For many Lebanese Bitar is their only hope for truth and accountability in a country that craves both. AP
For many Lebanese Bitar is their only hope for truth and accountability in a country that craves both. AP
For many Lebanese Bitar is their only hope for truth and accountability in a country that craves both. AP
For many Lebanese Bitar is their only hope for truth and accountability in a country that craves both. AP

Beirut blast investigation suspended for fourth time


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The Lebanese judge leading investigations into last year's Beirut port blast was forced to stop work on Thursday over a lawsuit filed by former ministers he had summoned for interrogation, an official said.

The suspension is the fourth since Tarek Bitar was chosen to lead investigations in February.

It comes two weeks since Mr Bitar was cleared to resume work after a series of court challenges raised by political leaders derailed his efforts.

On Thursday, Mr Bitar was informed of a lawsuit submitted by legislators Ghazi Zeaiter and Ali Hasan Khalil – both members of the Shiite Amal Movement – which forced him to pause the inquiry until a ruling is issued, a court official told AFP.

The total number of lawsuits against Mr Bitar now stands at 18, the official said, most of which were filed by officials he is seeking to question on suspicion of criminal negligence.

Rights groups and relatives of blast victims have repeatedly condemned what they describe as blatant political interference in the investigation.

They say it aims to preserve a culture of political impunity in a country where even assassinations and bombings can go unpunished.

The August 4, 2020 explosion was caused by a huge stockpile of ammonium nitrate fertiliser that was stored haphazardly at Beirut port for years.

Top political and security officials knew of the dangers posed by the shipment but failed to take action.

The powerful Shiite movement Hezbollah is leading demands to remove Mr Bitar.

Its ministers have said they will boycott Cabinet sessions until an official decision is taken to replace him.

As a result, the government, which was formed in September to address an escalating economic crisis, has failed to meet since October, despite mounting woes.

Families of the Beirut Blast victims - in pictures

  • Ibrahim Hoteit, surrounded by the families of the victims of the Beirut blast, addresses the media outside the port of Beirut on the sixth-month anniversary of the explosion in February 2021.
    Ibrahim Hoteit, surrounded by the families of the victims of the Beirut blast, addresses the media outside the port of Beirut on the sixth-month anniversary of the explosion in February 2021.
  • Kayan Tleiss sits in front of the shrine dedicated to his brother in his living room in Khalde, in the southern suburbs of Beirut.
    Kayan Tleiss sits in front of the shrine dedicated to his brother in his living room in Khalde, in the southern suburbs of Beirut.
  • A photograph of Mohammad Tleiss is flanked by an image of the Virgin Mary and a copy of the Quran in Kayan Tleiss’s living room in Khalde in Beirut.
    A photograph of Mohammad Tleiss is flanked by an image of the Virgin Mary and a copy of the Quran in Kayan Tleiss’s living room in Khalde in Beirut.
  • Kayan’s mother, holding a photograph of her son, Mohammed, sits outside the port of Beirut on the sixth-month anniversary of the explosion.
    Kayan’s mother, holding a photograph of her son, Mohammed, sits outside the port of Beirut on the sixth-month anniversary of the explosion.
  • Tharwat and Nada Noureddine sit in their living groom in Mar Elias in Beirut surrounded by photographs of Tharwat’s brother and Nada’s son, Ayman.
    Tharwat and Nada Noureddine sit in their living groom in Mar Elias in Beirut surrounded by photographs of Tharwat’s brother and Nada’s son, Ayman.
  • Tharwat Noureddine holds a photograph that Ayman kept on his desk in Beirut. The frame was damaged during the explosion.
    Tharwat Noureddine holds a photograph that Ayman kept on his desk in Beirut. The frame was damaged during the explosion.
  • Photographs of Tharwat’s brother and Nada’s son, Ayman, adorn the family's living room in Mar Elias in Beirut. Ayman had returned from five months of training in the US right before the explosion.
    Photographs of Tharwat’s brother and Nada’s son, Ayman, adorn the family's living room in Mar Elias in Beirut. Ayman had returned from five months of training in the US right before the explosion.
  • Salam Iskandar, her husband, Jaber, and their son, Ali, sit in their living room in Borj El Brajneh in the southern suburbs of Beirut, surrounded by photographs of Salam's brother, Hamza, who died in the Beirut port blast. All photos: Oliver Marsden / The National
    Salam Iskandar, her husband, Jaber, and their son, Ali, sit in their living room in Borj El Brajneh in the southern suburbs of Beirut, surrounded by photographs of Salam's brother, Hamza, who died in the Beirut port blast. All photos: Oliver Marsden / The National
  • Salam Iskandar holds a photograph of her brother, Hamza, on her lap.
    Salam Iskandar holds a photograph of her brother, Hamza, on her lap.
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Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY%20PROFILE
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Schedule:

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

Company Profile

Name: JustClean

Based: Kuwait with offices in other GCC countries

Launch year: 2016

Number of employees: 130

Sector: online laundry service

Funding: $12.9m from Kuwait-based Faith Capital Holding

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: December 23, 2021, 2:42 PM