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Social media fuels massive Philippine anti-graft rally

Social media fuels massive Philippine anti-graft rally (AFP) / 26 August 2013 Tens of thousands of protesters gathered in the Philippine capital on Monday to voice outrage at corrupt politicians, in a modern-day “People Power” rally fuelled by social media. The march, emulated on a smaller scale in other cities around the country, was the largest anti-graft demonstration since President Benigno Aquino was elected in 2010 on a platform to fight corruption. Demonstrators gesture a thumbs down sign during a protest against official corruption at Luneta park in Metro Manila on Monday. -Reuters The protesters ranged from members of the clergy and students to businessmen, middle-class families, lawyers and other professionals, in a sign of the breadth of anger over graft in the impoverished nation. But while few called for the ousting of Aquino, whose personal ratings remain high, there was widespread fury with politicians. “We are all angry at all the stealing of the politicians. We are telling them that time is up,” said 80-year-old, retired university professor Teodoro Jurado. Organisers said the rally drew up to 400,000 people while the police estimate was a maximum of 100,000. Urban planner Paulo Alcazaren estimated 250,000-300,000 attended, based on the park’s size and aerial photographs he took. Calls for protest began circulating on Facebook and Twitter about two weeks ago after a series of newspaper articles about a major scam involving legislators’ Priority Development Assistance Fund (PDAF). The fund is money allocated for lawmakers to be used in their pet development projects. Critics charge they are “pork barrel” projects which have traditionally been a source of corruption. At the centre of the controversy is a businesswoman who reportedly connived with legislators to syphon off some 10 billion pesos ($230 million) from the fund. She has since gone into hiding after being charged with the illegal detention of a whistleblower. Middle-aged physician Paz del Rosario, one of the protesters, said she attended “to be part of a historic event”. “Hopefully this will be the start of a bigger thing. All walks of life are here. This is from social media, the Internet, tweets and texts. There is no leader here,” she said. Many protesters wore pig masks and oinked in unison at noontime to condemn the legislators’ pork barrel. The influential Archbishop of Manila, Cardinal Luis Tagle, called on the crowd to be “honourable” and to work together for the less fortunate. “Let us look upon the oppressed and the poor as our true brothers. Let us listen to the heartbeat of our nation and the voice of God,” he said. Church leaders have previously played crucial roles in calling support for protests in the largely-Catholic Philippines, such as the 1986 “People Power” revolt that helped topple dictator Ferdinand Marcos. In 2001 a popular uprising overthrew the graft-tainted president Joseph Estrada. In the 1986 revolt, radio stations had helped summon the populace while in the 2001 uprising, it was cellphone SMS or “text” messages that brought many protesters out. Aquino had previously planned to expand the PDAF in his 2014 budget so that each senator would receive 200 million pesos ($4.5 million) while each member of the House of Representatives would get 70 million pesos. But in the face of growing anger last week, the president announced that he was suspending the releases of money and vowed to reform the system. At a speech marking the country’s national heroes’ day, Aquino said the government would catch those who stole state funds. “We will do everything in our power to find those who conspired to take advantage of the PDAF’s good intentions, and to hold them accountable,” he said. National police spokesman Senior Superintendent Reuben Sindac said the rallies were all peaceful, and the Manila marchers even cleaned up the park afterwards. Continue reading

