JEDDAH // GCC foreign ministers have paused their drive to create a single currency to learn lessons from the Greek financial crisis, but they say they will continue their push for a monetary union.
Greece's effect on the euro is a reason to proceed with caution, foreign ministers agreed at a Gulf Co-operation Council meeting in Jeddah on Sunday. They expressed their concerns about single-currency plans. "There are a lot of lessons" to be drawn from the euro zone problems, Kuwait's deputy premier and foreign minister, said Sheikh Mohammed Sabah al Salim al Sabah, who chaired the meeting.
Sheikh Mohammed also told reporters after the meeting, that all six countries agreed on a set of policies focused on the integration of Gulf economies in the hopes of making the GCC an influential international power.
The ministers formed a committee tasked with implementing an economic treaty among the GCC states, specifically regarding integration of stock markets, unifying financial policies and systems.
They also agreed to accelerate work on establishing a common market, a major step required to make the six states an economic bloc.
GCC countries also agreed to strengthen their ties with other regional blocs, such as the Association of Southeast Asian Nations (Asean), and economic powers such as India, Russia, and China - a smart move, according to analysts in Riyadh.
John Sfakiankis, the chief economist at Banque Saudi Fransi, said: "It's logical to head east because this is where growth is happening, although I'm not sure about how important Russia would be for the GCC countries,. The West is not doing well at the moment, so while western countries are reshaping, the GCC will need to rely on the East."
The euro zone crisis created a need to pause for reflection in the GCC's push toward a monetary union as Europe's single currency was threatened by one of its smallest economies' inability to meet financial obligations.
Sheikh Mohammed said: "We should pause a little bit and try to learn from what happened with the European monetary union. It would be irresponsible to proceed 'business as usual' without minding or ... [learning] from the euro problem.
"We want to do it at the right time and in the right format," Sheikh Mohammed said. "We have to first and foremost think seriously about not only monetary policy but also fiscal policy, and that requires the harmonisation of our budgetary policies."
GCC countries plan to hold discussions with the Asean on May 31 and June 1 in Singapore, according to Asean, to see how the two blocs can co-operate, and will hold similar discussions with China next month. GCC foreign ministers also plan to hold discussions with Russia later this year.
In a statement this month, the French bank Credit Agricole said that there are significant lessons from the Greek crisis to be learnt for the Gulf's own monetary union efforts.
"Although the Gulf monetary union could lie a few years ahead, there are important liquidity and early warning fiscal and other macroeconomic mechanisms that have to be put in place," the bank said. "Moreover, timing is of the essence and governments and the institutions of the union have to demonstrate resilience and political will."
Saudi Arabia, Kuwait, Bahrain, and Qatar agreed last year to move towards a monetary union while the two other GCC countries - Oman and the UAE - have not endorsed the union because of policy differences, including the proposal to have a GCC central bank based in Riyadh.
Mr Sfakiankis at Banque Saudi Fransi said: "The monetary union will happen but it will take more time now."
The ministers discussed broader regional topics in Jeddah, a sign of their new interest in becoming an international body.
They discussed Iraq, and called on Baghdad to fully comply with all UN resolutions related to the 1990 invasion of Kuwait, including the status of still-missing prisoners and the return of items from Kuwait's national archives.
They voiced solidarity with Sudan and rejected all measures by the International Criminal Court against the Sudanese president, Omar al Bashir, and called for immediate cessation of hostilities in Somalia.
The ministers also said they supported the efforts of Brazil and Turkey to find a peaceful solution to Iran's nuclear impasse with the West and called for the removal of weapons of mass destruction and nuclear arms from the Middle East.
The ministers, however, asserted the right of countries in the region to using nuclear energy for peaceful purposes in line with international agreements and under IAEA supervision.
The ministers also extended their support for Qatar's bid to hosting the 2022 World Cup.
The Saudi Arabian daily Al Watan daily said in an editorial yesterday that regional and international development had forced the GCC to look beyond its internal issues.
The newspaper said it expected the GCC to be more concerned with international and regional topics in its future meetings.
@Email:wmahdi@thenational.ae
MEDIEVIL (1998)
Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5
Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
RESULTS
6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).
7.05pm Handicap (TB) $135,000 (Turf) 1,000m
Winner Almanaara, Dane O’Neill, Doug Watson.
7.40pm Handicap (TB) $175,000 (D) 1,900m
Winner Grand Argentier, Brett Doyle, Doug Watson.
8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.
8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
Winner Gladiator King, Mickael Barzalona, Satish Seemar.
9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
Winner Universal Order, Richard Mullen, David Simcock.
Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
SPECS
Engine: 2-litre 4-cylinder petrol (V Class); electric motor with 60kW or 90kW powerpack (EQV)
Power: 233hp (V Class, best option); 204hp (EQV, best option)
Torque: 350Nm (V Class, best option); TBA (EQV)
On sale: Mid-2024
Price: TBA
The specs
Engine: 3.5-litre, twin-turbo V6
Transmission: 10-speed auto
Power: 410hp
Torque: 495Nm
Price: starts from Dh495,000 (Dh610,000 for the F-Sport launch edition tested)
On sale: now
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
The biog
Favourite Quote: “Real victories are those that protect human life, not those that result from its destruction emerge from its ashes,” by The late king Hussain of Jordan.
Favourite Hobby: Writing and cooking
Favourite Book: The Prophet by Gibran Khalil Gibran
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
The team
Videographer: Jear Velasquez
Photography: Romeo Perez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Models: Meti and Clinton at MMG
Video assistant: Zanong Maget
Social media: Fatima Al Mahmoud
The specs
Engine: Twin electric motors and 105kWh battery pack
Power: 619hp
Torque: 1,015Nm
Transmission: Single-speed auto
Touring range: Up to 561km
On sale: Q3 or Q4 2022
Price: From Dh635,000
AIDA RETURNS
Director: Carol Mansour
Starring: Aida Abboud, Carol Mansour
Rating: 3.5./5
Stamp duty timeline
December 2014: Former UK chancellor of the Exchequer George Osborne reforms stamp duty land tax (SDLT), replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 – 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; More than £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Chancellor Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak extends the SDLT holiday at his March 3 budget until the end of June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
June 2021: SDLT holiday on transactions up to £500,000 expires on June 30.
July 2021: Tax break on transactions between £125,000 to £250,000 starts on July 1 and runs until September 30.
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
Teenage Mutant Ninja Turtles: Shredder's Revenge
Developer: Tribute Games
Publisher: Dotemu
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 4/5
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
KEY DATES IN AMAZON'S HISTORY
July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington
July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon
1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024
1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs
2000: Amazon Marketplace opens, allowing people to sell items on the website
2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006
2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black
2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year
2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video
2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started
2009: Amazon introduces Amazon Basics, its in-house label for a variety of products
2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013
2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS
2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa
2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition
2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Sweet Tooth
Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199