Arab Center http://arabcenter.net/ Sat, 24 Sep 2022 06:46:19 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://arabcenter.net/wp-content/uploads/2021/05/cropped-icon-32x32.png Arab Center http://arabcenter.net/ 32 32 Scalp Cooling System Provides Cancer Patients with Privacy and Dignity https://arabcenter.net/scalp-cooling-system-provides-cancer-patients-with-privacy-and-dignity/ Sat, 24 Sep 2022 06:46:19 +0000 https://arabcenter.net/scalp-cooling-system-provides-cancer-patients-with-privacy-and-dignity/

A scalp cooling system, developed to help cancer patients, is now available at Turlock’s Emanuel Cancer Center.

On Friday, hospital leaders, employees and members of staffing gathered for a presentation on the new equipment, DigniCap, which is sponsored by the Bill and Elsie Ahlem Cancer Endowment.

“When the Bill and Elsie Ahlem Cancer Endowment approached our team about a new treatment that would reduce hair loss during cancer treatment, we jumped at the chance to be a part of it and offer it to our community,” said Murali Naidu, MD. , CEO of Emanuel Medical Center.

Hair loss is a common side effect of cancer treatment that can make some patients embarrassed or uncomfortable. DigniCap offers patients the ability to reduce hair loss due to certain chemotherapy treatments.

“On average, 65% of people undergoing cancer treatment experience hair loss associated with their treatments. For some cancer treatments, it can be as high as 100%,” Dr Naidu explained. “Cooling the scalp before chemotherapy has been shown in studies to reduce this hair loss, visible hair loss, by two-thirds. It’s a dramatic difference.

The DigniCap Scalp Cooling System consists of a computerized cooling unit which is managed via a touch screen and an attached cooling cap. Temperature-regulated coolant is continuously circulated through specially designed channels in the coolant cap. A reduced temperature causes less blood flow to the scalp area, so less chemotherapy reaches the hair cells. Therefore, the hair cells are not exposed to the full dose of chemotherapy and can survive the chemotherapy treatment. As a result, hair is less likely to fall out.

First invented by Swedish oncology nurse Yvonne Olafsson in 1996 and patented in 1998, the idea has been launched and used in many forms since then. Olafsson was the mastermind behind the DigniCap, a scalp cooling system that became available in 2015 in the United States when it received FDA clearance.

“Unfortunately, in terms of awareness, we’re trying to educate the world, because any of us can get cancer at any time,” said Melissa Bourestom, Dignitana’s director of communications. “Our hope is that by increasing awareness, especially among people who are in the healthcare community or among friends and family who may have heard of scalp cooling, people will say ‘you know , I heard that there is this thing that can help you save your hair. ‘”

In 2017, the FDA expanded the clearance to include men and women with solid tumor cancers undergoing chemotherapy.

The name DigniCap comes from the root dignitas, which means dignity in Latin.

“Being able to be in your life, doing what you want to do. Exactly. To make sure people can live the life they want to live,” Dr Naidu said.

“We thought of all the women who have had breast cancer, and on top of that, losing their hair just adds more stress. We felt that anything we could do to prevent it was worth it. “, said Jim Ahlem, spokesman for the endowment. “Thank you to everyone who is here. Thank you for all you do for our community.

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How Biden can bring Americans detained in Iran home https://arabcenter.net/how-biden-can-bring-americans-detained-in-iran-home/ Fri, 23 Sep 2022 14:23:28 +0000 https://arabcenter.net/how-biden-can-bring-americans-detained-in-iran-home/

This week, the Biden administration agreed to trade Afghan drug lord Bashir Noorzai for the freedom of US citizen Mark Frerichs, whom the Taliban has held captive for the past two and a half years. It’s a diplomatic victory, and Frerichs’ family and friends must be thrilled to finally see him home. But for American citizens detained in Iran, that sense of freedom remains elusive. “Iran must allow [U.S. citizens] Baquer and Siamak Namazi, Emad Shargi and Morad Tahbaz to return home to their loved ones,” State Department deputy spokesman Vedant Patel urged during a September 7 press briefing. Indeed, these Iranian-Americans have been deprived of their liberty for years by the Iranian government, which has held them as part of its long-standing practice of arresting foreign nationals and using them as bargaining chips. And while the Iranian authorities are entirely responsible for the suffering of these people, there is reason to believe that the United States can do more to secure their release.

“We continue to approach negotiations to secure the release of four wrongfully detained US citizens with the utmost urgency,” Patel said. It has been alleged, however, that the US government linked the release of the prisoners to the success of ongoing negotiations to revive the 2015 nuclear deal. Some of the prisoners made the argument themselves, including Siamak Namazi during of one New York Times op-ed, and this has been reflected in recent media. According to media reports, the draft agreement being negotiated will see the prisoners released immediately after an agreement is reached.

The Biden administration, however, maintains that it is pursuing the release of prisoners and the nuclear deal independently. In any case, the two issues should not be linked, especially since the nuclear negotiations have been repeatedly at an impasse and could collapse completely, leaving those Americans languishing in Iranian prisons for the foreseeable future. There are currently two viable avenues – prisoner exchanges and humanitarian exchanges – that President Biden can follow to secure the release of US citizens detained in Iran.

Two options: Prisoner Exchange or Follow in the footsteps of the UK Humanitarian exchange

The Biden administration cannot risk losing opportunities to release Americans detained in Iran. The case of Siamak Namazi and his father Baquer is particularly flagrant and tragic. Siamak has been imprisoned since October 2015 and is serving a 10-year sentence on bogus espionage charges. Her father was arrested in February 2016 after traveling to Iran to seek his release. While Baquer, 85,’s prison sentence has been commuted, he is banned from leaving the country despite his deteriorating health and urgent need for life-saving surgery. Meanwhile, Siamak is the longest-serving US prisoner held in Iran and has been denied requests for leave, even to visit his sick father. In a recent heartbreaking letter he wrote from prison, Siamak pleaded with the Iranian authorities for “Treat me like a human! Let me take care of my elderly and sick parents for a while.

As the families of the four detained US citizens wrote in May, “linking the fate of the hostages to the JCPOA [the Iran nuclear deal] could also result in prolonged and unnecessary agony for them and for us. But what may be holding President Biden back is a political calculation informed by a January 2016 U.S.-Iran deal that brought back several U.S. citizens, including Washington Post journalist Jason Rezaian. While that deal provided in exchange for the release of seven Iranians primarily detained for US sanctions violations, it occurred alongside a separate deal that saw the US repay a decades-old debt to the Iran as part of Iranian-American claims. Court. The timing of these two breakthroughs amid a period of diplomatic momentum due to the successful implementation of the Iran nuclear deal has led opponents of the Obama administration to falsely ridicule him for trading “pallets” of money in Tehran for prisoners.

There is no doubt that Biden’s critics will seek to create a political cost for any deal the administration makes with Iran, even if those critics have no alternative plan that would bring Americans home. But the opportunity exists for Biden to score a political victory by pursuing viable options to secure the release of those Americans who cannot be construed as giving money to Tehran for the prisoners. It should be noted that the US government has long had a policy of not paying money for the freedom of Americans wrongfully detained overseas.

Prisoner exchange

One option is to pursue a prisoner swap, which the Biden administration has now done with the Taliban and expressed willingness to do with Russia by potentially swapping Russian arms dealer Viktor Bout for WNBA superstar Brittney. Grind. In August, a Russian court sentenced Griner to nine years in prison for drug trafficking, but the Biden administration said she was wrongfully detained. If the administration is willing to undertake the Griner trade, it should be willing to trade Iranian prisoners for the four equally innocent Americans held in Iran. There is precedent for such a prisoner swap with Iran, notably as noted with the Obama administration in January 2016, and with the Trump administration in December 2019 and June 2020.

Iran’s Foreign Ministry spokesman recently said he was ready for an “immediate agreement” on a prisoner exchange. This was followed by another Iranian official giving the names of two Iranians imprisoned in the United States for the first time and calling for their release. Both men – Reza Sarhangpour Kafrani and Kambiz Attar Kashani – have been charged with sanctions violations by the Justice Department.

Humanitarian exchange

Alternatively, the United States could seek the release of Americans through a model based on a humanitarian exchange involving prisoners on one side and humanitarian goods on the other. Importantly, in April 2020, then-presidential candidate Biden also said that the Iranian people were “suffering desperately” and that “it makes no sense, in a global health crisis, to make this worse.” failure with cruelty in preventing access to needed humanitarian aid”. In October 2021, Iranian Foreign Minister Hossein Amir Abdollahian called on the United States for a “goodwill” gesture in the form of releasing money from Iran to South Korea for the purchase of “medicines and other vital goods”.

The potential to offer humanitarian aid to prisoners could secure two diplomatic victories: bringing its citizens home and making a much-needed humanitarian overture that would benefit ordinary Iranians reeling from sanctions.

A financial channel designed by the previous administration to facilitate humanitarian trade with Iran could help in this regard. Known as the “Swiss Humanitarian Trade Agreement”, the United States can authorize a third country holding Iranian assets to release them through this financial mechanism, which would limit their use to food, medicine and medical supplies. medical supplies that ordinary Iranians desperately need. In other words, Biden could trade food and medicine for Americans detained at Iran’s expense.

Notably, the British government negotiated the release of two Anglo-Iranian nationals, Nazanin Zaghari-Ratcliffe and Anoosheh Ashoori, earlier this year and simultaneously repaid a debt to Iran. However, the sums were only made available for humanitarian purchases. While this British model would probably not be viable in the United States given its longstanding policy of non-payment of hostages, experience shows Iran’s openness to compromise which involves limited and indirect access to his own money.

It is important to note that any overture from the United States on this issue carries the risk of reinforcing a perverse incentive for Iran and other countries to take more American prisoners. While this should not preclude humanitarian aid or a prisoner exchange, the United States should parallel these efforts forge a multilateral coalition, made up of European countries, Canada, South Korea, Japan and others, to make the Iranian authorities understand that there will be costs in continuing to capture foreign nationals to use as political pawns.

The Biden administration owes Americans long imprisoned in Iran to do everything to bring them home. This week’s UN General Assembly presents an opportunity to engage Iranian officials on this issue. It should in any case be a major axis of American diplomacy with Tehran in the months to come.

Mani Mostofi is the director of MIAAN Group.

