Tag Archives: environment
Rare blue diamond to be auctioned in Hong Kong
Rare blue diamond to be auctioned in Hong Kong (AFP) / 19 August 2013 A rare round blue diamond will go under the hammer in Hong Kong in October, with auctioneers hoping the sale will fetch a record-breaking $19 million despite fears over the slowing Chinese economy. Auction house Sotheby’s expect the 7.59-carat fancy vivid blue diamond, which is about the size of a shirt button, to set a new record for price-per-carat. Quek Chin Yeow, Sotheby Asia’s deputy chairman, said Hong Kong was the natural venue to sell the gem, known as “The Premier Blue”, with collectors expected to fly in from all over the world. “While there is a slowdown (in Chinese economy), the number of top-level collectors are still there,” he told AFP. “We have been selling very well in Hong Kong.” Hong Kong has become a centre for jewellery auctions thanks to growing wealth in China and other parts of the region, as well as the region’s increasing taste for art. But there are fears for the future of the Chinese economy, the world’s second largest, where growth fell to 7.8 percent in 2012 — its slowest pace in 13 years. Blue diamonds seldom hit the market and have been coveted by royals and celebrities for centuries, while a round cut is rarely used in coloured stones because of the high wastage. The most famous example of a blue diamond is the “Hope Diamond”, which was bought by King Louis XIV of France in the 17 th Century. The term “fancy” is used to describe a diamond of intense colour, while a gem’s saturation grading ranges from light to vivid for coloured diamonds. The Premier Blue will go up for auction on October 7. Quek said the owner wanted to remain anonymous. In April, a rare 5.3-carat fancy deep-blue diamond was sold for £6.2 million ($9.5 million) at a London auction, then setting a record for price-per-carat at $1.8 million. Continue reading
Indian economic gloom ‘overplayed’: World Bank
Indian economic gloom ‘overplayed’: World Bank (AFP) / 19 August 2013 The World Bank’s chief economist said Monday the gloom surrounding India’s economy had been “overplayed” and the country was not in danger of a full-blown crisis. “Growth may not have bottomed out. We have further to go (down), but the situation is not as bad as is being captured by the mood and captured in the headlines,” Kaushik Basu told an audience in New Delhi. Basu, who was an advisor in the Indian finance ministry until September, said the situation was different from 1991, when India had to seek a bail-out from the International Monetary Fund in what is considered a national humiliation. “India is nowhere near the 1991 crisis. The gloom is being overplayed,” he added. His comments came as India’s rupee hit a new low of 62.70 to the dollar and shares slipped another 2.11 percent Monday on growing fears about the economy and the government’s ability to deal with the situation. On Wednesday, in the latest in a series of measures to prop up the rupee, India’s central bank spooked investors when it tightened controls on the amount of money Indian firms and individuals can send abroad. The move has been criticised as a disturbing throwback to the days before India unleashed its economic liberalisation drive in the early 1990s when Indians’ access to foreign exchange was strictly limited. Continue reading
Mohammed: Bureaucracy inhibits innovation
Mohammed: Bureaucracy inhibits innovation (Wam) / 19 August 2013 His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has said bureaucracy and routine are counter-productive and inhibit innovation and excellence, referring to the importance of developing government administrative work. “Let us be advocates of innovation and excellence. Our mission is to join forces and make our beloved country rank top globally in terms of services provided to citizens,” he said, as he paid an inspection visit to the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA) on Sunday. Shaikh Mohammed, Shaikh Maktoum bin Mohammed and Lt-Gen Shaikh Saif bin Zayed looking at the old passports displayed at Al Dana Museum in the General Directorate of Residency and Foreigners Affairs in Dubai on Sunday. — Wam Shaikh Mohammed underlined the significance of tolerance and respect for the rights of people irrespective of their religion or ethnicity, stressing the value of enriching the welcoming experience for visitors who enter the country by means of air, sea and land. During the visit, Shaikh Mohammed was briefed on the efforts being made to streamline workflow at the directorate. He was accompanied by Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai; Lt-General Shaikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior; Lt-General Musabbah Rashid Al Fattan, Director of the Office of the Vice-President and Prime Minister and Ruler of Dubai; Khalifa Saeed Suleiman, Director- General of Dubai Protocol and Hospitality Department; Major-General Nasser Lakhraibani Al Nuaimi, Secretary-General of the Office of the Deputy Prime Minister and Interior Minister; and a number of senior officials. Shaikh Mohammed was also accompanied during his tour to the departments and sections GDRFA Director-General Major-General Mohammed Ahmed Al Marri, who briefed him on the transactions carried out by various sections at the department. Al Marri pointed out the efforts and technology adopted by the GDRFA to streamline workflow with aims to reduce transaction time to a minimum and raise output. Shaikh Mohammed stopped at the Entry Permits and Visa Department, where he was briefed on the daily work carried out by the employees before visiting the Online section where transactions are processed swiftly. Shaikh Mohammed inspected the numerous facilities designed to make people’s visit to the department as comfortable as possible such as the waiting places dedicated for women. He also stopped at Al Dana Museum within the GDRFA headquarters which displays passports dating back to the establishment of the UAE. The Electronics Services Department was the next stop where Shaikh Mohammed listened to a briefing on the various projects carried out by the department such as the electronic link project with different Dubai Government entities. The department successfully processed over five million e-Transactions and received over 500,000 SMS service requests through “Jadid” service last year. During the first quarter of this year, the GDRFA processed more than three million e-Transactions and received more than 400,000 SMS service requests. He also stopped at the Call Centre operated by GDRFA staff. Shaikh Mohammed expressed satisfaction with the high level of proficiency the GDRFA staff had and their dedication to their work which, in turn, reflected the civilised and advanced status of public services in the UAE. Continue reading
