Newspaper review: Oil prices cap hurts Dubai-govt. owned company; Riots rock global cities

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UAE newspaper review

Today’s newspapers have discussed the global riots against the elite in great detail.

“The 99% cry for change” Khaleej News’ main headline declared along with a large photograph of a half naked protestor hurling a tear gas canister towards police next to a burning car on the street.

Gulf News quoted G20’s statement in which it urged eurozone leaders to deal decisively with debt turmoil. The paper also reported that global financial chiefs gathered in Paris to discuss ways to tackle region’s sovereign debt crisis.

The National reported protests across the world, especially the ones that took place in Rome, where unknown masked black-clad protesters thrashed the offices of the defence ministry and set dozens of vehicles on fire. The paper said that more than 100,000 people took to the streets quoting organisers on social network sites that protests took place in countries across Europe, Americas, Asia and Africa.

HEAVY OIL LOSSES

The National said Emirates National Oil Company (ENOC) has intimated authorities that it cannot sustain further losses by selling oil on low prices due to the federal cap. The paper added that the Dubai-owned company is on track to record a AED2.7 billion.

Gulf News reported that the oil company is suffering an estimated loss of AED16.5 million per day due to the difference between the federal prices and the cost of imports. “The petrol grade which sells at AED0.72 a litre in the UAE must be sold close to AED3.10 a litre to reflect the true market price,” the Dubai-based paper explained.

Khaleej Times said the UAE government has capped the petrol price at AED1.72 a litre but the Dubai-government owned company has to import fuel at international market prices. It also reported that Sharjah Economic Development Department has closed all ENOC and EPPCO petrol stations in Sharjah due to company’s failure to stock up fuel.

OMAN SUCCESSFUL POLLS

Gulf News highlighted the high turn out for Shura elections which is reported to be somewhere around 70 per cent. They [protesters] made it known what Omani people needed, therefore I have hopes from the newly elected Shura members to bring about improvement, Gulf News quoted Mazin Al Sayegh, a private sector employee, as saying after casting his vote.

Khaleej Times noted that a large number of women voters casted their vote in the elections which also saw 77 female candidates vying for the seats in the Majlis Al Shura Council.

EDITORIALS

Today’s editorials in Gulf News and Khaleej Times have discussed the global protests against the financial institutions.

Khaleej Times said the crux of the matter is the outrage people feel for those in charge of their countries economies whose policies have pushed the lives of millions to hardship and poverty. “It is disturbing to note that several of these corporations, institutions and politicians fail to implement cutback measures on the wealthier, as a result of which recent economic surveys have proven how the rich have just gotten richer even during the recession,” the editor wrote in the article. The editorial concluded that every major financial world power must put its house in order and understand the significance of accountability of its statesmen and corporates.

Gulf News stressed the need to fine-tune the global fiscal system while adding that free markets remain the best way and distributing wealth. In his commentary, the editor noted that protestors in the US, Europe and other continents are missing the point in demonstrations they perceive as corporate greed and government cutbacks. “It is precisely a sense of entitlement to expensive state benefits and social security packages that has landed many European countries in the financial crisis they are now battling to survive,” the editorial insisted. The article concluded that regulation of the global financial system must be done in a way that markets can function efficiently.

By Moign Khawaja ~ Editor – Arabian Gazette

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