many mistakes in our

choice of final pass, we were in too much of a hurry, we need to be more clinical,” he said. “It will be difficult against Juve on Tuesday, we have to score two goals.” It’s an intriguing sideshow to the Serie A title race in which Milan have recently chased down and overhauled their rivals. They now lead Juve by four points, in no small part due to their greater ability to put minnows to the sword. Juve’s problem in the league has been drawing exactly half of their 28 matches but such a result would be enough to put them in the Cup final for the first time since 2004. Milan have not been to the final since the year before but they did win it in 2003 whereas Juve have not lifted the trophy since 1995. Even so, Juve coach Antonio Cone is proud of their unbeaten run. “We’re doing something great and amazing,” he said. “I’m proud of the

duel between ourselves and Milan, they’re not slipping up and they have a four-point advantage. We want to improve, possibly quickly, and we want to keep dreaming and looking for the maximum. We’ll see if that maximum is first or second but the important thing is to have no regrets.” The other semi-final, on Wednesday, is between Napoli and Siena with the Tuscans leading 2-1 from the first leg. Siena are in the semi-finals for the first time in their history and looking to make new history by also reaching the final. They seemed distracted in Sunday’s 2-0 home defeat to Novara while Napoli had to battle back from 2-0 down to draw 2-2 at Udinese. Napoli, who last won this competition during the Diego Maradona era, will still be favorites despite needing to overturn a first-leg deficit. -AFP

FILE - Juventus’ Leonardo Bonucci (left) vies for the ball with AC Milan’s Clarence Seedorf during their Tim Cup semifinal football match between AC Milan and Juventus, Feb. 8, 2012. (AFP)

Real draw gives Barca sliver of hope MADRID: Barcelona can trim Real Madrid’s lead at the top of La Liga to five points when they host Granada on Tuesday after the Real juggernaut took a skid in a 1-1 draw at home to Malaga on Sunday. The setback for Jose Mourinho’s side, after a brilliant last-minute freekick from Santi Cazorla, halted their 11-match winning run and gave Barca a sliver of hope they can rein in their arch rivals and secure a fourth straight La Liga title. Real, on 71 points to Barca’s 63 with 11 games left, face a tough trip on Wednesday to Villarreal, who are fighting to preserve their top-flight status after Sunday’s 1-0 reverse at Levante left them three points above the relegation places. It will be a baptism of fire for Miguel Angel Lotina, Villarreal’s third coach of the campaign, hastily hired on Monday to replace the sacked Jose Molina. “It seems to me that drawing a game is part of the competition,” Mourinho told a news conference after the Malaga game. “We all know that there are 11 matches left and 33 points up for grabs, which means the title race is still open,” added the Portuguese. Barca are trailing Real mainly due to their patchy away form, although they went some way to correcting that with a 2-0 win at Sevilla on Saturday. Pep Guardiola’s side have won 12 and drawn one of 13 home matches this season, scoring 53 goals and conceding just five. On the road, by contrast, they have won seven, drawn five and lost two, managing only 24 goals for and letting in 14. Valencia strengthened their grip on third with an impressive 3-0 win at Athletic

Goal difference could decide Premiership title, says Ferguson

Real Madrid’s Cristiano Ronaldo (right) vies with Malaga’s defender Sergio Sanchez during the Spanish league football match Real Madrid vs Malaga at the Santiago Barnabeu stadium, March 18, 2012. (AFP)

Bilbao on Sunday, striker Roberto Soldado netting a hat-trick, and host bottom side Real Zaragoza on Wednesday. Defeat brought seventh-placed Bilbao back to earth after they eliminated Premier League leaders Manchester United from the Europa League

midweek and the Basque club play at Atletico Madrid on Wednesday. Qatar-owned Malaga, who are fifth, level on points with fourth-placed Levante, host Rayo Vallecano on Thursday with their tails up after Sunday’s draw in the Spanish capital. -Reuters

ENGLAND: Sir Alex Ferguson said goal difference could decide the destiny of this season’s Premier League title race after seeing his Manchester United side win 5-0 away to 10-man Wolves. Victory extended reigning champions United’s lead at the top of the table over second-placed Manchester City to four points and, importantly, it ate into their rivals’ goal difference advantage. Ferguson is determined to silence United’s “noisy neighbors” after his team produced a perfect response from their Europa League exit with a commanding victory over crisis club Wolves that dropped the Molineux club to the bottom of the table, on goal difference. Javier Hernandez struck twice while Jonny Evans, Antonio Valencia and Danny Welbeck also scored in a routine romp that only served to pile on the problems for Terry Connor, the interim Wolves manager charged with the arduous task of saving the club from dropping into the Championship. Ferguson, while far from satisfied with United’s display, said: “The number of goals was very important and it could be significant by the end of season. “We’ve got the goal difference deficit with Manchester City down by five to three and we hope we can catch them up. There are 10 (league) games left now and it’s just a matter of cutting off the games one by one until we end up with no games left and hopefully we achieve what we want to achieve. We expect it to go the wire, put it that way. We always hope for the best and fear for the worst.” United, knocked out of the Europa League by Spanish club Athletic Bilbao, return to action a week on Monday with a home game against Fulham, while Wolves now look on course for relegation. This was their third successive defeat under Connor, formerly assistant to the sacked Mick McCarthy. And with 12 goals conceded in those games, Wolves chairman Steve Morgan may yet review the managerial situation before Saturday’s trip to Norwich City. Connor is under increasing pressure after this insipid performance, with his problems only growing after the dismissal of Ronald Zubar for two bookable offences when United were still just 1-0 up. -AFP

Dortmund, Bayern seek final showdown City must FRANKFURT, Germany: Bayern Munich and Borussia Dortmund take their battle for supremacy in domestic football to the German Cup this week, hoping to set up a showdown in the final. Bundesliga champion and front-runner Dortmund travels to second-division leader Greuther Fuerth for the first semifinal on Tuesday. A day later, title holder Bayern is at Bundesliga rival Borussia Moenchengladbach in the second semifinal. The final is May 12 in Berlin’s Olympic stadium. Dortmund is undefeated in 20 Bundesliga matches and is hoping to win a double. But Greuther Fuerth has already knocked out two top-tier teams from the cup, Nuremberg and Hoffenheim. “There is no danger of us not taking someone seriously 100 percent,” Dortmund coach Juergen Klopp said. “We know Greuther Fuerth from watching many of their second-division matches and we will not be taken by surprise.” Greuther Fuerth club president Helmut Hack said Tuesday’s match will be the biggest game in the club’s history as it seeks to reach the final for the first time. Just being in the final could mean a place in next season’s Europa League. Greuther Fuerth came close to gaining promotion several times, only to narrowly miss out. But this season the club looks set to move to the top tier for the first time.

FILE - Arjen Robben (left) of Bayern Munich challenges Marcel Schmelzer of Borussia Dortmund during their German first division Bundesliga soccer match in Munich, Nov. 19, 2011. (Reuters)

Dortmund won the German Cup in 1965 and 1989. Bayern is five points behind Dortmund in the Bundesliga but it has scored 20 goals in its last three matches. Jupp Heynckes’ team is also in the Champions League quarterfinals and remains in the running to win three competitions. Moenchengladbach, Heynckes’ old team as both player and coach, beat Bayern twice this season in the Bundesliga. “It’s an opportunity for us to take revenge,” Heynckes said. “I am certain we are going to win. We have the momentum now.” Moenchengladbach has lost all five previous German Cup matches against Bayern. “It’s not easy to face Bayern, but we are playing at home,” Moenchengladbach’s coach Lucien Favre said. His team is still undefeated at home this season. It’s great to be playing a semifinal at home against Bayern,” captain Filip Daems said. “Cup games are always different from league matches. We’ve played well against top teams this season and we’ve been very strong at home.” While Bayern has a record 15 German Cup titles, Moenchengladbach is a three-time winner, with the last title coming in 1995. All four semifinalists won league matches over the weekend. -AP

beat Di Matteo’s rejuvenated Chelsea LONDON: Chelsea’s renaissance under Roberto Di Matteo faces the ultimate test on Wednesday, a trip to fortress Eastlands to face a Manchester City side who must win to stay on the coat tails of leaders Manchester United. United opened a four-point gap at the top of the Premier League with a 5-0 romp at Wolverhampton Wanderers on Sunday but second-placed City will be gunning for revenge against Chelsea after losing 2-1 at Stamford Bridge in December. Roberto Mancini’s team have been unstoppable at home this season, amassing 42 goals and conceding only six to win all 14 home league games. It will, however, be a case of the unstoppable force meeting the immovable object on Wednesday. Chelsea have triumphed in all four matches since Italian Di Matteo took over from the sacked Andre Villas-Boas earlier this month and look to have regained the sort of form that powered them to the Premier League and FA Cup double in 2010. Di Matteo has also managed to coax some goals out of beleaguered striker Fernando Torres, who netted for the first time since October by bagging a double in Sunday’s 5-2 FA Cup quarter-final victory over second tier Leicester City. With fifth-placed Chelsea still involved in three competitions and the games coming thick and fast towards the latter stage of the season, Di Matteo is likely to continue his rotation policy and drop Torres back to the bench against City. Didier Drogba, rested against Leicester after playing for 120 minutes in the midweek Champions League victory over Napoli, is expected to lead the attack. Terry, Frank Lampard, David Luiz, Ashley Cole, Michael Essien and Brazilian Ramires are also set to return to the starting lineup. Controversial Argentina striker Car-

FILE - Chelsea’s Juan Mata (center) vies with Manchester City’s defenders during their English Premier League football match against Manchester City, Dec. 12, 2011. (AFP)

los Tevez could feature for City for the first time since September. The return of Tevez, whose fall-out with the club ended in disciplinary action for an unauthorised three-month absence earlier this season, could lift Mancini’s men after they were knocked out of the Europa League by Sporting on Thursday. In other Premier League matches, strugglers Blackburn Rovers entertain

Sunderland on Tuesday while one day later third-placed Tottenham Hotspur host Stoke City, fourth-placed Arsenal visit Everton and Liverpool travel to third from bottom Queens Park Rangers. Bolton Wanderers’ game at Aston Villa on Tuesday has been postponed after midfielder Fabrice Muamba collapsed on the pitch at the weekend. He is critically ill in hospital. -AP