Middle East

“The Biggest Growth Opportunity in the History of Capitalism”

"While America’s middle class is disappearing, there’s a whole new middle class rising around the globe. Over the past two decades, urbanization and market-oriented economic policies have powered the growth of this new consumer class. This new middle class is demanding access to clean water, clothing, TVs, health care, housing, food … you name it. McKinsey Global Institute calls the rise of this new middle class 'the biggest growth opportunity in the history of capitalism … an economic force that’s over 1,000 times as big as the Industrial Revolution.'" Continue reading →

Continue Reading“The Biggest Growth Opportunity in the History of Capitalism”

Dubai’s gold trade waits on India windfall

"UAE’s gold and jewellery trade aims to be a direct beneficiary as India imposes further controls on domestic consumption of the metal in all its forms. But the spin-off for local jewellers will not be confined to tapping demand from Indian shoppers who want to make use of the growing price differential. 'We have heard reports about new controls on gold purchases in Pakistan and higher taxes elsewhere in south-east Asia, all of which significantly raises the attractiveness of buying jewellery here and then taking it back to their home countries,' said Shamlal Ahmad, director of international operations at Malabar Gold and Diamonds." Continue reading →

Continue ReadingDubai’s gold trade waits on India windfall

Obama DOJ Asks Court to Grant Immunity to George W. Bush For Iraq War

"In court papers filed today (PDF), the United States Department of Justice requested that George W. Bush, Richard Cheney, Donald Rumsfeld, Colin Powell, Condoleezza Rice and Paul Wolfowitz be granted procedural immunity in a case alleging that they planned and waged the Iraq War in violation of international law. Plaintiff Sundus Shaker Saleh, an Iraqi single mother and refugee now living in Jordan, filed a complaint in March 2013 in San Francisco federal court alleging that the planning and waging of the war constituted a 'crime of aggression' against Iraq, a legal theory that was used by the Nuremberg Tribunal to convict Nazi war criminals after World War II." Continue reading →

Continue ReadingObama DOJ Asks Court to Grant Immunity to George W. Bush For Iraq War

The Impending Collapse of the Global “Bernanke Bubble”

"In the past few months, the Turkish lira has depreciated by 4.5% against the dollar, while its dollar-denominated debt stands at $172 billion or 22% of its GDP. Goldman Sachs forecasts a further 15% fall in the Turkish lira, spurring a financial crisis as it becomes more and more expensive to buy dollars to service these loans, most of which are short term. Furthermore, 'some of the biggest beneficiaries of the Fed’s largess were . . . among the politically connected elite in emerging nations like Turkey, where vanity towers, glitzy shopping malls and even grander projects to come have become representative of the nation’s new dynamism.'" Continue reading →

Continue ReadingThe Impending Collapse of the Global “Bernanke Bubble”

Saudi Arabia ready to replace Western military and economic aid to Egypt

"Saudi Arabia and other Gulf countries welcomed Egypt’s ouster of Morsi, which infuriated supporters of the Muslim Brotherhood’s president and sent them to the streets. King Abdullah was the first leader to send a message of congratulations to caretaker president Adly Mansour, who was appointed shortly after the army deposed Morsi following nationwide protests. Saudi Arabia later announced an aid package of $5 billion to Egypt. Kuwait and the United Arab Emirates followed suit, bringing the pledges made by the three oil-rich Arab states of the Gulf to $12 billion. The Saudi monarch pledged on Friday the kingdom’s support for Egypt’s fight against 'terrorism'." Continue reading →

Continue ReadingSaudi Arabia ready to replace Western military and economic aid to Egypt

McCain and Graham flipflop on aid to Egypt– after AIPAC speaks up

"Two conservative senators, John McCain and Lindsey Graham, went to Egypt this week to urge Egyptian leaders to show more respect for democracy. McCain and Graham may be Republicans, but they have a lot of clout. They were reported to have the blessing of the Obama administration in making this embassy. Why do they have such clout? One reason is that they are extremely responsive to the Israel lobby. In fact, both men lately flipflopped on a principled statement-- cutting off aid to Egypt -- evidently at the urging of AIPAC, the leading Israel lobby organization." Continue reading →

Continue ReadingMcCain and Graham flipflop on aid to Egypt– after AIPAC speaks up

Al-Jazeera set to tackle U.S. market with stories ignored by mainstream media

"With a cast of TV news stars, deep pockets and an ambitious agenda, Al-Jazeera launches its US news channel on Tuesday, aiming to shake up the broadcast journalism market stateside. The US cable channel will reach more than 40 million households and vastly expands the footprint of the Qatar-based media group, despite questions about how it will be received by American viewers. But the selling point will be long-form reporting of stories overlooked by other news organizations. 850 staff have been hired for 12 US bureaus, and will draw on 70 bureaus worldwide to give Al-Jazeera unmatched scale." Continue reading →

Continue ReadingAl-Jazeera set to tackle U.S. market with stories ignored by mainstream media

Al-Jazeera set to tackle U.S. market with stories ignored by mainstream media

"With a cast of TV news stars, deep pockets and an ambitious agenda, Al-Jazeera launches its US news channel on Tuesday, aiming to shake up the broadcast journalism market stateside. The US cable channel will reach more than 40 million households and vastly expands the footprint of the Qatar-based media group, despite questions about how it will be received by American viewers. But the selling point will be long-form reporting of stories overlooked by other news organizations. 850 staff have been hired for 12 US bureaus, and will draw on 70 bureaus worldwide to give Al-Jazeera unmatched scale." Continue reading →

Continue ReadingAl-Jazeera set to tackle U.S. market with stories ignored by mainstream media

Muslim Brotherhood pushes for more protests after bloody ‘Day of Rage’

"The Muslim Brotherhood defiantly called for a week of protests across Egypt starting on Saturday, a day after more than 100 people died in clashes between Islamists and the security forces. Undeterred by the bloodshed in which about 700 have been killed since Wednesday, the Brotherhood urged its supporters back onto the streets to denounce the overthrow of Islamist President Mohamed Mursi and a crackdown on his followers. Saudi Arabia threw its weight behind the army-backed government on Friday, accusing its old foe the Muslim Brotherhood of trying to destabilize Egypt. The Coptic Church authority 'strongly supports the Egyptian police and armed forces'." Continue reading →

Continue ReadingMuslim Brotherhood pushes for more protests after bloody ‘Day of Rage’

Four suspected Egyptian militants killed in first confirmed Israeli drone strike

"Although reports of Israeli drone use over Sinai have surfaced in the past, this is the first to come with official acknowledgement. In a statement on its website, the jihadist Ansar Beit al-Maqdis group confirmed that its militants had been the target of the Friday strike. It listed the name of four fighters who had been killed. Security officials said that the attack had taken place with the consent of the Egyptian authorities, Reuters and the Associated Press reported. If true, this level of cooperation would be a departure from that experienced under the rule of President Mohamed Morsi, ousted during a military takeover last month." Continue reading →

Continue ReadingFour suspected Egyptian militants killed in first confirmed Israeli drone strike