Lebanese army removing tonnes of ammonium nitrate from Beirut port


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The Lebanese army has found 4.35 tonnes of highly explosive ammonium nitrate near the entrance to the shattered Beirut port a month on from a huge explosion caused by the same chemical.

The military said on Thursday that army engineers were called in to inspect four containers at the port and discovered the ammonium nitrate. They were then “dealing with it” the military said but gave no further details of the find.

On August 4, over 2,700 tonnes of ammonium nitrate stored for the last 6 years at Beirut port blew up, damaging at least half the city, killing over 190 people and wounding over 6,500.

The blast smashed entire neighbourhoods, gutting buildings.

Lebanon's government quit amid public anger in a nation already brought to its knees by an economic crisis. The public remains anxious that more hazardous materials are being stored badly, putting them at risk.

Earlier on Thursday, President Michel Aoun ordered repairs to be made to old refuelling infrastructure at Beirut airport and called for an investigation into a report that thousands of litres of fuel had leaked from the system.

Beirut airport head Fadi El Hassan told a news conference that a leak of 84,000 litres of fuel had occurred in March 2019 and repairs were completed in two months. He said international investigators had described the repairs as "satisfactory".

News of the leak added to concerns about public safety. "No explosion is awaiting us," Mr El Hassan told the news conference.

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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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."

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