After the announcement of a ceasefire between Israel and Iran, Israeli officials spent Tuesday trying to make sense of their country’s strategic position and what it means for the war in Gaza.
There was an overwhelming sense that Israel, with American help, achieved remarkable victories against its archenemy during 12 days of fighting, which appear to have massively degraded Iran’s nuclear and ballistic missile programmes, widely viewed in Israel as an existential threat.
If the ceasefire holds, attention is likely to turn inward to the many political dilemmas that Israel faced before the war in Iran largely united it – in particular what should happen with the Gaza war. Although out of the headlines, there was no let-up in Israel’s bloody campaign in the strip.
Thirty-two people were killed in Gaza on Tuesday morning while waiting for aid, Palestinian media reported, the latest in a series of deaths in recent weeks among homeless and hungry Gazans.
The overall Palestinian toll from the war rose to 56,077 dead and 131,848 wounded, including 516 deaths and 3,799 injuries related to aid distribution.
Within hours of the announcement of Israel accepting the US ceasefire proposal, many politicians on the left and centre called for Israel to use the moment to also end the war in the strip.
Opposition leader Yair Lapid said it was time for Israel to “start rebuilding”, return hostages and end fighting. The Democrats leader said it “is the time to complete the mission: return all the hostages, end the war in Gaza and stop once and for all the coup that threatens to make Israel weak, divided and vulnerable,” referring to the divisive policy agenda of Prime Minister Benjamin Netanyahu’s far-right coalition.
A senior figure in Mr Netanyahu's Likud party also suggested the ceasefire with Iran could bring a rapid peace deal in Gaza.
“I believe it's the time to close the Gaza [conflict]. I believe it will be now much easier because Hamas doesn't have any more support in Iran,” Michael Kleiner, president of the supreme court of the Likud party, told the BBC.
He added that an agreement could be reached “very quickly” with the Americans, Qataris and Egypt to demilitarise Gaza and put in an interim force to run it until there are elections.
Mr Kleiner welcomed the ceasefire, saying it was good that civilians in Israel and Iran would no longer be killed. “We basically reached our goal, and we had no reason to continue,” he added.
A forum representing the families of the majority of Israeli hostages warned Israel was about to conclude a “grave diplomatic failure” by not including the return of captives held in Gaza in the ceasefire deal. Iran, a backer of Hamas, is viewed by many in Israel as having pivotal leverage over the group.
“We call on the government to hold snap talks that will lead to the return of all the hostages and an end to the war. Those [who] can bring about a ceasefire with Iran can also end the war in Gaza,” a statement from the forum said.
“After 12 days and nights in which the Israeli people could not sleep because of Iran, we can finally go back to not sleeping because of the hostages,” it added.
Finance Minister Bezalel Smotrich, who along with political allies on the far-right has consistently maintained that defeating Hamas should be Israel’s priority in the Gaza war, said that after removing the “immediate existential threat” Iran posed, the focus should be turning “with all our strength to Gaza [to] destroy Hamas and return our hostages and to ensure, with God’s help, many years of security and growth from strength for the people of Israel”.
Not all politicians were satisfied with the ceasefire with Iran. Avigdor Liberman, a hawk and former minister, warned that the world was going “into difficult and tedious negotiations, with the ayatollah regime having no intention of giving up – not on uranium enrichment on Iranian soil, not on the production and equipping of ballistic missiles, nor on supporting and financing terrorism in the region and around the world”.
“A ceasefire without a clear and unambiguous agreement will certainly lead us to another war in two or three years, and under much worse conditions,” Mr Liberman added.
More from Neighbourhood Watch:
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
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UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
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
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Company%20profile
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CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
