Media these days is abuzz with news of the global financial crisis. Job cuts, recession, bankruptcies of banks, manufacturers & even countries, financial ‘tsunami’, credit crunch, worst performing stock market... index down by 50%, plummeting real estate prices are the most common headlines. Reading newspaper or watching news channel makes you feel dispirited & dejected.
Parallels are drawn to the Great Depression of the 1930s & the economists, who still do not know whether the worse is over yet, predict that the present situation is supposed to be worse than the former. Since none of us have experienced or know how bad the 1930 situation actually was, the gravity of the issue can not be comprehended.
On a positive note, I also learnt some heavy-duty economic-financial theories & phrases (since I come from a non-financial background) – importance of certain figures like industrial output data, consumer spending & US unemployment figures; leveraging, filing for bankruptcy, Govt bailout packages, significance of central bank injecting liquidity into the ‘system’, cut-down or freeze on ‘capex’, how the “wall-street” impacts the “main street”, Repo Rate. The list of jargons goes on & possibly they have now become common household phrases. You can hear them in the office corridors & party gatherings. Many a layman would have transformed in to econo-financial experts by now.
It is, in fact bewildering, how the loans extended by various institutions to consumers in the US (misdeeds of a single country) can push the whole world into a major financial crisis. This is a part of ‘globalisation’ & the ‘world becoming flatter’! The US was not only exporting its nuclear technology, software, fast food, coke etc but also its toxic debts. Every country (except Antartica!), every industry, every person is paying a heavy price for this today. We now look at this unregulated financial system with scorn. When the bubble is big, the crash is also steep.
Today, we are all paying a price for - somebody living miles away from us could get easy money & could not repay it back. So let us be sensible to take debts judiciously & live within our means.
29 December 2008
Go Green – 2
Some suggestions that can make a positive difference to the environment:
The first thing I do when I pick up the morning newspaper (Gulf News) everyday is to throw away the supplementary publications – properties, freehold & classifieds section. This is a practise with many of my acquaintances. All these publications put together must be weighing at least 2kilograms. What are the contents? 95% of these publications cover property (rent, sale) & automobile (used cars for sale). If these were sold separately, for a few dirhams, I don’t think people would object. Since, if somebody is interested in buying or renting a property or buying a vehicle worth thousands of dirhams, they would not mind spending a couple of dirhams to buy these publications. Gulf News, who is taking a lead on the ‘Go Green’ campaign, could have saved a number of trees & not to forget the ink.
Another publication that could help save trees & chemicals is the annual report of the companies listed on the stock market. I am a micro-micro-micro share holder in some leading companies. Though I have only a few (<200) shares, I still get the annual report by mail every year without fail. These detailed reports are over 200-300 pages & definitely weigh a lot. It is mandatory, by the regulatory authorities that these reports be sent no matter how big or small the shareholder is, which is good. The companies/ authorities should allow the shareholder to choose between – an e-version (pdf) to be emailed or downloaded and a detailed printed version for the serious shareholder. They could even explore at a mini report (<10page) as another alternative. These actions can show allegiance to CSR.
The first thing I do when I pick up the morning newspaper (Gulf News) everyday is to throw away the supplementary publications – properties, freehold & classifieds section. This is a practise with many of my acquaintances. All these publications put together must be weighing at least 2kilograms. What are the contents? 95% of these publications cover property (rent, sale) & automobile (used cars for sale). If these were sold separately, for a few dirhams, I don’t think people would object. Since, if somebody is interested in buying or renting a property or buying a vehicle worth thousands of dirhams, they would not mind spending a couple of dirhams to buy these publications. Gulf News, who is taking a lead on the ‘Go Green’ campaign, could have saved a number of trees & not to forget the ink.
Another publication that could help save trees & chemicals is the annual report of the companies listed on the stock market. I am a micro-micro-micro share holder in some leading companies. Though I have only a few (<200) shares, I still get the annual report by mail every year without fail. These detailed reports are over 200-300 pages & definitely weigh a lot. It is mandatory, by the regulatory authorities that these reports be sent no matter how big or small the shareholder is, which is good. The companies/ authorities should allow the shareholder to choose between – an e-version (pdf) to be emailed or downloaded and a detailed printed version for the serious shareholder. They could even explore at a mini report (<10page) as another alternative. These actions can show allegiance to CSR.
Closed until 6pm
During the fasting hours of Ramadan, eating & drinking in public is a taboo in Dubai.
Restaurants are prohibited from serving food during fasting hours. However, they can serve food as “take-away” after getting permission from the authorities, for which there is a fee. Business in these restaurants resumes as normal after “ifthar” (breaking of fast).
Super markets operate as usual selling all kinds of food – vegetables, fruits, baked products etc throughout the day.
In certain offices pantry is closed for a month, in certain others eating & drinking should be behind the closed doors of the pantry.
But the most interesting are the convenience stores located at petrol stations. In addition to consumables like batteries, important medicines, news papers etc, these stores also sell food. The most intriguing thing, however, is that – while these stores sell from fruits to sandwiches, packaged juice to bottled water, biscuits to chocolates, during Ramadan – only on the coffee/tea machine a board is hung which says – “closed till 6pm”.
Any answers?
Restaurants are prohibited from serving food during fasting hours. However, they can serve food as “take-away” after getting permission from the authorities, for which there is a fee. Business in these restaurants resumes as normal after “ifthar” (breaking of fast).
Super markets operate as usual selling all kinds of food – vegetables, fruits, baked products etc throughout the day.
In certain offices pantry is closed for a month, in certain others eating & drinking should be behind the closed doors of the pantry.
But the most interesting are the convenience stores located at petrol stations. In addition to consumables like batteries, important medicines, news papers etc, these stores also sell food. The most intriguing thing, however, is that – while these stores sell from fruits to sandwiches, packaged juice to bottled water, biscuits to chocolates, during Ramadan – only on the coffee/tea machine a board is hung which says – “closed till 6pm”.
Any answers?
3 December 2008
Go Green
Recently, there are numerous initiatives & actions, taken globally, on protecting the environment. The underlying ulterior motive, eventually, is to protect ourselves. The list of initiatives are long… from organic food to organic software!, from using bicycles to hybrid & electric vehicles, from carbon foot print to green buildings, from “think of the environment before you print” to “say no to plastic”, from biodegrable plastic to edible cutlery.
It is indeed interesting to observe that – first man, indulge in activities in harming the environment, without thinking, without using the intellect. Later, after causing much damage engages in remedial actions, only to realise that some of those damages that has been caused are irreversible.
It is mans action without thinking, excessive greed for wealth & his constant relentless pursuit of materialistic wants (hyperconsumerism) is the cause of the situation today, which will have a severe & detrimental effect on the future generations.
It is indeed interesting to observe that – first man, indulge in activities in harming the environment, without thinking, without using the intellect. Later, after causing much damage engages in remedial actions, only to realise that some of those damages that has been caused are irreversible.
It is mans action without thinking, excessive greed for wealth & his constant relentless pursuit of materialistic wants (hyperconsumerism) is the cause of the situation today, which will have a severe & detrimental effect on the future generations.
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