Kuwait Stock Exchange Closing Poll
This is from today’s Al Watan. I think investors all over the world have confused saving with investing. When you know your family is going to need the money, for something like a vacation, a new washing machine, a car – you save. When you have the luxury of a little extra that you can afford to lose, you invest. Smart investors will investigate the investment carefully. If the market goes down, but the company whose shares you bought is still solvent and strong, you hang on – after all, it you didn’t invest anything you can’t afford to lose, right?
Lawmakers alarmed by bourse closure
Attorney lauds court order, says action was necessary
Ghenwah Jabouri
and agencies
KUWAIT: A number of MPs have criticized a Court of First Instance order to halt trading on the Kuwait Stock Exchange (KSE), saying that the court”s move is “the most dangerous decision” ever taken in relation to Kuwait”s economy and bourse.
They explained that closing the bourse has cemented a lack of confidence and will drive the index down further once trading resumes, while rhetorically asking who would bear the consequences of such an eventuality.
They also stressed the need to benefit from the experiences of other countries to strengthen the Kuwaiti stock market.
The MPs also called on the government to take measures to limit damages resulting from the closure of the KSE.
In an exclusive statement to Al Watan Daily, attorney Labid AlـAbdal said the global financial crisis is finding its effects on many strong markets around the globe and that the situation requires Kuwait and other GCC countries to draw up a serious plan to protect its markets.
“Kuwait should choose safe investments and strengthen its reserves of gold at the Central Bank of Kuwait,” he added.
He stressed that most of Kuwait”s active financial and commercial companies are directly and indirectly linked to the international economy and that they will need well supported banking systems to maintain safe credit transactions and protected debt recovery.
“Given the mentioned circumstances, closing the local stock market in Kuwait is a necessity to prevent further losses by registered companies and to protect the citizens from losing any more assets,” he explained.
Kuwait must select very protective measures, especially after the fall of the oil price and the lack of trust in the international financial system,” AlـAbdal concluded.
Last updated on Friday 14/11/2008
What do you think? Do you think closing the Kuwait exchange prevented further losses, or do you think closing the exchange fed the fear that is feeding the rapid decline? Or do you have another opinion totally?
First Female Police Class Graduates
Congratulations to the first class of female police academy graduates! I remember when women were first integrated into the US Military, my husband was assigned one of the first female lieutenants in Europe. I remember him saying, a year or two later that many of his best soldiers were women. I expect that that it will take some getting used to in Kuwait – just as it does in any country – and that the country will be the better for it in the long run.
These brave women have had the courage to break a barrier. God bless their work!
Al Watan staff
KUWAIT: The Support Authority at the Ministry of Interior held an open day on Wednesday for the parents of the first group of female cadets who joined the police academy this year. The event was held under the patronage of Undersecretary for Training and Education Brigadier Sheikh Ahmad AlـNawaf AlـSabah.
Brigadier Yusuf AlـMudhika welcomed the parents and sponsors of the event and said that Kuwait is grateful to the Kingdom of Bahrain for “making this dream a reality.” Bahrain has provided Kuwait with muchـneeded expertise in this field as it has already established a police academy for female cadets.
AlـMudhika explained that the new training for women has been designed to conform with Islamic teachings, customs and traditions and that the female cadets have proved to be as efficient and punctual as their male counterparts. He also referred to the curriculum and their daily timetable and said that their uniform has also been carefully selected to suit the cadets and that military accessories are being used to give a professional and disciplinary appearance.
He also mentioned the CCTV cameras within the academy and said that the parents had toured the cadets” dorms and shown satisfaction with their daughters” daily activities and their living quarters.
Last updated on Friday 14/11/2008
State Blocks Diwaniyas on State Land
I can understand the state not wanting to allow the people to build on public land, land reserved to preserve right of way, land reserved for parks, land to protect the ability to see around a corner. We watched all the illegal diwaniyas come down in our area, carted away on trucks, to be replaced with outdoor diwaniyas, which are lovely – but what to do when the temperatures start going up again?
Many of our friends have diwaniyyas – one – or more (!) built into their homes. An outdoor diwaniya is a luxury if you have the space for it. It looks to me like more homes are being built with a permanent diwayiya designed to match the house.
