Libya rebels spurn African cease-fire plan without Qaddafi exit



Libya's rebels said a cease-fire plan proposed by the African Union and agreed to by Muammar Qaddafi won't be acceptable if it allows the ruler and his sons to retain power.

"We reject any initiative that provides for Qaddafi and his children to stay on," Abdallah Shamiya, a member of the rebel coalition from the Libyan branch of the Muslim Brotherhood, said in a phone interview in Benghazi. Mustafa Gheriani, media liaison for the provisional government, said: "We have to wait and see what the AU will be presenting".

The African Union said in an e-mailed statement today that Qaddafi agreed to end hostilities immediately and hold talks "with the view to adopting and implementing the political reforms necessary for the elimination of the causes of the current crisis." There was no mention of Qaddafi agreeing to step down. An AU delegation headed by South African President Jacob Zuma is due to meet rebel leaders in Benghazi today, after presenting the plan to Qaddafi yesterday.

After almost two months of fighting, troops loyal to Qaddafi and rebels in the North African country, holder of Africa's largest oil reserves, have fought to a stalemate, with battles moving back and forth in a small area along the coast, and neither side able to take or hold territory for long.

Crude has risen more than 30 per cent since the conflict began. Oil for May delivery rose to a 2 1/2-year high of $112.79 a barrel on April 8, and was trading at $112.52 at 8:30am in London.

Mediation efforts probably won't work because "people on the rebel side are totally committed to Qaddafi leaving power, and he won't," said Andrew Terrill, a Middle East specialist at the Strategic Studies Institute of the US Army War College. "They fear that any compromise with Qaddafi where he stays in power, he'll put them in jail or have them executed."

The Qaddafi family "have to relinquish power and leave the country," Shamiya said. "We think that the no-fly zone, the international isolation of Qaddafi and the economic sanctions imposed on his regime can achieve this."

The US and allies from the North Atlantic Treaty Organization began air strikes against Qaddafi's forces on March 19, a day after a United Nations resolution authorised the creation of a no-fly zone over Libya to protect civilians.

After initial advances under Nato air cover, the rebels were again pushed back by Qaddafi's forces, leading some insurgent leaders to criticise the US-led military campaign.

The opposition forces yesterday regained control of the strategic coastal town of Ajdabiya, with help from NATO strikes, said Khaled El Shayeh, a coordinator between the rebel military at the frontline and their political leadership in Benghazi. "Nato did a great effort yesterday," he said in a phone interview. "The whole of Ajdabiya is under our control."

Airstrikes blew up 11 tanks belonging to forces loyal to Qaddafi as they approached Ajdabiya yesterday, and 14 more were hit earlier on the outskirts of Misrata. NATO also said strikes left craters in the road used by Qaddafi to resupply troops shelling Ajdabiya.

The Libyan government said yesterday it shot down two attack helicopters used by rebel forces over Brega, AP reported, citing Deputy Foreign Minister Khaled Amin.

"It looks like a stalemate," with the rebels unable to conduct any sustained military operation on their own, Terrill said. "You wonder if we will have a de facto partition, at least for a while."

Zuma yesterday called on NATO end its bombardment to "give the cease-fire a chance," the Associated Press reported. The AU plan also calls for cooperation in delivering humanitarian aid and protecting foreign nationals in Libya.

In other developments in the Middle East, nine Syrian soldiers were killed yesterday when gunmen ambushed their vehicles in the coastal oil hub of Banias, where tanks were deployed to contain protests spreading across the country, the state-run Syrian Arab News Agency reported. President Bashar al Assad ordered the release of 191 people detained after protests in Damascus, Al Watan newspaper reported.

Foreign ministers of the six-member Gulf Cooperation Council meeting yesterday in the Saudi capital of Riyadh urged Yemeni President Ali Abdullah Saleh to step down and called for a unity government led by the opposition.

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
Company%20Profile
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

The specs
Engine: 2.0-litre turbo 4-cyl

Transmission: eight-speed auto

Power: 190bhp

Torque: 300Nm

Price: Dh169,900

On sale: now 

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY%20PROFILE
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How to come clean about financial infidelity
  • Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
  • Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help. 
  • Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
  • Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
  • Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported. 

Carol Glynn, founder of Conscious Finance Coaching