The leaders of Europe's four largest economic powers are to hold crisis talks on the global financial meltdown today in Paris, despite disputes that killed off talk of a joint bailout package.
As the US president, George W Bush, signed off on a US$700 billion (Dh2.5 trillion) handout to Wall Street, the financial world's eyes turned to Europe in the hope of further generous measures to free up capital and reassure jumpy markets.
But if European bankers were hoping for a similar emergency fund to underwrite institutions exposed to bad credit, they were destined to be disappointed by the leaders of Britain, France, Germany and Italy.
French politicians had privately floated such an idea during the week, and the Dutch government talked in terms of more than ?300bn euros (Dh1.5 trillion) being set aside by European governments.
Germany and Britain shot this down quickly, however, and the Paris talks are now expected to concentrate on improving the co-ordination between European powers on financial bailouts and on reform to accountancy rules.
In fact, the German chancellor, Angela Merkel, and British prime minister, Gordon Brown, only confirmed they would attend Saturday's talks after France quietly backed away from a joint fund.
The German economy minister, Michael Glos, warned "very well paid" bankers that they must put their own houses in order and not hope for a government bailout.
His colleague, finance minister Peer Steinbruck, was also scathing.
"It's already quite enough that German taxpayers have to pay for the antics of banks which set up in Dublin in order to escape German taxes," he said, in reference to a subsidiary of a German bank that was bailed out last week.
Steinbruck's French counterpart Christine Lagarde ? who earlier in the week had floated the idea of a bailout fund ? said today that she simply hoped the summit would lead to "much more co-operation" between capitals.
Lagarde welcomed the US bailout, calling it: "Good news for the confidence and the operation of banks, financial institutions and markets".
Before leaving London, Mr Brown said he would call on his colleagues to release earlier than planned a previously announced ?15bn (Dh76bn) European fund to help provide small business loans.
France still sees the summit as an opportunity to push for more state regulation in place of the Anglo-American laissez-faire approach of recent years that many blame for allowing the crisis to develop.
Ahead of the summit, Mr Sarkozy met with a potential ally, the French head of the International Monetary Fund, Dominique Strauss-Kahn.
"In Europe there is a need for co-ordination," Mr Strauss-Kahn told journalists after his meeting. "It has to be indicated to the markets ... that European countries will not react as every man for himself."
"In the eurozone we haven't yet undergone trial by fire. This, this is a trial by fire. Europe, and in particular the eurozone, needs to show it is capable of responding in a crisis," he said.
Last week, when the trans-Atlantic financial storm made landfall in Europe and it became clear some banks were in trouble, Mr Sarkozy urged the G8 powers "to establish the basis of a new international financial system".
The four leaders were due to gather in Paris in the afternoon and hold two hours of talks at the Elysee Palace from 2.30pm (GMT), followed by a working dinner. A press conference was planned for later in the evening.
Mr Sarkozy, Mr Brown, Mrs Merkel and the Italian prime minister, Silvio Berlusconi, lead the European members of the G8 group of nations, sometimes known as the G4. They are to be joined by the chairman of European Commission Jose Manuel Barroso, Jean-Claude Juncker, who chairs the eurozone single-currency group and Jean-Claude Trichet, the president of the European Central Bank (ECB).
* AFP
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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MATCH INFO
Liverpool v Manchester City, Sunday, 8.30pm UAE
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5