Rebels fire in pursuit of government troops east of Sirte in eastern Libya yesterday.
Rebels fire in pursuit of government troops east of Sirte in eastern Libya yesterday.

Britain and France invite loyalists to abandon Qaddafi



Pressure for a political settlement of the conflict in Libya intensified yesterday as Britain and France called on Col Muammar Qaddafi's own supporters to "drop him before it is too late".

David Cameron, the British prime minister, and Nicolas Sarkozy, the French president, issued a joint appeal to Col Qaddafi's partisans on the eve of today's London meeting of European, American, Arab and African representatives.

In a joint statement urging regime loyalists to side with the rebels, they said: "Qaddafi must go immediately. We call on all his supporters to drop him before it is too late."

They appealed for the start of "a national political dialogue, leading to a representative process of transition, constitutional reform and preparation for free and fair elections".

The two leaders added: "Military action is not an objective as such. A lasting solution can only be a political one that belongs to the Libyan people. That is why the political process that will begin in London is so important."

Their intervention coincided with signs of further advances by rebels fighting to end the Libyan dictator's 41-year rule. Though disjointed and relatively ill-equipped, opposition forces were said to be on the verge of mounting a battle for control of Colonel Qaddafi's birthplace, the port of Sirte.

In seizing a string of key towns including Ajdabiya, Brega and Ras Lanuf, insurgents have taken advantage of coalition air strikes, now being transferred to Nato command, to continue their unsteady march on the capital Tripoli.

The capture of Sirte, more than 400km to the east, would be a breakthrough of huge symbolic value, shaking remaining loyalty to Colonel Qaddafi. One rebel spokesman was reported yesterday as saying the city had already fallen, but this claim appeared premature.

Today's London conference follows a flurry of diplomatic activity aimed, in part, at persuading Colonel Qaddafi to end the conflict by accepting exile.

The Italian foreign minister, Franco Frattini, said yesterday: "Qaddafi must understand that it would be an act of courage to say 'I understand that I have to go'." Mr Frattini has discussed with several European counterparts outline proposals for Colonel Qaddafi's departure, a UN-monitored ceasefire and the a "humanitarian corridor".

The Italians regard the Arab League and African Union, both taking part in the summit, as vital to the success of such a deal. Mr Frattini had talks yesterday with Turkish officials whose support is also considered essential.

But until a political solution appears, the military action continues. Qaddafi forces, stubbornly refusing to give up easily, were said to be in control of part of Misurata, which lies between Sirte and Tripoli. The Libyan foreign ministry later said that the government would observe a ceasefire in its struggle against what it called "terrorist elements" in the city, where food, water and medical provisions have been in short supply.

Amid the confusion, Libyan officials accused coalition forces of killing civilians in strikes on the southern desert city of Sabha. Britain's defence ministry confirmed that Royal Air Force Tornado aircraft had carried out attacks but said the targets were ammunition bunkers.

Correspondents in the Sirte area said yesterday that rebel forces gathered almost 100km to the east seemed to be awaiting further coalition strikes before proceeding.

That advance is unlikely to be delayed for long and may already have been preceded by rocket attacks. The Agence France-Presse news agency reported at least nine explosions in Sirte yesterday morning.

Last night, the US president, Barack Obama, was hoping to rally American support for his approach to the crisis in a televised keynote speech at the National Defense University in Washington, DC. The administration's undisguised efforts to limit involvement in a third conflict in Muslim territory have so far failed to silence critics. Public support for Mr Obama's actions is lukewarm, though opinion polls suggest that more people back US air strikes than oppose them.

Whatever arguments have been raised about the scope and effects of military action undertaken since UN resolution 1973 was passed, it is clear Col Qaddafi forces have been severely weakened by 10 days of strikes from air and sea.

Analysts have argued throughout that the terms of the resolution allow the coalition wide flexibility in their interpretation.

But Nato's secretary general, Anders Fogh Rasmussen, insists that the intention was to implement the Security Council resolution, "nothing more and nothing less".

At the Allied joint force command in Naples, southern Italy, Lt General Charles Bouchard said Nato aircraft had flown in their first no-fly zone enforcement mission on Sunday.

General Bouchard, tye Canadian head of the operation, code-named Unified Protector, said the transition from coalition command was not complete but added: "Nato will soon be implementing all military aspects of the UN resolution."

After the decisions of the UAE and Qatar to commit fighter jets, General Bouchard said Nato would welcome further international partners. "The broader the effort, the more powerful the message we send to the Libyan people who are desperate for our help," he said.

The 12 UAE fighter jets due to help patrol the Libyan no-fly zone flew to the Italian island of Sardinia on Sunday.

The decision to involve UAE aircraft in the coalition was announced last Friday by the Minister for Foreign Affairs, Sheikh Abdullah bin Zayed.

Dengue fever symptoms

High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

Saturday's results

Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City

RACECARD

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

RESULTS

4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.

The specs

Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September

Results

Stage 7:
1. Adam Yates (GBR) UAE Team Emirates – 3hrs 29min 42ses
2. Remco Evenepoel (BEL) Soudal Quick-Step – 10sec
3. Geoffrey Bouchard (FRA) AG2R Citroen Team – 42sec
General Classification:
1. Remco Evenepoel (BEL) Soudal Quick-Step
2. Lucas Plapp (AUS) Ineos Grenaders – 59se
3. Adam Yates (GBR) UAE Team Emirates –60sec
Red Jersey (General Classification): Remco Evenepoel (BEL) Soudal Quick-Step
Green Jersey (Points Classification): Tim Merlier (BEL) Soudal Quick-Step
White Jersey (Young Rider Classification): Remco Evenepoel (BEL) Soudal Quick-Step
Black Jersey (Intermediate Sprint Classification): Edward Planckaert (FRA) Alpecin-Deceuninck

Honeymoonish

Director: Elie El Samaan

Starring: Nour Al Ghandour, Mahmoud Boushahri

Rating: 3/5

Specs: 2024 McLaren Artura Spider

Engine: 3.0-litre twin-turbo V6 and electric motor
Max power: 700hp at 7,500rpm
Max torque: 720Nm at 2,250rpm
Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now

MATCH RESULT

Liverpool 4 Brighton and Hove Albion 0
Liverpool: 
Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')    

A Little to the Left

Developer: Max Inferno
Consoles: PC, Mac, Nintendo Switch
Rating: 4/5

COMPANY PROFILE

Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures