Illustration by Sarah Lazarovic for The National
Illustration by Sarah Lazarovic for The National

Britain and Argentina mark tense Falklands anniversary



It was Britain's most successful post-war military expedition. It was the conflict that saw thousands of troops travel thousands of miles to snatch back a tiny speck on the map from unwelcome invaders. And it was the moment in which the Iron Lady showed her iron will to the world.

Thirty years ago next month, Britain was consumed first by deep shame when the Falklands, a cluster of inhospitable and unheralded islands in the South Atlantic, were seized almost without a struggle by invading Argentine forces on April 2, 1982, and then by an overwhelming wave of patriotism, as a simmering sovereignty dispute boiled over into a full-scale military campaign.

Amid much flag-waving, Margaret Thatcher, the British PM, dispatched all the naval hardware Britain could reasonably muster to the southern hemisphere in April 1982 - no mean feat in an era when successive rounds of reviews had cut an underfunded military to the bone - to recapture a largely forgotten colonial outpost that few British subjects had heard of, much less cared about, even days before the invasion.

Two and a half months later, in June 1982, after the war had claimed the lives of hundreds of British and Argentine servicemen, Argentina was forced to temporarily drop its claim over the islands. It has since expressed its desire, sometimes forcefully, to reclaim Las Malvinas.

Anniversaries are funny things. They make us remember and reflect and, in the case of the Falklands War, might easily make us resolve that history is rarely worth repeating. So why then does the current diplomatic situation look so familiar?

Perhaps this is because of the lay of the political land, especially in Britain, where a diminished nation under a newish government is going about the business of restructuring a nation's stressed finances in the midst of a bruising economic downturn (just like Thatcher did 30 years ago) and of scaling back the reach of its military to fit with the prevailing financial conditions.

Those cutbacks are now regarded as desperate, at least by those who know the terrain best: Sandy Woodward, the man who led the British task force to the South Atlantic 30 years ago, even told The Daily Telegraph earlier this week that "we could not retake the Falklands" if there was another invasion. He concluded that "if [the military] had been in this state in 1982, the Falklands would now be [in Argentine hands]".

Argentina, meanwhile, is caught within a far more confident mood and is sufficiently emboldened to engage in a low-level war of words on the international stage. In doing so, Argentina has raised concerns over Britain's plans to dispatch a nuclear submarine to the South Atlantic and has questioned the motives of the recent high-profile deployment of Prince William as a helicopter pilot on the islands: why send a member of the royal family to the Falklands (repeating the journey his uncle Prince Andrew made three decades ago during the war) and, especially, why now, if not to ensure an unnaturally tense 30th anniversary?

In truth, those tensions would exist with or without the presence of the prince.

Oil exploration and the pursuit of the riches it could yet yield, lie at the heart of the matter. Analysts suggest more than $100 billion worth of oil - one of the larger unexplored fields in the world - could sit off the Falklands and both the British and Argentine governments have their eyes on a sizeable piece of that prize.

For his part, David Cameron maintains that the Falklands will be British for as long as it is the wish of the islanders, effectively closing the door on any form of negotiation or even a revenue share. Surely something will have to give, if for no other reason than the spoils are far more significant than those of a generation ago.

SUE GRAY'S FINDINGS

"Whatever the initial intent, what took place at many of these gatherings and the
way in which they developed was not in line with Covid guidance at the time.

"Many of these events should not have been allowed to happen. It is also the case that some of the
more junior civil servants believed that their involvement in some of these events was permitted given the attendance of senior leaders. 

"The senior leadership at the centre, both political and official, must bear responsibility for this culture. 

"I found that some staff had witnessed or been subjected to behaviours at work which they had felt concerned about but at times felt unable to raise properly.

"I was made aware of multiple examples of a lack of respect and poor treatment of security and cleaning staff. This was unacceptable." 

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

Men from Barca's class of 99

Crystal Palace - Frank de Boer

Everton - Ronald Koeman

Manchester City - Pep Guardiola

Manchester United - Jose Mourinho

Southampton - Mauricio Pellegrino

MATCH INFO

Hoffenheim v Liverpool
Uefa Champions League play-off, first leg
Location: Rhein-Neckar-Arena, Sinsheim
Kick-off: Tuesday, 10.45pm (UAE)

While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

Raghida Dergham: We have to bounce back

The specs: 2017 Maserati Quattroporte

Price, base / as tested Dh389,000 / Dh559,000

Engine 3.0L twin-turbo V8

Transmission Eight-speed automatic

Power 530hp @ 6,800rpm

Torque 650Nm @ 2,000 rpm

Fuel economy, combined 10.7L / 100km

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded