A Sri Lankan customs officer holds part of a cache of 'blood ivory' before it was destroyed in Colombo on January 26, 2016. Ishara S Kodikara / AFP Photo
A Sri Lankan customs officer holds part of a cache of 'blood ivory' before it was destroyed in Colombo on January 26, 2016. Ishara S Kodikara / AFP Photo

Sri Lanka destroys giant illegal ivory haul



COLOMBO // The Sri Lankan government on Tuesday publicly destroyed its biggest ever illegal ivory haul in what customs officials said was an attempt to show poachers that the island will not tolerate the violent trade.

More than 350 tusks were displayed at the Galle Face promenade in Colombo before being put into a crusher.

The haul, which experts said came from African elephants slaughtered for their tusks, was seized at Colombo’s port nearly four years ago from Kenya.

“There are some very small tusks which would have come from baby elephants,” Colombo customs director, Udayantha Liyanage, said.

“We are trying to demonstrate that there is no value for blood ivory ... It is horribly cruel and the elephants suffer for about a week before they die,” he said.

Blood ivory is a term used by activists to describe tusks obtained illegally by slaughtering elephants.

The organisers observed a two-minute silence for the slain elephants before Buddhist, Hindu, Christian and Muslim leaders performed funeral rites for the animals.

Mr Liyanage detected the container-load holding 359 pieces of ivory in May 2012 while it was in transit to Dubai from the Kenyan port of Mombasa, falsely labelled as storing plastic waste.

Officials confiscated the ivory in line with the Convention on International Trade in Endangered Species of Wild Flora and Fauna regulations, the customs director said.

The illegal trade in ivory from African elephants is driven by Far East Asian and Middle Eastern demand for their tusks, which are used in ornaments and medicines.

Most Sri Lankan elephants do not have tusks and the animals are venerated and protected by law.

* Agence France-Presse

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Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

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.

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Torque: 900Nm

Price: Dh940,160 (plus VAT)

On sale: Q1 2020

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 PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
RACECARD

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

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Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)

Where: Wanda Metropolitano
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Live: On BeIN Sports HD

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Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.

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