UN Secretary General Antonio Guterres delivers a speech at an event launch for the climate TRACE initiative in Egypt's Red Sea resort city of the same name. AFP
UN Secretary General Antonio Guterres delivers a speech at an event launch for the climate TRACE initiative in Egypt's Red Sea resort city of the same name. AFP
UN Secretary General Antonio Guterres delivers a speech at an event launch for the climate TRACE initiative in Egypt's Red Sea resort city of the same name. AFP
UN Secretary General Antonio Guterres delivers a speech at an event launch for the climate TRACE initiative in Egypt's Red Sea resort city of the same name. AFP

UN chief Guterres says trust in political leadership is crumbling


Adla Massoud
  • English
  • Arabic

UN Secretary General Antonio Guterres said on Tuesday that the world is in crisis, trust in political leadership is crumbling and divisions between developed and emerging economies are widening.

“We know that to tackle global inequalities, we need to provide developing countries with the resources and support they need to invest in their future from education and health care to eradicate poverty and realise full equality for women and girls,” Mr Guterres told participants at the ninth global forum for the UN Alliance of Civilisations in Fez, Morocco.

He called for urgent action to prevent further instability and hunger, from the Horn of Africa and the Sahel to Afghanistan to Haiti and beyond.

“We need to reach carbon neutrality by mid-century and urgently reduce emissions this decade,” he said.

“That is why at Cop27, I proposed a Climate Solidarity Pact that combines the capacities of developed and emerging economies for the benefit of all.”

He said a growing number of conflicts, including the war in Ukraine, were “devastating lives and undermining economies” and stressed the importance of dialogue to stop the proliferation of conflict.

Mr Guterres also spoke of “rampant” intolerance and irrationality where hate is “finding fertile ground in a landscape marred by injustices and conflicts”.

“Hate speech, disinformation, and abuse are proliferating, targeting women and vulnerable groups.”

Also speaking at the conference, Miguel Moratinos, High Representative for the United Nations Alliance of Civilisations, said the war in Ukraine has affected the peace and stability of the entire international order and the fragility of the financial system has once again placed the priority of the need to “avoid greater evils, including nuclear armageddon”.

The UNAOC was created after the 9/11 attacks on the US as the political initiative of former UN secretary general Kofi Annan to think of civilisations as categories of international diplomacy and to focus on culture within civilisations as a potential source of conflict and peace.

Noura Al Kaabi, Minister of Culture and Youth, told The National that the world is polarised and “suffering when it comes to extremism, climate change, food security, water” and “I think the youth are expecting a better world.”

She said the UAE is taking a “human-first” approach in its policy, which is driven by a culture that will show “the way forward to better navigate the multi-crises engulfing the international community today”.

 


 

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Updated: November 22, 2022, 2:25 PM