IMAGE: A pair of hands appear behind a set of metal bars. (Photo via Getty Images)

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From stamp duty to defense spending: what will Kwarteng’s mini-budget be used for? | Budget https://arabcenter.net/from-stamp-duty-to-defense-spending-what-will-kwartengs-mini-budget-be-used-for-budget/ Thu, 22 Sep 2022 19:58:00 +0000 https://arabcenter.net/from-stamp-duty-to-defense-spending-what-will-kwartengs-mini-budget-be-used-for-budget/

Chancellor Kwasi Kwarteng rises in the Commons on Friday morning to unveil his “emergency budget”. Here’s what we know so far:

What has already been announced?

Growth goals
Kwarteng’s message is that Britain can grow at a faster rate if the private sector is freed from onerous taxes and regulations.

The chancellor claimed this week that it was possible to raise trend growth in national income (GDP) to 2.5%, if his plans are implemented. Over the past 12 years of Conservative administrations, GDP growth has averaged nearly 1.5% and wages for most workers have stagnated.

The Institute for Fiscal Studies (IFS) think tank said there was little evidence that tax cuts and deregulation offered a “miracle cure” to boost growth. He said before the mini-budget that “plans based on the idea that tax cuts will provide a lasting boost to growth are, at best, a gamble.”

Support for the energy bill
An emergency price cap for the next two years of £2,500 on a household’s average annual energy bill was announced by Liz Truss in the first week of her premiership.

It was accompanied by a freeze on business invoices that will last at least six months, the details of which were specified on Wednesday. Truss said it would limit business energy costs to £211 per megawatt hour for electricity and £75 for gas, around half the wholesale market price.

Most analysts predict the government will have to spend over £100bn on the household cap. The business protection bill could cost up to £50billion. Both bailouts could prove costlier if the war in Ukraine escalates and gas prices soar from today’s £424 per therm, although the cost to the Treasury could fall if the Wholesale gas prices continue to fall from a peak above £700 per therm in August back towards their pre-pandemic level of £30 per therm.

National insurance
The Treasury announced on Thursday that the 1.25 percentage point increase in National Insurance contributions for employees and employers, introduced by then-Chancellor Rishi Sunak from April 6 to fund health and care benefits, will be canceled from November 6 at a cost of £13 billion. The increased employee NIC payment threshold set by Sunak, returning £330 to all NI payers, will remain, at a cost of £6 billion.

What can we expect on Friday?

New tax cuts
Kwarteng is expected to confirm that he is in favor of a low and simple corporate tax. The overall corporate tax rate will remain at 19% instead of increasing to 25% and the investment relief planned by Sunak will be abandoned.

Proposals to introduce a planned 1p personal income tax cut from 2024 to next year are reportedly still being discussed and the move could form the centerpiece of a full budget statement later in the year. the year.

The IFS said a four-year freeze on personal thresholds planned by Sunak would generate £1.5bn in the first year and £8bn by 2025-26. But with inflation well above estimates made last March, Kwarteng is reportedly preparing to abandon this measure.

Speculation that there will be a reduction in stamp duty to stimulate real estate transactions could be fleshed out. Estate agents have said that if the policy focuses on cheaper homes it will do little to encourage transactions in the south east of England.

Unlimited banker bonuses
A cap on banker bonuses is set to be lifted as part of broader moves to loosen city regulations. Kwarteng and Truss believe London’s post-Brexit position needs to be strengthened in the eyes of the financial sector and with a bonus cap in place, top executives will refuse to move from Singapore, New York and Zurich.

Truss said the measure would “help Britain become more competitive, help Britain become more attractive, help more investment come into our country”.

Additional expenses
Defense spending will rise from 2% of GDP to 3% of GDP over time, Truss said, adding £20-30bn to government spending.

Extra spending on pensions and benefits, which is linked to inflation, and an estimated £18billion hole in public sector budgets, which is set to increase once higher energy bills are taken into account account, will add to the government’s financial commitments, the IFS said.

Tax rules
Sunak’s flagships were two rules governing how much he could borrow over a three-year period. The first required it to reduce public sector debt as a percentage of GDP each year. The second meant that “in normal times, the state should only borrow to invest in our future growth and prosperity”.

Such is the scale of Kwarteng’s spending, both rules will need to be redrawn.

Additional borrowing over the next two years is expected to exceed £200bn, pushing the UK’s debt-to-GDP ratio above 100%, most likely permanently, unless the government believes in the growth-generating properties of tax cuts – what the IFS described as a gamble – are paying off.

Lack of official control
Kwarteng blocked the Independent Office for Budget Accountability (OBR) from passing judgment on the impact of his mini-budget. The fiscal watchdog would typically provide a forecast of the likely increase in borrowing and tax revenue. There would also be a broader view of the economic impact and growth of the economy over the next five years.

The Chancellor is known to have ranted about OBR assessments in the past, deeming them too pessimistic about the power of tax cuts to improve long-term sustainable growth rates.

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State Bank of Vietnam raises interest rate ceiling on deposits https://arabcenter.net/state-bank-of-vietnam-raises-interest-rate-ceiling-on-deposits/ Thu, 22 Sep 2022 14:29:06 +0000 https://arabcenter.net/state-bank-of-vietnam-raises-interest-rate-ceiling-on-deposits/

Stacks of money in a bank. Photo by VnExpress/Giang Huy

For the first time in two years, Vietnam’s central raised a series of regulatory interest rates, including deposit, rediscount and redemption rates.

