Nations prepare for action on Libya



Libya launched a desperate attempt yesterday to ward off the threat of immediate air strikes after France and Britain warned they would enforce "within hours" a UN Security Council resolution permitting military action.

Col Muammar Qaddafi's regime gave conflicting responses to the UN resolution, passed in yesterday's early hours, allowing "all necessary measures" to be taken to protect civilians caught up in the ruthless campaign to crush the Libyan uprising.

Meanwhile, Qatar became the first Arab nation to declare that it would join the international operation to end attacks on Libya's civilian population.

As the UN vote intensified the fast-moving crisis, Col Qaddafi was first reported to have thrown down a defiant challenge to nations committed to implementing a no-fly zone: "Hell awaits anyone who attacks Libya."

Within an hour, however, his foreign minister, Moussa Koussa, announced that Libya would impose an immediate ceasefire, abide by the UN resolution and halt all military operations against rebel forces.

Despite the apparent Libyan climbdown, sceptical western observers pointed out that Col Qaddafi, regarded as a past master of surprise, survival and intrigue, had limited time to prove good faith.

On Thursday night, as the UN prepared to vote, he had issued a chilling threat to rebels that "no mercy" would be shown as his troops sought to regain the rebel stronghold of Benghazi, the country's second-largest city.

Even after the foreign minister's statement on a ceasefire, Reuters news agency reported that Libyan forces had continued to pound targets in Misratah, 210km east of the capital Tripoli, killing 25 people.

The rebel spokesman Mustafa Gheriani dismissed the ceasefire announcement, saying Col Qaddafi's forces were also shelling the eastern city of Ajdabiya.

Supporters of the UN resolution emphasised their resolve to see its far-reaching terms enforced.

US President Barack Obama said the US will help its allies enforce the no-fly zone over parts of Libya Col Qaddafi does not immediately cease military actions against rebels.

However, he said the US would not send ground forces to Libya.

Arab countries opposing the brutal Libyan response are due to be represented when the French president, Nicolas Sarkozy, holds a meeting in Paris today to discuss the widest possible international participation in implementation of the UN resolution.

Qatar was the first Arab nation to announce that it would take part in enforcing the no-fly zone designed to stop Col Qaddafi's forces attacking rebels.

"Qatar decided to take part in the international efforts aimed at stopping the bloodshed and protecting civilians in Libya," said a statement from the official Qatar News Agency, which did not specify the role the country would take.

The British prime minister David Cameron told legislators in parliament that he had also received support in discussions with other Arab nations.

Diplomats involved in drafting of the UN resolution have said they expect the participation of other Gulf states in ensuring the no-fly zone is observed.

Mr Cameron said it remained for Col Qaddafi to show the ceasefire was genuine.

"We will judge him on his actions, not his words," he told the BBC. "What is absolutely clear is the UN Security Council resolution said he must stop what he is doing, brutalising his people. If not, all necessary measures can follow to make him stop."

France had set the tone for a day of solemn pronouncements, saying military operations would commence with minimum delay. François Baroin, the government's spokesman, said air strikes could take place "within a few hours", though he did not elaborate.

Mr Baroin's forceful approach, echoing comments made in New York by the French foreign minister, Alain Juppé, reflects Mr Sarkozy's desire to be seen to be supporting people opposing a harsh, discredited regime. France was roundly condemned for initially backing the Tunisian authorities' violent response to pro-democracy protests; the president has repeatedly said in recent weeks that Col Qaddafi "must go".

What is clear to most observers and military analysts is that the UN mandate for military action goes far beyond the enforcement of a no-fly zone. UN Security Council resolution 1973 highlights Libya's failure to honour a previous UN resolution seeking an end to Col Qaddafi's bloody response to civil unrest.

It authorises member states "to take all necessary measures … to protect civilians and civilian populated areas under threat of attack in the Libyan Arab Jamahiriya, including Benghazi".

The terms are broad enough to permit strikes not only against aircraft but Col Gaddafi's ground forces if this were considered necessary.

But the resolution expressly ruled out any suggestion of foreign forces occupying any part of Libyan territory.

It was supported by three permanent members of the security council - the United States, Britain and France - along with Bosnia and Herzegovina, Colombia, Gabon, Lebanon, Nigeria, Portugal and South Africa. Russia and China, also permanent members, abstained, as did Germany, Brazil and India.

France can quickly send warplanes from French bases, and also has its only aircraft carrier, Charles De Gaulle, in the Mediterranean with a fleet of fighter-bombers and early-warning aircraft.

Mr Cameron told the British parliament that Royal Air Force Tornado and Typhoon fighters were being deployed to the Mediterranean to join the international operation.

"The defence secretary and I have now instructed the chief of the defence staff to work urgently with our allies to put in place the appropriate military measures to enforce the resolution - including a no-fly zone," he said.

Mr Cameron added that the initial operation would involve a joint British, US and French mission with Arab support.

"Any decision to put the men and women of our armed forces into harm's way should only be taken when absolutely necessary," he said. "But I believe that we cannot stand back and let a dictator whose people have rejected him kill his people indiscriminately. To do so would send a chilling signal to others."

If military action goes ahead despite Libya's belated attempts to present a conciliatory face, fighters will seek to stop all flights in Libyan air space except those undertaken for humanitarian purposes.

According to The Washington Post, initial strikes would be likely to target air defence systems and runways. US officials were quoted as saying it would probably take several days for a full operation to be undertaken and that President Barack Obama had not yet approved the use of US military assets.

Other reports suggest the Obama administration would prepare to enforce the no-fly zone using fighters, bombers and surveillance aircraft - probably not before tomorrow - and working with unspecified help from Arab countries.

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
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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.”

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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Hamilton profile

Age 32

Country United Kingdom

Grands Prix entered 198

Pole positions 67

Wins 57

Podiums 110

Points 2,423

World Championships 3

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Results

5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m

Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)

6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m

Winner Bright Start, Pat Cosgrave, Saeed bin Suroor

6.40pm Handicap (TB) Dh92,500 (D) 2,000m

Winner Twelfthofneverland, Nathan Crosse, Satish Seemar

7.15pm Handicap (TB) Dh85,000 (T) 1,600m

Winner Imperial Empire, Tadhg O’Shea, Satish Seemar

7.50pm Handicap (TB) Dh92,500 (T) 2,000m

Winner Record Man, Tadhg O’Shea, Satish Seemar

8.25pm Handicap (TB) Dh92,500 (D) 1,600m

Winner Celtic Prince, Fabrice Veron, Rashed Bouresly

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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

 

Group B

UAE, Iran, Kuwait, Saudi Arabia

UAE currency: the story behind the money in your pockets
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Day 3, Dubai Test: At a glance

Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.

Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.

The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
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Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development