Sacrificial animals’ prices soar ahead of Eid Al-Adha in Saudi Arabia

Author: 
RASHID HASSAN
Thu, 2017-08-31 03:00
ID: 
1504123549738767200

RIYADH: Prices of sacrificial animals are soaring as residents throng to Riyadh’s cattle markets ahead of Eid Al-Adha on Friday.
The markets are swarming with buyers and sellers, and the festive mood is evident, with public sector offices having started the Eid Al-Adha holiday last Friday, while a six-day holiday will begin on Thursday for the private sector.
Residents browse for cattle to slaughter, an important ritual during this festival of sacrifice. Goats, sheep, cows and camels are among the animals slaughtered in commemoration of the Prophet Ibrahim’s readiness to sacrifice his son Ismail to show obedience to Allah.
At the last minute Allah changed his mind, ordering Ibrahim to sacrifice a sheep instead.
The tradition of sacrificing an animal during this holiday commemorates this noble gesture.
But many people are concerned about the soaring prices. Shabbir Ahmed, a buyer in Al-Azizia district, which has a big cattle market, said prices at the market are higher than in previous years.
Mahmoud, a trader at the market, cited hikes in fodder prices as the reason for the soaring animal prices. 
The Kingdom imports a huge number of sacrificial livestock for Eid Al-Adha, given the number of pilgrims who perform Hajj every year.
Municipalities across the Kingdom have mobilized efforts to organize slaughterhouses, allocate points for slaughtering, and temporarily allow public kitchens to undertake the process to avoid the hazards of random slaughtering.
The price for slaughtering is fixed at SR100 ($26.67) in most of the Kingdom.

Main category: 
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Haj goes high-tech for bloodless Eid sacrifices
Father of slain Sudanese soldier visits son’s grave in Madinah, thanks King Salman for hospitality
InterContinental Al-Jubail unveils Eid Al-Adha activities

Korean Missiles, Killer Storm, & Kuroda Spark Biggest Buying-Panic In Tech Stocks Since Election

For today’s stock market recap, see yesterday!

 

In a comedic case of deja vu, somebody flicked the “DUMP VIX, BUY NASDAQ” swicth at exactly the moment US equity markets opened…

 

The Dow fell back into the red into the close and there was some selling pressure ahead of tomorrow’s month-end, but still, everything but The Dow just went straight up…

 

On a bed of momentum ignited by Kuroda and his magical USDJPY levitation…

 

With FANG stocks and Biotechs…

Pushing Nasdaq up almost 3% from yesterday’s lows – the biggest swing higher since the election last year (Nov 10th)

On the week, it’s pretty clear where the malarkey is (NOTE the selling as Europe opens and panic-buying as US opens)

 

Nasdaq and The Dow managed to get back into the green for August (which seemed to be critical for the machines), but the S&P remains down 0.5% still…

 

Spot The Odd One Out…

 

The S&P closed above its 50DMA…

 

Treasury yields went absolutely nowhere today – trading in an incredibley narrow range!

 

The Dollar index extended yesterday’s gains, erasing the post-Yellen J-Hole losses…

 

USDJPY (cough Kuroda cough) has just exploded since yesterday’s open…Someone was willing to pile in to every dip for 2 big figures straight up..

 

 

WTI fell further as RBOB rallied but the afternoon saw volatility in the energy complex amid headlines on refiners restarting…

 

Gold and Silver drifted modestly lower on the day…

The post Korean Missiles, Killer Storm, & Kuroda Spark Biggest Buying-Panic In Tech Stocks Since Election appeared first on crude-oil.news.

Lebanon claims ‘victory’ over terror near Syria border

Lebanese President Michel Aoun on Wednesday announced his country’s “victory over terrorism” following a 10-day army campaign against Daesh terrorists holed up near the Syrian border. Earlier Wednesday, Lebanese Army Commander General Joseph Aoun (no relation) officially announced the successful completion of the Lebanese army’s Operation Fajr al-Juroud. He described the operation, which was first launched last week, as “a decisive victory against terrorism — one that succeeded in expelling Daesh from the border towns of Ras Baalebek and Al-Qaa”. At a press conference convened in Beirut with the army commander and Defense Minister Yacoub Sarraf, President Aoun congratulated the army on its achievements and honored the “martyrs who fell during the campaign”. On 19 August, the Lebanese army launched […]

When Systemic Uncertainty Meets Fragility – “Then The Whole Contraption Collapses In A Heap…”

Authored by Charles Hugh Smith via OfTwoMinds blog,

That’s the problem with fragility: everything looks fine on the surface until a crisis applies pressure. Then the whole rickety contraption collapses in a heap..

