The status of Jerusalem is one of many to be resolved in any Middle East peace plan. AFP
The status of Jerusalem is one of many to be resolved in any Middle East peace plan. AFP

Palestinians release dual US national convicted over land sales



The Palestinian Authority has handed over to US authorities an American-Palestinian it had sentenced to life imprisonment for violating a ban on selling land to Israelis, two senior Palestinian officials said on Sunday.

"Issam Akel holds an American passport and he was handed over to the US authorities upon their request," one senior security official, who asked not to be named, said.

A second official, who also spoke on condition of anonymity, confirmed Mr Akel's release.

Both declined to give any more details. Mr Akel's family was not available for comment. US officials did not comment when asked about Akel's Mr release.

Mr Akel was convicted by a West Bank court in December of attempting to sell a property in Israeli-occupied East Jerusalem without the permission of his business partners or the Palestinian authorities.

Mr Akels family has denied the allegations against him.

He was detained in October in the West Bank city of Ramallah. Palestinian law forbids the sale of land to Israelis as a form of treachery.

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Read more:

Palestinian leader looks to UN for relevance with peace process moribund

UNRWA looks to Gulf countries for support in the long term

Saeb Erekat: Trump administration is trying to divide Palestinian leadership

Israeli soldiers kill three in Gaza and one in West Bank

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The Palestinian Authority, which has limited self-rule over the West Bank, makes the final decision about any land sales in East Jerusalem. Israel occupied the territory during the 1967 Arab-Israeli War but the Palestinians seek it as the capital of any future state. The majority of the international community considers Israel's annexation of the territory to be illegal under international law, as well as its settlement enterprise and population of 150,000 Jewish settlers living in the occupied Palestinian territory.

Palestinians view attempts to buy East Jerusalem land by Israelis as a bid to increase their hold over the city that hosts some of the holiest sites for Muslims, Jews and Christians.

US ambassador to Israel David Friedman called in November for Mr Akel to be released, after he was first detained.

Hamas, the group that controls the Gaza Strip and is a rival to the West Bank-based Palestinian Authority, said releasing Akel was a "grave crime".

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Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Sreesanth's India bowling career

Tests 27, Wickets 87, Average 37.59, Best 5-40

ODIs 53, Wickets 75, Average 33.44, Best 6-55

T20Is 10, Wickets 7, Average 41.14, Best 2-12

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, 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%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: 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 decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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