A fighter loyal to the Libya's internationally-recognised government fires a heavy machine gun at against forces loyal to Khalifa Haftar. AFP
A fighter loyal to the Libya's internationally-recognised government fires a heavy machine gun at against forces loyal to Khalifa Haftar. AFP

Tripoli militias must disarm before ceasefire talks, says Libya’s Haftar



Libyan Field Marshal Khalifa Haftar has called for the disarmament of militias defending Tripoli in return for halting his offensive on the city, promising that gunmen in the city who laid down their weapons would be allowed to “return home safe and sound.”

Field Marshal Haftar said his forces had begun their march on the Libyan capital after six rounds of failed negotiations with the UN-recognised government led by Prime Minister Fayez Al Sarraj, according to an interview published in French newspaper Le Journal du Dimanche.

“Of course, a political solution remains the objective,” Field Marshal Haftar was quoted as having said.

“But to get back to politics, we have to finish with the militias once and for all.”

During an international trip last week, Field Marshal Haftar told French President Emmanuel Macron that he was willing to negotiate a ceasefire but that the conditions were not right.

Field Marshal Haftar's Libya National Army began an offensive on Tripoli almost two months ago but has yet to breach the city. A new push to crack the capital's southern defences began on May 25. At the start of May, the LNA leader called on his men to fight harder during Ramadan.

Field Marshal Haftar also said in the interview that UN special envoy Ghassan Salame was no longer impartial.

In an address to the UN Security Council, Mr Salame urged the body to take more action to stem the flow of arms that has fuelled the fighting in what he said was shaping up to be “the start of a long and bloody war”.

“Without a robust enforcement mechanism, the arms embargo into Libya will become a cynical joke. Some nations are fuelling this bloody conflict; the United Nations should put an end to it,” Mr Salame told the Security Council.

Libya has been subject to a UN arms embargo since 2011, but several countries are believed to have supplied it with weapons, including Turkey, which recently appeared to have delivered at least a dozen armoured personnel carriers.

Images of the new vehicles were shared on the official Facebook page for the defensive operation to defend the capital.

“Salame is making irresponsible statements,” Field Marshal Haftar said.

“He wasn’t like that before – he has changed. From an impartial and honest mediator, he has become a biased one.”

Libya has been unstable since the 2011 uprising and subsequent overthrow and execution of then leader Muammar Qaddafi. Since then, the North African country has been divided, ruled by two competing governments.

Mr Sarraj’s internationally recognised government is in Tripoli, while Field Marshal Haftar’s influence is in the East. Dozens of militias are also active players in the conflict.

About 510 people have been killed and more than 2,400 wounded in the fighting, the World Health Organisation has said.

The clashes between Field Marshal Haftar and Mr Sarraj’s military forces have driven 75,000 people from their homes and trapped almost 100,000 people on the outskirts of Tripoli.

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Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Director: Amith Krishnan

Rating: 3.5/5

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UNpaid bills:

Countries with largest unpaid bill for UN budget in 2019

USA – $1.055 billion

Brazil – $143 million

Argentina – $52 million

Mexico – $36 million

Iran – $27 million

Israel – $18 million

Venezuela – $17 million

Korea – $10 million

Countries with largest unpaid bill for UN peacekeeping operations in 2019

USA – $2.38 billion

Brazil – $287 million

Spain – $110 million

France – $103 million

Ukraine – $100 million

 

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Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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The specs: Lamborghini Aventador SVJ

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Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

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Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

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Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Artist: Linkin Park

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Number of tracks: 11

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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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