Syrian president Bashar Al Assad flew to Kochi for talks with Russian president Vladimir Putin and was joined by leaders from Iran and Turkey
Syrian president Bashar Al Assad flew to Kochi for talks with Russian president Vladimir Putin and was joined by leaders from Iran and Turkey

Syrian regime mocks Geneva peace talks



There was a certain amount of weariness attending the preamble to United Nations peace talks on Syria, which began in Geneva today – a sort of been-there, seen-it-before sense of jadedness. Not simply because it was the eighth round of talks being held in a bid to end the nearly seven-year conflict but mainly because top of the agenda was whether Syrian government representatives would even bother turning up.

Yesterday the regime finally confirmed it would be coming tomorrow, a day after it was supposed to show. It demonstrates yet more contempt from Bashar Al Assad for his people, who are suffering intolerably while he holds sway over his country's future. All other parties are poised to reach a fair deal. Nasr Al Hariri, head of the Saudi-backed High Negotiation Committee umbrella opposition group, said it was "united and ready for real talks with the government". That is a tough pill to swallow for opposition leaders, who until recently were calling for Mr Al Assad's removal as non-negotiable. Up until they met in Riyadh a week ago, they could not see a way forward with the regime being involved in any way. Yet disparate opposition groups have managed to set aside their own differences to form a 36-member unified delegation and have come to the UN table without preconditions.

That is a huge conciliatory gesture, which has yet to be matched by the man responsible for untold suffering. The Syrian conflict has resulted in the deaths of more than 330,000 people, with millions being driven from their homes, equivalent to 40 per cent of the country. The UN has accused the Syrian government of launching sarin and chlorine attacks on its own people. The regime's barbarism has no place in the inclusive transitional government being proposed by the opposition. Yet despite their willingness to include him in talks and set aside their differences for a far more important cause – a fair deal for the Syrian people – he  has not even bothered to turn up.

Mr Al Assad is not interested in looking after his people's best interests, only his own. Upholstered by Russian military enforcements and backed by the triumvirate of Russia, Iran and Turkey, which simultaneously held talks in Sochi last week attended by him, he is only interested in consolidating his power. His failure to even send representation on his behalf to the UN talks in Geneva yesterday demonstrates his sneering disregard for his critics. With 55 per cent of the country under his government's control once again, he is banking on a military solution to re-establish his regime's power, not one reached by delicate negotiations or any submission on his part. It is becoming increasingly clear that by pretending to engage in previous rounds of talks, he was giving them lip service alone.

The UN peace envoy helming the talks, Staffan de Mistura, said he suffered from chronic optimism. He is going to need it. It might be all the opposition has on its side.

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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.

'THE WORST THING YOU CAN EAT'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

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In

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  • Dr Bassam Samir Al Talhouni, Minister of Justice
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  • Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
  • Falah Abdalla Al Ammoush, Minister of Public Works and Housing
  • Basma Moussa Ishakat, Minister of Social Development
  • Dr Ghazi Monawar Al Zein, Minister of Health
  • Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
  • Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth

Out

  • Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
  • Hala Noaman “Basiso Lattouf”, Minister of Social Development
  • Dr Mahmud Yassin Al Sheyab, Minister of Health
  • Yahya Moussa Kasbi, Minister of Public Works and Housing
  • Nayef Hamidi Al Fayez, Minister of Environment
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  • Khalid Moussa Al Huneifat, Minister of Agriculture
  • Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
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