Alwaleed Philanthropies donating $1m for Sri Lanka flood relief

A boy carries water bottles near a flood affected area near Colombo. (AP)
Updated 24 May 2016
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Alwaleed Philanthropies donating $1m for Sri Lanka flood relief

RIYADH: Alwaleed Philanthropies (AP), chaired by Prince Alwaleed bin Talal, is donating $1 million to provide support to those affected by the recent floods and landslides that have caused devastation in Sri Lanka.
The announcement comes as delegates from 175 countries gather in Istanbul today for the opening of the first ever World Humanitarian Summit.
At the summit, global leaders are discussing how to effectively respond to major humanitarian challenges like the one in Sri Lanka, and how to be better prepared to meet challenges of the future.
The disaster in Sri Lanka has claimed the lives of dozens of people, with hundreds of thousands displaced from their homes.
Though Sri Lanka frequently experiences severe monsoons and flooding, this year’s devastation was unusually fierce for so early in the rainy season.
 AP’s funds will be used to provide vital relief to victims of the disaster, through the foundation’s partnerships with the UN World Food Programme, Habitat for Humanity and International Medical Corps.
The UN World Food Programme is the world’s largest humanitarian agency fighting hunger worldwide. In emergencies, it gets food to where it is needed, saving the lives of victims of war, civil conflict and natural disasters. After the cause of an emergency has passed, it uses food to help communities rebuild their lives.
Habitat for Humanity works with the poorest and the most vulnerable to help provide them with a decent place to call home and the opportunity for a life built on hope and potential, self-reliance and dignity.
International Medical Corps works to relieve the suffering of those impacted by war, natural disaster and disease by delivering vital health care services that focus on training, helping devastated populations return to self-reliance.
 “This crisis reinforces just how important this week’s discussions are at the World Humanitarian Summit. One of the core aims of the Summit is to enable countries and communities to better prepare for and respond to crises just like this one in Sri Lanka,” said Nauf Al-Rawaf, executive manager of Global Initiatives at AP.
For over 35 years, Alwaleed Philanthropies has supported and initiated projects in over 120 countries regardless of gender, race, or religion.
Alwaleed Philanthropies collaborates with a range of philanthropic, governmental and educational organizations to combat poverty, empower women and youth, develop communities, provide disaster relief and create cultural understanding through education.


Stronger US dollar unlikely to derail bullish view on commodities — Goldman Sachs

Updated 8 min 5 sec ago
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Stronger US dollar unlikely to derail bullish view on commodities — Goldman Sachs

  • The dollar has been lifted by a stronger-than-expected US economy, the world’s largest
  • A stronger greenback makes the purchase of dollar-denominated international commodities more expensive for holders of other currencies
BENGALURU: Goldman Sachs said a stronger dollar is unlikely to derail its bullish view on commodities, which are likely to find support from physical shortages.
The dollar has been lifted by a stronger-than-expected US economy, the world’s largest, and that’s a positive sign for global growth, the US investment bank said.
The US dollar index has lost more than 1 percent this week, but this follows months of strong demand over US-China trade-related tensions, as investors bet the greenback would gain at the expense of riskier currencies.
“The risk aversion this summer created significant emerging market destocking, particularly in China, as consumers attempted to avoid a strong dollar and tariffs by liquidating inventories,” Goldman said in a note dated on Thursday.
A stronger greenback makes the purchase of dollar-denominated international commodities more expensive for holders of other currencies, making buyers and users more likely to draw on any stored materials in preference to imports.
“This liquidation, however, has a physical limit with Chinese destocking having already created significant increases in physical (premiums) for oil and metals – a sign of physical shortages.”
Going forward, oil had a strong fundamental outlook helped by US demand growth, supply losses and disruptions, and still constrained US shale output, Goldman said.
The bank said its near-term Brent crude oil price target remained at $80 a barrel.
The bank said it was moderating its bullish view for gold due to a sell-off in emerging markets, and it lowered its 12-month price forecast for the metal to $1,325 per ounce, down from $1,450 an ounce earlier.