Syrian army colonel Amjad Ali lectured students in front of a blackboard in a red-carpeted auditorium. Photos of those talks show a man with a moustache and receding hairline, some of the last images of him before his death in an Israeli air strike near Damascus two months ago.
President Bashar Al Assad’s loyalists put up copies of his death notice on social media, as well as undated photos him. One of his friends writes that he and Ali studied for a master's degree in engineering together.
“He was a scientific asset,” his friend says in a Facebook post.
These accounts, combined with Syrian opposition reconnaissance of an Iran-linked site near Damascus, suggest that Ali was a previously unknown player in a confrontation between Israel and Iran, increasingly superimposed on the theatre of the Syrian civil war.
War of attrition
The confrontation has transformed into a war of attrition since Israel intensified attacks on targets in Syria in February, part of an air campaign against Iranian arms transfers to militias in the country, which has been ongoing since 2012 but has escalated to hundreds of strikes in recent years.
Recent air strikes were reportedly due to a suspicion that Iran has been transporting military hardware to its militia allies on board aid flights to Syria, as well as through overground routes from Iraq, in the aftermath of the earthquake earlier this year.
Syrian opposition sources based in Amman say Ali was killed when two Israeli rockets hit a site containing a weapons depot and a military hardware workshop at about midnight on February 19. He was reportedly in charge of the compound in the Barda area, 5km south of Damascus.
Another Syrian soldier was killed at the site where personnel from Lebanese Shiite group Hezbollah — created and funded by Iran's Islamic Revolutionary Guard Corps (IRGC) — also worked, the sources say.
An opposition member who has been gathering intelligence on the compound says part of Ali’s duties appear to have been liaising with Hezbollah operatives, who used to leave the site by nightfall, leaving Syrian military personnel behind.
He says the rest of the Syrian soldiers “didn’t know much about what the Hezbollah elements were doing”.
Relying on Hezbollah and other militias sponsored by Tehran, including a number of groups from Iraq, Iran has been using Syria to settle scores with Israel and the United States, or to provoke the two allies.
Among the strategic assets in the Iranian zone of influence in the country is a supply route running through Syria, from the Iraqi border to Lebanon, and areas near the Israeli-occupied Golan Heights, south-west of Damascus.
Using Syria as a launch pad — including for rocket attacks this month on the Golan Heights — has minimised prospects of retaliation on Iran’s own territory.
But a European diplomat says while the Israeli attacks have mainly been aimed at containing Iran in Syria, they could be a dress rehearsal for an eventual Israeli strike on Iran to diminish Tehran’s nuclear capabilities.
“Israel feels it is being encircled by an almost-nuclear power,” he says. “It is telling Iran that 'we will hit you with all what we can'.”
Nuclear deal tensions
Israel has launched hundreds of strikes on targets in Syria since the Iran nuclear deal all but collapsed in 2018. This month pro-government media in Tehran reported that two members of the IRGC were killed in Israeli attacks near Damascus.
The IRGC is in charge of external relations with Iran’s proxies and military allies in the Middle East and elsewhere.
Syrian researcher Wael Alwan says that airports, arms depots, air defence batteries, drones, guidance systems, radar and communications centres have been attacked by Israel.
Israel has also targeted bases belonging to Shiite militia supervised by the IRGC, says Mr Alwan, head of information at the Jusoor information centre in Istanbul.
Among them is the mainly Pakistani Zainabiyoun and the mostly Afghan Fatimiyoun Shiite militias, as well as Al Baqir near Aleppo, some of whose Syrian members underwent conversion from Sunnism to Shiism.
The Fatimiyoun and Zainabiyoun operate around the agricultural town of Albu Kamal on the Euphrates, near the border with Iraq, regarded widely as a main entry point of Iranian-supplied weapons into Syria.
“The Israeli strikes have become more frequent and more dense, as Iran has been sending more qualitative weapons to its allies,” says Mr Alwan.
Albu Kamal is also situated within a wider geopolitical struggle in the region. To the east, Russian forces and the US army have coexisted since 2015, partly because they had set up "deconfliction" channels to avoid clashes between the two militaries.
When attacking Syrian troops, Mr Alwan says Israel has been careful to avoid units closely linked with Russia, focusing on formations that have acted as proxies for Tehran.
Among them are the First Corps, south of Damascus, the 90th Brigade and the Fourth Division, the most well-equipped unit in the Syrian military, headed by Maher Al Assad, the president’s only living brother.
'Twisting the ear of the regime'
After rockets were fired into Israel by pro-Iranian militias in Syria and Lebanon this month, the Israeli military said it attacked a Fourth Division compound and radars systems and artillery units linked to the Syrian military.
Veteran political commentator Ayman Abdel Nour says that the targets also included the perimeter of a villa belonging to Maher Al Assad west of Damascus.
He described that attack as twisting the ear of the regime.
“Even where there is a Syrian flag, Iran operates,” says Mr Abdel Nour.
Ali’s death notice listed his hometown as Sheikh Badr, in the Alawite Mountains overlooking the Mediterranean coast. Like most members of the Syrian military, he was a member of the minority sect that has dominated Syria since a 1963 coup.
His death is unlikely to be avenged. Amid the ideologically diverse Iranian allies in Syria, Tehran has regarded regime elements as dispensable.
Sleep Well Beast
The National
4AD
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
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Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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MATCH INFO
Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')
Red card: Casemiro (Real Madrid)
RESULTS
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Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
More coverage from the Future Forum
The specs: Fenyr SuperSport
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Engine: 3.8-litre twin-turbo flat-six
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