U.S.-Israeli "special relationship" damaged by Iran factor

by David Harris

JERUSALEM, May 6 (Xinhua) -- The traditionally warm ties between the United States and Israel have been strained since U.S. President Barack Obama and Israeli Prime Minister Benjamin Netanyahu both came into office earlier this year. The tension has increased with an apparent difference of opinion on linkage between the Palestinian issue and Iran's nuclear program.

While the two subjects are seemingly unrelated, the Netanyahu government has made clear it sees Iran as the number-one topic that needs tackling immediately. However, the Obama administration argues the two issues must be dealt with simultaneously.

Washington's bid to smooth ruffled feathers went into full gear on Tuesday, when Obama hosted his Israeli counterpart Shimon Peresat the White House. Later this month he will also meet Netanyahu.

As Peres was meeting Obama, U.S. Vice President Joseph Biden and other officials, the United States was making clear what it expects of Israel on the nuclear front.

Following the Obama-Peres parley, the White House issued a statement which included reference to an exchange of views "on the opportunities and challenges, including the pursuit of a comprehensive peace in the Middle East and Iran's nuclear program that the present moment presents to achieving our countries' shared goal of peace and security for Israel and all of its neighbors."

"When Netanyahu meets Obama, he will ask him, and justifiably so, 'you say it's advantageous to build relations with Iran. How?'" said former Israeli foreign minister Shlomo Ben-Ami.

"I don't think Obama has clear answers," said the professor, who is currently vice president of the Toledo International Center for Peace in Spain.

Believing that Iran has a secret nuclear weapons program, the Netanyahu government wants to see Washington pushing for stricter sanctions against Tehran. Ben-Ami and other Middle East watchers say that is the best Israel can hope for from the United States.

"I don't see the Obama administration opting for military action against Iran," said Ben-Ami. "If the last U.S. administration didn't go for it and specifically told Israel not to attack Iran, then I can't see it happening under Obama."

Meanwhile, speaking at the third session of the preparatory committee for the 2010 Nuclear Non-Proliferation Treaty (NPT) Review Conference, U.S. Assistant Secretary of State Rose Gottemoeller said on Tuesday her government expects Israel to join the NPT.

Universal adherence to the NPT itself -- including by India, Israel, Pakistan and the Democratic People's Republic of Korea -- also remains a fundamental objective of the United States, she said during the gathering at UN headquarters in New York.

This is part of the carrot and stick operation which analysts believe Obama is using in dealing with Israel; the carrot being sanctions against Iran.

As Israel continues to stress the Iranian theme, the Palestinians are urging Washington to push the Palestinian conflict to the top of the agenda.

"I am not criticizing Obama's suggestion (of dealing with the Iranian and Palestinian tracks at the same time) but we as Palestinians feel ours is a very important conflict and resolving it will help pacify the region a lot," said Muhammad Dajani, a political scientist at the Palestinian Al-Quds University.

"If there's calm here, it will lead to negotiations around the Middle East and help with the dialogue with the Iranians," said Dajani, adding that Palestinians are of the opinion that Netanyahuhas adopted the Iran-first argument as "a way to buy time to further establish the occupation."

However, Ben-Ami does not believe Netanyahu is deliberately trying to create disagreements with Obama as a time-wasting exercise or for any other reason.

"The Israel of Netanyahu is not heading for confrontation with Obama," he said.

In order for that to be the case, Netanyahu will have to at least give some lip service to compromise when in Washington later this month.

Biden has already made clear the U.S. policy agenda regarding the Israeli-Palestinian conflict. He chose to do so on Tuesday when he attended the annual conference of American Israel Public Affairs Committee (AIPAC), the main pro-Israel lobby in the United States.

While talking of the "bond" between Israel and the United States and advocating the Arab world makes "real gestures," he also called on Israel to "not build more settlements, dismantle existing outposts and allow the Palestinians' freedom of movement...This is a 'show me' deal -- not based on faith -- show me," he said.
Source : China view

India seeks Saudi help on Haj passports

Siraj Wahab, Arab News

JEDDAH: Minister of State for External Affairs E. Ahamed yesterday called on the Saudi government to exempt Indians intending to perform Haj 2009 from having international passports.

The Kingdom recently ruled that only those having valid international passports would be allowed into the country for the pilgrimage. The government said the step was taken for security measures.