My real question is – How does this differ from the chalets? Are the chalets not also built on state property? Is there a bureau from which you get a permit? Is there any contractual understanding, like the land is deeded to you for 99 years before you put up an expensive chalet? Or do you build, knowing the government can reclaim that land at any time?
State succeeds in blocking diwaniyas bill
Al Watan staff
KUWAIT: The Parliament rejected a controversial draft law on Wednesday that called for regulating the construction of private diwaniyas on State property.
After a discussion, the proposal was overruled by a vote of 34 against and 26 in favor.
A number of MPs had presented the proposal, which was aimed at allowing the construction of private diwaniyas on State property adjacent to owners” homes provided that a license is obtained from the Ministry of Finance in exchange of an annual fee of no more than 0.250 Kuwaiti dinars per square meter.
Moreover, the Parliament also rejected a proposal to form a committee to investigate violations committed by the team tasked with removing all structures that have been illegally built on State property.
This proposal was voted down by 35 of the 61 legislators who were present at the session.
Earlier, the Parliament”s Finance and Economic Affairs Committee had rejected the draft law regulating the construction of private diwaniyas on State land, saying that it will have a negative impact regardless of the traditions related to these forms of gathering places.
It said the construction of these structures on State property will increase security, administrative and financial burdens on the State.
This issue was first discussed during Tuesday”s Parliament session, but a lack of order in the Abdullah AlـSalem Hall led to an adjournment of the session.
The Kuwaiti government had opposed the bill since the beginning, saying it bears many implementation difficulties and encourages encroachments on State property in a disorganized fashion.
Last updated on Thursday 13/11/2008
Post Sunrise November 13, 2008
It’s a little chilly this morning and the Qatteri Cat is cuddled up next to me, right on my left typing arm, so I am pecking away as best I can. It’s another beautiful day – and, as forecasted, there are small, light, fluffy clouds gathering – and a 20% chance of rain tomorrow. Here is what this morning looks like in Kuwait:
Have a great day, Kuwait!
Kuwait Sunrise November 12 2008
Yesterday had to be one of the loveliest days I have spent in Kuwait – driving down the highway, car full of friends, wind blowing in our hair – what a great day. It looks to me like we have another beautiful day coming:
At 0630 it was only 59° F / 15°C, which I also see is close to the high temperature expected in Seattle. Whoa! Get out the sweaters!
Goooood Monring, Q8!
Don’t Worry, Be Happy – Keeping Things in Perspective
This was sent to me today by a mentor from long ago. If you have any reason to feel sorry for yourself, you must see this. I dare you to watch it. It really puts things into perspective:
The Feast of St. Martin, and St. Martin’s Goose
I’ve always loved St. Martin’s Day because the children of the villages in Germany gather with laterns and walk the cobbled streets singing a song “Laterne! Laterne! . . . .” There is usually someone dressed in a large red cloak who rides a horse, as St. Martin.
Something else happens on St. Martin’s Day – it is the beginning of goose season! There is only about one month, in Germany, when you can eat this speciality, St. Martin’s Goose. It is baked, served with a very fatty gravy (sounds horrible, but it is delicious), red cabbage and potatoes. You can get a quarter goose, a half goose or you can go as a group and have an entire goose feast. The smell of roasting goose is yummy, and the goose itself, when well prepared, is succulent and tasty.
Here is how to roast a St. Martin’s goose:
Preparation: 1 hour
Cooking: 1/2 a hour by kg
Ingredients (for 6 persons):
– 1 goose of 6kg approximately
– 500 g of chopped pork – 1 egg – 4 shallots
– 1 small stalk of thym
– 200 g of crumb of bread (or gingerbread!)
– salt, pepper, nutmeg, parsley
– 100g of walnuts and chopped hazelnuts
Mix the various ingredients of the practical stuffing. Stuff, and let it gild on all the surface in its fat of goose, in the owen. Put then the goose in the oven and cook in its own juice (half an hour by kg). It came from This Website on European Cultures.
The stuffed goose uses surrounded with purée of chestnuts or with whole chestnuts cooked in a little broth then in the juice of the goose and accompanied with a Riesling of Moselle region.
Here is the story of St. Martin by James Kiefer from the Lectionary.
(I’ve always wondered why St. Martin tore his cloak in half, and didn’t give the whole cloak to the begger, since he probably had on warm clothing underneath.)