Life is inherently uncertain, but systems that were once considered certainties have increasingly become uncertain. Social Security is one example; recent polls reflect widespread doubts among Millennials and Gen-Xers that there will be any Social Security benefits left for them by the time they reach retirement age.

This doubt is fact-based; as the number of retirees swells, as Medicare costs soar ever higher and the number of full-time jobs paying into Social Security/ Medicare stagnates, these pay-as-you-go programs break down; Social Security is already paying out billions more than it collects from employers and employees.

Uncertainty is one thing, fragility is another. The socio-economic systems we rely on are also becoming increasingly fragile and prone to failure, for an entirely different set of reasons than those driving uncertainty.

Changing fundamentals drive uncertainty. The nation’s demographics and stagnant wages for the bottom 95% are extremely unfavorable for pay-as-you-go programs like Social Security and Medicare; their future is uncertain because the inputs and outputs are changing.

Fragility is a function of systems being thinned by cronyism, self-serving insiders, fraud, lack of transparency, lack of competition, monopolies, profiteering and a decline of quality. Systems that become too costly due to the above dynamics are hollowed out as everyone seeks some way to reduce the costs. Redundancies are stripped out, staff is slashed to the bone, senior managers with the most experience are pushed out to lower payroll costs, quality control is whacked, and inferior inputs are presented as equal to the higher quality inputs that they replace.

When these weakened systems are under pressure or face a crisis, they crumble. Shoddy materials fail, inexperienced managers make hasty, ill-informed decisions, the barebones staff is overwhelmed, equipment that wasn’t properly maintained to save money breaks down, and so on.

We’re assured by financial authorities and the media that our banking system is now monstrously resilient and robust, and it is impervious to financial crisis. You’re kidding, right? So when all the subprime auto loans go bust, and all the overleveraged commercial real estate loans go bust, and all the developing-world debt in U.S. dollars goes into default, and all the consumer debt issued to marginal borrowers goes bust, the hundreds of billions in losses are all going to be absorbed, no problem.

This is fragility writ large. You can bet the entire financial sector is making the same faulty, fragility-creating assumptions as a means of maximizing profits: only one auto loan in a hundred will go into default, near-zero commercial real estate loans will blow up, every dollar-denominated loan in the developing world will be paid in full, blah blah blah.

In other words, if we assume FantasyLand perfection of marginal borrowers–that once a global recession guts their opportunities to refinance and the income needed to service their loans, they will still magically make all payments in full and on time–the financial system is resilient.

Beneath the reassurances, the system is increasingly fragile because all the resilience has been stripped out of it to maximize profits in the current quarter. And as for the financial authorities–who believes the financial sector is serving the interests of the bottom 99.5%? Based on what evidence? Who believes the mainstream media is reporting the deteriorating fundamentals and the increasing fragility of our society’s core systems?

All we need is a few overlapping crises to reveal the structural fragility and lack of trust/certainty in our core systems. Profiteering, cronyism, self-serving insiders, a decline in quality, gaming the system, fraud, opacity, propaganda, and the erosion of competence all seem like good clean fun when the weather is calm and the sun in shining. But the true nature of our systemic failure will only be revealed when multiple storms arise and the system is pushed to the limit.

That’s the problem with fragility: everything looks fine on the surface until a crisis applies pressure. Then the whole rickety contraption collapses in a heap.

The post When Systemic Uncertainty Meets Fragility – “Then The Whole Contraption Collapses In A Heap…” appeared first on crude-oil.news.

Global Outrage After Japan Finance Minister Said “Hitler Had Right Motives”

While Donald Trump is not exactly known for his oratorial and diplomatic skills, either during live speeches or within the confines of his trademark outbursts in 140 characters or less on Twitter, he is positively Machiavellian compared to Japan’s 76-year-old deputy prime minister and finance minister in Abe’s cabinet, Taro Aso, whose entire career appears to be a series of diplomatic blunders and verbal gaffes.


Taro Aso, Japan Deputy Prime Minister and Minister of Finance

It started in 2013 when the Japanese minister had a modest proposal to fix Japan’s demographic time bomb, urging the country’s elderly to “hurry up and die”; then three years, in 2016, making a stark Freudian slip and admitting alongside Paul Krugman that the only solution to the global “liquidity trap” created by central banks is “war“, a resolution to which the world appears to be inching ever closer with each passing day. Then a few months, Aso reverted back to the 76-year-old’s favorite topic, old people who refuse to die:

Gaffe-prone Finance Minister Taro Aso was again caught taking a swipe at the elderly, saying last week that he wondered how much longer a 90-year-old person intends to live.

 

The outspoken Aso, who is also deputy prime minister, made the comment at a Liberal Democratic Party rally in Otaru, Hokkaido, on Friday, where he said: “I recently saw someone as old as 90 on television, saying how the person was worried about the future. I wondered, ‘How much longer do you intend to keep living?’ “

 

Aso pointed to the more than ¥1.7 quadrillion of personal assets held nationwide, saying the money needs to be spent.

 

“The biggest problem at the present is how everyone is staying put,” he said. “If you don’t spend the money you have, that money will mean nothing. What’s the point of accumulating more wealth? Just looking at the money you have?”

Fast forward to today when Japan’s finance minister has done it again, landing in hot water after explicitly suggesting Adolf Hitler might have had “the right motives.” His comments promptly resulted in global outrage, and according to Reuters were criticized both at home and abroad, with the US-based Simon Wiesenthal Center saying the remarks were “downright dangerous.”

I don’t question your motives (to be a politician). But the results are important. Hitler, who killed millions of people, was no good, even if his motives were right,” Aso told a meeting of his faction of the governing Liberal Democratic Party on Tuesday.

The Simon Wiesenthal Center, an organization which confronts anti-Semitism, hate speech and terrorism, said Aso’s comments could spoil Japan’s reputation. “This is just the latest of a troubling list of ‘misstatements’ and [they] are downright dangerous,” the center’s head, Rabbi Abraham Cooper, said in a statement on Tuesday. “These words damage Japan’s reputation at the very time when all Americans want to show their solidarity with Japan, our sister democracy and ally, following the missile launch from Kim Jong-un’s North Korea.”

The chairman of the main opposition Democratic Party’s Diet Affairs Committee, Kazunori Yamanoi, also said Aso’s remark was a serious gaffe. “The comment was extremely shameful as one made by a Cabinet minister. I cannot help but question his competence (as a minister),” he added, discussing the mental capacity of Abe’s 76-year-old assistant, Kyodo news reported.

Faced with a furious public outrcry, on Wednesday Aso was forced to issue a statement, saying, “I raised an example of a bad politician. It is regrettable that [the comment] was misinterpreted and caused misunderstanding…. It is clear that Hitler was wrong in his motive too. I want to retract my comment because it was inappropriate to cite him as an example.”

* * *

To be sure, Aso is no stranger to public gaffes. In addition to the examples above, in 2013 Aso again retracted a comment about Hitler’s rise to power that was interpreted as praising the Nazi regime.  Referring at the time to Japan’s efforts to revise its constitution, he said the constitution of Weimar Germany had been changed before anyone realized, and asked, “Why don’t we learn from that technique?”

There has been a spike in Nazi-related discourse in recent weeks: Aso’s gaffe comes just weeks after Donald Trump drew sharp criticism for comments that blamed “many sides” for this month’s violence in Charlottesville, Virginia, while back in June, Bank of Japan board member Yutaka Harada told a seminar Hitler’s economic policies had been “appropriate” and “wonderful” but had enabled the Nazi dictator to do “horrible” things.

The post Global Outrage After Japan Finance Minister Said “Hitler Had Right Motives” appeared first on crude-oil.news.

UN chief: $4 million dispersed for energy-strapped Gaza

UN Secretary-General Antonio Guterres on Wednesday announced that $4 million would be dispersed to help UN agencies in the Gaza Strip deal with the enclave’s chronic electricity crisis. Speaking at a school in Gaza City on the final day of his first Israel-Palestine tour, Guterres described the situation in Gaza as “one of the most dramatic humanitarian crises that I’ve seen”. He also urged Israel and Egypt to lift their 10-year-long blockade of Gaza, which effectively bars access to the coastal enclave by air, land and sea. Since March, the people of Gaza have been forced to get by on about four hours of electricity a day after the West Bank-based Palestinian Authority reduced electricity payments to Israel — which […]

Lukoil To Sell Oil Its Trading Arm Due To Russia Sanctions

Russia’s second-biggest oil producer Lukoil is studying the possible sale of its oil trading arm, Switzerland-based Litasco, fearing that the new U.S. sanctions on Russia will make it more difficult for the oil trader to raise new financing, Reuters reported on Wednesday, citing industry sources. Litasco’s sale could take place sometime at the end of this year, a senior industry source told Reuters, adding that this could be the first move to Lukoil selling more assets abroad to focus on upstream in Russia. “One of the reasons…

Lukoil To Sell Oil Its Trading Arm Due To Russia Sanctions

Russia’s second-biggest oil producer Lukoil is studying the possible sale of its oil trading arm, Switzerland-based Litasco, fearing that the new U.S. sanctions on Russia will make it more difficult for the oil trader to raise new financing, Reuters reported on Wednesday, citing industry sources. Litasco’s sale could take place sometime at the end of this year, a senior industry source told Reuters, adding that this could be the first move to Lukoil selling more assets abroad to focus on upstream in Russia. “One of the reasons…