Anti-government protesters at a demonstration demanding the resignation of Yemeni president Ali Abdullah Saleh in Sanaa yesterday.
Anti-government protesters at a demonstration demanding the resignation of Yemeni president Ali Abdullah Saleh in Sanaa yesterday.

Saleh 'will respond positively' to opposition plan for his exit



SANAA // President Ali Abdullah Saleh will respond "positively" to an opposition plan for him to step down from office by the end of the year, a government website said yesterday.

The website of the ministry of defence provided no further details, including any indication of when Mr Saleh would spell out his plans publicly.

However, an unnanmed senior aide to the Yemeni president was quoted by the Reuters news agency as saying, "The details are being discussed by the two sides right now, and we'll announce a final position at a later time."

As almost daily protests against Mr Saleh's rule continued, the coalition of opposition parties, together with some tribal and religious leaders, presented him with a five-point plan this week for relinquishing the presidency, which he has held since the establishment of the Republic of Yemen in 1990. He led what was then North Yemen between 1978 and 1990.

Mohammed al Sabri, an opposition spokesman, said: "We have provided Saleh a roadmap for his departure through the committee of clerics."

In addition to a transfer of power, the roadmap calls for the prosecution of police and members of the security forces responsible for the deaths and injuries of protesters, as well as compensation for those wounded and the families of those killed. At least 24 people have died in three weeks of protests.

The plan also calls for amending the country's constitution, rewriting election laws to ensure fair representation in parliament, removing Mr Saleh's relatives from leadership positions in the army and security forces, and guaranteeing the right to peaceful protest.

Protest leaders were sceptical of the latest government announcement and reiterated their intention to keep marching until the president leaves office.

One, Walid al Amari, said: "We strongly reject any dialogue with or initiative by the regime. We warn of hijacking our revolution. This is the youth revolution and has nothing to do with political parties. Our demand is clear, and it is the overthrowing of the regime now.".

Analysts also were dubious about conciliatory messages coming from the government.

Shadi Hamid of the Brookings Centre in Doha told Reuters: "We shouldn't read too much into a so-called positive response. The strategy now is to stall and hold on as long as possible and hope protesters lose steam. I don't think we should be under the illusion Saleh will become a democrat overnight."

In recent weeks, tens of thousands of protesters have camped out in central squares, from Sanaa to Aden. Protesters say they are frustrated with widespread corruption and soaring unemployment in a country where 40 per cent of the 23 million people live on $2 a day or less and a third face chronic hunger.

Mr Saleh, under pressure from widening anti-government protests, declared last month that he would not seek re-election after his term ends in 2013. He also promised that he would not transfer power to his son, Ahmed, who heads the Republican Guards, an army unit.

Earlier this week, he proposed a national unity government, but the opposition rejected the offer, saying it was too late.

malqadhi@thenational.ae

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8 UAE companies helping families reduce their carbon footprint

Greenheart Organic Farms 

This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.

www.greenheartuae.com

Modibodi  

Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.

www.modibodi.ae

The Good Karma Co

From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes. 

www.instagram.com/thegoodkarmaco

Re:told

One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.

www.shopretold.com

Lush

Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store. 

www.mena.lush.com

Bubble Bro 

Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.

www.bubble-bro.com

Coethical 

This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.

www.instagram.com/coethical

Eggs & Soldiers

This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.

www.eggsnsoldiers.com

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Jigra
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Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

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