Something very odd is happening on Wall Street. As the world economy continues to splutter, as seen in the 10 per cent employment rate in the US and the near-bankruptcy of Greece, one unlikely sector - technology - is providing investors with something to celebrate.
And it's not just Apple, even though the launch of the iPhone 4 has become yet another sales phenomenon for the company. An estimated 1.5 million units were shifted on the first day, despite a reported glitch that leads to a loss of signal while calling left-handed. The database company Oracle has also steamrolled analysts' expectations with its most recent quarterly results, while the big household names such as Microsoft and IBM are expecting to see the kind of upturn for the rest of the year that they haven't enjoyed since the millennium bug bonanza.
All of which raises the question: why? There are two theories. The first is that US consumers are finally starting to feel more confident but still are not willing or able to dump thousands of dollars on their credit cards for big outlays such as luxury holidays. Instead, they are looking for less expensive ways to treat and or entertain themselves, and nothing beats the feel-good factor of a sleek new smartphone with a "retina display", or a new flatscreen TV, on which you can now watch a 3D golf tournament or a 3D NASCAR race.
As always with the tech sector, however, this trend is rewarding only the companies that can impress the most with their products. Witness the unhappy fate of Research in Motion, which makes the outdated BlackBerry, when the gadgets fail to glitter. It should also be noted that consumer 3D TV, which was introduced about three months ago along with 3D-capable Blu-ray players, has a long way to go before it makes up for the steep decline in the market for conventional flatscreens.
But US tech retailers such as Best Buy, which this month noted an improvement in demand for laptops, smartphones and appliances, are feeling more optimistic than they have in a long time. The sometimes illogical priority consumers give to buying new electronic toys in an economic downturn is not the only thing driving the good mood in the sector. There is also increasing evidence that large corporations the world over are starting to spend again on infrastructure, and IT infrastructure in particular. This kind of investment has been on hold since 2008, so there is a lot of catching up to do.
This explains the 13 per cent rise in sales at Oracle, excluding gains from recently acquired Sun Microsystems, which is now profitable. The computer maker Dell is expected to experience a similar increase in business because of the introduction of the well-received Windows 7 operating system. "An overdue client refresh [of hardware and software] among commercial and public customers is under way and we anticipate it will continue, and we will benefit from a strong cycle," was how Dell's chief financial officer, Brain Gladden, put it last week.
Perhaps most heartening for the infrastructure players, which also include Cisco Systems and Intel, is strong demand from clients in emerging markets, particularly China and India. But there is another, less obvious factor influencing demand: US government spending. While government contracting is generally expected to decline in the next five years, thanks to alarm over the US President Barack Obama's vast deficit, a report from the public sector research firm INPUT suggests the federal IT market will grow at a compound annual rate of 5.4 per cent to reach US$115 billion (Dh422.38bn) in 2015.
"There's no doubt that the administration will continue to push for cost-cutting measures," says the analyst John Slye. "However, the criticality of IT to government operations and priorities, as well as the gap in federal IT expertise, suggests that IT spending will continue with modest growth." All of which is good news for Wall Street investors, who have been alarmed lately by Mr Obama's seemingly anti-business outlook.
Fortunately for them, the president also happens to be a serious technology geek. business@thenational.ae
Company%20Profile
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RACE CARD
4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m
4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m
5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m
5.45pm Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m
6.20pm Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m
7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m
COMPANY%20PROFILE
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Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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COMPANY%20PROFILE
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COMPANY%20PROFILE
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SOUTH%20KOREA%20SQUAD
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Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
SUCCESSION%20SEASON%204%20EPISODE%201
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LOVE%20AGAIN
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Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Mercedes V250 Avantgarde specs
Engine: 2.0-litre in-line four-cylinder turbo
Gearbox: 7-speed automatic
Power: 211hp at 5,500rpm
Torque: 350Nm
Fuel economy, combined: 6.0 l/100 km
Price: Dh235,000
COMPANY%20PROFILE%20
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Company%20Profile
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Company%20Profile
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)