Pro-Houthi forces take part in a funeral service of Houthi fighters in Sanaa, Yemen. A top Yemeni official says the new US administration is taking a one-sided approach to the conflict. EPA
Pro-Houthi forces take part in a funeral service of Houthi fighters in Sanaa, Yemen. A top Yemeni official says the new US administration is taking a one-sided approach to the conflict. EPA
Pro-Houthi forces take part in a funeral service of Houthi fighters in Sanaa, Yemen. A top Yemeni official says the new US administration is taking a one-sided approach to the conflict. EPA
Pro-Houthi forces take part in a funeral service of Houthi fighters in Sanaa, Yemen. A top Yemeni official says the new US administration is taking a one-sided approach to the conflict. EPA

Biden must get tougher on Yemen’s Houthis: military chief


James Reinl
  • English
  • Arabic

Washington's efforts to end the war in Yemen will fail unless it gets tough with Houthi rebels and their Iranian backers, a top Yemeni military commander said on Friday.
Brig Gen Tareq Saleh, a nephew of former President Ali Abdullah Saleh who is aligned with the Saudi Arabia-led military coalition in Yemen, said the new US administration was taking a one-sided approach to the conflict.
Since taking office in January, US President Joe Biden has scaled back support to the Saudi campaign in Yemen, where Riyadh has since 2015 battled the Houthis in a bid to restore a government that the rebels overthrew the previous year.


"It's a new administration that comes in with hopes that this pressure might lead to peace, might try to take that path," Brig Gen Saleh, commander of the National Resistance Forces, said in answer to a question from The National.
"But when they start dealing with the Houthis, when they start seeing how the Houthis behave and how they respond to political dialogue, I think they'll change."
Fighting erupted in Yemen in 2014, when Iran-aligned Houthis seized Yemen's capital, Sanaa, and much of the country's population centres in the north, prompting a Saudi-led military coalition campaign the following year.
Mr Biden's efforts to find a negotiated settlement to end the war, largely focused on pressuring Saudi Arabia, have been complicated by negotiations over reviving a flagging deal to curtail Iran's nuclear programme, which was agreed to between the US, Iran and other major world powers in 2015.
The US president is reluctant to crack down on the Houthis and their allies in Tehran, Brig Gen Saleh told a group of reporters and diplomats at a virtual event hosted by the Sanaa Centre for Strategic Studies think tank.
"This pressure by the Biden administration is exaggerated because it didn't actually provide any solutions, did not try to have tangible points and it also did not exert pressure on the other side, which is Iran, to ensure there is progress," said Brig Gen Saleh.
"So, the Biden administration should also pressure Iran as well, not just one side of the parties to the conflict."
The military commander's uncle, former president Ali Abdullah Saleh, had been allied with the Houthis in Yemen's multi-sided civil war until December 2017, when the rebels attacked and killed him in a rocket and gun strike on his convoy outside Sanaa.
Yemen's conflict has killed more than 100,000 people, many of them civilians, according to The Armed Conflict Location & Event Data Project (ACLED), which monitors violence in Yemen.
Saudi Arabia last month revived an initiative to end the war in Yemen, including a nationwide ceasefire and the reopening of air and sea links, but it has yet to gain traction and the Houthis rejected the initiative publicly.

The fighting continues, especially in the oil-rich Marib province.

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

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.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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UAE currency: the story behind the money in your pockets
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

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