Archaeologists have discovered 30 ancient tombs on the banks of Mosul dam in Iraq after water levels declined.
The tombs are believed to be more than 2,300 years old and were unearthed at the edges of the Mosul dam reservoir in the Khanke region of the Duhok province in the north of the country, reported the AFP news agency.
“So far, we have discovered approximately 40 tombs,” said Bekas Brefkany, the director of antiquities in Duhok, who is leading the archaeological work at the site.
The dam, on the Tigris River about 50km from Mosul, provides power and water to many areas in Iraq's north. Over the past several years, droughts have enabled archaeologists to discover ruins dating back thousands of years in the same area.
“The droughts have a significant impact on many aspects like agriculture and electricity. But for us archaeologists … it allows us to do excavation work,” Mr Brefkany said. The newly discovered tombs are said to date back as far as the Hellenistic or Hellenistic-Seleucid period, according to Mr Brefkany.
Further work is under way to excavate the tombs and transfer them to the Duhok Museum for further study and preservation, before the area becomes submerged again.
Iraq is particularly vulnerable to the effects of climate change and has been facing rising temperatures, chronic water shortages and year-on-year droughts. Temperatures have risen to 48°C in many areas of Iraq this summer, with some provinces registering higher than 50°C. Many residents are swimming in rivers and using water hoses to cool off.
The latest heatwave this summer has highlighted Iraq’s vulnerability to climate change, with the UN ranking it the fifth most at risk from global warming. Iraq has endured its worst drought in decades and summer temperatures, particularly in July and August, often soar above 50°C.
Since it was built in 1980, the dam has required regular maintenance involving injections of cement on leaking areas, in a process called grouting. The dam was briefly seized by the extremist group ISIS in 2014, leading to a lapse in maintenance that weakened its already flawed structure.
Under a $300 million contract funded by the World Bank, an Italian company called Trevi carried out maintenance and repair works in 2016.
UAE currency: the story behind the money in your pockets
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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SPECS
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