Former United Nations secretary-general Kofi Annan died earlier today. Chip East / Reuters
Former United Nations secretary-general Kofi Annan died earlier today. Chip East / Reuters

Kofi Annan: global statesman leaves a mixed legacy



A proud son of Africa. A global statesman. A guiding force for good. And a self-proclaimed stubborn optimist.

As the tributes poured in today for the late Kofi Annan, who died in Switzerland, surrounded by his family, one thing was clear: admiration for the Ghanaian, who rose to the highest rank in the United Nations, was universal and came from all quarters, crossing political affiliations and geographical boundaries. The tributes came from political leaders, freedom fighters, friends and opponents alike. As his successor, UN secretary-general Antonio Guterres, said: "In many ways, Kofi Annan was the United Nations".

When he joined the United Nations in 1962 as a 25-year-old, the organisation – set up in the wake of the Second World War to prevent another catastrophic conflict – was even younger than he was. At its foundation, it had 51 member states; there are now more than 190. “The UN can be improved,” he admitted in a BBC interview on his 80th birthday in April. “It is not perfect but if it didn’t exist, you would have to create it.”

Annan rose through the ranks to become the first black African secretary-general, serving two terms from 1997 to 2006. His legacy is a mixed one; he conducted himself with dignity, quiet determination and charisma, guided by his conviction that mediation and dialogue could effect a peaceful outcome.

He devised the Millennium Development Goals still in use today and a UN philosophy called the “responsibility to protect”, which member states pledged to abide by.

He oversaw Nigeria’s transition to civilian rule and was awarded a Nobel Peace Prize for his efforts in 2001. After leaving the UN, he formed his own foundation and joined The Elders, a group of former leaders founded by the late Nelson Mandela.

But his position also led to criticism over UN failures to act, most notably in the Rwandan genocide of 1994 and the Srebrenica massacre of 1995. And while he decried the 2003 invasion of Iraq as “illegal”, he did not do so publicly until 2004.

Annan was also challenged over failing to investigate corruption allegations against his son Kojo in Iraq’s oil-for-food programme. “I think that my darkest moment was the Iraq war and the fact that we could not stop it,” Annan said recently.

In many ways, his personal failures were the failures of the UN as an institution; where it, and he, fell short was an inability to prevent catastrophes on a global scale. He recognised this by resigning as special envoy to Syria after a frustrating seven months in 2012 as Security Council members embarked on their own course of action.

But what is in little doubt is that he was guided by a higher-minded purpose and the need to find "a path to a better world". Ghanaian flags will be flying at half-mast this week for the national son who became an international hero.

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Name: Almnssa
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Founder: Areej Selmi
Based: Gaza
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The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

The biog

Favourite colour: Brown

Favourite Movie: Resident Evil

Hobbies: Painting, Cooking, Imitating Voices

Favourite food: Pizza

Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon

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Eyasses squad

Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)

Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)  

Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)

Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)

Jemma Eley – goal attack / wing attack (Dubai College)

Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)

Molly Fuller – goal attack / wing attack (Dubai College)

Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)

Noorulain Hussain – goal defence / wing defence (Dubai College)

Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)

Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)         

Eliza Petricola – wing attack / centre (Dubai English Speaking College)

Thank You for Banking with Us

Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

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CHINESE GRAND PRIX STARTING GRID

1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)

2nd row
Valtteri Bottas (Mercedes-GP)
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Max Verstappen (Red Bull Racing)
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Brendon Hartley (Toro Rosso)
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9th row
Pierre Gasly (Toro Rosso)
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10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)

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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

What are the GCSE grade equivalents?
 
  • Grade 9 = above an A*
  • Grade 8 = between grades A* and A
  • Grade 7 = grade A
  • Grade 6 = just above a grade B
  • Grade 5 = between grades B and C
  • Grade 4 = grade C
  • Grade 3 = between grades D and E
  • Grade 2 = between grades E and F
  • Grade 1 = between grades F and G

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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WWE Evolution results
  • Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
  • Nia Jax won a battle royal, eliminating Ember Moon last to win
  • Toni Storm beat Io Shirai to win the Mae Young Classic
  • Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match​​​​​​​
  • Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
  • Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
  • Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
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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.