Demographics high on FNC agenda


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ABU DHABI // The demographics of the UAE and its labour system are among issues legislators hope to discuss in the coming months, as Sheikh Mohammed bin Rashid, Vice President and Prime Minister of the UAE and Ruler of Dubai, opens the new session of the Federal National Council today. In the next three months the FNC is also expected to discuss rising commodity prices and legislation regulating media activities.

As the council prepares to sit today, a long-serving member said the body must become more effective and make changes that affect the lives of UAE citizens. Ali Jasem, the second deputy speaker, said he was not satisfied with the council's performance. He said it should be more specific in the recommendations it makes to the country's leaders. In his opening speech, Sheikh Mohammed is expected to outline some of the Government's policies and its expectations for the FNC. Today's session follows the council's summer break, which lasted for nearly five months.

Some members are hoping that more powers will be given to the FNC, with the expectation that the council could be extended for two more years. It would be the first extension since the legislative body was created in 1972 and would require a constitutional amendment. Some members expect such an amendment to be made during a meeting of the UAE's Supreme Council - made up of the rulers of each emirate - which could sit as soon as next month.

The 40-member council is otherwise scheduled to dissolve in February. Although half of FNC members were elected in 2006, the UAE does not have an electoral law. Instead its members are chosen by a hand-picked group of Emiratis, who vote from a list of candidates. The other half of the members are appointed by rulers of each emirate. Mr Jasem said if another election were to be held, legislation to regulate the process would be necessary.

He added that the council needed to do more to ensure it was effective. "As the longest-serving member of the council, I don't think the current parliament has achieved any tangible things that we can see on the ground, that can serve our citizens." Other councils, he said, had brought to being programmes such as the Sheikh Zayed Housing Programme and the Marriage Programme. "The current council was not even able to increase the budget of the housing programme and the value of the loans."

The Government today will respond to a set of recommendations on housing passed earlier this year by the FNC. Some of these called on local authorities to provide land for housing projects. Mr Jasem added that no significant achievements were made in areas such as health and education, rising commodity prices or the issue of the population imbalance He said the way recommendations were formulated had to be changed. "There are many recommendations," he said, suggesting it could have been easier for the Government to handle fewer and more specific recommendations.

Another drawback, he said, was that the FNC had not been empowered. "If the council is not given more mandate, it will not make any tangible changes, such as suggesting new laws and approving the budget. At present, the FNC can only suggest changes and vote on laws drafted by federal ministries and bodies. The President gives the final approval. The council is only informed of the state budget, without having the power to suggest changes.

Mohammed Zaabi, a member from Sharjah said the work of the FNC should be evaluated by external parties such as parliamentary experts and the media. He added, however: "Personally, I think the performance was good. Given its mandate, its treatment of the different issues was balanced and reasonable." He said the council had discussed and passed several laws with changes made by the members. One of the most controversial recommended by the FNC was legislation banning the use of frozen embryos for fertility treatment.

"According to my information, the Government has reacted to our recommendations," he said. Dr Anwar Gargash, the Minister of State for FNC Affairs, will today hand more than half a dozen letters outlining the Government's position on issues the council earlier this year discussed and passed recommendations on. One letter advises the council not to discuss the jurisdictions of the federal government.

@Email:mhabboush@thenational.ae

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Name: Shamsa Hassan Safar

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Favourite book: Between two hearts- Arabic novels

Favourite music: Mohammed Abdu and modern Arabic songs

Favourite way to spend time off: Family visits and spending time with friends

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

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How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

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MATCH INFO

Qalandars 112-4 (10 ovs)

Banton 53 no

Northern Warriors 46 all out (9 ovs)

Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7

Qalandars win by six wickets