Barack Obama Tells Americans 'Don't Go to Las Vegas'
THE TELEGRAPH: A careless remark by President Barack Obama about Las Vegas has triggered a furious backlash from Nevada’s cash-strapped gambling city and a key Democratic ally fighting a tough re-election battle in the state.

Bright lights of Las Vegas cast a shadow over its burgeoning poverty. Photograph: The Telegraph
Speaking about the economy at an event in New Hampshire, Mr Obama told Americans: “When times are tough, you tighten your belts.

“You don’t go buying a boat when you can barely pay your mortgage. You don’t blow a bunch of cash on Vegas when you’re trying to save for college. You prioritise. You make tough choices.”

The economy of the world’s most famous gambling and entertainment destination is heavily dependent on tourism and Las Vegans were already incensed by a comment from Mr Obama last year that companies should not use federal bail out money for trips to the city.

Tourism and casino officials said the comment hurt the city after companies cancelled meetings in Las Vegas and re-arranged them elsewhere.

Mr Obama’s latest remark about Las Vegas prompted a swift and angry retort from Harry Reid, the Senate Majority Leader, who has an uphill battle to win re-election in Nevada, which has an unemployment rate of 13 per cent, in the November mid-term elections.

“The President needs to lay off Las Vegas and stop making it the poster child for where people shouldn’t be spending their money,” he said in a statement. >>> Toby Harnden in Washington | Wednesday, February 03, 2010

Islamic Finance Expands as Wealth Grows
KHALEEJ TIMES: DUBAI - The market for Islamic finance and banking is growing rapidly in the Gulf thanks to burgeoning wealth and attractive financial instruments.

Studies have put the total value of Islamic equity funds in the Gulf region at around 30 billion dollars (19.5 billion euros), said Khaled al-Masri, partner in asset management at Dubai-based Rasmala Investments.

“Investable wealth in the Gulf Cooperation Council is growing by one of the highest rates in the world ... This increase is being met with more product providers and products being launched in the GCC market,” he said.

The Islamic finance industry worldwide is worth around 700 billion dollars, Moody’s Investors Services estimated in a February report.

Economies of the six GCC member states -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- have been enjoying remarkable growth over the past few years on the back of record oil prices.

The robust economic performance has inflated local wealth in this Muslim region where many might prefer to seek profit through investments that do not contradict their beliefs.

The basic principle of Islamic finance is the prohibition of Riba (usury), which is correlated with interest in today’s banking.
Islamic funds are also banned from investing in companies associated with tobacco, alcohol, pornography, pork or gambling, all considered taboo by devout Muslims.

Some 125 Islamic equity funds are based in the GCC out of around 320 globally, said Mark Smyth, UK-based managing director of Failaka Advisors, an Islamic fund research company.

“Increasing familiarity with Islamic products combined with the presence of longer and more established funds seems to be driving the current growth, combined with strong returns,” Smyth told AFP.

Islamic finance provides a “solution for investors and consumers who want to adhere to sharia-compliant principles in their investment and consumption decisions,” said Masri, referring to principles in line with Islamic law.

He also pointed out that the sukuk (Islamic bonds) have become appealing at the corporate and government levels as a tool to raise finance, which in turn increased the size of the sector.

A report by the US-based Morgan Stanley investment bank published by the local press in February put outstanding issued sukuk at more than 90 billion dollars worldwide. Islamic finance expands as wealth grows >>>

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