Hollande prepared to risk prolonged campaign in Mali



UNITED NATIONS // France's vow to battle Islamist militants in Mali "as long as necessary" risks plunging the former colonial power into a prolonged campaign, according to diplomats and experts.

"It is getting nasty and there will be a chaotic few weeks ahead," said a senior UN Security Council envoy after Paris officially informed the 15-member body of its decision to act in the African nation.

Al Qaeda-linked Islamist groups forced France into the conflict on Thursday by moving from their bastion in northern Mali into government-held areas. The militants seized north Mali last March and have since imposed a brutal Islamic law, raising fears among western nations that the region could become a terrorist safe haven.

France has strongly backed a proposed 3,300-strong African intervention force that the UN Security Council has authorised to help Mali's army reconquer its territory.

But political turmoil in government-controlled areas, doubts about the capability of Mali's army and the African force, as well as disputes over international funding for the operation, have all cast a shadow over the efforts.

The French president, Francois Hollande, said his country would take on the Islamists "as long as necessary". He has portrayed the conflict as a showdown with terrorism.

"France may now need to take an even stronger hand in the effort against the Islamists and press the rest of Europe and the United States to get more involved," said the western envoy. Britain has already announced that it will help transport foreign troops to Mali. The US, meanwhile, provides military training to the country.

"It may only be a limited intervention now, but there is a high chance that France will have to increase its presence further, especially if it is not possible to get a serious regional stabilisation in place much faster than was planned," said Richard Gowan, of New York University's Centre on International Cooperation.

"It's likely that France and possibly the United States will escalate special-forces raids and drone strikes in the north to weaken the Islamists while some sort of long-term intervention force gets together," Mr Gowan added.

The Islamists and allied Tuareg separatist rebels took advantage of a coup in Mali to seize the huge chunk of territory. The coup leaders' continuad dabbling in politics had hindered international efforts to bolster the campaign against the Islamists, diplomats said.

France and its allies had planned to spend the first few months of this year rebuilding the Malian army torn apart by the coup. Officials had predicted that no offensive could start before September.

In parallel, the international community would seek to strengthen the transitional government and pursue efforts to persuade the Tuaregs and other rebels to turn against Al Qaeda in the Islamic Maghreb and its allies.

But Mali's coup leaders have retained a strong influence over the interim government that took over last year. One prime minister was forced out in December and diplomats say the coup leader, Cap Amadou Haya Sanogo, has also sought to kick out the interim president, Dioncounda Traore.

Mali's army melted away when the Islamists launched their new advance this week - and this worries many countries.

The US UN ambassador, Susan Rice, raised concerns about Mali's army at an emergency Security Council meeting on Thursday.

"One of the things we discussed is the extent to which the Malians are ready and willing to defend their own country," Ms Rice said.

France has urged a faster deployment of the Economic Community of West African States (Ecowas) troops into Mali. So far Burkina Faso, Niger and Senegal have each pledged 500 troops.

"If Ecowas cannot deploy enough troops quickly enough, there's a high chance that France might turn back to the Security Council and ask for a UN mission in southern Mali, although the UN might also struggle to deploy fast," Mr Gowan said.

France's former conservative prime minister, Dominique de Villepin, predicted problems ahead.

"We will be fighting alone because there is no solid Malian partner," he wrote, while also questioning the offensive's motive.

"The collapse of a divided Malian army, the general breakdown of the state: who will we rely on?" Mr Villepin wrote in the Journal du Dimanche newspaper yesterday.

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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. 
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The specs

Price: From Dh529,000

Engine: 5-litre V8

Transmission: Eight-speed auto

Power: 520hp

Torque: 625Nm

Fuel economy, combined: 12.8L/100km

Asia Cup 2018 final

Who: India v Bangladesh

When: Friday, 3.30pm, Dubai International Stadium

Watch: Live on OSN Cricket HD

if you go

The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.

The trip 

Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.

Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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COMPANY%20PROFILE
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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Votes

Total votes: 1.8 million

Ashraf Ghani: 923,592 votes

Abdullah Abdullah: 720,841 votes 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Company%20Profile
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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.”

Cricket World Cup League Two

Teams

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

Namibia beat Oman by 52 runs

UAE beat Namibia by eight wickets

 

Fixtures

Saturday January 11 - UAE v Oman

Sunday January 12 – Oman v Namibia

UAE currency: the story behind the money in your pockets