Until last year, pilgrims from many countries, including India, were allowed into the Kingdom on a passport of limited validity. In India, these passports are known as “pilgrim passes” and are issued without going through the cumbersome and time-consuming bureaucratic process of acquiring an international passport.

In his meeting with Deputy Haj Minister Hatem Qadi here yesterday, Ahamed sought to postpone for Indian pilgrims the application of this rule by one year. “I explained to the Saudi authorities the difficulties our pilgrims face in acquiring international passports. Most of our pilgrims are from rural areas and it is very difficult for them to acquire international passports at such short notice.”

Speaking to Arab News, Ahamed said India would ensure that all pilgrims coming for Haj 2010 had international passports. “We are only asking for a one-year waiver because it is practically impossible for those who have applied for Haj this year to get international passports in time,” he said.

The minister said the Saudi deputy Haj minister had promised to look into Indian government’s request. “It will be actively considered,” Ahamed quoted the deputy Haj minister as saying.

Other countries too have requested Saudi Arabia to relax the international passport ruling for pilgrims. “However, coming from India, the request will definitely be carefully looked at,” said Ahamed. “I have come here in person just to make this request. We have excellent ties with the Kingdom and I am very hopeful Saudis will understand our situation.”

A series of delegations comprising top Indian Muslim religious leaders have met officials at the Saudi missions in New Delhi and Mumbai making a similar request.

If the Saudi government does not agree to the waiver, then the Indian Haj Committee chief Iqbal Ahmad Saradgi said he would request his government to simplify the procedure for issuing international passports.

“As everybody knows, the procedure for getting a normal passport is very time-consuming and complex; it could cause great hardship to a large number of pilgrims, especially those coming from rural areas,” said Saradgi.

Hillary Clinton recognizes Indonesia`s economic role

Jakarta (ANTARA News) - Senator Hillary Rodham Clinton in her statement when testifying as secretary of state nominee at the US Senate`s Foreign Relations Committee in Washington DC, last Tuesday (jan. 13), recognized Indonesia`s role in dealing with the global economic crisis.

"We know that emerging markets like China, India, Brazil, South Africa, and Indonesia are feeling the effects of the current crisis. We all stand to benefit in both the short and long term if they are part of the solution, and become partners in maintaining global economic stability," she said.

"For too long, we have merely talked about the need to engage emerging powers in global economic governance; the time to take action is upon us. The recent G-20 meeting was a first step, but developing patterns of sustained engagement will take hard work and careful negotiation," she added.

Indonesia`s President Susilo Bambang Yudhoyono attended the G-20 Summit on the global economic crisis which was held in Washington DC, last November 2008.

In her statement Hally Clinton also recalled President-elect Obama`s mother, Ann Dunham, who had worked in Indonesia from late 1960s until early 1990s. Clinton called Ann Dunham as a pioneer in micro finance in Indonesia.

"As a personal aside, I want to mention that President-elect Obama`s mother, Ann Dunham, was a pioneer in micro finance in Indonesia. In my own work on micro finance around the world - from Bangladesh to Chile to Vietnam to South Africa and many other countries - I`ve seen firsthand how small loans given to poor women to start small businesses can raise standards of living and transform local economies," she said.

"President-elect Obama`s mother had planned to attend a micro finance forum at the Beijing women`s conference in 1995 that I participated in. Unfortunately, she was very ill and couldn`t travel and sadly passed away a few months later. But I think it`s fair to say that her work in international development, the care and concern she showed for women and for poor people around the world, mattered greatly to her son, and certainly has informed his views and his vision. We will be honored to carry on Ann Dunham`s work in the months and years ahead," she said.

The Senate is expected to confirm Hillary Clinton as the new US Secretary of State after the presidential inauguration of Barack Obama on January 20, 2009.

BEST ISLAMIC FINANCIAL INSTITUTIONS IN INDIA (GLOBAL FINANCE 2008) : Kotak Mahindra

Kotak Mahindra is one of India's leading financial conglomerates, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates.

The group has a net worth of over Rs. 6,184 crore, employs around 20,000 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across cities and towns in India and offices in New York, London, San Francisco, Dubai, Mauritius and Singapore. The Group services around 5.6 million customer accounts.

Kotak Mahindra, one of India's largest financial conglomerates, has paved the way for Middle Eastern and other foreign investors to enter India's equity markets through shariah-compliant offshore funds. The firm's UK subsidiary was the first Indian institution to set up operations at the Dubai International Financial Center. Kotak Mahindra (International) has had a branch in Dubai for more than a decade. Despite its large Muslim population, India has been slow to introduce Islamic banking services, which are mainly limited to the cooperative sector.

Kotak Mahindra ( UK ) Limited (KMUK), has been licensed by the Dubai Financial Services Authority to conduct its operations from its branch in Dubai International Financial Centre.

It is the first Indian institution to set up at DIFC. This announcement was made by Mr Shyam Kumar, Director, KMUK in Dubai today.

Commenting on the initiative, Mr. Shyam Kumar said,

'Dubai International Financial Centre (DIFC) has created a global financial hub at Dubai. With its global infrastructure, DIFC is attracting most major international finance organisations to set up operations here. Kotak Mahindra has a strong commitment to be a part of this growing financial hub. We already have a presence in Dubai through Kotak Mahindra (International) Limited for over a decade now. The opening of the KMUK branch will further strengthen our presence here. '

Under the directions of His Highness General Sheikh Mohammed Bin Rashed Al Maktoum, Crown Prince of Dubai, UAE Defense Minister, and the President of the DIFC; a strategic Islamic Finance Advisory Council has been formed comprising key personalities from the industry to jointly work with the DIFC on matters relating to the development of Islamic Finance.

Global financial community turns towards Middle East

Continuing with the financial community's interest in the MENA region, NASDAQ OMX is hosting its first ever Middle East Investor Conference on 20 November in Dubai.

As the single largest exchange entity worldwide, NASDAQ OMX offers a full suite of capital raising solutions to publicly traded companies around the world.

The event, held jointly with the NASDAQ Dubai, will provide the Middle Eastern investor community with the opportunity to meet with and learn more about the strategies of several leading listed companies, as well as learn more about NASDAQ Dubai's exciting new equity derivatives initiative. The regional potential for exchange-traded funds will also be discussed.

The NASDAQ OMX Middle East Investor Conference further supports this growing interest by bringing together private and institutional investors with regional businesses within a networking and information exchange forum.

NASDAQ OMX has been hosting investor programs in Europe and Asia for over 13 years and they have grown to become the largest institutional investor programs for U.S. equities in Europe. In 2008 alone, the NASDAQ OMX international investor programs will have hosted over 130 NASDAQ-listed companies.

In addition to the conference discussion panels and many high level-networking opportunities, investors from the Middle East will be offered access to the senior management of many leading companies in the form of private one-to-one meetings.The day will conclude with an Opening Bell Ceremony for The NASDAQ Stock Market. It marks the first time a global exchange has opened its market remotely from Dubai.

The Bell Ceremony will take place at the DIFC Gate and will be broadcast live in New York's Times Square and around the globe.

Presentations will be made by the senior management of 28 companies, from across the

These participating panelists, will not only be in the optimal position to secure investment funds to fuel their continued growth, but as well, serve as corporate ambassadors for the region by building strategic relationships with business leaders, key investors, and with local and international business media.

Being such an integral facilitator of both financial jurisprudence as well as global liquidity, both at the corporate and investor levels, it is no wonder that NASDAQ OMX has turned its focus to one of the remaining economic dynamic regions of the world.

The GCC countries continue to enjoy growth and liquidity due to a spate of profitability in recent years, coupled with budget surplus supported by high oil and commodity prices, and an economic diversification policy that has decreased the reliance on oil-based income, according to reports.

NASDAQ Dubai is a strategic union that will offer investors everywhere greater exposure to Middle Eastern companies, while simultaneously positioning MENA region businesses for a broader pool of capital raising possibilities.

The rebranding NASDAQ Dubai is instrumental in putting the spotlight on MENA based companies and helping them attract investor interest and raise capital.

In addition to a more liquid financial context, comparatively speaking, the GCC continues to house companies that are seeking expansionary and operational financing.

Investors cashing in on the opportunity to pick up equities and other securities at a fraction of their market values mere months ago, and with growth potential, are answering the call.

Many multinationals that have set up establishments in the UAE in recent years, a number of local and regional companies have also established their presence on the MENA corporate horizon, with grand ambitions and the desire to raise the necessary capital to achieve them.

Finally, the events of this week-the NASDAQ Dubai rebranding, the Middle East Investor Conference, and the opening bell ceremony - all indicate the beginning of a fruitful relationship between Dubai and New York, and other global exchange capitals.
Source : Sukuk.net

UAE may look to invest in US markets

DUBAI // The UAE has remained upbeat in its financial outlook and is looking to invest in US and European markets.

But a key figure in the capital has admitted feasibility of projects is being assessed because of the global financial crisis.

Soud Ba’alawy, executive chairman of Dubai Group, the diversified financial company of Dubai Holding, and Sameer al Ansari, the head of Dubai International Capital, indicated the UAE could weather the world financial crisis and look to invest in the US markets.
The two have been attending the inaugural Summit on Global Agenda, hosted by the World Economic Forum and the Dubai Government.

“There will be fantastic opportunities in the next 12 to 18 months ... and that is not exclusive to Europe and North America. There will be fantastic opportunities in Russia, India, China and this region,” Mr Ansari, who controls about US$13 billion (Dh47.75bn) in assets, said at the summit.

He said his company had done very little in 2008 and would wait until 2010 to invest in foreign markets as prices hit rock bottom.

Mr Ansari said Dubai’s estimated Dh70 billion debt was manageable and it would not need to be bailed out as the credit crunch hit the GCC.

Mr Ba’alawy said availability of cash and low interest rates could help the UAE to weather the crisis, then recover quicker than expected.

Hussain al Nowais, the chairman of Emirates Holdings and a member of the Abu Dhabi Council for Economic Development, said on the opening day of the summit Abu Dhabi was considering mergers in its banking and financial services sector because of the global crisis.

“I think the credit crisis will help us reflect and make sure the projects we are proceeding with are attractive and feasible,” Mr Nowais told Reuters news agency.
“The fundamentals of the economy are strong.”

There has been speculation the credit crunch will force banks in the region to consolidate, with tight lending conditions and slower project funding.

In September, there were rumours that the Abu Dhabi Commercial Bank would merge with the larger National Bank of Abu Dhabi to create the biggest lender in the UAE. Both banks denied it.

Addressing the opening of the inaugural Summit on Global Agenda, Sheikh Mohammed Bin Rashid, the Vice President of the UAE and Ruler of Dubai, blamed financial policies, and not flaws in the economy, for the global financial crisis.

“I am not saying that we must have a protected economy but [we should] promote a process of co-operation to protect regional and international economies,” Sheikh Mohammed said.

There has been speculation the credit crunch will force banks in the region to consolidate, with tight lending conditions and slower project funding.

In September, there were rumours that the Abu Dhabi Commercial Bank would merge with the larger National Bank of Abu Dhabi to create the biggest lender in the UAE. Both banks denied it.

Addressing the opening of the inaugural Summit on Global Agenda, Sheikh Mohammed Bin Rashid, the Vice President of the UAE and Ruler of Dubai, blamed financial policies, not flaws in the economy, for the global financial crisis.

“I am not saying that we must have a protected economy but [we should] promote a process of co-operation to protect regional and international economies,” Sheikh Mohammed said.

Economics and finance were among the key topics to be discussed by more than 700 experts from academia, business, government and society during the three-day conference that ends tomorrow.

Klaus Schwab, founder and executive chairman of the World Economic Forum, said: “This is an exciting and historic venture, made more timely by recent events.

“The challenges faced by the world today are more complex, more interrelated, more intractable than ever before.

“In these crucial times, what we want to do is find the right formula with transparency so that the next generation can benefit. We just have to look at the global financial crisis to see we need to do something about our future.”

Mr Klaus, speaking on the opening day, highlighted the importance of the role developing countries such as the United Arab Emirates could play in framing the future.

“Strong emerging countries have a say on how the future is shaped, and one of the reasons why we will have the summit in Dubai is because the country here has a vision and a strong growth potential,” he said.

Health, religious extremism and social values are also on the agenda for what will become an annual event. Delegates will select the 10 most important ideas for improving the state of the world.

“Problems in the world usually start in the developed countries and then hit the emerging, or developing countries,” said Mohammed Alabbar, member of the Dubai Executive Council and chairman of Emaar, who used as an example the current global economic crises that started with the crash of the US housing market.

“Dubai is a perfect place for such a historic meeting, which comes at a time when the world is facing challenges that have no parallel,” he added.

Ideas from the summit, which is held in partnership with the Government of Dubai and took 11 months to plan, will be presented at annual meeting of the World Economic Forum in Davos, Switzerland, in January.
Source : The National