Election votes to be re-tallied


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TEHRAN // Iran's top legislative body today ruled out annulling a disputed presidential poll that has prompted the biggest street protests since the 1979 Islamic revolution but said it was prepared for a partial recount. In what appeared to be a first concession by authorities to the protest movement, the 12-man Guardian Council said it was ready to re-tally votes in the poll in which the hard-line president Mahmoud Ahmadinejad was declared the runaway winner. But the powerful Council rejected reformist calls to annul Friday's election that set off swift-moving political turmoil, riveting attention on the world's fifth biggest oil exporter which is locked in a nuclear dispute with the West. Supporters of Mir Hossein Mousavi, outraged at his defeat in what they viewed as a stolen election, planned another rally on Tuesday, even though seven people were killed on Monday on the fringes of a huge march through the streets of Tehran. Iran's English-language Press TV said seven people were killed and several wounded at the end of Monday's rally, a mainly peaceful gathering attended by many tens of thousands, when "thugs" tried to attack a military post in central Tehran. An Iranian photographer at the scene had said Islamic militiamen opened fire when people in the crowd attacked a post of the Basij religious militia. He said one person was killed and many wounded in the shooting. The Basij militia is a volunteer paramilitary force fiercely loyal to the Supreme Leader Ayatollah Ali Khamenei who has the final say on all matters of state and who replaced the revolutionary leader Ayatollah Ruhollah Khomeini when he died 20 years ago. A spokesman for the Council, which groups clerics and Islamic law experts as a constitutional watchdog, said only that it was "ready to recount the disputed ballot boxes claimed by some candidates, in the presence of their representatives". "It is possible that there may be some changes in the tally after the recount," the spokesman Abbas Ali Kadkhodai said. "Based on the law, the demand of those candidates for the cancellation of the vote, this cannot be considered," he told state television. Mr Mousavi urged people not to attend the banned rally at Vali-ye Asr Square in Tehran "to protect lives" saying it was cancelled, but it was not clear if the call was heeded. Supporters posted defiant messages on Twitter, calling for the demonstration to go ahead and offering security updates. State television showed live pictures of what it said were Mr Ahmadinejad supporters gathering at the Vali-ye Asr Square, showing thousands of people, some waving Iranian flags, possibly setting the scene for more confrontation. Iranian state television said the "main agents" in post-election unrest had been arrested with explosives and guns. It gave no further details. Further protests, especially if they are maintained on the same scale, would be a direct challenge to the authorities who have kept a tight grip on dissent since the 1979 overthrow of the US-backed Shah after months of demonstrations. Illustrating Iran's sensitivity to how the world views the heightened tensions, authorities today banned foreign media journalists from leaving their offices to cover street protests. The US president Barack Obama, who has sought to reach out to Iran asking its leadership to "unclench its fist", said he was deeply troubled by the post-election violence and that protesters who had taken to the streets had inspired the world. During the past three days of violence, police have accused "bandits" of setting buses on fire, breaking windows of banks and other buildings, and damaging public property. Iran's influential speaker of parliament Ali Larijani, a conservative who has been critical of Mr Ahmadinejad in the past, condemned Sunday's attack on students at Tehran University which they blamed on the Basij militia and plainclothes police. "They (attackers) have attacked dormitories and brutally broken legs, heads, arms and threw some of the students out of the windows," Mousavi said, according to his website. There have been widespread arrests across the country since the election protests broke out. The ISNA news agency said today around 100 people were arrested in unrest near a university in the southern city of Shiraz. The leading Iranian reformist Mohammad Ali Abtahi, a former vice-president who backed the pro-reform candidate Mehdi Karoubi in the election, was arrested early today, his office said. Gunfire was heard in districts of northern Tehran late on Monday and residents said there were peaceful pro-Mousavi protests in the cities of Rasht, Orumiyeh, Zahedan, and Tabriz. Iran's security forces have at times fired into the air and used batons to beat protesters who pelted police with stones. Despite protests and upheaval in Iran, Mr Ahmadinejad was in Russia for SCO talks on Tuesday on his first foreign trip since official results showed he secured a second four-year term. * Reuters

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

The years Ramadan fell in May

1987

1954

1921

1888

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Brief scoreline:

Wales 1

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Man of the Match: Dan James (Wales)

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

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The biog

Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages

Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

MATCH INFO

Uefa Champions League quarter-final, second leg (first-leg score)

Porto (0) v Liverpool (2), Wednesday, 11pm UAE

Match is on BeIN Sports

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

Types of policy

Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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Ain Issa camp:
  • Established in 2016
  • Houses 13,309 people, 2,092 families, 62 per cent children
  • Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
  • Most from Deir Ezzor and Raqqa
  • 950 foreigners linked to ISIS and their families
  • NGO Blumont runs camp management for the UN
  • One of the nine official (UN recognised) camps in the region
SPECS

Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

The biog

Family: wife, four children, 11 grandchildren, 16 great-grandchildren

Reads: Newspapers, historical, religious books and biographies

Education: High school in Thatta, a city now in Pakistan

Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India 

 

Happiness: Work on creative ideas, you will also need ideals to make people happy

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Padmaavat

Director: Sanjay Leela Bhansali

Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh

3.5/5

Expert advice

“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”

Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles

“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”

Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre 

“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”

Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
 

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

The biog

Favourite pet: cats. She has two: Eva and Bito

Favourite city: Cape Town, South Africa

Hobby: Running. "I like to think I’m artsy but I’m not".

Favourite move: Romantic comedies, specifically Return to me. "I cry every time".

Favourite spot in Abu Dhabi: Saadiyat beach

Info

What: 11th edition of the Mubadala World Tennis Championship

When: December 27-29, 2018

Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams

Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823

The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre