Lebanese government prepares itself for possible war


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As the Shiite militia Hezbollah and its Palestinian allies trade deadly attacks with the Israeli military in the southern part of the country, the Lebanese government has been relatively silent.

Little has been heard from the government in Beirut since the exchange of fire began a day after the start of the latest Israel-Gaza war that risks dragging in Lebanon.

Only on Thursday did the cabinet meet to discuss the escalation, amid concerns that the skirmishes might lead to the war's spillover into a country already grappling with one of the worst financial collapses in modern history.

“The Council of Ministers strongly condemns the criminal acts committed by the Zionist enemy in Gaza and we affirm solidarity with the Palestinian people in their struggle,” caretaker Prime Minister Najib Mikati said after the meeting.

He said that what happened on the Lebanese-Israeli border was “of deep concern” and blamed Israel's “provocations” and “violations” for the situation.

At the meeting, officials underscored that Lebanon was not in a situation to accommodate a war.

“A war would be disastrous for Lebanon. Lebanon is on a fine line where it could fall apart completely,” caretaker Economy Minister Amin Salam told The National.

“We cannot afford a conflict; we are already extremely vulnerable.”

He added that he had developed several immediate steps to address potential food security issues and ordered a report to be prepared, as Lebanon lacks national grain reserves.

“We plan for the worst while hoping for the best,” he said.

Health Minister Firass Abiad said the government had raised the readiness of Lebanon's healthcare faculties in case a full-scale conflict broke out.

“Everyone wants peace,” an observer of the meeting told The National, and added that the suffering of the Palestinian people had been specifically highlighted.

International concern about the humanitarian situation in the Gaza Strip is mounting after five days of heavy Israeli bombardment in retaliation for an attack by Gaza-based Hamas militants on Saturday that killed more than 1,300 in Israel.

The cabinet meeting was also attended by the commanders of Lebanon's various security branches, including army chief Gen Joseph Aoun.

Lebanese authorities 'comatose'

Although Hezbollah is a militia as well as a political party with a presence in parliament, it operates independently of the state and is believed to be stronger than the army.

In contrast to the government, Hezbollah has published frequent press releases about its military actions and political positions. Its leader, Hassan Nasrallah, publicly praised the attack by Hamas.

“This triumphant operation is a decisive response to the continuing crimes of the occupation and continuous violations against sanctities, honours and dignities,” he said.

Further complicating the issue is Lebanon’s deeply fractured political scene. Although none of Hezbollah’s most strident critics sit in the cabinet, the ministers come from an array of political parties besides Hezbollah and its allies.

It is understood that, while views expressed in the cabinet meeting differed at times, the general consensus was that Lebanon was deeply sympathetic towards the plight of the Palestinian people, but a war in Lebanon was not in the country's best interests.

Karim Bitar, professor of International Relations at Saint Joseph University in Beirut, said that the Lebanese government had “zero control” over the situation – whether that be over the actions of Hezbollah or the situation in southern Lebanon.

“The Lebanese authorities seem completely absent, completely impotent. They are in a state of total paralysis. To put it shortly, they seem to be comatose,” he said.

He added that this was worsened by the fact that “the Lebanese people are polarised and at the same particularly anxious because it will be devastating for Lebanon if there is a second front opened and an all-out conflict in the region”.

Most in Lebanon are talking of the last time that Israel and Hezbollah engaged in all-out conflict: a brutal month-long war in 2006. The country remains on a knife edge amid fears something similar could happen.

But, for now, the situation along the Lebanese-Israel border is “stable but volatile”, according to Maj Gen Arnold Lazaro, commander of the UN peacekeeping mission in southern Lebanon.

The exchanges of fire had “fortunately not escalated into conflict”, he said on Thursday.

“We have increased patrols and other activities to maintain stability, co-ordinating this work with the Lebanese Armed Forces.”

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

The finalists

Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho

Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson

Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)

Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)

Club of the Year: Bayern Munich, Liverpool, Real Madrid

Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)

Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

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How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
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Uefa Nations League

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Updated: October 13, 2023, 9:33 AM