The State Bank of Vietnam made adjustments to several statutory interest rates on Thursday, which will take effect from Friday.

The ceiling on interest rates on deposits, with terms ranging from 1 month to less than 6 months, would be raised by 1 percentage point to 5% per year. However, for popular credit funds and microfinance institutions, people will receive the maximum deposit rates for the aforementioned term range of 5.5% per annum.

For sight deposits and deposits with a term of less than 1 month, the interest rate ceiling is raised from 0.2% to 0.5% per year.

The decline and rediscount rates both see an increase of 1 percentage point to 5% per year and 3.5% per year, respectively.

The overnight interest rate for interbank electronic payment and the interest rate for compensation loan for compensation between the State Bank and credit institutions will increase from 5% to 6% per year.

The move came after the US Federal Reserve (Fed), for a third consecutive meeting, raised its benchmark rate by 75 basis points to fight inflation. State Bank adjustments to statutory interest rates have signaled that sources of capital for commercial banks are no longer as cheap as they once were.

Raising interest rates on deposits would, however, have a direct impact on banks, businesses and the lives of individuals. A higher ceiling would allow banks, which need funds, to offer higher interest to depositors. This means that loan interest may also increase.

Fund management firm Dragon Capital said that in the short term, the stock market will see fluctuations depending on what is happening in the world.

“History has shown that investors often lose sight of their long-term goals due to short-term swings, and would return to the stock market once it recovers or thrives…We believe that investors would always follow the financial plans they mapped out,” according to a report by Dragon Capital.

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Why is Putin upping the ante in Ukraine? https://arabcenter.net/why-is-putin-upping-the-ante-in-ukraine/ Wed, 21 Sep 2022 22:32:51 +0000 https://arabcenter.net/why-is-putin-upping-the-ante-in-ukraine/ The rapidly unfolding events in Russia are effectively transforming the conflict in Ukraine from a “special operation” on someone else’s territory into a war to defend so-called Russian land.

Russian President Vladimir Putin has upped the ante in his war on Ukraine, announcing a partial mobilization on September 21, meaning 300,000 reserve soldiers can now be sent to fight in Ukraine.

The day before, without prior announcement, amendments to the Russian law were presented to the Duma and immediately adopted in three readings. They provide for severe penalties for failure to report for military service, surrender or refusal to fight.

On the same day, Russian-imposed administrations in all regions of Ukraine currently partially or fully occupied by Russian troops filed demands to hold referendums on joining Russia as early as the end of this week.

The message sent to the West by the combination of these three developments is: “You have chosen to fight us in Ukraine, now try to fight us in Russia itself, or, to be precise, what we call Russia. The hope is that the West will balk at this.

Meanwhile, at home, these events transform the conflict from a “special operation” on someone else’s territory into a fight to defend the so-called Russian land, granting the Kremlin almost unlimited rights in terms requests that it can address to the general public.

The idea of ​​foreign troops crossing Russia’s borders, even if the border is not where it was yesterday, is used by Putin to justify the reconfiguration of the “special operation” in war, the launching of a partial mobilization and the intensification of the threat to use nuclear weapons. In his September 21 speech, Putin said, “Those who try to blackmail us with nuclear weapons should know that the prevailing winds can turn in their direction.” Russia could also start targeting Ukrainian sites it was previously hesitant to attack.

The truth is that time is not on Moscow’s side and the human, material and diplomatic resources needed for the “special operation” are running out, prompting Putin to take decisive action in an attempt to end the the war as quickly as possible, to cut its losses and keep its gains. If he fails to end the war, then he can at least blame it on other people and turn his invasion of a neighboring country into a defensive war, in the hope that this distinction will make the more legitimate conflict. in the eyes of ordinary Russians, leaving the Kremlin free to make any decisions and take any actions it deems necessary. The problem is that opponents of Russia do not believe that Russia is entitled to any of its gains in this war.

Since the start of the war, there has been a split within the Russian regime between the war party and the “special operation” party. The latter party believed that only professional soldiers should be involved in the conflict and that it should remain on the periphery of everyday life, which should largely continue as normal.

The war party, on the other hand, believes that the invasion of Ukraine should fundamentally change everything in Russia, from the economy to cultural and daily life. This party supports full mobilization and wants to see the confiscation of business assets and an end to the consumer culture in Russia.

For a long time it seemed to Russian leaders that the best course of action was to maintain the semblance of ordinary life, and that a market economy and a consumer society were the best guarantee of resistance to sanctions. Now, all of that could change.

In Putin’s logic, he was not lying when he insisted that Russia was not at war with Ukraine and was carrying out a limited “special operation” there. Because Russia has not deployed all its troops there, has avoided carpet bombs and, above all, has largely avoided sending conscripts to fight in Ukraine.

Moreover, the operation was planned to last for months and not years: the officials made no secret of this, and this corresponds entirely to Putin’s modus operandi as a former intelligence officer. His rise to the Kremlin at the end of 1999; the decimation of the NTV television channel and the oil and gas company Yukos; the choice of a successor to Putin in 2008; his return to power in 2011-2012; amending the constitution to reset presidential terms; and even the Second Chechen War and the annexation of Crimea were all fought within the time frame (up to six months) of a special operation.

Until recently, therefore, Putin was firmly on the “special military ops” side, if not its leader. But the war has been raging for seven months, and now Ukraine is fighting back and regaining some of its lost territory. The chaotic retreat of the Russian army from Kharkiv heralded a victory for the party of war and mobilization.

Logically, this setback could have led to the indefinite postponement or abandonment of referendum projects in the occupied areas. After all, it is far more shameful to lose a part of one’s own country than an occupied territory of undefined status. Nor can you simply abandon your own territory to reinforce other parts of the front, as Russia explained its actions in Kharkiv.

The fact that the Kremlin has taken a completely opposite approach and set impending dates for referendums almost seems like some kind of superstitious attempt to free itself from a curse. For while it is generally accepted among Russians that their country could suffer military defeat beyond its own borders, in a people’s war on their own land, Russia will always win. So the logic seems to be that if the Kremlin makes the occupied land part of Russia, as it once was, then victory is assured.

The legal redefinition of the occupied areas as Russian territory is unlikely to end attempts to retake them, but it will help the Kremlin solve several problems. Seizing entire regions of another country with the participation of a few troops requires the cooperation of a significant proportion of the local population. So far, Moscow has found enough Ukrainians (although far fewer than it hoped when it launched its invasion) who are either pro-Russian or simply indifferent enough to rule the occupied regions. . But after the Russian withdrawal from Kharkiv, when collaborators have been left behind, people will be more reluctant to cooperate. The referendums send a message to the inhabitants of the occupied territories that Russia’s territorial intentions are serious.

Another problem has been the number of contract soldiers who have refused to fight in Ukraine on the grounds that under the terms of their contracts they are not obliged to participate in combat on foreign territory. Declaring the occupied Ukrainian regions as part of Russia would remove these grounds.

Russian officials have always said that the objectives of the “special operation” will be achieved, come what may. This wording was convenient, because the objectives were so vague that they could be changed at any time. If it proved impossible to take all of Ukraine, Russia could limit itself to taking the south and the east of the country. If this proved impossible, it could be limited to the territory of the Donetsk and Lugansk regions. If this could not be done (as it is currently not), Russia could stop at what it already has and improve the status of its spoils of war by turning them into new regions of Russia . After all, the main objective was not the prize itself, but to have the opportunity and the resolve to win it, thus demonstrating that Russia was not fooling around and that it had the right to do it.

In recent weeks, this virtual production has been almost entirely canceled. In an attempt to restore it, Putin is once again upping the ante hoping that the other parties involved will stop where they are. If he is wrong again, he will have to show that he did not bluff. He can resort to even more disastrous means to do so.

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Jacob Rees-Mogg to cut business energy bills in half https://arabcenter.net/jacob-rees-mogg-to-cut-business-energy-bills-in-half/ Wed, 21 Sep 2022 06:54:56 +0000 https://arabcenter.net/jacob-rees-mogg-to-cut-business-energy-bills-in-half/

gHello.

All eyes are on the Business Secretary this morning for details of a multibillion-pound support package to help businesses cope with soaring energy bills.

Jacob Rees-Mogg is set to unveil a package that will halve business energy costs as the crisis could trigger a wave of meltdowns.

Electricity bills are expected to be halved, while gas bills will be cut by a quarter. The measures will last six months.

It comes after ministers stepped in to cap household energy bills at £2,500 a year for two years from October.

5 things to start your day

1) Sir Richard Branson-backed bid to launch a rocket from Cornwall is again rebuffed Virgin Orbit plans more than a dozen rocket launches from Cornwall over the next decade

2) Chocolate scratch cards on the National Lottery menu Czech-Owned Gambling Company Aims to Dramatically Increase Scratch Card Purchases

3) The number of British millionaires exceeds France and Germany Recovery in UK markets bolsters ranks of the wealthy, Credit Suisse says

4) Jacob Rees-Mogg faces High Court showdown with 11 striking unions Unions launch judicial review of plans to replace strikers

5) New transport secretary to meet union bosses in an olive branch after months of rail strikes Dialogue with unions comes after a new wave of strikes announced for October

What happened overnight

Hong Kong stocks fell in early trading this morning, reversing gains from the previous day as investors braced for an expected Federal Reserve interest rate hike.

The Hang Seng index fell 0.768pc. The Shanghai Composite Index lost 0.5pc, while the Shenzhen Composite Index on China’s second largest stock exchange lost 0.7pc.

Shares in Tokyo opened lower, with the benchmark Nikkei 225 down 1pc, while the broader Topix index fell 0.8pc.

coming today

  • Economy: Federal Reserve interest rate decision (US), public sector net borrowing (UK)
  • Company : Supermarket Income REIT (annual results); Petershill Partners, Keywords (Interims)
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Center for Future Entrepreneurs unveiled at UOG | New https://arabcenter.net/center-for-future-entrepreneurs-unveiled-at-uog-new/ Tue, 20 Sep 2022 03:00:00 +0000 https://arabcenter.net/center-for-future-entrepreneurs-unveiled-at-uog-new/

Find out where and how you can get vaccines and tests for COVID-19 and mAb treatment this week, based on information provided by the Joint Information Center.



