India-Pakistan talks in Islamabad pave way for more dialogue



ISLAMABAD // Two days of talks between the chief diplomats of India and Pakistan ended yesterday with a pledge to avoid rhetoric that could undermine efforts to repair relations scarred by the Mumbai terrorist attacks.

The delegations in Islamabad, both led by foreign secretaries, maintained a cordial, businesslike demeanour during three sessions of discussions aimed at reducing the possibility of conflict between the South Asian rivals.

India and Pakistan have fought three wars and as many regionalised conflicts since gaining independence from British colonial rule in 1947.

The foreign secretaries discussed the exchange of information over nuclear facilities, ballistic missile tests and conventional military activities, a joint communiqué said.

It said talks also covered the Kashmir territorial dispute, the root of bilateral tensions, and the need to ease trade and travel restrictions for residents of the region.

The third session was dedicated to promoting "friendly exchanges" between businesses, athletes and the general public. An agreement was reached, in principle, to ease restrictive visa regimes, the communiqué said.

Addressing a brief joint press conference, the Indian and Pakistani foreign secretaries agreed that the talks had been "constructive, productive and forward-looking".

"It is some years ago that we started a process, and that resumed process is now well under way," said the Pakistan foreign secretary, Salman Bashir.

India and Pakistan came close to reaching a comprehensive peace agreement in August 2006, but the deal was stymied by general elections in both countries. The potential pact was dashed by the Mumbai attacks in 2008.

The Indian foreign secretary, Nirupama Rao, said "satisfaction" with Pakistani action against the perpetrators of the Mumbai attacks was a requisite step towards a lasting peace.

"The ideology of military conflict should have no place in the paradigm of our relations in the 21st century. We must do away with the shadow of the gun," she told reporters in Islamabad.

This week's talks were the fifth and final round of meetings between officials to prepare an agenda for their foreign ministers who are scheduled to meet in Delhi next month.

The Indian and Pakistani prime ministers eased post-Mumbai tensions at a meeting in India on the sidelines of the cricket World Cup in January.

Since the foreign secretaries formally set the process in motion in February, there has been a series of talks between officials covering disputes over maritime and mountain borders, water rights over the Indus River and its tributaries, and bilateral trade.

Officials have placed priority on less controversial "confidence- building measures" aimed at decreasing public hostility through face-to-face contact.

Analysts said the talks followed urging by major powers, which are concerned about wider South Asian security as the US begins to reduce its military deployment in Afghanistan.

"The US and China have been pressing their respective allies, India and Pakistan, to resume dialogue," said the former Pakistani foreign secretary, Akram Zaki.

The analysts said peace talks between India and Pakistan were unlikely to gather serious momentum because of the political instability plaguing Pakistan.

"You can only be as strong with foreign powers as you are strong internally," said the former foreign minister, Khurshid Kasuri.

"When you have the sort of situation that you have currently in Pakistan, when people are daily predicting a clash of institutions and openly speculating whether the government would last the next month, that does not inspire confidence in foreign governments."

Security analysts said the talks were belied by the deep-seated hostility between the two countries, reflected last week when a Pakistani naval vessel escorting a ship, carrying hostages freed by Somali pirates, collided with an Indian navy ship off the coast of Yemen.

That hostility could only be overcome if the two governments were to give priority to economic development over strategic competition, they said.

"Unless you have development, there will be proxy wars - that is the nature of the beast. We need commonality of interest in peace, and that can only be if the nature of the relationship changes," said Maria Sultan, the director-general of the South Asia Strategic Stability Institute, a London-based think tank.

Analysts said Afghanistan was emerging as a key testing ground for relations between India and Pakistan.

Up to last year, south-east districts of Afghanistan had looked in danger of becoming a proxy battleground between India and Pakistan, they said.

Analysts said there had, however, been a noticeable shift in Pakistan's stance over India's diplomatic presence in Afghanistan since the start of the year.

"There is a strategic sea-change in Pakistani thinking. It now wants India to develop Afghanistan, because it believes once India becomes a stakeholder in the peace of Afghanistan, it would cease its counterintelligence and counter-terrorist operations inside Pakistan," Ms Sultan said.

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RESULTS

Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden

Turkish Ladies

Various artists, Sony Music Turkey 

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings 
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10

GULF MEN'S LEAGUE

Pool A Dubai Hurricanes, Bahrain, Dubai Exiles, Dubai Tigers 2

Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers

 

Opening fixtures

Thursday, December 5

6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles

7pm, Pitch 2, Jebel Ali Dragons v Dubai Tigers

7pm, Pitch 4, Dubai Hurricanes v Dubai Exiles

7pm, Pitch 5, Bahrain v Dubai Eagles 2

 

Recent winners

2018 Dubai Hurricanes

2017 Dubai Exiles

2016 Abu Dhabi Harlequins

2015 Abu Dhabi Harlequins

2014 Abu Dhabi Harlequins

'Champions'

Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
 

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Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
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Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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Company name: Alaan
Started: 2021
Based: Dubai
Founders: Parthi Duraisamy and Karun Kurien
Sector: FinTech
Investment stage: $7 million raised in total — $2.5 million in a seed round and $4.5 million in a pre-series A round

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Results

7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)

7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash

8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel

8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel

9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel

9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar

10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel

Naga

Director: Meshal Al Jaser

Starring: Adwa Bader, Yazeed Almajyul, Khalid Bin Shaddad

Rating: 4/5

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

Janet Yellen's Firsts

  • In 2014, she became the first woman to lead the US Federal Reserve 
  • In 1999, she became the first female chair of the White House Council of Economic Advisers 
The biog

Siblings: five brothers and one sister

Education: Bachelors in Political Science at the University of Minnesota

Interests: Swimming, tennis and the gym

Favourite place: UAE

Favourite packet food on the trip: pasta primavera

What he did to pass the time during the trip: listen to audio books