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DIGEST VIDEO Top stories in one minute with our new daily Digest
TUESDAY, August 25, 2015 / 10 Dhul Qa’ada 1436 AH
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Q ATA R , A F G H A N I S TA N
Sayyid Asa’ad meets outgoing ambassadors
Little Indulgences: No-Bake teacup cakes
C7
TOP THREE INSIDE STORIES
OMAN
Workers lose belongings in Ghala camp fire
1
Around 100 workers lost their belongings worth hundreds of rials and documents in the fire that occurred at the Muscat Municipality’s Ghala labour camp. >A2
OMAN
MARKET
PIA eyes expats
Takeover rejected
2
3
PIA is planning to start direct flights to Pakistan from the capital city of the Dhofar Governorate. >A3
United Finance has rejected a takeover offer from Al Omaniya Financial Services. >B1
MUSCAT: On behalf of His Majesty Sultan Qaboos bin Said, His Highness Sayyid Asa’ad bin Tariq Al Said received on Monday ambassador of Qatar to Oman Abdullah bin Mohammed Al Khatir and ambassador of Afghanistan Azim Nasser Zia, to bid them farewell at the end of their tenures in Oman. The ambassadors expressed thanks to His Majesty the Sultan for the support they received during their stay in Oman from His Majesty the Sultan, the government and the Omani people, which enabled them to carry out their duties. They wished His Majesty good health, happiness and a long life and Oman further progress under the wise leadership of His Majesty. Sayyid Asa’ad expressed thanks to the ambassadors for the efforts they exerted in serving the relations between the Sultanate and their countries, wishing them success and people of their countries progress and prosperity. - ONA Picture on >A4
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Global markets bloodbath hits Omani stocks GCC STOCK MARKETS FALL From July 26 to August 24 Index
Bahrain BSE
Dubai DFM
Abu Dhabi ADSM
Oman
MSM
Kuwait
MUSCAT: A female Omani student has made history by winning an award from an organisation in the United States (US), with the development of a system that would help enhance health, environment and safety conditions in the oil and gas sector. In a research paper, Sara Al Bulushi and her project supervisor, Dr Ahmed Onsy, described the development of a low-cost advanced gas emissions monitoring system (GEMS) capable of moni-
DSM
10,572.50 7,024.6
6,000 4,000 2,000
1,304.51
3,401.62
4,264.8
5,736.02
5,815.6
0 Graphics
Source: Arab Stock Markets Analysis
Muscat bourse continued as more than $5 trillion worth of equities have been
toring hazardous gases at oil and gas production sites. The system output utilises Wi-Fi, GPRS and GSM data transmission to provide information to control rooms and other monitoring sites using the Cloud space concept.
wiped out from world
Best Student Paper Award The paper won her MFPT 2015 Best Student Paper Award (award named for SpectraQuest, Inc), making her the first undergraduate student ever to be awarded the prize. It is also the first time this award has been received by a student from outside the US. >A6
A E JAMES
markets since China devalued yuan
businesseditor@timesofoman.com
Sara Al Bulushi.
Qatar
8,000
Free-fall at the
elham@timesofoman.com
TASI
10,000
ENHANCING SAFETY
ELHAM POURMOHAMMADI
Saudi Arabia
KSE
12,000
HM cables on >A3
Omani woman student gets US award for work on gas monitor
ISO 9001:2008 Certified Company
MUSCAT: Free-fall on the Muscat stock exchange continued on Monday, resulting in investors losing almost OMR926 million in share value in the last twentyfour days.
A harried investor.
The local bourse’s general index, which is the barometer of market performance, plunged 174.72 points or 2.96 per cent to close trading at 5,736.02 points on Monday, taking the total fall in index to 12.54 per cent or 822 points since the beginning of the month. As a result, the market capitalisation (value of shares) of listed stocks, excluding bonds, on the bourse eroded by OMR925.69 million — from OMR13.742 bil-
lion on July 30 to OMR12.816 billion on Monday. A wave of selling gripped global markets as bourses from Europe to Asia plunged to touch new lows. All Gulf bourses were also affected severely, with Saudi leading the plunge. “The decline started from the beginning of August and there are two main reasons for the slump. Firstly, the sluggish trend in oil prices will affect regional economies and the second reason is a sharp depreciation of Asian currencies, which was triggered by China since the country wanted to boost exports,” Anil Kumar N, head of asset management, the Financial Corporation, told Times of Oman. More than $5 trillion has been erased from the value of global equities since China unexpectedly devalued the yuan on August 11, fuelling concern that the slowdown in the world’s secondlargest economy is worse than anticipated. >A6 See also >A2, A8