A person stands in a street next to damaged buildings in West Mosul, Iraq, on Thursday, Nov. 8, 2018. More than a year after the brutal fighting that liberated the city ended, and a devastating air campaign that mostly flattened it, much of Mosul lies in ruins. Few residents have returned and there is little commercial activity other than the destruction of devastated buildings and scavenging for metal. Photographer: Victor J. Blue/Bloomberg
A person stands in a street next to damaged buildings in West Mosul, Iraq. Bloomberg

Flash floods kill dozens in Iraq and raise questions over deteriorating infrastructure


The National

Dozens of people were killed and thousands more were displaced across Iraq over the past four days, as flash floods and torrential rainfall battered the semi-arid country.

Health ministry spokesman Seif al-Badr on Sunday raised the death toll from 17 to least 21 people killed, including women and children, over the past few days. At least 180 others were injured, he was quoted as saying by AFP.

The floods caused by heavy rainfall displaced tens of thousands of people, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said on Sunday.

An estimated 10,000 people in Salah Eddin and 15,000 people in Ninewa are in need of assistance, including thousands of families living in IDP camps, OCHA said, adding that the Shirqat district in Salah al-Din, and Qayyarah Airstrip and Jeddah IDP camps in Ninewa, are among the worst affected.

The floods have shed new light on the plight of areas battered by the war against ISIS and have made the issue of reconstruction more urgent in light of the devastation caused by this week’s storms.

They have also raised questions over who is to blame for the deteriorating infrastructure that allowed for road washouts and wide-spread disruption across parts of the country, at a time when the government has failed to tackle the issue of rampant corruption in the public sector.

The matter continues to be urgent with forecasters at Iraq's metrological department expecting rainfall to continue on Sunday, despite a small rise in temperatures. Iraq’s ministry of water resources on Sunday warned that more flash floods could hit the eastern districts of Wasit and Misan.

Prime Minister Adel Abdul Mahdi convened a meeting of the so-called 'governmental crisis management cell' on Friday to coordinate the emergency response activities of relevant ministries and the Iraqi Red Crescent Society.

“We are assessing the situation to see where we could further assist the Government of Iraq in its response to this severe flooding,” Ms Marta Ruedas, the UN’s Humanitarian Coordinator for Iraq said in a statement released one day after the meeting.

The Iraqi Health Ministry on Sunday said it was doing everything it could to locate and rescue people affected by the floods. OCHA says the health ministry is planning to deploy mobile health clinics.

The Iraqi oil ministry on Sunday announced the provision of thousands of free litres of fuel and oil to Ninewa and Salah Eddin to help with recovery efforts.

The trade ministry said it had sent food rations, including more than a thousand bags of flour, to Salah Eddin and Ninewa. It is also drafting an emergency plan to ensure food is also delivered to Misan, Diyali and Wasit governorates, it said.

However, aid groups and the government are struggling to deliver aid because of blocked roads.

Videos posted on social media networks showed houses and roads submerged under water. Heavy winds uprooted trees and a number of electricity poles, leading to power outages in many southern cities of Iraq.

OCHA says initial accounts from flooded areas include the destruction of homes, livestock, and household items.

In 2015, 58 Iraqis were killed in floods and cases of electrocution due to intense downpours.

Who is Tim-Berners Lee?

Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

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Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

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COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

JOKE'S ON YOU

Google wasn't new to busting out April Fool's jokes: before the Gmail "prank", it tricked users with mind-reading MentalPlex responses and said well-fed pigeons were running its search engine operations .

In subsequent years, they announced home internet services through your toilet with its "patented GFlush system", made us believe the Moon's surface was made of cheese and unveiled a dating service in which they called founders Sergey Brin and Larry Page "Stanford PhD wannabes ".

But Gmail was all too real, purportedly inspired by one – a single – Google user complaining about the "poor quality of existing email services" and born "millions of M&Ms later".

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ICC Awards for 2021+

MEN

Cricketer of the Year+– Shaheen Afridi+(Pakistan)

T20 Cricketer of the Year+– Mohammad Rizwan+(Pakistan)

ODI Cricketer of the Year+– Babar Azam+(Pakistan)

Test Cricketer of the Year+– Joe Root+(England)

WOMEN

Cricketer of the Year+– Smriti Mandhana+(India)

ODI Cricketer of the Year+– Lizelle Lee+(South Africa)

T20 Cricketer of the Year+– Tammy Beaumont+(England)

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

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Name: Maly Tech
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Founder: Mo Ibrahim
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Sector: FinTech
Funds raised: $1.6 million
Current number of staff: 15
Investment stage: Pre-seed, planning first seed round
Investors: GCC-based angel investors

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States of Passion by Nihad Sirees,
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Rating: 2/5

The pillars of the Dubai Metaverse Strategy

Encourage innovation in the metaverse field and boost economic contribution

Develop outstanding talents through education and training

Develop applications and the way they are used in Dubai's government institutions

Adopt, expand and promote secure platforms globally

Develop the infrastructure and regulations

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