The EU is pushing ahead to finalise a package of sanctions on Lebanon despite Monday’s nomination of Najib Mikati as prime minister-designate, European diplomats have told The National.
Several officials told The National that, although they noted this week’s movement on forming a new Lebanese government, they were sceptical that Mr Mikati – a two-time former prime minister – can finalise an administration.
Lebanon needs a new government that could introduce the reforms required to stave off a wave of sanctions on the country's political class and unlock international financial support.
“Nothing has changed until we see concrete reforms. Mikati’s nomination is a still long way from that,” one European diplomat in Beirut said.
“It’s not a case of buying them time because the sanctions were never just about government formation – they were about blocking the reforms Lebanon desperately needs.
“Until the reform happens, sanctions stay on the table.”
Brussels has been working on a package of sanctions to punish those blocking government formation and vital structural reforms in Lebanon for months.
Germany and France have been leading the efforts.
“I can say that the objective is to complete this by the end of the month," EU foreign policy chief Josep Borrell said earlier this month. "I am not talking about the implementation of the regime, just the building of the regime according to sound legal basis.”
The EU sanctions would include asset freezes and travel bans.
One European diplomat said that Mr Mikati would need to make sure his government formation efforts do not drag on.
“Mikati said himself he wants to be fast. He said he is not going to do the same as Saad Hariri. If in a few weeks nothing is done, then we will take that into account,” they said.
France is also working on its own unilateral measures. Last month, it introduced travel bans on several Lebanese political figures, although without publicising who had been targeted. Paris is also coordinating closely with the UK and US, which are both weighing up measures of their own.
The US placed sanctions on former foreign minister Gebran Bassil for corruption in November. This was widely interpreted as a warning to President Michel Aoun and other members of Lebanon's political class blocking government formation.
Lebanon has been in the hands of a caretaker government since August, when the cabinet of Prime Minister Hassan Diab resigned after the Beirut port explosion.
Former prime minister Saad Hariri was nominated to replace him, but was unable to agree a cabinet line-up with Mr Aoun despite nine months of negotiations. This left the country in a political morass amid an economic crisis described by the World Bank as Lebanon's worst in 150 years.
Last week, Mr Hariri admitted defeat and withdrew his name from consideration, prompting Lebanese MPs to vote in Mr Mikati as a replacement on Monday.
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Mohammed bin Zayed Majlis
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
