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
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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South Korea
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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.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
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Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
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RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
UAE currency: the story behind the money in your pockets