Angela Merkel, the German chancellor, welcomes George Papandreo, the Greek prime minister, during a meeting in Berlin yesterday. Reuters
Angela Merkel, the German chancellor, welcomes George Papandreo, the Greek prime minister, during a meeting in Berlin yesterday. Reuters
Angela Merkel, the German chancellor, welcomes George Papandreo, the Greek prime minister, during a meeting in Berlin yesterday. Reuters
Angela Merkel, the German chancellor, welcomes George Papandreo, the Greek prime minister, during a meeting in Berlin yesterday. Reuters

Euro crisis risks return to worst of recession


  • English
  • Arabic

The global economy faces a meltdown as severe as the financial crisis of 2008 if the euro zone cannot resolve its escalating debt crisis, Nouriel Roubini has warned.

The message from the economist known as Dr Doom came as George Papandreou, the Greek prime minister, made a desperate plea for German support to help to save his debt-burdened country from default.

Mr Papandreou was set for talks last night with Angela Merkel, the German chancellor, as pressure built on Germany to help to secure a bigger euro rescue fund.

There was a 50 per cent chance of the global economy being dragged into a downturn as serious as the past financial crisis because of the worsening euro-zone sovereign-debt turmoil, said Mr Roubini, a professor at New York University.

"If things were to get disorderly in the euro zone, we do not rule out a another recession and financial crisis that could be as severe as the financial crisis of 2008," he said on a conference call from New York.

The chairman of Roubini Global Economics famously forecast the previous financial crisis that sent Europe, the US and many other economies into recession. His uncanny predictions on the scale of the slowdown earned him the nickname of Dr Doom.

The recovery has stalled as the euro-zone debt crisis has escalated and growth has slowed in major powers the US and China.

But investors appeared confident yesterday that European policymakers were preparing an action plan to stem the crisis. Germany's Dax and France's Cac 40 indexes were up about 4 per cent in early afternoon trading, while the UK's FTSE 100 was almost 3 per cent higher. Earlier, Japan's Nikkei Index closed up 2.8 per cent, Hong Kong's Hang Seng edged up 4.2 per cent and South Korea's Kospi climbed 5 per cent.

The Stoxx Europe 600 was up 3.35 per cent at 227.66 during afternoon trading. The MSCI Asia Pacific Index gained 3.8 per cent.

Talk in recent days has surrounded whether the European Financial Stability Facility could be bolstered. German legislators are due to vote on Thursday on enhanced powers for the €440 billion (Dh2.2 trillion) fund, which has already assisted Greece, Portugal and Ireland.

There is significant political and public opposition in Germany to expanding the power of the facility. But Germany would provide all the help it could to stabilise Greece, Ms Merkel said in a speech to a German industry federation event in Berlin.

"Whatever Germany can offer in terms of help, we will offer," she said. "We do this in a spirit of friendship, a spirit of partnership, not in a spirit of imposing something."

She also called on German politicians to rally behind her plan for a bigger euro rescue fund.

"If Europe isn't doing well, then over the middle term, Germany won't do well" she said.

Mr Papandreou had earlier tried to reassure investors that Greece could overcome its problems. "Yes we can," he said at the same conference. "Greece has the potential, Europe has the potential."

How to report a beggar

Abu Dhabi – Call 999 or 8002626 (Aman Service)

Dubai – Call 800243

Sharjah – Call 065632222

Ras Al Khaimah - Call 072053372

Ajman – Call 067401616

Umm Al Quwain – Call 999

Fujairah - Call 092051100 or 092224411

HAEMOGLOBIN DISORDERS EXPLAINED

Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.

Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.

The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.

The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.

A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.

THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Asia Cup Qualifier

Venue: Kuala Lumpur

Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September

Fixtures:

Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore

Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman

Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal

Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore

Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong

Thu Sep 6: Final

 

Asia Cup

Venue: Dubai and Abu Dhabi

Schedule: Sep 15-28

Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier

The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

ENGLAND SQUAD

Goalkeepers Henderson, Johnstone, Pickford, Ramsdale

Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White

Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse

Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins 

START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
%3Cp%3E%3Cstrong%3ESaudi%20Arabia%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJoy%3A%3C%2Fstrong%3E%20Delivers%20car%20services%20with%20affordable%20prices%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKaraz%3A%3C%2Fstrong%3E%20Helps%20diabetics%20with%20gamification%2C%20IoT%20and%20real-time%20data%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMedicarri%3A%3C%2Fstrong%3E%20Medical%20marketplace%20that%20connects%20clinics%20with%20suppliers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMod5r%3C%2Fstrong%3E%3A%20Makes%20automated%20and%20recurring%20investments%20to%20grow%20wealth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStuck%3A%3C%2Fstrong%3E%20Live%2C%20on-demand%20language%20support%20to%20boost%20writing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWalzay%3A%3C%2Fstrong%3E%20Helps%20in%20recruitment%20while%20reducing%20hiring%20time%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEighty6%3A%20%3C%2Fstrong%3EMarketplace%20for%20restaurant%20and%20supplier%20procurements%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFarmUnboxed%3A%20%3C%2Fstrong%3EHelps%20digitise%20international%20food%20supply%20chain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENutriCal%3A%3C%2Fstrong%3E%20Helps%20F%26amp%3BB%20businesses%20and%20governments%20with%20nutritional%20analysis%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWellxai%3A%3C%2Fstrong%3E%20Provides%20insurance%20that%20enables%20and%20rewards%20user%20habits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgypt%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAmwal%3A%3C%2Fstrong%3E%20A%20Shariah-compliant%20crowd-lending%20platform%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDeben%3A%3C%2Fstrong%3E%20Helps%20CFOs%20manage%20cash%20efficiently%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgab%3A%3C%2Fstrong%3E%20Connects%20media%20outlets%20to%20journalists%20in%20hard-to-reach%20areas%20for%20exclusives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENeqabty%3A%3C%2Fstrong%3E%20Digitises%20financial%20and%20medical%20services%20of%20labour%20unions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOman%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonak%3A%3C%2Fstrong%3E%20Provides%20financial%20inclusion%20and%20life%20services%20to%20migrants%3C%2Fp%3E%0A
WITHIN%20SAND
%3Cp%3EDirector%3A%20Moe%20Alatawi%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Ra%E2%80%99ed%20Alshammari%2C%20Adwa%20Fahd%2C%20Muhand%20Alsaleh%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

2289 - Dh10

2252 - Dh50

6025 - Dh20

6027 - Dh100

6026 - Dh200

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Profile of VoucherSkout

Date of launch: November 2016

Founder: David Tobias

Based: Jumeirah Lake Towers

Sector: Technology

Size: 18 employees

Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake

Investors: Seed round was self-funded with “millions of dollars” 

FIXTURES

December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm

December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

December 30
3rd/4th place play-off, 5pm
Final, 7pm

Countdown to Zero exhibition will show how disease can be beaten

Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a  month before Reaching the Last Mile.

Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.

 

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
The%20specs
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Kill%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nikhil%20Nagesh%20Bhat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3C%2Fstrong%3E%3A%20Lakshya%2C%20Tanya%20Maniktala%2C%20Ashish%20Vidyarthi%2C%20Harsh%20Chhaya%2C%20Raghav%20Juyal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3Cbr%3E%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
A%20Little%20to%20the%20Left
%3Cp%3E%3Cstrong%3EDeveloper%3A%20%3C%2Fstrong%3EMax%20Inferno%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20Mac%2C%20Nintendo%20Switch%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%26nbsp%3B%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets

Director: Paul Weitz
Stars: Kevin Hart
3/5 stars

UAE currency: the story behind the money in your pockets
Scores in brief:

Day 1

New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38

Pakistan (1st innings) 59-2 (23 overs)