UAE?s non-oil trade surges 22%

The UAE?s non-oil foreign trade shot up 22 per cent to Dh600.1 billion in the first eight months of 2011 compared from Dh492.5 billion in the same period of the previous year, according to Federal Customs Authority statistics.

Imports rose 22 per cent from Dh317.5 billion to Dh386 billion during the same period. Exports shot up 40 per cent from Dh53.6 billion to Dh75.2 billion and re-exports grew 15 per cent from Dh121.4 billion to Dh139 billion during the same period.

The UAE?s total foreign trade in August 2011 totalled Dh 76.2 billion, up 14 per cent from Dh66.5 billion in the same same month of the previous year.? Imports in August 2011 rose 18 per cent to Dh48.9 billion while exports improved 15 per cent to Dh10.4 billion. Re-exports edged up four per cnt to Dh16.8 billion.

FCA statistics indicate that India, China, the US, Japan, Germany, South Korea, the UK, Italy, Switzerland, and France topped exporters' list to the UAE in August 2011 with a total value of Dh29.4 billion, or 60 per cent of the UAE?s total imports.

In non-oil exports, India, Switzerland, Saudi Arabia, Iran, Kuwait, South Africa, Iraq, Thailand, Turkey, and Hong Kong topped the list of importers from the UAE with Dh7.7 billion, accounting for 74 per cent of UAE exports.

India, Iran, Belgium, Iraq, Hong Kong, Afghanistan, Saudi Arabia, Switzerland, Kuwait, and Qatar topped the list in re-exports with Dh12.4 billion, representing 73 per cent of the UAE total re-exports.

The total value of UAE?s-GCC non-oil foreign trade was Dh4.8 billion in August, 2011, of which Dh2.2 billion was imports, Dh1.1 billion exports and Dh1.5 billion re-exports. Saudi Arabia maintained its first rank among GCC region's trading partners with a total value of Dh2 billion in August 2011. Kuwait came second with Dh799 million, followed by Oman (Dh727 million), Bahrain (Dh679 million) and Qatar (Dh559 million).

The UAE?s total foreign trade with Arab countries amounted to Dh9.5 billion in August, 2011, with Dh5 billion in imports, Dh1.8 billion in exports and Dh2.7 billion in re-exports.

Saudi Arabia topped the list of Arab states non-oil trade with the UAE, followed by Iraq, Morocco, Sudan, Oman, Bahrain, Kuwait, Qatar, Egypt, and Comoros.
Preliminary statistical data for August 2011 showed that gold ranked first among imports with a value of Dh9.4 billion, followed by diamonds (Dh4.2 billion), cars (Dh2.6 billion), ornaments and jewelry (Dh1.3 billion) and telephone sets (Dh659 million).

Gold, according to FCA, also came first among exports in August 2011 with Dh6.6 billion, followed by petroleum oils and other derivatives (Dh334 million), and ornaments and jewelry (Dh173 million).

In re-exports, diamonds came first Dh5.2 billion followed by ornaments, jewellery and related products Dh 934 million, cars (Dh931 million) and telephone sets (Dh784 million).

The total trade of UAE free zones and markets in August 2011 amounted to Dh1.3 billion.
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Source: http://www.emirates247.com/news/government/uae-s-non-oil-trade-surges-22-2012-01-08-1.436437

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Using Buffett's Favorite Ratio To Analyze Apple And Its Industry

Many years ago while reading the Berkshire Hathaway (BRK.A) 1986 Letter to Shareholders, I discovered Warren Buffett?s ratio, which he calls "Owner Earnings". And to my amazement, in a little footnote Mr. Buffett actually explains how to use it and basically states that it is one of the key ratios that he and Charlie Munger use in analyzing stocks.

Due to the popularity of my ?Buffett?s Favorite Ratio? articles, I have gotten many emails asking me to analyze Apple in that context. The following is my analysis of Apple (AAPL) and its industry using Mr. Buffett's ratio. For those new to this type of analysis please look here.

I would like to start this analysis by first showing everyone how Apple has done from a historical owner earnings perspective, going back to 1995: (Click to enlarge)

As you can see from the data above, buying Apple when its price to owner earnings broke below 15 in 2009 would have been the best time to buy its stock. Buying a company's stock when it breaks below that specific number on a price to owner earnings basis is key in doing this type of analysis. I proved that point in my back test of the DJIA 30 Index for the 60 year period of 1950-2009.

From a CapFlow perspective, Apple has consistently stayed below 50% since 2004 and the chart below will show you what that has meant for the company?s stock price: (Click to enlarge)

CapFlow is a key indicator of how management is conducting its cost controls. Had you been using this system at the time, you would have seen Apple's CapFlow drop from 84.62% in 2003 to 40.74% in 2004. Management cut costs by 51.85% in that year and proceeded to drop CapFlow in 2005 to 18.02%. This miraculously amounted to another drop of 55.78%. Management was clearly in charge of their destiny at the time because in just two years they were able to drop Apple's CapFlow by some 78.07%. This was a key breaking point for the company and because management has continued to keep the company's CapFlow low, it has been able to generate some serious Owner Earnings growth rates.

Before continuing with our analysis of Apple let us first look at their competitors and see how they are doing from an owner earnings perspective. The following is a table of the major companies that are in Apple?s Industry: (Click to enlarge)

As you can see from the table above, with my system you can zero in (within minutes) and know exactly which companies are the super stocks and which ones are the dogs with fleas. Western Digital (WDC) and Brocade (BRCD) are definitely dogs with fleas, as Western Digital comes in with two negative results and has a CapFlow of 122.64%. So one could say ?look out below!?

IBM (IBM) and Dell (DELL) are definitely super stocks as they are clearly putting up strong owner earnings numbers. Unlike Apple, Dell is concentrating on consumers who are looking for a low price point. In comparing the two, one finds that Dell's computers sell for about half of what Apple's do, but even so, Apple is winning in the owner earnings game because it gives its consumers "white glove" customer service and quality. In this world you get what you pay for.

IBM's long-time CEO recently retired and I am not sure how good its new CEO will be. So I will give her some time to show me what she can do before joining Mr. Buffett in buying it.

If you are looking for value plays, then Dell, Logitech (LOGI) and Seagate Technology (STX) have insanely low price to owner earning numbers. Had you done this analysis on Seagate back in September you would have had an amazing buying opportunity as the stock was only selling in the low teens. Here is a chart of Seagate that will clearly show you what can happen to you as an investor when you get the owner earnings numbers right: (Click to enlarge)

Finally one stock being pumped up by analysts is Hewlett Packard (HPQ) as Meg Whitman is now the CEO. But we need to give Meg some time to get things organized as the stock is still a value trap, in my opinion. I can say this because its FROIC is still too low for a tech stock and though its CapFlow is under 50%, it is not much below that. If Whitman can shed some assets that are underperforming and bring HP's FROIC up to 20%+, you may have a great turnaround story here.

Recently Apple's stock has been in a trading range even though its Owner Earnings numbers have been fantastic. I don't know if this is a result of its CEO Steve Jobs' passing, but I believe that I may have the answer as to why this may be happening. It can be attributed to the company having way too much cash on its balance sheet. This excess cash reduces the company's Main Street performance numbers because it effects its FROIC. Remember that FROIC measures owner earnings return on total capital. Total capital is basically long term debt + shareholder?s equity. Cash which returns 1% at best makes up the lion's share of Apple's total capital. In my opinion, Apple needs to either start making acquisitions of companies that have a FROIC of 20%+ or it needs to start paying a dividend. Until the company does that, I have decided to sit on the sidelines. As you can see, FROIC is actually expected to drop from 30.64% in 2011 to 27.96% for 2012, even though Apple's owner earnings are expected to grow at 27.02%.

You can?t really be expected to move much in the stock market if the return on half of your capital is growing rapidly and the other half is dead- growing at just 1%. It is an anchor on the stock, which can be remedied very quickly by paying a one-time $20 a share dividend to shareholders. Warren Buffett has this similar problem as Berkshire Hathaway (BRK.A) generates way too much cash. He solves this problem by being proactive about it and invests the cash in companies like IBM (IBM), Intel (INTC) or MasterCard (MA) which are all monster FROIC producers in their own right. If Apple's management decides not to pay out a dividend or buy out other companies, they should at least start buying stock in other companies which have tremendous FROIC. Until they do something about all that cash, the stock should remain in a trading range as much of its total capital is only earning 1% at best.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Disclaimer: Always remember that these are the results of our research based on the methodology that I have outlined above and in other articles previously published. This research is provided as an educational tool and should not be considered investment advice, but just the results of our research. There are many ways to analyze a stock and you should never blindly follow anyone?s work without doing your own due diligence or by seeking the help of an investment advisor, if you so need one.

Source: http://seekingalpha.com/article/318166-using-buffett-s-favorite-ratio-to-analyze-apple-and-its-industry?source=feed

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Socially Responsible Investing, J&J And Levaquin // Pharmalot

levaquinAn asset management firm that specializes in socially responsible investing has submitted a shareholder proposal to Johnson & Johnson in an attempt to force the health care giant to change its approach toward patients who were allegedly injured by its Levaquin antibiotic. So far, though, J&J has resisted the effort, according to The Star-Ledger of New Jersey.

The move comes as some 2,600 lawsuits have started to move through federal and state courts over allegations that the antibiotic causes severe and lasting tendon damage, among other side effects. Three months ago, a New Jersey state court jury ruled that J&J was not responsible for damage suffered by two men who took the antibiotic. The decision was the second consecutive verdict that the drugmaker won, although J&J lost the first trial (back story).

The extent of the litigation and the ensuing publicity - including a PBS segment - are what prompted Jack Ucciferri, director of research and advocacy for Harrington Investments, to submit the shareholder proposal. ?When something generates this much litigation and this much negative attention, maybe it?s time to take a look at whether the product is worth the hassle, and the expense,?? he tells the paper. ?We were appalled at the number of lawsuits.?? His firm manages a total of about 16,000 for various clients.

[UPDATE: We spoke with Ucciferri and he told us this: "People are in tears and they feel they have no recourse. They're getting shut out by the courts. By the amount of litigation there seemed to be something worthy of consideration. And this is an issue area that I'm going to be looking at more closely. I believe the more communication between management and boards and shareholders the better.

"Management does all it can to silence an issue rather than bring out in the open. The notion that filing a proposal that we would cost a company unnecessary resources just to discuss the potential dangers of a product is a scurrilous argument... When that happens, the shareholders pay the price. It's unfortunate we have to battle with management to such an extent."]

However, a J&J spokesman tells the paper that the health care giant has asked the US Securities and Exchange Commission to disqualify the proposal because safety issues concerning Levaquin have been addressed in product warnings. ?We?re very sensitive to the issues,?? he tells the paper. [UPDATE: Here is the shareholder proposal submitted by Harrington].

This is far from the first time that socially responsible investing has emerged as an issue for drugmakers. Generally, the topic is raised in connection with prescription-drug prices. Last year, for instance, several religious groups - including an order of Catholic nuns and a chain of Catholic hospitals - unsuccessfully attempted to pressure a few drugmakers to exercise price restraint and placed proposals for votes at annual shareholder meetings (see here).

Whether Harrington will prevail is unclear. Paul Hodgson, a senior research associate at GMI, a corpoate governance researcher at GMI, notes that shareholder proposals are often disqualified based on the SEC?s ordinary business rule, which applies when a company and regulators believe shareholders are trying to make decisions for management. However, he tells the paper, that ?if a drug is the subject of large litigation, it can affect the company?s bottom line and that is of concern to shareholders.??

Initially, the Levaquin labeling warned about possible risks of tendon ruptures, but an upgraded Black Box warning was added nearly four years ago, following a lawsuit filed against the FDA by Public Citizen, which sought warnings on the entire class of antibiotics called fluroquinolones, which includes Levaquin (see here and here).

Even if Harrington succeeds in seeing its proposal make it to the J&J proxy for a shareholder vote, there is no guarantee the issue will resonate. As Sid Wolfe of Public Citizen notes, Levaquin has been a consistently big seller - generating nearly $1.5 billion in sales last year, for instance. ?The company had every ability to do something earlier,? he tells the paper. ?But the truth is, the more warning there is on a drug, it will arguably reduce the use of it.?? Meanwhile, patent protection expired last year.

Source: http://www.pharmalot.com/2012/01/socially-responsible-investing-jj-and-levaquin/

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Republican Senator From Washington State Comes Out In Support For Gay Marriage Bill

Culture Buzz Senator Steve Litzow is the first Republican from Washington to announce his support for the state's gay marriage bill. Here's what he had to told the Seattle Times about his decision. Awesome.

Be the first of your friends to like this.

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Source: http://www.buzzfeed.com/mjs538/republican-senator-from-washington-comes-out-in-su

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Akai makes intentions clear with MPC Renaissance (video)

While the majority of technology execs are packing their cases for Vegas, for some it's all about Anaheim. Akai is clearly ramping up its NAMM campaign, outing the latest in its legendary MPC series: the Renaissance. While the new boy is no dumb controller -- it packs a full audio interface, USB hub and lots of I/O -- for the first time the MPC gets dedicated external software. Sound familiar? Well yes, it's no doubt a direct response to the popular Maschine hardware / software combo from Native Instruments, but Akai isn't just playing catch-up here. The new hardware includes a "vintage" mode that recreates some of that legendary MPC3000/60 crunch, and the standalone software comes with a massive sound library, instant VST mapping (so you can work with all your third-party synths) as well as the option to run in VST / AU / RTAS mode itself. If you're worried about the possible implications of a "tethered" MPC, take a peek at the promo video over the jump, which should soon allay your fears.

Continue reading Akai makes intentions clear with MPC Renaissance (video)

Akai makes intentions clear with MPC Renaissance (video) originally appeared on Engadget on Fri, 06 Jan 2012 08:31:00 EDT. Please see our terms for use of feeds.

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Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/l0_PHuwoyl4/

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Microsoft restarted Windows Phone from scratch

The New York Times has a new and interesting article this weekend on Microsoft's development of its Windows Phone operating system. Among other things, the story claims, via unnamed sources, that Microsoft and Nokia will indeed launch the Lumia 900 smartphone at CES 2012 next week as we have previously reported.

The article touches on the fact that while Windows Phone-based products have gotten good reviews it has yet to gain a huge audience. It also goes over the origins of Windows Phone. It states that after Apple launched their iPhone with the iOS operating system in 2007, Microsoft decided that its previous mobile phone OS, Windows Mobile, would not be able to compete with Apple's new product.

During a meeting in December 2008, Microsoft's Terry Myerson asked the mobile group if anything could be used from Windows Mobile for a revamp of the OS. After the meeting was over, the consensus was that Microsoft should start from scratch and create an all new mobile phone OS. That decision, while a good one from a programming and engineering sense, also delayed Microsoft from launching Windows Phone.?

That also gave Google an opening when it launched its own smartphone OS, Android, in 2008 and which went on to become a huge success with multiple phone makers. Microsoft launched Windows Phone two years later in the fall of 2010 with the major "Mango" update in the fall of 2011.

Myerson now heads up the entire Windows Phone group and it will be his job to convince the general public that Windows Phone devices are worth getting compared to the iPhone and the numerous Android and Blackberry products. Myserson admits in the article, "Entering the market so late with this experience has created some special challenges for us. I think if we were there earlier it would be different."

Source: http://www.neowin.net/news/microsoft-restarted-windows-phone-from-scratch

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Kanye West reveals new design company plans during Twitter marathon

A design from the DW by Kanye West. ? AFP pic

LOS ANGELES, Jan 6 ? Kanye West took to social networking site Twitter January 5 to announce the details of his new design label, which has been named after his late mother.

The rap star spent two hours online offering details on the company, as well as citing his fashion inspirations and musing on his status as a style icon.

"I have started a new company and I'm so excited about the name.... it's got the best name ever of all companies of all time!!! The name of the company is DONDA," wrote the musician.

West, who premiered his women's fashion label DW at Paris Fashion Week in October, says the new company will "galvanise amazing thinkers," ranging from architects and clothing designers to "tech guys" and doctors.

West says the firm will comprise 22 divisions, explaining the goal is to "make products and experiences that people want and can afford."

The star even provided the email address contactDONDA@gmail.com for people to get in contact about the venture.

The Twitter burst comes a day after the star went online to clarify that the @DWbyKanye handle set up claiming to give details on his fashion line was fake.

In addition to launching his own women's fashion label, the rapper's past design ventures include a shoe line for French fashion house Louis Vuitton and Air Yeezy sneakers for sports brand Nike.

While other rap moguls such as P.Diddy and Jay Z's fashion ventures have tended to have a more urban focus in keeping with the traditional hip-hop aesthetic, West has always made it clear his ambitions are in high fashion.

"I've been working at this for 8 years now ...from the first offers to do urban clothing lines that I turned down," recalled West during his recent Twitter marathon.

Just last week UK newspaper The Sun claimed the star has moved to the British capital in a bid to focus on his fashion line, with a source claiming he has been receiving advice from staff at the city's prestigious Central Saint Martins fashion design school. ? AFP-Relaxnews

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Source: http://feedproxy.google.com/~r/tmi/news/allnews/~3/3Ov7WNEctSo/story01.htm

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Mount Rainier reopens after fatal shooting

Rangers and volunteers somberly embraced as Mount Rainier National Park reopened to the public Saturday for the first time since an Iraq War veteran shot and killed a park ranger there on New Year's Day.

"We're here to take back the mountain today," park spokeswoman Lee Snook said.

Margaret Anderson, who had worked as a ranger with her husband at the park for three years, was shot dead by 24-year-old Benjamin Colton Barnes after he busted through a snow tire checkpoint.

Authorities say Barnes, who showed signs of erratic behavior since returning from war, had fled to the mountain hours after a house party shooting in the Seattle suburb of Skyway that left four injured.

After killing Anderson and shooting at another ranger, Barnes fled for the woods, triggering a massive manhunt in the rugged terrain. He was found dead in a creek the following day. An autopsy showed he drowned.

On Saturday, small groups of visitors headed to the mountain's freshly powdered trails to snow shoe and cross-country ski. The flag at the ranger's kiosk remained at half-staff, and uniformed rangers wore black bands across their badges.

"This is a place to come to be happy," Allan Evans, a park volunteer from Graham, Wash., said after hugging a ranger who was on duty when Anderson was killed. "This is what this park is about. This is the first stop to trying to get everything as whole as can be."

"We need to celebrate Margaret, of course, but I'm pretty sure she wouldn't want everybody just sitting around mopey," Evans added.

A small memorial for Anderson, decorated with flowers and candles, has been placed next to the ranger kiosk.

Entry to the park was free Saturday. But the snow play area ? a section popular with families ? remained closed.

A candlelight vigil will be held Sunday in nearby Eatonville for Anderson, who left behind her husband and two children. A memorial service is scheduled for Tuesday in Tacoma.

The park, which offers miles of wooded trails and spectacular vistas from which to see 14,410-foot Mount Rainier, draws between 1.5 million and 2 million visitors each year.

____

Associated Press writer Manuel Valdes contributed from Seattle.

Source: http://www.msnbc.msn.com/id/45912666/ns/us_news-life/

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PhillyOAndAPhan: @Matttheking @OandAfanInAZ It's the English transliteration of the Chinese word for life energy. Pronounced chee

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@Matttheking @OandAfanInAZ It's the English transliteration of the Chinese word for life energy. Pronounced chee PhillyOAndAPhan

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