Gas pipes are seen next to a Eugal/Nord Stream 2 station along the pipeline, near the village of Wrangelsburg, north eastern Germany. AFP
Gas pipes are seen next to a Eugal/Nord Stream 2 station along the pipeline, near the village of Wrangelsburg, north eastern Germany. AFP
Gas pipes are seen next to a Eugal/Nord Stream 2 station along the pipeline, near the village of Wrangelsburg, north eastern Germany. AFP
Gas pipes are seen next to a Eugal/Nord Stream 2 station along the pipeline, near the village of Wrangelsburg, north eastern Germany. AFP

Germany suspends Nord Stream 2 gas pipeline from Russia


Tim Stickings
  • English
  • Arabic

Live updates: follow the latest news on Russia-Ukraine

Germany has halted the opening of the Nord Stream 2 gas pipeline in response to Russia’s escalation of the crisis in Ukraine.

Separately, EU ministers unanimously agreed a package of sanctions on Russia, shortly after separate British sanctions were imposed on five banks and three oligarchs.

German Chancellor Olaf Scholz said he had ordered a rethink on the pipeline in light of what he called a changed security environment in Europe.

Speaking in Berlin on Tuesday, Mr Scholz said this was a “necessary administrative step so that the pipeline cannot be certified at this time”.

Germany had previously resisted calls from the US and Britain, as well as Ukraine, to scrap the trans-Baltic pipeline over fears that Russia will use it as a geopolitical weapon.

But Ukraine lauded Mr Scholz for changing course on Tuesday, with Foreign Minister Dmytro Kuleba welcoming what he called a “morally, politically and practically correct step in the current circumstances".

Russia responded with a warning that consumers in Europe would face even higher prices after a winter surge in gas and electricity costs.

German Chancellor Olaf Scholz announced Nord Stream 2 was being put on hold. EPA
German Chancellor Olaf Scholz announced Nord Stream 2 was being put on hold. EPA

“Welcome to the brave new world where Europeans are very soon going to pay 2,000 euros ($2,270) for 1,000 cubic metres of natural gas,” said Dmitry Medvedev, Russia's former president and now a member of Vladimir Putin's security council.

The EU’s foreign policy chief, Josep Borrell said: “We are in a particular dangerous moment for Europe.”

Ukrainian President Volodymyr Zelenskyy had earlier demanded an immediate halt to Nord Stream 2 after Russia granted recognition to two breakaway regions in eastern Ukraine and ordered troops there in a so-called peacekeeping mission.

“These are very difficult hours and days for Europe,” said Mr Scholz, who was meeting Irish leader Micheal Martin hours before the EU was set to unveil separate sanctions on Russia.

He described Russia's actions as a “grave breach of international law” but said diplomatic efforts would continue to prevent a further escalation.

EU and national foreign minister met in Paris. AP
EU and national foreign minister met in Paris. AP

Russia brushed off the pipeline's suspension and other looming sanctions. “Moscow is not afraid of anything,” the Tass news agency quoted Deputy Foreign Minister Andrei Rudenko as saying.

Construction on Nord Stream 2 was completed last September but it needs approval from German regulators before it can go into operation.

Mr Scholz inherited the dilemma from his predecessor, Angela Merkel, who supported Nord Stream 2 and described it as purely an economic project.

He did not rule out a future opening date for the pipeline but said officials in Germany's Economy Ministry would rewrite their analysis of Germany's energy security in light of the latest developments.

Europe is under pressure to reduce its reliance on Russian gas for both political and environmental reasons, but Germany expects to rely on the fossil fuel for an interim period as it switches off coal and nuclear plants.

In Britain, Prime Minister Boris Johnson said Europe had not done enough on this front after Russia's annexation of Crimea in 2014. He later welcomed Germany's decision as a “brave step” and “the right thing to do".

“We didn't do enough as Europeans to wean ourselves off Russian hydrocarbons, off Russian oil and gas,” he said. “We've got to make sure that we cut the umbilicus, we snip the drip feed into our bloodstream from Nord Stream.”

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

Pros%20and%20cons%20of%20BNPL
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David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Racecard
%3Cp%3E1.45pm%3A%20Bin%20Dasmal%20Contracting%20Cup%20%E2%80%93%20Maiden%20(PA)%20Dh50%2C000%20(Dirt)%201%2C200m%3Cbr%3E2.15pm%3A%20Al%20Shafar%20Investment%20Cup%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C200m%3Cbr%3E2.45pm%3A%202023%20Cup%20by%20Emirates%20sprint%20series%20%E2%80%93%20Handicap%20(TB)%20Dh84%2C000%20(D)%201%2C200m%3Cbr%3E3.15pm%3A%20HIVE%20Cup%20%E2%80%93%20Handicap%20(TB)%20Dh68%2C000%20(D)%201%2C400m%3Cbr%3E3.45pm%3A%20Jebel%20Ali%20Mile%20Prep%20by%20Shadwell%20%E2%80%93%20Conditions%20(TB)%20Dh100%2C000%20(D)%201%2C600m%3Cbr%3E4.15pm%3A%20JARC%20Cup%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C600m%3Cbr%3E4.45pm%3A%20Deira%20Cup%20by%20Emirates%20Sprint%20series%20%E2%80%93%20Handicap%20(TB)%20Dh76%2C000%20(D)%201%2C950m%3C%2Fp%3E%0A
Abu Dhabi GP starting grid

1 Lewis Hamilton (Mercedes)

2 Valtteri Bottas (Mercedes)

3 Sebastian Vettel (Ferrari)

4 Kimi Raikkonen (Ferrari)

5 Daniel Ricciardo (Red Bull)

6 Max Verstappen (Red Bull)

7 Romain Grosjean (Haas)

8 Charles Leclerc (Sauber)

9 Esteban Ocon (Force India)

10 Nico Hulkenberg (Renault)

11 Carlos Sainz (Renault)

12 Marcus Ericsson (Sauber)

13 Kevin Magnussen (Haas)

14 Sergio Perez (Force India)

15 Fernando Alonso (McLaren)

16 Brendon Hartley (Toro Rosso)

17 Pierre Gasly (Toro Rosso)

18 Stoffe Vandoorne (McLaren)

19 Sergey Sirotkin (Williams)

20 Lance Stroll (Williams)

The%20Super%20Mario%20Bros%20Movie
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Aaron%20Horvath%20and%20Michael%20Jelenic%0D%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Chris%20Pratt%2C%20Anya%20Taylor-Joy%2C%20Charlie%20Day%2C%20Jack%20Black%2C%20Seth%20Rogen%20and%20Keegan-Michael%20Key%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201%2F5%3C%2Fp%3E%0A

As You Were

Liam Gallagher

(Warner Bros)

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Yuki Means Happiness
Alison Jean Lester
John Murray 

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

Racecard:

6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres

7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m

7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m

8.15pm: Meydan Trophy | Conditions (TB) | $100,000 (T) | 1,900m

8.50pm: Balanchine | Group 2 (TB) | $250,000 (T) | 1,800m

9.25pm: Handicap (TB) | $135,000 (D) | 1,200m

10pm: Handicap (TB) | $175,000 (T) | 2,410m.

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD5
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Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

UAE's final round of matches
  • Sep 1, 2016 Beat Japan 2-1 (away)
  • Sep 6, 2016 Lost to Australia 1-0 (home)
  • Oct 6, 2016 Beat Thailand 3-1 (home)
  • Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
  • Nov 15, 2016 Beat Iraq 2-0 (home)
  • Mar 23, 2017 Lost to Japan 2-0 (home)
  • Mar 28, 2017 Lost to Australia 2-0 (away)
  • June 13, 2017 Drew 1-1 with Thailand (away)
  • Aug 29, 2017 v Saudi Arabia (home)
  • Sep 5, 2017 v Iraq (away)
Updated: February 22, 2022, 5:55 PM