A place for University of Guam students and island residents to help launch their dreams of becoming entrepreneurs was unveiled at the University of Guam last week.

Bank of Guam and University of Guam leadership attended the unveiling of the Center for Entrepreneurship and Innovation, located on the second floor of the Jesus and Eugenia Leon Guerrero School of Business and Public Administration building at the ‘UOG.

The bank is committing $250,000 over five years to support the center.

Joaquin “Kin” Cook, president and CEO of Bank of Guam, and grandson of the bank’s founder, Jesus Leon Guerrero, spoke in front of a mural depicting a quote from his grandfather that stands reads: “My philosophy has always been that a man is entitled to take at least one or two leaps in life in pursuit of a challenging and challenging endeavor that will make a difference.

Cook noted that his late grandfather took the plunge and laid the foundation for what is now the Bank of Guam.

University President Thomas W. Krise thanked the bank, UOG Endowment Foundation, School of Business and Public Administration, Small Business Development Center and others for the partnership.

The center can help UOG better serve the island community, Krise said.

“We’re also looking to diversify our revenue streams, and so having an innovation and entrepreneurship hub helps us think entrepreneurially,” Krise said.

‘Perfect partner’

James Ji, Ph.D., director of the center and assistant professor of management at the school, said the center is honored to have Bank of Guam as its partner and lead sponsor.

“We believe they are the perfect partner to help us achieve our mission – to stimulate entrepreneurial ideas and innovation among our students and within the community,” said Ji.

The center is available for workshops, trainings, presentations and co-working spaces.

The center is open 9 a.m. to 5 p.m. Monday through Friday. To make a reservation outside regular hours, contact c4ei@triton.uog.edu.






Front, left to right: Katrina Perez, University of Guam Endowment Foundation; Dean Fred Schumann, School of Business and Public Administration; former Governor Joseph Ada; Senior Vice President and Vice President Anita Borja Enriquez; UOG President Thomas W. Krise; Joaquin Cook, CEO of Bank of Guam; Lesley-Anne Leon Guerrero, Senior Vice President and Chief Experience Officer, Bank of Guam; Opake reps Tim “Be” Deleon Guerrero, Rome Daco and Ed Gaza. Behind, from left to right: James Ji, director of the Center for Entrepreneurship and Innovation; and UOG Board Member Mike Naholowaa.




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Maduro: Venezuela is ready to send its oil to the world https://arabcenter.net/maduro-venezuela-is-ready-to-send-its-oil-to-the-world/ Mon, 19 Sep 2022 19:00:00 +0000 https://arabcenter.net/maduro-venezuela-is-ready-to-send-its-oil-to-the-world/

Earlier this year, there were high hopes surrounding the lifting of US sanctions on Venezuela in the face of oil shortages and rising prices, due to the Russian invasion of Ukraine, allowing gold black to come out of the South American oil giant again. But that hasn’t materialized yet. Although some allowances have been made for oil trading, Venezuela’s statement to the world is clear: it is ready to pump and export huge amounts of its crude whenever it gets the chance.

No matter how many times the US government rejects Venezuelan calls to end sanctions and close the supply gap left by Russian energy sanctions, the South American oil major will not give up its bid to stimulate crude exports. President Madero said this week that Venezuela was ready to resume oil production and export to the rest of the world whenever the opportunity was given. At an event held during OPEC Secretary General’s visit to Caracas Maduro said “Venezuela is ready and willing to fulfill its role and supply, in a stable and secure manner, the oil and gas market that the world economy needs.

The country’s dictator has allayed fears that Venezuela’s oil industry is far from recovering, after years of low production and underinvestment. Its production currently stands at around 700,000 bpd compared to 2.3 million bpd two decades ago. This comes from US sanctions imposed on the trade in Venezuelan crude, which previously provided around 96% of the country’s revenue.

In May, President Biden made some concessions to sanctions, allowing Venezuela to export oil to Europe in exchange for debt. Italian company Eni and Spanish oil major Repsol have been authorized to ship Venezuelan crude to Europe in a swap oil for debt, helping to fill the void in the region. It was not the change that Venezuela was hoping for, but it has sparked greater optimism that more concessions can be made in the months ahead.

But in August, Maduro decided to suspend oil-for-debt shipments in Europe, saying he wanted refined fuels from Eni and Repsol in exchange for crude instead of the current deal. Venezuela has struggled to find refined fuels in recent months, with many of its refineries in poor condition. It has already been traded crude to condense with Iran to support itself, circumventing US sanctions against both countries. If Venezuela can import more refined oils, it could better support the recovery of its oil industry, with several operations requiring diluents to continue. So far, Europe has not accepted this request, again leaving a gap in supply.

But what oil potential does Venezuela have? The South American oil giant has the largest crude reserves in the world, measured at around 18.2% of global oil barrels in 2016. And although current production is low due to sanctions, Maduro believes the country could quickly increase its production by several hundred thousand. barrels of oil per day. However, a significant long-term increase in production would require significant foreign investment in oil exploration and infrastructure.

broken hardware, abandoned oil fields, and lack of talent are just some of the challenges energy experts point to as barriers to long-term production success. This, coupled with political uncertainty, has deterred many oil companies from investing in the region, despite the abundance of reserves. Currently, US oil major Chevron, Italy’s ENI and Spain’s Repsol continue to operate in the country, with others, such as ExxonMobil, having pulled out following industry sanctions.

The question of the “lesser of two evils” has arisen in recent months. A lot of questions whether sanctions against Venezuela should be eased to reduce the burden felt by Europe and North America due to the loss of Russian oil supplies. However, Venezuela’s close political ties with Cuba, China and Russia have led many to be more critical of this option. This back and forth put a relaxation of sanctions on hold for several months. Yet some now wonder if the sanctions on Venezuelan oil ever worked.

From the start, there was no clear analysis of the expected outcome of the sanctions. Former Assistant Secretary of State for Western Hemisphere Affairs Kimberly Breier suggested the sanctions were enacted with little assessment of the consequences or potential impact on Venezuelan citizens. She said“There was absolutely no evidence ‘that the oil sanction would cause Maduro to step down and yet Bolton ‘created the hope that somehow it was going to magically happen.”

This has led to a massive economic downturn in the country, a severe fuel shortage and poor living conditions for Venezuelans. This has not, however, stopped the country from selling its oil, as it continues to have trade relations with Iran and China. So, with questions about whether the sanctions were functional to begin with, a global supply shortage, and Madero’s desire to resume the country’s oil operations as soon as possible, the tides may soon be changing for Venezuela.

By Felicity Bradstock for Oilprice.com

More reading on Oilprice.com:

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rising inflation reverses the boom https://arabcenter.net/rising-inflation-reverses-the-boom/ Mon, 19 Sep 2022 09:21:00 +0000 https://arabcenter.net/rising-inflation-reverses-the-boom/

Dr Kearns noted that although the 225 basis point increase in the official cash rate since May had reduced the maximum home loan amount by 20%, the impact on prices was limited because only 10% of borrowers sought to maximize their property. debt.

He also downplayed the prospect of a real estate crash, pointing to one-third of home loans at fixed rates, the large proportion of borrowers ahead of their mortgages and household net debt no higher than in the early 2000s.

The known unknown is how quickly the inflation epidemic is brought under control, the need to raise interest rates to restore price stability, and the possibility of a soft landing as rates rise sharply, inflationary pressures and labor shortages are slowing construction.

With the immigration cap rising to almost 200,000 people a year, this could put upward pressure on house prices.

While listed real estate was a star performer for investors during the pandemic, it is now leading the pullback as bond yields rise. That’s how fast the world has changed.

Dexus real estate fund CEO Darren Steinberg said he had never experienced a tougher operating environment amid disruptions from COVID-19, then the war in Ukraine and turmoil in China’s property market.

Rising construction costs and debt costs, he said, would break some small- and mid-size developers with weak balance sheets, such as collapsed fixed-price homebuilders.

Lendlease global head Tony Lombardo said that while the property market was in a cyclical downturn, rebar and lumber costs were down, and the return of the migration tap would be a tailwind for the area.

The summit heard that the Parramatta growth center in Sydney’s west, as well as Sydney’s second CBD in Sydney’s north, are oversupplied with office space. But Matthew Bouw, Asia Pacific CEO of commercial property services firm Cushman & Wakefield, said plenty of global capital was racing to invest in high-quality Australian commercial properties, despite the pandemic work-from-home boom.

Charter Hall CEO David Harrison believes all roads still lead to CBD offices with higher density than before the pandemic. Workers who resist full employment upon returning to the office must choose, he said, between a job and career grounded in culture and in-person collaboration, and must fear that their process roles will be automated and replaced. by robots.

Or maybe a recession was needed to reset employee expectations, joked Alison Mirams, boss of construction company Roberts Co.

The founders of Australia’s $1.3 trillion mandatory pension system, Paul Keating and Bill Kelty, said The Australian Financial Review this month that the system’s ESG operating license required embarking on nation-building initiatives, such as build-to-let projects to alleviate the housing crisis.

Yet Bevan Towning, property manager at AustralianSuper, said the union-owned industrial fund affordable housing project in Victoria had been tied to planning bureaucracy for two years under the Daniel Andrews Labor government.

The summit learned that build-to-let was a high-end niche product in this country and, as Chris Tynan of Blackstone Australia said, needed a new name in the country where home ownership ownership remained the great Australian dream.

But the real barriers to build-to-let becoming a viable asset class seem to lie in state government stamp duties and property taxes, and access to foreign capital due to the punitive restraint regime. at source on capital gains of foreign residents.

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FirstFT: Market uncertainty causes longest U.S. tech IPO drought in over 20 years https://arabcenter.net/firstft-market-uncertainty-causes-longest-u-s-tech-ipo-drought-in-over-20-years/ Sun, 18 Sep 2022 20:57:43 +0000 https://arabcenter.net/firstft-market-uncertainty-causes-longest-u-s-tech-ipo-drought-in-over-20-years/

This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe/Africa Where Americas edition to send it straight to your inbox every morning of the week

Hello. The year-to-date stock market downturn has caused the longest drought in U.S. tech stock prices this century, with experts cautious about the pace of a recovery even after tentative signs of life in other sectors.

