Bank customers scuffle with riot police as they try to storm a bank in Beirut, Lebanon. AP
Bank customers scuffle with riot police as they try to storm a bank in Beirut, Lebanon. AP
Bank customers scuffle with riot police as they try to storm a bank in Beirut, Lebanon. AP
Bank customers scuffle with riot police as they try to storm a bank in Beirut, Lebanon. AP

UN chief makes ‘solidarity’ visit to cash-strapped Lebanon


James Reinl
  • English
  • Arabic

UN Secretary General Antonio Guterres will visit Lebanon from Sunday to Wednesday to show support for a country battling a financial crisis, Covid-19 and the fallout from last year’s port blast, he said on Thursday.

He will meet President Michel Aoun, House Speaker Nabih Berri, Prime Minister Najib Mikati as well as religious leaders and campaigners, pay tribute to victims of the Beirut port blast and meet peacekeepers on the border with Israel.

The explosion at Beirut port in August 2020 destroyed a large section of the capital and killed more than 200 people.

Mr Guterres said he would “express [his] solidarity” with “people who have suffered for far too long” in Lebanon, which has been in economic free-fall since 2019 and is currently seeking a bailout from the International Monetary Fund (IMF).

“The first thing that's necessary is that the political leaders of Lebanon come together,” Mr Guterres told reporters on Thursday.

“The paralysis of the institutions, of course, leads to the impossibility to reach agreement with the IMF, to the impossibility to launch effective economic programmes and to create the conditions for the country to initiate the recovery.”

Lebanon’s squabbling officials agreed that losses in the country's financial sector amount to between $68 billion and $69bn — a crucial first step in negotiating an IMF support package.

The Lebanese pound has plummeted, pushing once-affluent Lebanese families into poverty, while political gridlock has stymied efforts to tackle a mountain of public debt and drive new investment.

The financial spiral has also made the country vulnerable to the spread of the new Omicron variant of coronavirus, as hospitals struggle to pay staff and purchase equipment.

In preparation for a potential spike in cases following the December holidays, the government has announced mandatory vaccination measures will begin from January 10.

Recipe: Spirulina Coconut Brothie

Ingredients
1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
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  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
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MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

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."

Indika
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EMERGENCY PHONE NUMBERS

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

THE TWIN BIO

Their favourite city: Dubai

Their favourite food: Khaleeji

Their favourite past-time : walking on the beach

Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

 

 

Updated: December 16, 2021, 10:01 PM