MARTIN OF TOURS
BISHOP AND THEOLOGIAN (11 NOV 397)
Martin was born around 330 of pagan parents. His father was a soldier, who enlisted Martin in the army at the age of fifteen. One winter day he saw an ill-clad beggar at the gate of the city of Amiens. Martin had no money to give, but he cut his cloak in half and gave half to the beggar. (Paintings of the scene, such as that by El Greco, show Martin, even without the cloak, more warmly clad than the beggar, which rather misses the point.) In a dream that night, Martin saw Christ wearing the half-cloak. He had for some time considered becoming a Christian, and this ended his wavering. He was promptly baptized. At the end of his next military campaign, he asked to be released from the army, saying: “Hitherto I have faithfully served Caesar. Let me now serve Christ.” He was accused of cowardice, and offered to stand unarmed between the contending armies. He was imprisoned, but released when peace was signed.
He became a disciple of Hilary of Poitiers, a chief opponent in the West of the Arians, who denied the full deity of Christ, and who had the favor of the emperor Constantius. Returning to his parents’ home in Illyricum (Yugoslavia, approximately), he opposed the Arians with such effectiveness that he was publicly scourged and exiled. He was subsequently driven from Milan, and eventually returned to Gaul. There he founded the first monastary in Gaul, which lasted until the French Revolution.
In 371 he was elected bishop of Tours. His was a mainly pagan diocese, but his instruction and personal manner of life prevailed. In one instance, the pagan priests agreed to fell their idol, a large fir tree, if Martin would stand directly in the path of its fall. He did so, and it missed him very narrowly. When an officer of the Imperial Guard arrived with a batch of prisoners who were to be tortured and executed the next day, Martin intervened and secured their release.
In the year 384, the heretic (Gnostic) Priscillian and six companions had been condemned to death by the emperor Maximus. The bishops who had found them guilty in the ecclesiastical court pressed for their execution. Martin contended that the secular power had no authority to punish heresy, and that the excommunication by the bishops was an adequate sentence. In this he was upheld by Ambrose, Bishop of Milan. He refused to leave Treves until the emperor promised to reprieve them. No sooner was his back turned than the bishops persuaded the emperor to break his promise; Priscillian and his followers were executed. This was the first time that heresy was punished by death.
Martin was furious, and excommunicated the bishops responsible. But afterwards, he took them back into communion in exchange for a pardon from Maximus for certain men condemned to death, and for the emperor’s promise to end the persecution of the remaining Priscillianists. He never felt easy in his mind about this concession, and thereafter avoided assmblies of bishops where he might encounter some of those concerned in this affair. He died on or about 11 November 397 (my sources differ) and his shrine at Tours became a sanctuary for those seeking justice.
The Feast of Martin, a soldier who fought bravely and faithfully in the service of an earthly sovereign, and then elisted in the service of Christ, is also the day of the Armistice which marked the end of the First World War. On it we remember those who have risked or lost their lives in what they perceived as the pursuit of justice and peace.
Veteran’s Day Sunrise
This is for you, AdventureMan, your own Veteran’s Day sunrise.
To anyone who has ever served in a nation’s armed forces. We salute you. Today and every day, we honor the service you gave to your country.
If you talk to any Kuwaiti veteran of the Gulf War and Liberation in Kuwait, you will learn that even a very short time in service can be a transformational experience. Those memories are vivid, and last the rest of your life.
Have a great day, Kuwait.
Better Watch Out! Traffic ambushes!
Think they will also be watching for mobile phone users? This is from today’s Al Watan
Al Watan staff
KUWAIT: Kuwait City Traffic Department launched a security campaign on Sunday morning against reckless drivers. Under the leadership of First Lieutenant Khalifa AlـSabah, several ambushes were set on the Second Ring Road where 37 citations were issued for drivers for violating traffic laws. A security source informed Al Watan that several ambushes would be set up in different locations in the area during the next few days to eliminate the phenomenon of irresponsible drivers who threaten other motorists and pedestrians” lives.
Drizzle!
It’s a beautiful morning, but maybe a little wet in some areas. Drive carefully, Kuwait!
The sunrise – again – was gorgeous:
“Look at that contrast!” said AdventureMan, as we finished our morning prayers. The threatening overcast made the sea and sky almost all one color, and the wake stands out brightly:
And while many are bemoaning the rain, it is so needed in dry Kuwait. Here is what the weather picture is for right now:
Have a great Monday, Kuwait!
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