Palestinians push for independence


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In response to the failure of months of US-brokered diplomacy, the Palestinians have decided to unilaterally seek international recognition for an independent state through the UN Security Council. This diplomatic initiative has been agreed by the Palestine Liberation Organisation executive which is chaired by the Palestinian president Mahmoud Abbas. The chief Palestinian negotiator, Saeb Erekat, said on Sunday that as yet no time frame had been set. "When we are ready, we will go," he told Reuters. "Palestinians yesterday asked the European Union (EU) to support a move to ask the United Nations to recognise a Palestinian state even as Israeli officials warned in the strongest possible terms against approaching the UN," The National reported. "Avigdor Lieberman, the Israeli foreign minister, said any such move by the Palestinian Liberation Organisation would be met with a strong reaction. "'Whoever holds a unilateral policy with complete disregard for past accords will get the same from us,' Mr Lieberman said. 'Breach of accords will not go unanswered.'" The Guardian reported: "Saeb Erakat, the chief Palestinian negotiator, confirmed that the request to the EU was made on Monday as Israeli ministers repeated warnings that any unilateral moves would trigger counter-measures that could include the annexation of more of the occupied West Bank. "Erakat, speaking in Ramallah, said Israel had for 18 years continued to 'impose facts on the ground by stealing Palestinian lands and building settlements and barriers aiming to finish off the two-state project'. He added: 'We will seek the support of all members of the international community.' "EU foreign ministers are due to discuss the issue in Brussels today but are unlikely to reach any decision. Diplomats said there was no question of EU backing for a unilateral declaration of independence by the Palestinians, which would be likely to be vetoed by Washington. US senators visiting Jerusalem also warned that such an move would be a non-starter. "But Erakat made clear that the Palestinians were seeking a Security Council resolution spelling out the parameters for resolving the conflict - crucially without waiting for Israel to negotiate and without Israeli consent. A key element would be that a Palestinian state must include the West Bank and Gaza Strip, with East Jerusalem as its capital, within the 1967 borders in line with existing UN resolutions." The Independent said: "One senior Palestinian official [in Ramallah] said that the new plan was 'the last resort of the peace camp in Palestine' given the current negotiating impasse left in the wake of the US failure to persuade Israel to agree a total freeze on Jewish settlement building in the West Bank as a preliminary to talks. "The moderate Palestinian leadership also sees the unilateral process as a viable - and, in internal political terms, significantly more credible - alternative to surrendering to intense US pressure to enter negotiations without the settlement freeze. "As the Israeli prime minister Benjamin Netanyahu prepared to denounce the Palestinian plan in a speech last night, Israel's president Shimon Peres declared in Brazil, 'A Palestinian state cannot be established without a peace agreement. It's impossible and it will not work. It's unacceptable that they change their minds every day. Bitterness is not a policy.' "But officials here are hoping that, without any progress towards 'final status' negotiations on a future state, the US could be persuaded not to veto such a resolution. Explicit UN Security Council support for a Palestinian state based on 1967 borders would, the officials believe, dramatically intensify legal and moral pressure on Israel to lift the 42-year-old occupation. "Some officials are even drawing a direct comparison with the diplomatic process by which Israel itself was established as a state: a UN resolution endorsing it in November 1947, the Declaration of Independence by David Ben Gurion in May 1948 and the subsequent swift recognition by the US and Soviet Union. "The strategy is tied closely to - though not specified in - Mr Fayyad's plan, 'Palestine: Ending the Occupation, Establishing the State', and is thought to have originated with the prime minister, an independent who has recently publicly questioned the willingness of Mr Netanyahu's government to grant more than a 'mickey mouse' state in any negotiations. But it has since had strong backing from Mr Abbas, and other leading figures in his Fatah faction." The Jerusalem Post noted: "While Palestinian officials continued to threaten Sunday to unilaterally declare independence, one senior Israeli defence official summed up the growing assessment in the defense establishment by saying, 'Just let them try'. "Behind the dare is a belief in the IDF and Defense Ministry that even though the past year has seen an unprecedented improvement in the performance of Palestinian security forces and civilian institutions - largely due to increased cooperation with Israel - the Palestinian Authority is still far from being able to hold it together on its own. "One official gave the water situation in the West Bank as an example. While Israel has recently come under growing international criticism for allegedly denying Palestinians adequate access to water, according to Israeli officials the situation would be far worse without Israeli assistance. "'The Palestinian Water Authority wouldn't last a day on its own,' an IDF source said. 'We allocated them a piece of land on the coast to build a desalination plant and they have decided not to build it.' "Another example focuses on security cooperation, which has significantly increased over the past two years, since Hamas violently took control of the Gaza Strip. Next month, the fifth Palestinian battalion trained by US Lt Gen Keith Dayton in Jordan will return to the West Bank for deployment. Another one will then depart for four months of training in Jordan. "Despite the deployment of these forces - which IDF officers openly admit are doing a good job cracking down on Hamas infrastructure in the West Bank - whenever PA president Mahmoud Abbas travels outside of Ramallah to another Palestinian city, the IDF, Shin Bet and Civil Administration are all involved to coordinate and ensure his safety. "'When Abbas travels it is like a military operation,' one officer explained. 'Everyone is involved since the PA forces cannot yet completely ensure his security.'"

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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.”

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 

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Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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Name: Oulo.com

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UAE currency: the story behind the money in your pockets
How Alia's experiment will help humans get to Mars

Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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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 rules of the road keeping cyclists safe

Cyclists must wear a helmet, arm and knee pads

Have a white front-light and a back red-light on their bike

They must place a number plate with reflective light to the back of the bike to alert road-users

Avoid carrying weights that could cause the bike to lose balance

They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians