Biden holds diplomatic calls to help secure temporary truce in Gaza

Live updates: Follow the latest news on Israel-Gaza

US President Joe Biden held calls on Wednesday with Israeli Prime Minister Benjamin Netanyahu, Egypt's President Abdel Fattah El Sisi, and Qatari Emir Sheikh Tamim, amid intense diplomatic efforts to secure a temporary truce in Gaza and the release of dozens of hostages held by Hamas.

Israel and Hamas earlier agreed to a four-day ceasefire in Gaza, during which aid would be allowed into the besieged Gaza Strip and at least 50 women and children hostages would be released in exchange for 150 Palestinians in Israeli prisons.

The truce was initially set to begin on Thursday. But a last-minute delay in negotiations pushed it to Friday at the earliest, according to Israeli officials.

“The two leaders discussed the pause in the fighting, which will allow for surging in much needed humanitarian assistance into Gaza,” the White House said of the call with Mr Netanyahu.

It said Mr Biden would continue to work towards securing the release of the remaining hostages.

About 240 hostages are believed to have been held by Hamas in Gaza since the October 7 attack on southern Israel. US officials say at least nine are US citizens.

The truce would be the first since Israel launched an unprecedented war on Gaza seven weeks ago.

It was reached through mediation by Qatar, and welcomed by officials around the world.

The White House said that Mr Biden thanked Sheikh Tamim for his “personal role” in reaching the deal.

Israel says the aim of the war, which has so far claimed the lives of more than 14,000 Palestinians, most of them women and children, is to destroy Hamas.

It says it will not agree to a general ceasefire. The Biden administration has backed that position.

But amid the rising death toll, concerns are growing over the worsening humanitarian situation in the Gaza Strip, home to about 2.3 million people, most of whom have been forced to flee to the south of the enclave.

Israel has cut off entry to water, food and electricity. Aid has been trickling in through the Rafah border with Egypt.

Palestinians and Arab leaders have also been concerned that Israel is trying to force Palestinians to leave Gaza through its southern border with Egypt, and not allow them to return.

The White House said that Mr Biden would oppose such an outcome.

In his call with Mr El Sisi, Mr Biden “reiterated that under no circumstances will the United States permit the forced relocation of Palestinians from Gaza or the West Bank, or the besiegement of Gaza, or the redrawing of the borders of Gaza,” the White House said.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

UAE currency: the story behind the money in your pockets

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Try out the test yourself

Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer

Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer

Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer

The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.

Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.