Three protesters died during violent protests in Basra on Thursday as crowds set fire to the offices of political parties and militia groups in a show of anger over the southern Iraqi city's collapsing infrastructure.
The protesters died during attacks on local government and political party buildings, bringing the total number of civilians killed since widespread demonstrations kicked off on Monday to 10. Tens of security forces members have also been injured, some by a hand grenade, health and security officials said.
Protesters on Thursday attacked the offices of the state-run Iraqiya TV and set fire to the headquarters of the ruling Dawa Party, the Supreme Islamic Council and the Badr Organisation, whose leaders are all vying to form Iraq's ruling coalition.
Protesters also set fire to the offices of the powerful Shiite militia Asaib Ahl Al Haq, and those of the Hikma Movement about 100 kilometres north of Basra, and stormed the house of the acting head of the provincial council.
The provincial government headquarters was engulfed in flames, local police and military sources said. No protesters were near the building when the fire broke out in the afternoon, they said.
Basra security officials announced a curfew from 10.30pm to help quell the protests. A citywide curfew was originally planned for 3pm, but was cancelled minutes before it was due to come into force.
An Iraqi security official in Basra said they were struggling to cope with the demonstrations. "We are still waiting for orders from the state's highest authorities," he said.
The port of Umm Qasr, the country's main seaport and its principal lifeline for grain and other commodity imports, closed on Thursday. Port employees said all operations had ceased after protesters began blocking the entrance, which lies about 60km from Basra, on Wednesday night. Trucks and staff were unable to get in or out of the complex.
Oil exports, handled at offshore terminals, remained untouched by the unrest. Oil exports from Basra account for more than 95 per cent of Iraqi state revenues.
Southern Iraq, heartland of the Shiite majority, first erupted in unrest in July as protesters expressed rage over collapsing infrastructure, power cuts and corruption.
Residents in Basra, a city of more than 2 million people, say the water supply has become contaminated with salt.
A health ministry spokesman told a news conference in Baghdad that 6,280 people had been recently hospitalised with diarrhoea because of the oversalinated water.
Public anger has grown at a time when politicians are struggling to form a government after an inconclusive parliamentary election in May. Residents of the south complain of decades of neglect in the region that produces the bulk of Iraq's oil wealth.
Leading political figures, embroiled in government formation negotiations in Baghdad, have scrambled to respond to the crisis, condemning rivals for inaction.
Moqtada Al Sadr, a populist Shiiite cleric whose electoral bloc came first in May's election, called for an emergency televised session of parliament to discuss "radical" solutions to the crisis in Basra, a city "without water, electricity or dignity".
Iraq's second biggest city, Basra is a stronghold of Mr Al Sadr, who has recast himself as an anti-corruption campaigner and has allied himself with incumbent Prime Minister Haider Al Abadi.
The prime minister responded that he would be ready to attend a meeting of parliament with the ministers and officials concerned to try to find a resolution.
Mr Al Abadi has ordered the interior ministry to conduct an investigation into the protests and to instruct security forces not to use live ammunition.
Parliament convened for the first time on Monday, but failed to elect a speaker as mandated, delaying its next meeting to September 15.
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Read more:
Iraqi cleric Moqtada Al Sadr calls for parliamentary session to solve Basra violence
Iraq's deadly demonstrations - in pictures
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UAE currency: the story behind the money in your pockets
Pathaan
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Specs
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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.
The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed