After calling a snap general election that cost Britain’s Conservatives their majority, prime minister Theresa May was forced to pursue a deal with the Democratic Unionist Party of Northern Ireland to form a minority Conservative government with DUP support.
Arabic-language commentator Salam Al Saadi wrote that Mrs May was confident of her victory due to a couple of interrelated factors.
“First, Brexit was associated with a boosted economy, increased employment and a rise in real wage.
“The second factor is related to the wave of terrorist attacks that have widened the Conservatives’ popularity throughout Europe,” he wrote in the London-based pan-Arab newspaper Al Arab.
Al Saadi underlined the deeper impact of these attacks in the United Kingdom given their successive occurrence in the month leading up to the election.
However, he argued that the Conservatives’ winning plank was the restoration of sovereignty that prompted Mrs May to call an early election.
“As much as Brexit revolves around tangible economic outcomes, it is also associated with a growing national sentiment among the British people.
“The pro-Brexit movement highlights Europe’s inability to face major challenges such as immigration, terrorism and competition on the one hand, and to the limitations it imposes on the UK on the other,” he said.
According to the writer, the need to restore sovereignty has become increasingly important after the tough negotiations were launched with the EU last year.
He said that Mrs May had started promoting the idea that the EU wanted to “subjugate” the UK and that the Europeans wanted the British to pay the price of their exit through the terms that would be imposed upon them.
“But a year has passed after the referendum and the details of Britain’s EU exit and its economic repercussions remain unknown to the British people, hence their growing suspicions and concerns.
“It is not yet known whether the victory of the rebellious rural nationalist sentiment in the Brexit referendum will withstand the blow dealt to the Conservatives in the latest election,” he said.
Writing in the London-based pan-Arab newspaper Asharq Al Awsat, Lebanese columnist Rajeh El Khoury highlighted the need for the new British government to develop a proactive strategy vis-à-vis the incubators of terrorism in the UK.
According to reliable sources, the British foreign intelligence service, MI6, had received a report from a prominent and highly credible Arab country following the Manchester attack. The report stated that terrorists from within the UK were preparing an attack before the date of the election.
“The head of MI6, Alex Younger, informed the British authorities of the report and immediately sent a copy thereof to Andrew Parker, head of the British security service, MI5 [the domestic counter-intelligence and security agency of the UK].
“It is not clear, though, what measures were taken by the British authorities upon receiving the report that had reached MI6 seven hours before the London Bridge attack,” El Khoury said.
Even though the British government had stepped up its security measures following the Manchester attack, the terrorists were able to perpetrate their crime that prompted Mrs May to draw the line.
“Things cannot continue as they are. We have been too tolerant of extremist activities in our country,” Mrs May said after the London attacks. “We need to become far more robust in stamping it out across the public sector and across society.”
But, the writer said, Mrs May’s concern comes a bit late in light of the growing extremism in the UK that has filled the gap between the keenness to safeguard freedom and the tolerance to extremism that has seen terrorists moving freely.
“Such a policy of tolerance that was implemented under the pretext of the protection of freedom and for other reasons as well – namely sheltering terrorists to use them as leverage against the regimes from which they have fled – amplified the issue to an unbearable level,” he added.
Consequently, El Khoury saw the need to develop a strategy that prevents values of freedom from providing a shield and a way out for extremists.
* Translated by Jennifer Attieh
translation@thenational.ae
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
Turkish Ladies
Various artists, Sony Music Turkey
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.
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
GULF MEN'S LEAGUE
Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2
Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers
Opening fixtures
Thursday, December 5
6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles
7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers
7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles
7pm, Pitch 5, Bahrain v Dubai Eagles 2
Recent winners
2018 Dubai Hurricanes
2017 Dubai Exiles
2016 Abu Dhabi Harlequins
2015 Abu Dhabi Harlequins
2014 Abu Dhabi Harlequins
'Champions'
Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
COMPANY PROFILE
Company name: Alaan
Started: 2021
Based: Dubai
Founders: Parthi Duraisamy and Karun Kurien
Sector: FinTech
Investment stage: $7 million raised in total — $2.5 million in a seed round and $4.5 million in a pre-series A round
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Naga
Director: Meshal Al Jaser
Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad
Rating: 4/5
The five pillars of Islam
Janet Yellen's Firsts
- In 2014, she became the first woman to lead the US Federal Reserve
- In 1999, she became the first female chair of the White House Council of Economic Advisers