Brussels // Turkey ratcheted up its demands for helping the EU with the migrant crisis at a high-stakes summit in Brussels on Monday, demanding an extra €3 billion (Dh12.14bn) in aid in return for its cooperation.
Ankara is also haggling for a refugee swap under which the European Union would resettle one Syrian refugee from Turkey in exchange for every Syrian refugee that Turkey takes back from the overstretched Greek islands.
Under the last-minute proposals by Turkish prime minister Ahmet Davutoglu, the 28-nation bloc would also bring forward visa-free travel for Turks to June, and speed up its EU membership bid.
The EU is paying an increasingly high price to secure Turkey’s help in dealing with the biggest migration crisis since the Second World War, but has little choice as Turkey is the main launching point for the Greek islands.
In Ankara, Turkish president Recep Tayyip Erdogan criticised the EU for a four-month delay in disbursing the original €3 billion in aid for 2016-17 under a deal agreed in November.
“It’s been four months. They are yet to deliver,” Mr Erdogan said from Ankara. “My prime minister is currently in Brussels. I hope he will return with the money.”
More than one million refugees and migrants have arrived in Europe since the start of 2015 – the majority fleeing the war in Syria – with nearly 4,000 dying while crossing the Mediterranean.
In a surprise move, Mr Davutoglu unveiled what his spokesman called a “new proposal” at a lunch with EU leaders in Brussels, forcing them to extend the lunchtime summit until dinner to discuss his demands.
The Turkish premier hinted as much as he arrived for the talks, saying: “Turkey is ready to work with EU. Turkey is ready to be member of EU as well.”
European Parliament head Martin Schulz confirmed Turkey’s demand, saying it “will require additional [EU] budgetary procedures”.
But the leader of Turkey’s most prominent pro- Kurdish party, Selahattin Demirtas, said the EU is making an historic mistake in its haste to conclude a refugee deal with Turkey, overlooking human rights violations that risk plunging the bloc’s largest membership candidate into civil war.
The EU is turning a blind eye to an opposition crackdown in Turkey that’s polarising society and complicating efforts to find a political solution to the nation’s Kurdish conflict, Mr Demirtas said in an impromptu interview en route to Brussels.
“The EU is trying so hard not to upset Erdogan, and that’s a big mistake,” Mr Demirtas said. “The world has gone very silent on what’s happening in Turkey, and that’s saddening and also short- sighted. If the war in Turkey continues like this, you’re also going to have refugees from Turkey.”
One EU diplomat said Turkey was proposing “a potential gamechanger” where it will take back not only irregular economic migrants who have reached the Greek islands but also those from Syria deemed genuine refugees.
“In return, we have said for every Syrian they take back, we will resettle one Syrian” from camps in Turkey, where 2.7 million Syrian refugees are living, the diplomat added.
Turkey would also see visa-free travel brought forward to June if Ankara commits to immediately bringing into force the deal to readmit illegal migrants sent back from the Greek islands.
But the EU must still overcome its own bitter divisions over dealing with the migration crisis.
German Chancellor Angela Merkel and European Commission chief Jean-Claude Juncker insisted on Monday that a mention of closing the main Balkans route for migrants be dropped from a proposed final summit statement.
The West Balkans route is the main path for migrants to get from Greece to wealthy Germany and Scandinavia.
But Austria last month abruptly capped the number of asylum seekers it would accept, triggering a domino effect of border restrictions along the Balkans that has trapped tens of thousands of desperate migrants on the border between Greece and non-EU Macedonia. Meanwhile Greek prime minister Alexis Tsipras renewed calls Monday for fellow EU members to honour a deal to relocate thousands of refugees.* Agence France-Presse and Bloomberg
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
Sunday's fixtures
- Bournemouth v Southampton, 5.30pm
- Manchester City v West Ham United, 8pm
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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.
Read more about the coronavirus
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
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
British Grand Prix free practice times in the third and final session at Silverstone on Saturday (top five):
1. Lewis Hamilton (GBR/Mercedes) 1:28.063 (18 laps)
2. Sebastian Vettel (GER/Ferrari) 1:28.095 (14)
3. Valtteri Bottas (FIN/Mercedes) 1:28.137 (20)
4. Kimi Raikkonen (FIN/Ferrari) 1:28.732 (15)
5. Nico Hulkenberg (GER/Renault) 1:29.480 (14)
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
