Israeli Defence Minister Yoav Gallant has promised 'the establishment of a new security reality for the citizens of Israel'. Getty
Israeli Defence Minister Yoav Gallant has promised 'the establishment of a new security reality for the citizens of Israel'. Getty
Israeli Defence Minister Yoav Gallant has promised 'the establishment of a new security reality for the citizens of Israel'. Getty
Israeli Defence Minister Yoav Gallant has promised 'the establishment of a new security reality for the citizens of Israel'. Getty

Israel will cease 'responsibility for life in Gaza' after war, says Defence Minister


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One of Israel’s primary objectives in its war on Gaza is to absolve itself of responsibility for life in the densely populated strip, Israel’s Minister of Defence Yoav Gallant said on Friday.

Mr Gallant told the Knesset's foreign affairs and defence committee that there would be three phases of Israel's war with Hamas.

He said the first stage was the “military campaign” with the goal of “neutralising terrorists and destroying Hamas infrastructure, followed by a second phase with the military rooting out “pockets of resistance.”

Phase three would see Israel cease its “responsibility for life in the Gaza Strip”, he said.

Israel's Defence Minister Yoav Gallant addresses Israeli soldiers near the border with the Gaza. Reuters
Israel's Defence Minister Yoav Gallant addresses Israeli soldiers near the border with the Gaza. Reuters

The minister said the third phase would “require the removal of Israel’s responsibility for life in the Gaza strip, and the establishment of a new security reality for the citizens of Israel.”

Israel has imposed a blockade of the Gaza Strip since Hamas came to power in 2007.

The country heavily restricts the flow of goods in and out of the coastal strip and controls who enters and who leaves.

But Israel’s formidable security apparatus failed to prevent Hamas militants from storming across the border into southern Israel, where they killed more than 1,400 people on October 7, sending the country into crisis and putting it squarely on a war footing.

Israeli leaders have vowed to crush Hamas and have engaged in an unrelenting bombardment of Gaza. This has killed at least 4,137 people and injured more than 13,000, said the Palestinian Health Ministry.

The military has hinted that a ground invasion is likely to follow the bombardment.

“Gaza will never have security tools and military capabilities from now on,” Minister of Agriculture Avi Dichter said at a press conference on Thursday near the Gaza border in the city Sderot.

“We shall demolish it and it will never be built again.”

Mr Dichter said he believed that after the war Gazans will be unable to come anywhere close to the Israeli border.

“It will be a fire zone,” Mr Dichter, the former director of Shin Bet, Israel’s security agency, told reporters.

“No matter who you are, you will never be able to come close to the Israeli border.”

Mr Gallant's comments came in the wake of a strike on Al Ahli Arab hospital in Gaza on Tuesday, in which hundreds were killed.

Gaza authorities have blamed Israel for the strike. Israel denies this.

The strike led to widespread fury across the Middle East.

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Fixtures

Sunday, 10am, ICC Academy, Dubai - UAE v Scotland

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The biog

Favourite food: Fish and seafood

Favourite hobby: Socialising with friends

Favourite quote: You only get out what you put in!

Favourite country to visit: Italy

Favourite film: Lock Stock and Two Smoking Barrels.

Family: We all have one!

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Panipat

Director Ashutosh Gowariker

Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment

Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman

Rating 3 /stars

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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.

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Updated: October 20, 2023, 5:59 PM