Alistair Burt warned that those who will suffer the most from the political crisis are the people of Yemen. Galen Clarke/The National
Alistair Burt warned that those who will suffer the most from the political crisis are the people of Yemen. Galen Clarke/The National

Yemen setback as Houthi rebels block aid deliveries



Houthi forces were accused on Thursday of blocking aid deliveries in Yemen as the rebel commanders profiteer from taxes and impose ideologically-driven barriers to vaccination campaigns.

Alistair Burt, Britain's middle east minister, told parliament that efforts to ensure greater access for aid to the Yemeni population with the Arab coalition should not draw away attention from the role of the rebels in blocking distribution within the country.

Overall the humanitarian situation could be judged “better than it was” but within that assessment new concerns had arisen. Speaking of the series of missile attacks from Houthi-controlled areas that have targeted Riyadh and the border areas at Jizan, Mr Burt said there had been a deterioration of conditions in rebel parts of Yemen.

“It is not simply a matter of the restrictions by the coalition after they found missiles directed by Houthi rebels, missiles that were being smuggled into Yemen in some way and therefore that required restrictions on their points of entry," he said.

In recent months the restrictions have been eased, partly as a result of diplomatic efforts to bolster monitoring at the ports and to assure the coalition “the world will do its part” to prevent attacks.

Balanced against this was greater challenges elsewhere. “We have all noticed that Houthi-controlled areas have become more difficult to access,” Mr Burt told members of the upper chamber, the House of Lords. “They take taxes from goods that come in, in order to finance themselves, enrich themselves. They’ve been restrictive in relation to vacccines as well.

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Read more:

UN special envoy to Yemen meets with officials in Riyadh

Yemeni military looks to cut off main Houthi supply route

The spark in the Houthi coup — Saleh Al Sammad 

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"As well as being concerned about access of goods and therefore the behaviour of the coalition, we have to be very clear-eyed about what is happening on the ground with the Houthis and the control they are exercising over areas.”

The pressing need to resolve the food and disease crisis affecting Yemen has given greater urgency to political efforts to resolve the conflict. Mr Burt said that there was “a reasonably settled view” within government that a military solution was unlikely. With better outreach to all parties, Martin Griffiths, the new UN envoy to Yemen, had already spoken of elements of a political solution being closer at hand.

Mark Lowcock, the UN’s humanitarian co-ordinator, has said the situation in Yemen is a near apocalypse, with 8.4 million people needing support to eat their next meal. The official is particularly worried about a new cholera epidemic, worse than the outbreak last year that affected the health of more than one  million.

Mohammed Al Jabir, Saudi ambassador to Yemen, told a conference in Riyadh this week that his country had steadily increased assistance for the needy but criticised Houthi influence.

“Iran-backed Houthi militias had impeded the delivery of humanitarian aid to Yemen and had looted the country’s Central Bank,” he said.

Meanwhile Yemeni minister of human rights Mohammed Mohsen Al Asker has said that out of more than 13,000 deaths attributed to Houthi actions, 1,353 children are believed to have been killed by rebels.

Behind the front line, the militia had taken a repressive turn with a “crackdown on dissent” amid the power struggle following the execution of ex-president Ali Abdullah Saleh last December.

Clashes broken out after Saleh sought engagement with the coalition for a way out of the impasse and thousands of Saleh’s loyalists, who were in a marriage of convenience with the Houthis, were targeted as suspects. The Saleh loyalists found themselves outnumbered in rebel-held Sanaa after their leader’s death.

In documents given to The National, the minister said the Iran-backed group are responsible for 13,389 deaths and 30,150 injuries from the start of the conflict until February 2018. Torture was rife in the militia-run detention facilities.

"More than 17,800 detainees have been held in Houthi prisons since the conflict began and it is believed that 6,700 are still detained by the Houthis," Dr Asker told The National, "From the prisoners, 130 of them were tortured to death, while most of those who are being detained in the militia prisons have been maimed."

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Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

OPENING FIXTURES

Saturday September 12

Crystal Palace v Southampton

Fulham v Arsenal

Liverpool v Leeds United

Tottenham v Everton

West Brom v Leicester

West Ham  v Newcastle

Monday  September 14

Brighton v Chelsea

Sheffield United v Wolves

To be rescheduled

Burnley v Manchester United

Manchester City v Aston Villa

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
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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.

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5