United Nations Secretary-General Ban Ki-moon, left, with United States President Barack Obama, right, speaks during the Leaders' Summit on Countering ISIL and Violent Extremism at the UN on September 29. Kevin Hagen/AP Photo
United Nations Secretary-General Ban Ki-moon, left, with United States President Barack Obama, right, speaks during the Leaders' Summit on Countering ISIL and Violent Extremism at the UN on September Show more

‘We can only beat ISIL if Assad goes’



US president Barack Obama said on Tuesday that ISIL can only be defeated once Bashar Al Assad steps down, but reiterated his willingness to work with Iran and Russia to facilitate a political transition in Syria.

“In Syria…defeating ISIL requires — I believe — a new leader and an inclusive government that unites the Syrian people in the fight against terrorist groups,” Mr Obama said to leaders and officials from the over 60 countries that make up the anti-ISIL coalition.

“We are prepared to work with all countries, including Russia and Iran, to find a political mechanism in which it is possible to begin a transition process,” he added.

Mr Obama’s remarks at a meeting of the global anti-ISIL coalition on the sidelines of the annual UN General Assembly came as Russian president Vladimir Putin has focused his diplomatic efforts to present Mr Al Assad as a key partner for the international community’s fight against the extremist group.

Mr Putin has slammed the US-led strategy as having failed, and senior Russian officials did not attend the meeting chaired by Mr Obama. As the current president of the UN Security Council, Russia will host a rival summit on Wednesday at the council where Mr Putin will call on countries to join his own coalition, which includes Syria and Iran, who were not invited to Tuesday’s meeting.

The question of Mr Al Assad’s fate has been the central issue in the diplomatic tussle continuing at the United Nations.

In recent weeks, Mr Putin has sent unprecedented levels of reinforcements including dozens of fighter jets and around 2,000 military personnel to defend the Assad regime’s heartland and purportedly to help fight ISIL. In his address to the General Assembly on Monday, Mr Putin said it would be an “enormous mistake” for the US and others to not cooperate with the Syrian military.

Mr Obama and other western leaders, including French President Francois Hollande, maintain that Mr Al Assad’s brutal war against rebels is primarily responsible for the overwhelming majority of civilian deaths and for the growth and appeal of ISIL. Mr Obama did not give any details on the US position on any potential role for Mr Al Assad during a potential power transition.

The meeting was held to take stock of the past year’s military fight against ISIL as well as efforts to cut off its financing, stop the flow of foreign fighters to replenish its ranks and counter its powerful online propaganda.

The US-led strategy has been labelled a failure by many observers, and Mr Obama admitted that ISIL is “taking root” in war-torn areas, and that “as a consequence of the “vacuum that exists in many of these areas, ISIL has been able to dig in”, adding that “they have shown themselves to be resilient”.

The US military’s Central Command, which is in charge of the war against the group, has been accused by its own intelligence analysts of altering their negative analyses of the war’s progress. While ISIL has been pushed out of some areas by Iraqi forces, it has expanded in others, and the 7,200 air strikes carried out so far in the air war has failed to dislodge its fighters from urban areas under the group’s control. The training of Iraqi Sunni tribal forces and Iraqi security forces has been slow and fraught with sectarian politics, and the training and equipping of Syrian rebels an unmitigated disaster.

ISIL has also been able to attract over 1,000 new foreign recruits per month, doubling the total number of foreign fighters to over 30,000 in the past year, according to a study by a US Homeland Security committee released Tuesday. “They are very effective through social media and have been able to attract adherents not just from the areas in which they operate, but in many of our own countries,” Mr Obama said.

He offered no clear new measures to address these failures. Instead he called on coalition members in Europe to work towards longer-term goals such as ending discrimination and alienation of Muslim and immigrant communities. He told Arab allies that “the real path to lasting stability and progress is not less democracy; I believe it is more democracy.”

The US and its coalition partners are increasing pressure on ISIL’s financing networks, Mr Obama said. Ahead of the summit, the US treasury and state departments announced new sanctions on 25 “key ISIL facilitators” in Syria, Iraq, and elsewhere including those from France and Britain.

He also singled out the UAE’s role in countering ISIL’s propaganda. “The UAE’s new messaging hub — the Sawab Center — is exposing ISIL for what it is, which is a band of terrorists that kills innocent Muslim men, women and children,” Mr Obama said.

tkhan@thenational.ae

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

Dengue fever symptoms
  • High fever
  • Intense pain behind your eyes
  • Severe headache
  • Muscle and joint pains
  • Nausea
  • Vomiting
  • Swollen glands
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If symptoms occur, they usually last for two-seven days

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.

COMPANY PROFILE

Date started: 2020
Founders: Khaldoon Bushnaq and Tariq Seksek
Based: Abu Dhabi Global Market
Sector: HealthTech
Number of staff: 100
Funding to date: $15 million

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

The Florida Project

Director: Sean Baker

Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe

Four stars

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

How to improve Arabic reading in early years

One 45-minute class per week in Standard Arabic is not sufficient

The goal should be for grade 1 and 2 students to become fluent readers

Subjects like technology, social studies, science can be taught in later grades

Grade 1 curricula should include oral instruction in Standard Arabic

First graders must regularly practice individual letters and combinations

Time should be slotted in class to read longer passages in early grades

Improve the appearance of textbooks

Revision of curriculum should be undertaken as per research findings

Conjugations of most common verb forms should be taught

Systematic learning of Standard Arabic grammar

Our legal consultants

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

The five pillars of Islam
ALRAWABI SCHOOL FOR GIRLS

Creator: Tima Shomali

Starring: Tara Abboud, Kira Yaghnam, Tara Atalla

Rating: 4/5

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million