The closing this month of the Daily Star, Lebanon’s oldest English-language newspaper, founded in 1952, had a bittersweet feel to it. Bitter, because of the way the publication treated its staff in its final years; sweet, because the Star had built up a noteworthy track record since reopening in 1996, in the midst of Lebanon’s post-war reconstruction, and for a time reflected the optimism in the country’s revival.
I had the good fortune of being the paper’s opinion editor between 2003 and 2016, which allowed me to see how a news institution could attract great talent, only to allow other, more prominent, media outlets to poach them at will. This underlined a perennial problem the publication had to place itself on a stable institutional basis and retain staff, often because of a lack of money.
When the newspaper’s owner, Jamil Mroueh, sold the Star to a group of investors led by Saad Hariri in 2010, there was hope that its financial difficulties would be resolved. The paper left its offices in the trendy, bohemian neighbourhood of Gemmayzeh for the more expensive, less adventurous, downtown area – a telling transfer that perhaps reflected Mr Mroueh’s and Mr Hariri’s contrasting visions for the publication.
For all the shortcomings of such a model, it allowed readers to get a good sense of what was going on in Lebanon
By 2015, the situation had changed for the worse, with little prospect of an amelioration. The advertising market was in what proved to be a lasting downturn, Mr Hariri’s own financial problems had become serious, and most of the former prime minister’s media interests were ailing. Within a few years virtually all the outlets he owned or in which he had a stake – Al Safir, Al Mustaqbal, Al Nahar, Future Television – had either closed or faced severe financial crises that threatened their existence.
For the staff at the Daily Star, this meant years of on-again, off-again salary payments, but apparently no settlement of the backlog from unpaid months. Colleagues had to borrow money to cover basic expenses, while job openings for those wanting to leave were very limited.
This was a remarkably callous and disgraceful way to treat a staff that laboured under conditions of uncertainty so that Mr Hariri could publish a newspaper. Perhaps management assumed that journalists who had suffered so many indignities could always be made to swallow a few more.
In the mid 1990s the mood had been lighter. Mr Mroueh reopened the paper just over a decade after he had reopened it for the first time, in 1983. Post-war Lebanon was going through a rebirth, and that Mr Mroueh twice sought to bounce back when Lebanon’s wars seemed to have ended told us something about the man. At the beginning the newspaper was rough around the edges, but it had a contagious vitality that attracted young people in search of a job.
From my perspective, I was always given the latitude to write what I wanted in my opinion articles, even before joining the staff. Others may have had different experiences, but when I became an editor, I appreciated that Mr Mroueh would mostly resolve disagreements over controversial opinion articles by rewording the text, as opposed to spiking pieces entirely. Later on, even while retaining freedom to choose pieces, I could see that the red lines were narrowing.
Beyond the Star, however, what we are witnessing today is the demise of Lebanon as a media centre for the Middle East. This venerable legacy was unsustainable for a variety of reasons, not least the fact that newspapers no longer command the audiences they once did. As the media landscape has changed with the internet and social media, the old way of doing things has collapsed.
That may not necessarily be bad. Most Lebanese newspapers survived for a long time through a combination of domestic and foreign political money and advertisements. This made for coverage that was often biased, but it also created a pluralistic press in which political disputes played out on the front pages. For all the shortcomings of such a model, it did allow readers, by decoding the political rivalries in print, to get a good sense of what was going on in Lebanon.
When political money dried up in the last decade, few Lebanese papers tried to develop an alternative model applicable to the internet age. The Star did attempt to rely on online subscriptions for readers overseas, but the somewhat rigid format it adopted was limited in its appeal. That was a shame, because a restructuring of the paper’s ownership, an injection of cash and a savvy internet and social media strategy might have saved it.
The Daily Star should not have ended with a whimper. Many journalists who had drifted through the newspaper expressed nostalgia when they heard the news. That was understandable, but what is less so is how a publication that had, since the early '50s, chronicled Lebanon’s political and social life should have been allowed to go so unceremoniously.
SHAITTAN
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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.”
Heather, the Totality
Matthew Weiner,
Canongate
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: Hyundai Ionic Hybrid
Price, base: Dh117,000 (estimate)
Engine: 1.6L four-cylinder, with 1.56kWh battery
Transmission: Six-speed automatic
Power: 105hp (engine), plus 43.5hp (battery)
Torque: 147Nm (engine), plus 170Nm (battery)
Fuel economy, combined: 3.4L / 100km
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
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
JOKE'S%20ON%20YOU
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Top tips
Create and maintain a strong bond between yourself and your child, through sensitivity, responsiveness, touch, talk and play. “The bond you have with your kids is the blueprint for the relationships they will have later on in life,” says Dr Sarah Rasmi, a psychologist.
Set a good example. Practise what you preach, so if you want to raise kind children, they need to see you being kind and hear you explaining to them what kindness is. So, “narrate your behaviour”.
Praise the positive rather than focusing on the negative. Catch them when they’re being good and acknowledge it.
Show empathy towards your child’s needs as well as your own. Take care of yourself so that you can be calm, loving and respectful, rather than angry and frustrated.
Be open to communication, goal-setting and problem-solving, says Dr Thoraiya Kanafani. “It is important to recognise that there is a fine line between positive parenting and becoming parents who overanalyse their children and provide more emotional context than what is in the child’s emotional development to understand.”