Frida Ghitis writes: While Vivian explores the castles, convents and Pousadas of northeast Portugal, I will try to fill you in on the investing world from my perch on a troubled land in the jungles somewhere in the Indian Ocean. (More on this tomorrow.) On the way to South Asia I stopped over in the United Arab Emirates, a hub of business activity where the topic of the youm was the threat to the ever-present Blackberries. The popular smart phone, made by Canada’s Research in Motion (RIM) is facing a ban in the UAE, with Emirati authorities openly saying they don’t like the popular RIM device because it makes it difficult to spy on users. In this part of the world – just across the Gulf from Iran, down the road from Saudi Arabia — security is no laughing matter. Before you rush to judge Emirati security officials, watch the international chain reaction following the UAE’s decision to ban the berry. One by one, other countries are hopping in the bandwagon, saying they, too, are going crazy trying to hack into emails from their country’s Blackberry users. Pity the spies.
In Dubai’s bustling gold souk, at the port, the six star hotels, and the glittering shopping centers, white-robed traders and shoppers expertly tapped their blackberries, pondering if the end was near. This was one more case of geopolitics and national security interfering with business. What better place for that than the Middle East? Even Hillary Clinton jumped into the fray, saying, “There is a legitimate security concern, but there’s also a legitimate right of free use and access.” In this part of the world, security trumps privacy, but business may just trump everything. Dubai newspapers showed the voracious free market setting up for a feast. Competing cell operators are offering special deals to lure one million nervous Blackberry users in the UAE. But the men with the RIM cellphones under their Keffiyahs are starting to breathe easier.
Initially, the RIM bosses in Waterloo, Ontario, sounded defiantly proud of their oh-so-secure product. But when the UAE’s decision was followed by news that neighboring Saudi Arabia would also outlaw the handy phone, followed by murmurs that India, too, was pondering a ban, RIM decided to deal. The Saudi rulers have postponed their decision outlawing Blackberries while they discuss installing RIM servers in the Kingdom. Everyone in Dubai now thinks the profit motive will persuade the Canadians to strike a deal with the Emir’s men.
For paying subscribers, now some stock news from the global investment jungles of Brazil, Australia, Britain and Israel.
