The Beirut port disaster provoked international sympathy for Lebanon but not enough to revive chances of an economic bailout, European diplomats and Middle East bankers said on Thursday.
"There is a big awareness that any penny in cash will go to enrich the coffers of a corrupt state and to engorge the fortunes of the kleptomaniac political class," a senior international banker in Dubai told The National.
At least 2,750 tonnes of ammonium nitrate blew up just east of the city centre on Tuesday, killing at least 145 people and destroying parts of the capital.
Arab and western nations were quick to send medical aid and other basic assistance.
Before the tragedy, most of the Lebanese political class was seeking “a bailout for a failed state”, the banker said, without serious changes to a system in which the currency was devalued and the economy crushed.
He expected the international assistance would go much beyond aid for the thousands of Lebanese wounded or left homeless, and possibly some rebuilding aid for damaged districts in Beirut.
French President Emmanuel Macron was in Beirut on Thursday to show support.
Mr Macron floated a vague initiative to bridge decades of division and reduce corruption, a hallmark of Lebanon’s Second Republic after the end of the civil war in 1990.
A man told him in the Christian Gemayzeh district of East Beirut that the Lebanese “don't want the money to go to our government".
"You can trust me so that the help comes to you directly," Mr Macron replied.
He has taken special interest in Lebanon beyond France’s traditionally close ties to its former colonial territory.
Mr Macron personally intervened three years ago to mend ties between former Lebanese prime minister Saad Al Hariri and Saudi Arabia.
But two French political sources expected any long-term rescue to rely on reforms that the Hezbollah-aligned government has not enacted.
They referred to comments two weeks ago by French Foreign Minister Jean-Yves Le Drian in Beirut, in which he chided the Lebanese political class for failing to act on sparing the country from financial ruin.
One of the sources said that although Mr Macron sometimes ignores the advice of his Foreign Ministry, “ultimately he cannot appear as rescuing a government beholden to Hezbollah” and deviating from the US stance.
The explosion occurred weeks after talks ended between the government and the International Monetary Fund for an emergency financial package.
The government defaulted in March on its public debt, after bans on dollar deposits were imposed to halt a run on the banks.
A German diplomat said the Lebanese government was succeeding in “employing the disaster politically” and would probably receive a visit to Beirut by a higher-ranking official from Berlin.
He said it was standard procedure in such disasters for the German Development Ministry to divert funds temporarily from existing aid projects in Lebanon towards a “rapid response” to help the country cope.
“Germany may end up financing a special reconstruction project in the aftermath of the disaster but I do not think there will be cash flow transfers to the government,” the diplomat said.
Another European diplomat said the explosion, and the corruption and incompetence behind it, presented EU policymakers with a quandary.
He said the disaster showed the need “to stabilise this corrupt system” while “there is rampant evidence that this system is deeply corrupt and simply not able and willing to reform".
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Price: From Dh149,900
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
UAE currency: the story behind the money in your pockets
Brief scores:
Toss: Sindhis, elected to field first
Kerala Knights 103-7 (10 ov)
Parnell 59 not out; Tambe 5-15
Sindhis 104-1 (7.4 ov)
Watson 50 not out, Devcich 49
Results
6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m, Winner: RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.
7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.
8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.
9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.
10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