Wednesday will mark 238 days without an IPO worth more than $50 million, surpassing previous records set in the aftermath of the 2008 financial crisis and the dotcom crash of the early 2000s, according to research by the Morgan Stanley’s Technology Capital Markets team.

The US stock market has been rocked this year by the Federal Reserve’s battle to reduce inflation through aggressive interest rate hikes. Higher rates affected stock market valuations by reducing the value of future earnings and raised fears that the economy could be pushed into recession.

High-growth tech stocks dominated last year’s record IPO market and saw some of the biggest gains during the stock market boom, but they’ve also been disproportionately hurt by this year’s sell-off. .

The tech-dominated Nasdaq Composite has fallen nearly 28% so far this year, compared to a drop of just over 19% in the S&P 500, while the Renaissance IPO index, which tracks US listed companies over the past two years, is down more than 45 percent.

“There is enormous uncertainty in the market right now, and uncertainty is the enemy of the IPO market,” said Matt Walsh, head of technology equity capital markets at SVB Securities.

“I think we’ll need to see some stabilization in the outlook and investors pull back to buy existing government securities before they’re ready to move away from the risk curve and buy tech IPOs.”

Do you have any comments on today’s newsletter? Let us know at firstft@ft.com. Thanks for reading FirstFT Asia and have a great week. — Sophie

1. Typhoon Nanmadol hits Japan as millions must evacuate The storm made landfall yesterday near the city of Kagoshima on the southern Japanese island of Kyushu with 100mph gusts that damaged buildings and plunged more than 200,000 homes into blackouts. Local authorities have issued non-mandatory evacuation orders for millions of people.

2. Central Banks Set to Hit Rate Peaks at a Faster Pace After the world’s major central banks stepped up their resolve to fight soaring prices, investors are anticipating a steeper rise in interest rates in the coming months. Market expectations for key year-end interest rates have risen as policymakers worry that in the absence of substantial rate hikes, high inflation will prove difficult to change.

3. UBS hires Chinese ‘content reviewers’ to check research reports The Swiss bank is recruiting a team to ensure that its analysts’ Chinese research publications are free of “sensitivities”. The move comes three years after a top UBS economist was suspended in a dispute over comments about pigs in China that were seen as a racial slur.

4. EU to withdraw 7.5 billion euros from Hungary for violation of the rule of law The European Commission yesterday recommended that member states vote to suspend around a third of Hungary’s cohesion funding in response to Budapest’s lack of transparency in awarding public contracts, shortcomings in Hungary’s efforts to fight corruption and weaknesses in prosecuting those who embezzled European funds.

5. China’s cooling economy hits chip start-ups hot In the country’s Covid-ravaged economic climate, workers have sought to switch careers to a priority industry for Beijing – only to find that it too is suffering from the recession and job prospects are darkening.

The day ahead

The Queen’s Funeral Queen Elizabeth II’s state funeral will take place today at Westminster Abbey. 500 Heads of State and foreign dignitaries are expected.

British dockers strike More than 560 port workers and dock maintenance engineers in Liverpool will begin a two-week pay strike from Monday evening.

business profits Haleon, a GSK spin-off, is reporting its first results today since listing on the London Stock Exchange in July.

Join board members and C-suite leaders in person or online for the Cyber ​​Resilience Summit September 21-23 to hear remarks from speakers including Bill Clinton. Register for your pass today.

What else we read

Xi, Modi’s criticism of Putin signals shift in Ukraine war Public rebukes of Russian President Vladimir Putin by China and India signaled a shift in global perceptions of the war, Western officials said, amid efforts by Europe and the United States to erode the international support from the Kremlin.

The race to reinvent the space station American companies, including Jeff Bezos’ Blue Origin and Lockheed Martin, have been spurred by a NASA-funded competition to design private replacements for the International Space Station when it is decommissioned by the end of the decade.

The strange death of the company phone number A growing number of organizations have quietly given up on customer service phone numbers, to the point that some governments are seeking to mandate phone availability. And companies that still offer phone support enjoy a competitive advantage.

What we keep getting wrong about inflation When things get more expensive, that’s inflation – and that’s bad, it seems. But another point of view is that of Milton Friedman: “inflation is always and everywhere a monetary phenomenon”. And this distinction is important, argues Tim Harford.

Liz Truss’ chief of staff ‘engaged’ with FBI in corruption probe Mark Fullbrook, chief of staff to Britain’s new prime minister, said he was cooperating with US authorities as a witness in their investigation into a Conservative party donor accused of illegally providing campaign donations to a former governor of Porto Rico.

sport

Roger Federer, one of the most popular and successful tennis players in the history of the sport, has announced his retirement. He amassed 20 Grand Slam titles in nearly two decades at the top of the game, which made him one of the sport’s top earners.

  • From the archives: In 2019, Federer sat down with Simon Kuper to talk about his job, being a father and what he has in common with Lionel Messi.

Roger Federer

Roger Federer posted a social media post on Thursday explaining his “bittersweet” decision © Neil Hall/EPA-EFE/Shutterstock

troubled times — Document the changes in business and the economy between Covid and conflict. Register here

Asset Managementregister here for the inside story of the movers and shakers behind a multi-trillion dollar industry

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