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Dubai shares at 5-year high

Dubai shares at 5-year high Issac John / 26 August 2013 Led by two leading property developers, Dubai shares jumped to the highest since November 2008 on Sunday. The benchmark Dubai DFM General Index surged 1.8 per cent to a five-year high to 2,748.27 points at the close as Deyaar Development and Union Properties surged amid a significant bounce back in property prices over the past few months in Dubai. In the first half of 2013, a stead upswing in Dubai property prices continued along with a surge in rents as more buyers from turmoil-hit countries entered the market amid increased investor confidence and mortgage availability. Year-on-year apartment rents and sales prices jumped 20 per cent and 38 per cent respectively. Villa rents were up 17 per cent as sales surged 24 per cent. According to market analysts, the price of luxury homes in Dubai rose by more than six per cent in the second quarter of 2013. Prime real estate prices in Dubai have increased by 21.6 per cent over the past year, making it the second best performing market in the world. Harald Finger, mission chief of International Monetary Fund to the UAE, noted that listed Dubai property prices soared 35 per cent from a year ago in June. The drastic jump in prices had prompted a warning from IMF that Dubai might need to intervene in its property market to prevent another boom-and-bust cycle. “It is too early to speak of a bubble, but should price increases continue to take place at this pace, action will need to be taken to prevent a bubble,” he said last month after annual economic consultations between the IMF and the UAE. On Sunday, Deyaar shares jumped the most since March 2012 as trading volumes climbed to more than 10 times the three-month daily average. Union Properties jumped 15 per cent to the highest since January 2010. Sunday’s gains brought this year’s advance for Deyaar to 63 per cent and for Union Properties to 58 per cent. That compares with a surge of 67 per cent for Emaar Properties, and 69 per cent for Dubai’s benchmark index. Deyaar and Union Properties trade at about 0.8 times book value, compared with a multiple of almost 1.2 for Emaar. Deyaar soared 15 per cent to 57.2 fils, while Union Properties closed at 62.4 fils. Emirates NBD, Dubai’s biggest bank and the largest shareholder in Union Properties, rose 2.7 per cent to Dh5.75, the highest since May 20. Air Arabia, a leading low-cost carrier, advanced 4.3 per cent to Dh1.45, the highest since September 2008. Abu Dhabi’s benchmark index advanced for a fifth day, gaining 0.3 per cent, while Oman’s measure added 0.2 per cent and Egypt’s EGX30 increased 0.9 per cent at 12:27pm in Cairo. Saudi Arabia’s Tadawul All Share Index lost 0.7 per cent, led by Riyadh-based Al Rajhi Bank, which declined 1.3 per cent. Kuwait’s measure fell 0.4 per cent, Qatar’s 0.3 per cent and Bahrain’s 0.2 per cent.  issacjohn@khaleejtimes.com   Continue reading

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100-day Expo 2020
countdown begins

100-day Expo 2020
countdown begins Staff Reporter / 26 August 2013 The final countdown for deciding who gets to host World Expo 2020 has officially begun. In less than 100 days, representatives from 167 member nations of the Paris-based Bureau International des Expositions (BIE) will cast their votes to decide which city will host the World Expo 2020. An artist’s impression of the main site where World Expo 2020 will be held if Dubai’s bid succeeds. Voting will take place on November 27 as a team from the Dubai Expo 2020 team will focus on hosting a theme symposium in Dubai this October. The symposium, which will be held by each of the candidate cities, is an opportunity for the UAE to further demonstrate to BIE delegates the global relevance and timeliness of the bid theme. Dubai’s Expo 2020 bid is centered around the theme ‘Connecting Minds, Creating the Future’. Delegates will have the chance to explore the three sub themes — Mobility, Sustainability and Opportunity — which represent the key drivers of global development. The event will also allow delegates to witness and experience first-hand unique advantages the UAE has to offer as a potential host nation, including the country’s robust infrastructure, warm hospitality and global connectivity. As a result of the country’s infrastructure and geographical positioning, Dubai Expo 2020 expects to attract 25 million visitors offering a diverse and exciting international profile. For the first time in the history of World Expo, more than 70 per cent of the visitors would stem from beyond the host nation. An Expo in Dubai would take place on the eve of the UAE’s 50th anniversary, starting countrywide celebrations. It would also be the first time that a World Expo is held in the Middle East, Africa and South Asia region, presenting a significant opportunity. More than 277,000 jobs are forecast to be created by Dubai Expo 2020 and for each one of these, an additional 50 jobs are expected to be sustained across the wider region. Dubai Expo 2020 will leave a powerful legacy, both in terms of the Expo site itself and also as an inspiration for future generations. Dubai is competing against three other candidate cities in its bid to host World Expo 2020. The other candidate cities are Sao Paulo in Brazil, Yekaterinburg in Russia and Izmir in Turkey. news@khaleejtimes.com Continue reading

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countdown begins