In a statement passed last week, the UN Security Council gave its full support to a Syria peace mission headed by former UN chief Kofi Annan. After first failing to pass a resolution with the teeth to curb the bloodshed, it would seem the Security Council instead decided to capitulate.
President Bashar Al Assad signed the deal on Tuesday. He had every reason to do so: the plan does not call for him to step down, does not specify a transition period, does not even set a deadline of any kind.
The plan effectively supports the regime's propaganda that it is fighting an armed opposition - shamefully failing to clarify that fighting started after months when it had been slaughtering families. The UN human rights chief, Navi Pillay, told the BBC this week that the regime systematically targets children for detention and torture.
Diplomacy is an exercise in nuance, but it is difficult to see how Mr Annan can square the regime's crimes with this ceasefire offer.
In recent weeks, Mr Al Assad had intensified the blitz to restore control over areas seized by military defectors and eradicate "safe havens" for the opposition. Unable to endure the constant shelling, army defectors in the Free Syrian Army have withdrawn from several areas in Homs, Deir Ezzor, Damascus and Idlib.
Mr Al Assad knows that he cannot fully restore calm to cities that have become flashpoints of unrest until army defectors lay down their arms. And defectors, faced with the threat of execution, will not stop fighting of their own volition. Mr Al Assad will surely seek to exploit the Annan mission to pressure the opposition, which has been meeting in Istanbul this week.
Indeed, this was Damascus's official statement made to Mr Annan: "All armed fighters completely disappear from the areas, abandon their arms and any illegal armed activity, and also all areas are linked back together to justify the withdrawal of the military back to its barracks."
Many responsible voices have been calling for an end to the bloodshed. The problem with this plan, however, is that it ignores that it was the regime's security forces that started the killing. The condition that army defectors lay down their arms - first - is nonsensical.
Mr Annan may have good intentions behind this diplomatic dance, but he has fallen into a trap. Mr Al Assad must go. Anything less, and diplomacy only allows the regime to consolidate its battlefield gains.
Final scores
18 under: Tyrrell Hatton (ENG)
- 14: Jason Scrivener (AUS)
-13: Rory McIlroy (NIR)
-12: Rafa Cabrera Bello (ESP)
-11: David Lipsky (USA), Marc Warren (SCO)
-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright