The G7 – the group of industrialised nations that includes Canada, France, Germany, Italy, Japan, the UK and US – held an emergency meeting on Tuesday. At the top of the agenda was the ongoing efforts to evacuate foreign citizens and at-risk locals from Afghanistan, which fell to the Taliban militant group last week.
The situation at Hamid Karzai International Airport, currently the only airport in Afghanistan operating evacuation flights, has grown increasingly desperate. The interior of the airport is under the control of US soldiers. Just metres away, Taliban soldiers patrol the vicinity.
Together, the two forces have had to form an unlikely alliance in order to manage the thousands of panicked civilians – including many Afghans with foreign passports, visas or active visa applications – who attempt every day to enter the airport in order to get a seat on one of the limited evacuation planes. At least 19 civilians, including a young girl, have died, either by gunshots or in the crush, since the mayhem began on August 15.
The evacuation is expected to last until August 31, the deadline Washington had agreed to previously with the Taliban for a full withdrawal of US forces from Afghan territory. This is despite US President Joe Biden coming under unrelenting pressure from activists, members of Congress and some of America’s closest allies, including many G7 nations, to sue for an extension.
At least 19 civilians, including a young girl, have died since the mayhem began
The disastrous situation unfolding at Kabul’s airport is a direct consequence of the deadline itself. When US administrations – first that of Donald Trump, and now Mr Biden’s – gave American operations in Afghanistan a firm date of departure, without involving or consulting the now-fallen Afghan government, they gave the Taliban months to marshal the resources and political support from local power-brokers outside of Kabul to mount their takeover of the country. It was so successful, however, that the speed with which it was achieved came as a surprise even to the Taliban.
With no joint plan agreed for an orderly transition to a different kind of Afghan government that would include the Taliban, the group's military victory resulted in a calamitous political vacuum. While the streets of Kabul are relatively calm, the flight of the country’s top bureaucrats has crippled the institutions responsible for maintaining its economic health and infrastructure. Meanwhile, armed resistance groups, centred primarily in the Panjshir Valley, north-east of Kabul, are preparing for a protracted armed conflict, suggesting that the new order in Afghanistan may not be a peaceful one.
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All of this raises alarm bells about what what some G7 nations, particularly Britain and Canada, have already advocated: the prospect of imposing sanctions on the new Taliban government in Kabul. The International Monetary Fund, based in Washington, has already frozen Afghanistan’s access to foreign currency reserves in its custody. A G7 "roadmap" for relations with the Taliban government is expected to be released at a later date.
While the Taliban will no doubt bristle at the thought of having Afghanistan’s economic prospects snatched away so quickly after taking power, however, the group thus far has managed to succeed without any access to legitimate funds, from Afghanistan or abroad. Sanctions at this moment in Afghanistan’s history would only hurt innocent Afghan civilians who are already suffering. G7 nations, most acutely the US, bear responsibility for the present chaos. They must not make it worse.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
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How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5