The EU's 27 member countries are expected to study a proposal to impose sanctions against two far-right Israeli ministers at a meeting later this month, after Sweden's foreign affairs minister wrote a letter to the bloc's foreign policy chief calling for action.
The letter was sent to Kaja Kallas as the UK, Canada and other western nations introduced an asset freeze and a travel ban against Israeli Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich for inciting violence against Palestinians.
In the letter, Swedish Foreign Minister Maria Stenergard, who did not refer to the two by name, said that the European Council should "urgently decide on targeted sanctions against Israeli ministers who promote illegal settlements activities and actively work against a negotiated two-state solution."
The letter, dated June 10, was made public on Thursday as Ms Stenergard held a media briefing in Stockholm in which she described Israel's blockade of humanitarian aid deliveries to Gaza, and restriction of aid distribution inside the enclave, as a war crime.
"There are strong indications right now that Israel is not living up to its commitments under international humanitarian law," she said. "It is crucial that food, water and medicine swiftly reach the civilian population, many of whom are women and children living under wholly inhumane conditions."
At the media briefing, Ms Stenergard highlighted the shifting mood within Europe, which has become increasingly critical of Israel's 19-month military operation in Gaza that has been compounded by settler violence in the occupied West Bank.
Most EU countries last month backed a Dutch call to review the EU-Israel Association Agreement over concerns that Israel may have breached its human rights obligations. Ms Kallas's office is currently conducting the review, which may result in a partial or total suspension of trade relations.
Sweden, like many EU countries, does not have a national sanctions regime and only issues sanctions through the bloc in a process that requires a unanimous decision by its 27 member states.
Yet unanimous support of sanctions against Mr Ben Gvir and Mr Smotrich is unlikely. Some EU countries remain firmly in support of Israel, including Germany, Italy, Greece and Hungary. The latter has blocked numerous proposed EU sanctions against extremist Israeli settlers for months.
An EU Commission representative on Thursday said that Ms Kallas had received Sweden's letter but declined to comment on its content.
No EU country joined the UK, Canada, Australia, Norway and New Zealand in sanctioning Mr Ben Gvir and Mr Smotrich earlier this week, despite expectations that France would follow suit. Paris last month co-signed a statement with the UK and Canada threatening sanctions over the Gaza war.
The French Foreign Affairs Ministry has "taken note" of Sweden's letter, a representative said on Thursday, adding that France believed that it was best to discuss sanctions with other EU countries and not take action at a national level.
France has imposed sanctions against Israelis in the past without the EU. In February, Paris announced measures against 28 extremist Israeli settlers, including travel bans and asset freezes, after a similar announcement by the UK.
The French representative said the Swedish letter would "obviously be discussed" at the next meeting of EU foreign affairs ministers in Brussels on June 23.
"We have not hesitated in condemning the remarks of the two ministers," the representative said.
"But it seems to us that, in terms of reaction to Israel and what's happening in the Gaza Strip, the European dimension is important."
Critics have said that such sanctions have been ineffective in influencing decisions taken by the Israeli government and military, particularly in Gaza.
"A majority of Israelis, as public opinion polls indicate, support the slaughter and are even waiting for the population transfer that is to come in its wake," wrote columnist Gideon Levy in an op-ed published by Israeli daily Haaretz on Wednesday.
"Therefore, the pressure and the punishment must be directed at Israel in its entirety."
As You Were
Liam Gallagher
(Warner Bros)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Match info:
Manchester City 2
Sterling (8'), Walker (52')
Newcastle United 1
Yedlin (30')
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
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.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The%20specs
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Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
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The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Jurassic%20Park
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More from Aya Iskandarani
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
The%20specs
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
The years Ramadan fell in May
Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
