Lebanese Druze leader Walid Jumblatt criticised former Prime Minister and ally Saad Hariri during a live TV interview on Monday evening, just hours after Mr Hariri reported that he had held encouraging meetings with top officials in a bid to return as head of government.
"This is a self-nomination," he told local television network Al Jadeed, accusing Mr Hariri of behaving like French monarch Louis XIV who famously said: "I am the state".
Mr Jumblatt, a close ally of Mr Hariri’s despite several fallings-outs in the past years, said that Mr Hariri’s public announcement last Thursday naming himself a candidate for the premiership was a violation of the Lebanese constitution.
“According to the constitution, if there still is a constitution, parliamentary blocs go to [the Presidential Palace] Baabda and choose” a new Prime minister, added Mr Jumblatt. “Then, depending on the votes, there is a nomination.”
On Monday, Mr Hariri had “encouraging” meetings with President Michel Aoun and Parliament Speaker Nabih Berri. Mr Hariri said he was betting “on the wisdom of the political forces” to succeed in forming a Cabinet quickly, nearly three weeks after Prime Minister designate Mustafa Adib, Lebanon’s ambassador to Germany, stepped aside.
Nominated on August 31, Mr Adib attempted to form an independent government to tackle Lebanon’s worst-ever economic crisis, but political parties torpedoed his efforts by insisting, in a long-standing tradition, on nominating ministers.
Mr Hariri announced on Monday that he would send a delegation to meet Lebanon’s main political parties to make sure that they still supported the initiative of French President Emmanuel Macron, who visited Lebanon twice in less than a month after a deadly explosion at Beirut port killed at least 190 people.
Lebanese parties promised Mr Macron that they would back an independent government of specialists with no ties to traditional political parties, who are accused of mismanaging the country’s finances. “But isn’t Mr Hariri a politician himself?” said Mr Jumblatt, referring to Mr Hariri’s party, the Future Movement.
Mr Jumblatt said that his party, the Progressive Socialist Party, would refuse to meet Mr Hariri’s representatives this week ahead of consultations between political parties and Mr Aoun set to begin on Thursday.
"He named himself and there is no need for us to go to Baabda, and it is possible that a deal will be struck with [Free Patriotic Movement head Gebran] Bassil and the Shiite duo [Hezbollah and the Amal Movement]," said Mr Jumblatt, quoted by local newspaper The Daily Star.
The consultations are set to take place just a few days before the first anniversary of the Lebanese revolution, which began on October 17, 2019, when hundreds of thousands of people spontaneously took to the streets to protest the deteriorating economic situation, pushing Mr Hariri to resign a few weeks later, on October 29.
According to local newspaper L'Orient-Le Jour, Mr Jumblatt warned that Hariri's return as premier could "rekindle tensions in the streets."
UAE currency: the story behind the money in your pockets
Pathaan
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Specs
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BMW%20M4%20Competition
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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 past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
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