A special pardon granted by the Iraq's President Barham Salih to a former governor’s son convicted of drug trafficking has sparked great uproar in a country facing unprecedented levels of drug trafficking and abuse.
In January 2018, Iraqi security forces arrested Jawad Luay Al Yassiri, the son of then Najaf governor Luay Al Yassiri, and two friends who were with him in his car as he drove into Baghdad. They found nearly 6 kilograms of hashish and 7,000 pills, as well as money and a pistol.
The Baghdad Criminal Court sentenced Mr Al Yassiri and his friends to prison terms of 15 years in March that year.
A presidential decree pardoning the men, dated January 10, was leaked on Saturday night ― distributed online by social media accounts and politicians that are against Mr Salih nomination for a second-term in office, along with a letter issued five days earlier by the cabinet. The letter informed the president of Prime Minister Mustafa Al Kadhimi's decision to release the three, asking him to issue the pardon.
Amid a subsequent media uproar, Mr Salih issued brief statement on Saturday night, confirming the pardon's authenticity and defending his action.
“The Presidential Decree was issued after a recommendation we received from the Cabinet Secretariat,” the statement said.
Mr Salih cited Article 73 of the constitution, which gives the president the right to issue a pardon for those charged with specific crimes after a recommendation by the prime minister.
There was no comment from Prime Minster's Mustafa Al Kadhimi’s office on the cabinet's letter as of Sunday afternoon.
Iraqis have directed their anger at both the president and the prime minister for the move, which comes as the country is struggling to combat growing drug trafficking and abuse.
“This has only one explanation. The government sponsors and covers for the crimes that kill Iraqi society and devastate its youth,” columnist Falah Al Mishaal said in a post on his Twitter account accompanied the photos of the pardon and the drugs seized from Mr Al Yassiri, issued by the security forces after the 2018 arrest.
Since the removal of Saddam Hussein's regime in the 2003 US-led invasion, Iraq has gone from being a corridor for smuggling drugs to neighbouring countries to a place where drug use is widespread, mainly among youth.
Security and health officials blame successive weak governments, as well as widespread corruption among security forces, porous borders and a lack of co-operation between government agencies.
Early this month gunmen shot and killed a judge specialising in drug-related cases in the southern province of Maysan. The province, which borders Iran, is considered a major hub for drug trafficking.
“We are seeing today the President of the Republic issuing a pardon for one of the drug dealers as the blood of Judge Ahmed Faisal Khasaf has not dried yet,” the Imtidad Movement, a political party that emerged from the October 2019 pro-reform protests, said in a statement.
“The president had to use these powers to issue pardons for the protesters who have been tried and sentenced based on false accusations,” it added.
The timing of the pardon has also raised speculation that it was part of political deal-making as parties vie to form the next government following the general election in October last year.
Luay Al Yassiri's resignation as governor of Najaf was accepted by the prime minister on January 4, the day before the cabinet issued its recommendation for his son to be pardoned.
A Shiite lawmaker, who asked for anonymity, said the pardon was part of a deal to secure the governor's resignation.
Luay Al Yassiri had said at the time of his resignation that his family had been receiving threats, without offering any details.
Shiite populist cleric Moqtada Al Sadr's political group emerged a clear winner in October national elections, a triumph that has given him the power to play a major role in forming the government.
In a bid to consolidate his power, Mr Al Sadr moved late last year to remove governors in some southern provinces, including Luay Al Yassiri of Najaf.
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.
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MATCH INFO
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Starring: Ayushmann Khurrana, Bhumi Pednekar
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