NEw SARS-likE viRUS EMERGES iN MidEASt - Kuwait Times

BUSINESS
Dow rated high in top performers of the global chemical industry
KUWAIT: The Dow Jones Sustainability World Index
announced its rating of Dow as one of the top performers
in the global chemical industry todaymarking
the 12th time Dow has received this
recognition since the launch of the index. In addition
to improving its rating from last year, Dow
achieved the highest score in the sector for
Environmental Policy Management System. The
Company’s overall score was 88 percent - 33 percentage
points higher than the average for the
ZELIENOPLE: In this file photo, a crew works on a gas drilling rig at a well site for
shale based natural gas. — AP
Gas drilling
protests held
PHILADELPHIA: Demonstrators in the
United States and other countries
protested Saturday against the natural
gas drilling process known as fracking
that they say threatens public health and
the environment. Participants in the
“Global Frackdown” campaign posted
photos on social media websites showing
mostly small groups. But organizer
Mark Schlosberg said Saturday afternoon
he thought the protests were going well
and he pointed to photos showing larger
demonstrations in South Africa and
France as well as higher turnouts in cities
in California, Colorado and New York.
“I think it’s really the communities all
over the world coming together to say,
‘We want to protect our water, we want
to protect our air, and we want to safeguard
our climate future by getting off
dirty fossil fuels and saying no to fracking.
We need to invest in a renewable
energy future,’” said Schlosberg, who is
national organizing director for Food &
Water Watch, a Washington, DC, nonprofit
that developed the GlobalFrackdown
website and campaign.
The immense volumes of natural gas
found by fracturing underground shale
rock around the country has spurred a
boom in natural gas production that has
been credited with creating jobs and
lowering prices for industry and consumers.
But scientists disagree on the
risks of hydraulic fracking, a process that
injects large volumes of water, sand and
chemicals underground to break rock
apart and free the gas. The US
Environmental Protection Agency and
many state regulators say fracking can be
done safely, and the American Lung
Association says it can help reduce air
pollution.
Opponents say the process can pollute
water and sicken residents. At a park
in Pittsburgh, protesters signed a petition
calling for a moratorium on shale
gas drilling. In Buffalo, NY, demonstrators
called upon Gov Andrew Cuomo to ban
hydraulic fracturing. Jennifer Krill, executive
director of Earthworks, said about 50
San Francisco demonstrators marched
along the waterfront to the Golden Gate
bridge, carrying signs and banners. She
posted a picture of a 30-foot-long white
banner stretched out on the grass that
listed chemicals used in fracking.
“I thought it was a very eye-catching
way to display one of the key problems
with fracking, which is that the public
does not know - unless the company
chooses to disclose it - what chemicals
are involved in hydraulic fracturing,” she
said. Kathy Hanratty of Frack-Free
Geauga said about 30 to 40 people
turned out at a demonstration in the
northeast Ohio county, which she said
was not bad considering “it’s a small
county and a rainy morning.” “It is an
affected area,” Hanratty said. “We just
had the seismic test trucks go past my
house on Monday.” In Ohio, an injection
well used to hold wastewater from the
fracking process has been tied to a
series of earthquakes in the
Youngstown area. — AP
Jazeera Airways awards
1,000th free ticket
KUWAIT: Less than a year after its
launch, award-winning Jazeera
Airways yesterday celebrated the
1,000th free ticket awarded to beneficiaries
of its frequent flier program,
Jazeerati. Frequent traveler, Maryam
Al-Hammadi, was rewarded a free
flight for flying Jazeera Airways individually
or with family ten times since
the launch of the program in
November 2011.
The frequent flier program is available
to all customers across the
Jazeera Airways network and works by
rewarding each customer or family
with a free flight for every ten boarding
passes they collect. Once collected,
the traveler can redeem the boarding
passes for a free flight to any
Jazeera Airways destination. Once
redeemed, the free flight will be available
for a period of one year, and can
be used towards any Jazeera Airways
destination, at any time during the
year, high season included.
Jazeera Airways CEO, Stefan Pichler,
said, “Our easy, simple and gimmickfree
frequent flier program has made
it an outstanding success in nine
months only, with an average of three
free tickets issued every day. Jazeerati
is our way to thank you to all customers
who choose to fly with Jazeera
Airways to the Middle East’s great destinations.”
Over the last year Jazeera Airways
has rolled out a series of valueenhancing
passenger experience-
boosting initiatives. In addition to the
frequent flier program, the airline
launched easy and fast check-in alternatives,
high-tech mobile booking
options, and on-board duty free shopping
service.
Jazeera Airways is also ranked the
highest in on-time performance (OTP)
in the Middle East in the month of
August 2012, as measured by
FlightStats, the US-based global OTP
tracker. The airline’s OTP for the month
was 96 percent. With Jazeera Airways’
great on-time performance, yearround
competitive fares, generous
baggage allowance, the airline continues
to offer more value to customers
than any other offering by any airline
in the Middle East.
The airline operates a two-class
cabin comprising of a Business Class
and an Economy Class. Business Class
travelers get both an upgraded experience
and exclusivity, starting with
exclusive check-in lines and business
lounge access, up to 60 kilograms in
free baggage allowance, and an exclusive
on-board cabin. The airline’s
Economy Class offers travelers free
baggage allowance of 40 kilograms
and free on-board meals with a
changing menu every month. Jazeera
Airways is an IATA-member airline and
operates one of the youngest Airbus
A320 fleets across the Middle East and
North Africa. Jazeera Airways currently
serves 17 destinations across the
Middle East.
industry group. Dow was one of only 11 chemical
companies to be recognized in the World Index.
Dow is ranked at the 97th percentile for all companies
in the sector.
“Dow people are living our corporate values of
Integrity, Respect for People, and Protecting the
Planet every day by delivering science and innovation
to benefit our customers, our communities,
and society”, said Neil Hawkins, vice president of
Sustainability and EH&S. “The Dow Jones
NEW YORK: The best way to reduce the federal
deficit is through a combination of higher taxes
and spending cuts, according to a group of
economists. The 236 members of the National
Association for Business Economics recently surveyed
say the country needs more fiscal stimulus
through 2013, but by 2014 it should be time
to throttle back. The reason for the delay: the
sluggish nature of the country’s economic
recovery.
A majority of the economists favor extending
payroll tax cuts, current marginal income tax
rates and current tax rates for dividends and
capital gains for most or all taxpayers through
2013. Deep tax cuts that were passed under
President George W. Bush expire at the end of
December unless Congress takes action. At the
center of debate: extending the cuts for everybody.
or just households earning less than
$250,000 a year.
When it comes to making those cuts perma-
Sustainability World Index is a highly regarded
benchmark of sustainability performance and progressive
business strategy. Their recognition is
especially significant given the growing need for
transparency and collaboration to drive lasting
change.”
“Membership in this index places Dow among
the leading sustainability companies, not just in
the chemical sector, but across industries,” said
Doug May, vice president of Investor Relations.
nent, the group is more split. Nearly three quarters
think the payroll tax cut should not be
made permanent. The group is almost evenly
split about whether to make the tax cuts on
income, dividends and capital gains permanent.
The biggest economic worry for the
group was not how much to raise taxes or how
to trim the budget. The problem cited was
indecision: 87 percent of the economists
believe that uncertainty about what direction
Washington will take is holding back the economic
recovery.
The survey on economic policies released
Monday also forecast that short-term interest
rates would remain at current levels for at least
another year. The results are consistent with the
last NABE semiannual survey, released in March.
A slight majority of respondents - 59 percent -
said that current U.S. monetary policy was “about
right.” The percentage replying that monetary
policy was “too stimulative” fell slightly com-
TUESDAY, SEPTEMBER 25, 2012
“That’s a testimony to the value we place on sustainable
practices and technologies - adding value
for both our customers and stakeholders.”
Dow’s 2015 Goals offer accountability and transparency
for its progress toward solving world
challenges. They include sustainable chemistry
goals that drive product innovation, targets that
address climate change and energy, reducing its
own footprint, and protecting human health and
the environment.
Economists say US needs
more taxes, spending cuts
Sluggish economy to bounce back in 2014
Myanmar stalls
investment law
YANGON: Myanmar’s president has delayed an eagerly
awaited foreign investment bill, an official said yesterday,
asking for amendments to the law that aims to open up the
long-isolated nation to overseas trade. Thein Sein returned
the draft law to parliament at the weekend “with remarks”,
according to Zaw Htay in the presidential office. “The president
wanted to amend some of the provisions in the bill,
which was approved by the Parliament,” he told AFP.
Myanmar is seen by many investors as the next regional
frontier market as businesses eye its huge natural
resources, large population and strategic location between
China and India. A spate of reforms have seen the international
community roll back many of the tough sanctions
put in place to punish a brutal junta that ruled with an iron
fist until it was replaced by a quasi-civilian regime last year.
Global corporate giants from Coca-Cola to General
Electric have already begun to vie for a share of an expected
economic boom in the impoverished nation. But
observers had expressed concern over so-called protectionist
measures in the law, including that foreign firms
would only be able to own up to a 50-percent stake in joint
ventures with local partners.
Myat Thin Aung, vice chairman of Yoma bank, said the
passage of the law had been complicated by disagreements
between reformers in the president’s camp and
those wanting to go slowly, who have a majority in the
fledgling parliament. “If we protect our market, investors
won’t come. We have to open up otherwise we will be left
behind,” said the businessman, who is also a member of
the Union of Myanmar Federation of Chamber of
Commerce and Industry.
The law will now be stalled for an unknown period of
time, although the next sitting of parliament is expected to
start in the third week of October. Respected Yangon intellectual
Aung Tun Thet said the foreign investment legislation
should not be seen as a “threat but as an opportunity”
to attract much needed funds and expertise to an economy
left in tatters after nearly fifty years of junta mismanagement.
“We need to jump start the economy. Period. The law is
the vehicle,” he told AFP. Observers say “cronies” of the former
junta who grew rich thanks to their links to the generals
opposed throwing the doors wide open to foreign
rivals, while some local firms feared being swamped by
overseas competition. But MPs earlier this month agreed to
a more liberal version of the law than had originally been
proposed.
They altered a draft that would have allowed overseas
firms to hold only up to 49 percent of a joint venture and
required a minimum investment of $5 million, after concerns
were raised that the funds required would preclude
smaller deals. Thein Sein has vowed to put the economy at
the centre of a new raft of reforms, following a series of
dramatic political changes since almost half a century of
outright military rule ended last year. Myanmar has invited
foreign firms to invest in the mining sector and signed a
series of oil exploration deals with foreign companies.
Critics say the rewards of the nation’s energy bounty have
so far only been shared among foreign investors and the
regime, rather than its impoverished people. — AFP
NEW YORK: Kellogg is hoping to turn cereal
into a breakfast staple in China. The maker of
Frosted Flakes, Pop-Tarts and Eggo waffles
says that it formed a joint venture to sell its
cereals and snacks in the country as early as
next year. The breakfast giant says the deal
will tap the infrastructure and local expertise
of Wilmar International, a Singapore-based
agribusiness, to expand its presence in
China. The Battle Creek, Michigan-based
company also plans to sell its Pringles chips
through the joint venture. Kellogg acquired
Pringles from Procter & Gamble Co. earlier
this year, in a deal intended to expand its
footprint overseas.
Kellogg Co currently gets most of its revenue
from North America, where growth in
the packaged food industry has been relatively
weak. But like other companies, Kellogg is
increasingly casting its sights on developing
KUWAIT: Mohamad Naser Al-Sayer & Sons
Co held an electronic draw for its promotion
campaign “The Holy Month of
Ramadan 2012” in Al-Rai Showroom at 6:00
pm, on September 6 and 10, 2012, attended
by representatives from the Ministry of
Commerce and Industry. Abdul Aziz
Ishkenani, and Mohammed Taha, Toyota, Al-
Rai showroom manager. The winner of the
Toyota FJ Cruiser 2012 was Aiman Abdullah
Rashid Al-Harbi coupon # 260 a customer of
pared with the percentage that held that same
view in March, while the proportion answering
that policy was “too restrictive” edged up.
The economists said the Federal Reserve
should not buy more bonds to support and stimulate
the economy, as it has in the last few years.
The survey was conducted between Aug 2 and
Aug 24, before the Federal Reserve announced a
third round of bond buying on Sept 13. Just 53
percent of the economists said that the action
already undertaken by the Fed, known as quantitative
easing, has been a success.
There is also a widely shared expectation that
health care costs in the United States will
account for a larger share of GDP in 10 years than
they do at present, assuming that the Affordable
Care Act is not repealed. Finally, 46 percent of the
NABE panel expects that in five years, the
European Monetary Union will have less than its
current 17 member countries. That’s down from
more than 60 percent just six months ago. — AP
KUWAIT: The winner Aiman Abdullah Rashid Al-Harbi is pictured with the officials.
Al-Sayer congratulates
Boubyan Bank winners
KUWAIT: The wait is finally over. Wataniya
Telecom’s customers can now get the iPhone
5, Apple’s newest device, at any of its branches
across Kuwait. The most anticipated
announcement reflects Wataniya’s efforts in
assuring that its customers are provided with
the latest and most desired products in the
world of technology.
The newly launched iPhone 5 is bigger,
thinner and lighter than all the previous
iPhones. This wonder device comes with aluminum
back and the Retina display makes
watching videos a real treat with vivid colors.
The iPhone 5 is two times fasters than the 4S
and it is one of the most responsive phones in
the market - apps can be loaded within nano
seconds. The exceptional features of the
iPhone 5 include the iOS 6, which is Apple’s
latest software technology. Other exciting
features included are Maps in 3D and
Passbook which is capable of managing
movie-tickets, boarding passes and other
transaction related documents.
Boubyan Bank. The promotion “The Holy
Month of Ramadan 2012” carried on
through the holy month of Ramadan 2012,
which enabled the customers a chance to
enter the draw for every car bought
through Boubyan Bank, entitling them to
win a Toyota FJ Cruiser and a Land Cruiser
2012. The main reasons behind the remarkable
success of this promotions was “the
customer’s trust in Toyota flagship”. Al-Sayer
congratulates all the winners.
Wataniya is first telecom
to release iPhone 5
markets such as China and India, where the
appetite for convenience foods is growing
more quickly. Kellogg notes that China is
expected to be the largest food and beverage
market within the next five years, as the ranks
of middle-class consumers continue to multiply
in large cities. As for cereal, which is not
traditionally eaten in China, the company says
consumption is rising as milk becomes a more
common part of the diet.
General Mills Inc, the maker of Cheerios
and Wheaties, already has a joint venture with
Cereal Partners Worldwide to sell several of its
cereals in China. In an emailed statement,
Kellogg noted that it has sold ìready-to-eat
cereal in the China market for quite some
time.î A representative for Kellogg was not
immediately available to say which of the
companyís cereals are already sold in China,
or whether it will tweak its marketing or prod-
iPhone 5 is available forcash or on easy
installmentswhen customers subscribe to
any Wataniya postpaid package. In a
statement regarding the release of iPhone
5, Wataniya Telecom stated: “Our aim is to
distinguish our customers amongst others
and reward them by being the first telecom
in Kuwait to acquire the iPhone 5. In
spite of the high global demand, we were
able to secure a significant stock to meet
the needs of our customers.”
Wataniya added “Our team works hard
to provide products and services of high
quality to customers as it all falls under
the roof of rewarding them for being part
of the Wataniya family. Wataniya provides
a choice of the latest devices such as
Android, Apple, BlackBerry and many others
for customers to choose what best
suits their preferences and liking.”
Wataniya customers can now purchase
the iPhone 5 from any of its branches
across Kuwait.
Kellogg wants China to wake up to cereal
ucts to expand its presence through the joint
venture.
Kellogg says it hopes to start operating the
joint venture Jan 1, pending regulatory
approvals. For now, Europe remains Kelloggís
largest international market. But the company
is seeing weakness in the region, with its
international sales in the second quarter
down 3.8 percent. With the Pringles acquisition
in February, Kellogg is also looking to
move beyond the breakfast table. The deal
catapulted Kellogg to the worldís secondbiggest
salty snack maker, after PepsiCo Inc.ís
Frito-Lay. Pringles is sold in more than 140
countries and gets two-thirds of its revenue
from overseas. Kelloggís other salty snacks
include Cheez-It, Keeblerís Club crackers and
its new Special K crackers. Wilmar
International is a unit of Yihai Kerry
Investments Co Ltd. — AP