Lebanese Parliament Speaker Nabih Berri casts his vote during a parliament session to elect a new president. EPA
Lebanese Parliament Speaker Nabih Berri casts his vote during a parliament session to elect a new president. EPA
Lebanese Parliament Speaker Nabih Berri casts his vote during a parliament session to elect a new president. EPA
Lebanese Parliament Speaker Nabih Berri casts his vote during a parliament session to elect a new president. EPA

Lebanon's MPs fail for a third time to elect next president


Jamie Prentis
  • English
  • Arabic

Lebanese politicians failed for a third time to elect the country's next president on Thursday with no candidate receiving enough votes, only 11 days before the term of incumbent Michel Aoun ends.

Parliamentary speaker Nabih Berri said the next election session in the 128-seat chamber would take place on Monday. In the first polling round, which took place in late September, a two-thirds majority was required to win. But an absolute majority is needed in subsequent votes.

Of the 119 votes cast, 55 were blank and 17 for “New Lebanon”. MP Michel Moawad, who received the most votes in the first round with 36, increased his share to 42 — but that was nowhere near the threshold needed to be elected Lebanon's next president.

“It is clear that one camp comes to elect a president while another attends the sessions just to hide its desire to block them,” said Mr Moawad, a staunch critic of the Iran-backed armed group and political party Hezbollah.

Mr Moawad, whose father Rene served as president for 18 days in 1989 before being assassinated, described himself as the only “serious candidate”.

He has received the support of parliament's largest party, the Lebanese Forces, the Kataeb Party, the Druze Progressive Socialist Party and a handful of independent MPs.

Among the big names not to back a candidate yet are Hezbollah, Mr Berri's Amal Movement, and the Free Patriotic Movement, which was founded by Mr Aoun.

The election rules require a two-thirds quorum, which means no one bloc can impose its candidate. The second parliamentary session last week was abandoned because of a lack of quorum.

The failure to find a successor to Mr Aoun, an 89-year-old former army commander, is not unexpected and has precedent — it took 46 sessions and 29 months for parliament to elect him in 2016.

In the country's confessional system, the presidency is always reserved for a Maronite Christian.

If parliament fails to decide on Mr Aoun's successor before his term ends, the government will assume presidential powers.

  • Schoolteacher Claude Koteich, her teenager daughter and 10-year-old son, should all have been back in class weeks ago – but a crisis in Lebanon's education sector has left them lounging at home on a Monday afternoon. All photos: Reuters
    Schoolteacher Claude Koteich, her teenager daughter and 10-year-old son, should all have been back in class weeks ago – but a crisis in Lebanon's education sector has left them lounging at home on a Monday afternoon. All photos: Reuters
  • Lebanon's three-year financial meltdown has kept public schools closed so far this academic year, with teachers waging an open-ended strike over severely devalued salaries and administrators worried they will not be able to secure fuel to keep the lights and heating on during the winter.
    Lebanon's three-year financial meltdown has kept public schools closed so far this academic year, with teachers waging an open-ended strike over severely devalued salaries and administrators worried they will not be able to secure fuel to keep the lights and heating on during the winter.
  • Ms Koteich, 44, has taught French literature at Lebanese public schools for exactly half her lifetime. 'We used to get a salary high enough that I could afford to put them [her children] in private school,' she said.
    Ms Koteich, 44, has taught French literature at Lebanese public schools for exactly half her lifetime. 'We used to get a salary high enough that I could afford to put them [her children] in private school,' she said.
  • From a monthly salary that was once about $3,000, Ms Koteich now earns the equivalent of $100 – forcing her to make a tough choice last summer over whether to put her children back in costly private schools or transfer them to a public education system paralysed by the pay dispute. 'I was stuck between yes and no – waiting for our salaries to change, or if the education minister wanted to fulfil our demands,' she said.
    From a monthly salary that was once about $3,000, Ms Koteich now earns the equivalent of $100 – forcing her to make a tough choice last summer over whether to put her children back in costly private schools or transfer them to a public education system paralysed by the pay dispute. 'I was stuck between yes and no – waiting for our salaries to change, or if the education minister wanted to fulfil our demands,' she said.
  • While there is little progress on securing higher salaries given Lebanon's depleted state coffers, at the same time, her children's private school was asking for tuition to be paid mostly in cash dollars to guarantee they could afford to pay for expensive fuel and other imported needs. That would amount to an annual fee of $500 per pupil, plus 15 million Lebanese pounds, or about $400. 'The number was very high and out of this world for me,' Ms Koteich said.
    While there is little progress on securing higher salaries given Lebanon's depleted state coffers, at the same time, her children's private school was asking for tuition to be paid mostly in cash dollars to guarantee they could afford to pay for expensive fuel and other imported needs. That would amount to an annual fee of $500 per pupil, plus 15 million Lebanese pounds, or about $400. 'The number was very high and out of this world for me,' Ms Koteich said.
  • So as their former classmates don their private school uniforms, Ms Koteich's two children still have no idea when they will return to class.
    So as their former classmates don their private school uniforms, Ms Koteich's two children still have no idea when they will return to class.
  • The education system in Lebanon has long been heavily reliant on private schools, which taught almost 60 per cent of the country's 1.25 million pupils, according to the Ministry of Higher Education. But the strain on households from the financial collapse has forced a shift and about 55,000 pupils moved from private to public schools in the 2020-2021 school year alone, the World Bank said.
    The education system in Lebanon has long been heavily reliant on private schools, which taught almost 60 per cent of the country's 1.25 million pupils, according to the Ministry of Higher Education. But the strain on households from the financial collapse has forced a shift and about 55,000 pupils moved from private to public schools in the 2020-2021 school year alone, the World Bank said.
  • Public education is historically underfunded, with the government earmarking less than 2 per cent of GDP to education in 2020, according to the World Bank – one of the lowest rates in the Middle East and North Africa.
    Public education is historically underfunded, with the government earmarking less than 2 per cent of GDP to education in 2020, according to the World Bank – one of the lowest rates in the Middle East and North Africa.
  • 'I noticed that their [my pupils] worries are beyond educational – they started to think about how they can make a living [when] at this age they should be thinking of their homework,' Ms Koteich said.
    'I noticed that their [my pupils] worries are beyond educational – they started to think about how they can make a living [when] at this age they should be thinking of their homework,' Ms Koteich said.
  • Edouard Beigbeder, the head of Unicef in Lebanon, told Reuters that about one third of children in Lebanon – including Syrian children – are not attending school. 'We have worrying numbers ... more employed in the labour [sector in Lebanon], and some girls getting into early child marriage,' he said.
    Edouard Beigbeder, the head of Unicef in Lebanon, told Reuters that about one third of children in Lebanon – including Syrian children – are not attending school. 'We have worrying numbers ... more employed in the labour [sector in Lebanon], and some girls getting into early child marriage,' he said.
  • A Unicef study this year found that 38 per cent of households had reduced their education expenses compared with just 26 per cent in April 2021. Some hope schools will re-open in October, although there has been no such indication from the government.
    A Unicef study this year found that 38 per cent of households had reduced their education expenses compared with just 26 per cent in April 2021. Some hope schools will re-open in October, although there has been no such indication from the government.

However, the government itself is in a caretaker capacity, adding to the political paralysis. Najib Mikati was named prime minister-designate in June, a month after parliamentary elections, but political factions have yet to agree on the distribution of portfolios in his Cabinet.

There are fears that any further paralysis will further delay the implementation of reforms that Lebanon needs to help get it out of a crippling financial crisis which has been described by the World Bank as one of the worst in modern history.

The local currency has fallen in value by more than 95 per cent over the past three years and there are severe shortages of basic commodities such as bread, water, electricity and medicines.

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

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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.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

RESULT

Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

CONFIRMED%20LINE-UP
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Jawan
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Results:

6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres

Winner: AF Al Sajanjle, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m

Winner: Blue Point, William Buick, Charlie Appleby

7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m

Winner: Muntazah, Jim Crowley, Doug Watson

8.15pm: Meydan Trophy Conditions (TB) | $100,000 (T) | 1,900m

Winner: Art Du Val, William Buick, Charlie Appleby

8.50pm: Balanchine Group 2 (TB) | $250,000 (T) | 1,800m

Winner: Poetic Charm, William Buick, Charlie Appleby

9.25pm: Handicap (TB) | $135,000 (D) | 1,200m

Winner: Lava Spin, Richard Mullen, Satish Seemar

10pm: Handicap (TB) | $175,000 (T) | 2,410m

Winner: Mountain Hunter, Christophe Soumillon, Saeed bin Suroor

Company%20profile
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Updated: October 20, 2022, 10:55 AM