Experts warn of disastrous consequences if nuclear materials fall into wrong hands



THE HAGUE // More countries should work towards properly securing nuclear material and radioactive sources because of the evolving threat of nuclear terrorism, experts at the Nuclear Security Summit said on Monday.

The hope, they said, was that this year’s summit would encourage more countries to get on board. Should such potentially dangerous materials fall into the hands of terrorists, the consequences would be disastrous, they added.

“There are 2,000 metric tonnes of weapons-usable nuclear material that is highly enriched uranium and separated plutonium,” said Deepti Choubey, senior director of nuclear and bio-security at the Nuclear Threat Initiative in Washington.

“These are the materials that a terrorist would use to make a kind of bomb that you would use for nuclear terrorism attacks and they are currently spread across hundreds of sites in 25 countries around the world.”

Ms Choubey was speaking on the sidelines of the summit’s opening day in The Hague, on Monday.

The summit does not focus so much on nuclear weapons as it does on efforts to reduce and secure nuclear material stockpiles.

Bart Dal, adviser for nuclear security and safeguards at the International Atomic Energy Agency (IAEA), said terrorism had increased since September 2011 – meaning the whole nuclear world has to improve security. “Imagine what the effect would be if they [terrorists] succeeded,” he said. “The consequences are so large that we have to take this into account. If you expose a nuclear weapon in one city or more, that would change our lives forever.”

Cause for concern, said Jonathan Herbach, a research fellow in nuclear security and arms control law at Utrecht University in The Netherlands, was the theft or loss of nuclear materials, some of which were sometimes never recovered. “These materials aren’t going away and more states are interested in developing them,” said Mr Herbach.

“They’re used in many countries and actors that want to cause mass destruction or casualties are also not going away so when you put these two together, that to me is an equation that adds up to an extreme immediate threat.”

Mr Herbach said hundreds of incidents of material loss, from around the world, were reported every year. “Actors are trying to traffic these materials and, in certain cases, we should be worried.

“It’s not always that they have been stolen but there are, each year, examples of materials that are gone through sting operations, discovered to have been acquired by non-state actors. Sometimes –often – not all material is recovered.”

Therefore, said Mr Herbach, there was still a need to strengthen nuclear security.

“That’s where legally-binding documents are important,” he said. “They establish rules for which states can be held accountable and they provide sustained cooperation that will be very necessary going forward.”

And as countries looked to different avenues for energy in the wake of global warming, said Mr Dal, needs were also on the rise.

"So we want to be sure that something like Fukushima, an incident from natural causes, doesn't happen because of malicious purposes. What we're trying to do is going into the direction of standards that the whole world would have moral obligations."

Countries were urged to look beyond 2016 for security because of the threat of terrorism.

“This is an issue where all countries can agree on,” said Miles Pomper, a senior research associate at the Monterey Institute of International Studies in Washington. “We know it needs to be done, to secure the material and improve communications on the global system.”

Progress had been made in minimising and securing materials. By the time of the summit, there were 25 countries in possession of these materials, down from 39 in 2009. Japan also announced on Monday that it would return 331 kilograms of weapons-usable nuclear material to the US. However, Mr Pomper said it was a global effort that needed global cooperation.

“We want to transform this into a legal mechanism to make sure these last beyond 2016 and we don’t forget about the issue when leaders go home,” he said.

cmalek@thenational.ae

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

MATCH INFO

First Test at Barbados
West Indies won by 381 runs

Second Test at Antigua
West Indies won by 10 wickets

Third Test at St Lucia
February 9-13

 

MATCH INFO

Uefa Champions League, last-16. first leg

Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports

While you're here ...

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THE SPECS

2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

Brief scores:

Manchester City 3

Bernardo Silva 16', Sterling 57', Gundogan 79'

Bournemouth 1

Wilson 44'

Man of the match: Leroy Sane (Manchester City)

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