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What happened
Wed better steel ourselves for more atrocities of this sort, said
The Economist; they are likely to become the new normal
in Europes major cities. That ISIL could
Following the terrorist attacks in Brussels last
mount synchonised bombings in the heart
week, the European Commission President
of Europe, days after the arrest of Salah
Jean-Claude Juncker said that Europe was in
Abdeslam, a chief suspect in the Paris
need of a security union to combat the
bombings, and despite 18 suspected
fast changing terrorist threat in the
terrorists across six European countries
continent. Meanwhile, there has been
being under arrest for their suspected role
mounting criticism of the security services
in that attack, is a clear indicator of what a
within individual EU countries. In Brussels
resilient and well-supported organisation
the heart of the Union the only suspect to
it is. Abdeslam had been hiding for several
be detained in connection with the attack
months in Brussels Molenbeek district, just
on Brussels was released on Monday. Fayal
The airport bombers in Brussels
streets away from his home, shielded by
Cheffou, a self-styled journalist, had been
sympathetic friends and neighbours people who may not
identified as the man in the hat one of three men seen in
have been willing to dip their own hands in their compatriots
CCTV footage taken at Brussels airport minutes before the
blood, but were prepared to endorse his methods. ISILs
bombings. Two of the men, Ibrahim el-Bakraoui and Najim
continuing ability to recruit local terrorists is not in doubt.
Laachraoui, blew themselves up in the airports departure
lounge; the third, whose explosive-packed trolley was safely
French Prime Minister Manuel Valls has characterised the
detonated by security officials, fled the scene. A fourth man
Brussels attacks as a battle in the war engulfing Europe, said
Khalid el-Bakraoui, the brother of Ibrahim and, like him, a
The Guardian. And France itself is under a state of emergency
petty criminal known to police blew himself up on the Metro.
which grants the police sweeping powers of search and arrest.
In total, 35 people were killed. Mohamed Abrini, who is
But to speak of a war in Europe is wrong and dangerous:
also believed to have been involved in attacks on Paris last
it hands ISIL the propaganda victory it craves and places undue
November, is now suspected of being the man in the hat.
strain on Europes democratic fabric during peacetime. The
Several links between the Paris and Brussels atrocities have
killers in Brussels werent soldiers: they were simply terrorists.
also emerged.
What happened
4 NEWS
Ashima Shiraishi is a
rockclimbing prodigy. Just a
week before her 15th birthday,
the New York City high schooler
scaled a massive boulder on
Japans Mount Hiei without
ropes or harnesses. The climb
had a difficulty rating of V15 out
of V16 about as tough as a
boulder climb can get. That
makes Shirashi not only the first
woman to complete a V15 but
also the youngest person male
or female to ever do so.
Ashima is unstoppable right
now, says Angie Payne, a top
US climber. I dont see that
slowing down anytime soon.
NEWS 5
What next?
One thing is clear from this atrocity, said Michael Burleigh in the Daily Mail: At the centre of
the European Union, Belgiums dire intelligence services simply arent up to the job. They failed
to pass on tip-offs about the Paris attackers; they ignored a warning from Turkey, which
deported Ibrahim el-Bakraoui to the Netherlands in 2015, that he was probably a militant; and
after the bombing, it took them more than a day to discover that the terrorist they were chasing
had died in the attack. The EUs security arrangements are a terrifying shambles, said Fraser
Nelson in The Daily Telegraph. Youd have thought that by pooling intelligence, the EU would
have improved the counterterrorist response: in reality, it has proved to be a mess. Its security
database contains 90,000 fingerprints, but theres no means of searching it; member states
cant even agree on how to spell Arabic names. Whatever reasons Britain has for staying in
the EU the claim that its essential for the UKs collective security is not one of them.
Thats because most European security bodies are of little consequence, said Richard Dearlove,
former head of MI6, in Prospect. The vital business of counterterrorism is largely conducted
through bilateral relationships, more often than not with Britain, which is far and away
Europes leader in intelligence and security matters. So a Brexit is unlikely to make Britain any less
safe. It might well make Britain safer, said Charles Moore in The Daily Telegraph. The doctrine of
free movement of peoples, built into the EUs constitution, prevents us from subjecting EU
citizens to the systematic checks we use on other foreigners; and the terrorists are EU citizens.
But they also tend to come from the countries they bomb, said David Aaronovitch in The
Times. The London bombers were British; the two brothers in the Brussels attack were Belgian.
To imagine that a Brexit will have any impact on the radicalisation that leads to these bombings
is a case of what Freud called magical thinking. Besides, underfunded and overstretched as
Europol, the EUs law enforcement agency, may be, it represents our one real hope of defeating
ISIL, said Niall Ferguson in The Sunday Times. Like ISIL, Europol is a kind of network. And it
takes a network, not countries acting on their own, to defeat a network.
What next?
The militants have sent a dangerous message to Pakistani policymakers, said Jason Burke in
The Guardian. So far, Punjab, the powerbase of Prime Minister Sharif, has been spared the
worst of terrorist violence. But Jamaat-ul-Ahrar is now clearly determined to extend its
operations beyond its heartlands the restive zone along the Afghan frontier. And their
latest attack comes at an especially sensitive moment, said Omar Waraich in The Independent.
Feelings have been running high in Pakistan over the recent execution of Mumtaz Qadri, the
former policeman convicted of the 2011 killing of Punjabs liberal governor, Salmaan Taseer.
Taseer had dared to speak out against Pakistans harsh blasphemy laws, which are often used to
persecute Christians. But many Islamists felt Taseer deserved to die for this, and 100,000 turned
out for Qadris funeral last month; others, last week, laid siege to government buildings in the
capital, Islamabad. The challenge for Sharif is to avoid capitulating to a religious mob. He
must protect the Christian minority and assert the states resolve to uphold the rule of law.
So much for the dream of Pakistans founding fathers, who sought adequate, effective and
mandatory safeguards for minorities, said Fatima Bhutto in the FT. Instead, we have a country
fractured along religious and sectarian lines, where 2.5 million Christians are victims of the
cycle of butchery. Alas, they are far from alone, said John L. Allen Jr on his Spectator blog.
Christians now rank as by far the most persecuted religious body on the planet. One recent
study estimated that 100,000 a year have been killed over the last decade for reasons related
to their faith. Yet their fate goes largely unreported, mainly because Christians are still often
seen as the oppressor rather than the oppressed. The plight of an entire new generation of
Christians may be the greatest story never told of the early 21st century.
THE WEEK
European
security services
are facing fresh
criticism, following the terrorist attacks in Brussels
last week, just four months after the terror attacks
in Paris. In this weeks issue, we examine European
security in the aftermath of the recent bombings.
Meanwhile, Pakistan faced one of the worst
terrorist attacks in recent years, when a bomb was
planted near a childrens playground in Lahore, the
capital of the countrys Punjab province, killing 72
people including 29 children. The attack by a Taliban
splinter group was allegedly aimed at killing
Christians as they celebrated Easter Sunday. Could the atrocities push Pakistans authorities to
take greater measures against militant groups? (see Main stories, above).
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6 NEWS
Interviews with
European returnees
suggest that 20% have
some kind of mental
illness; many have been
convicted of crimes;
most come from urban
neighbourhoods torn
apart by economic
hardship. When they
join ISIL, theyre doing
what disaffected urban
youth all over the world
do: theyre joining a
gang, in a search for
glory, camaraderie and
excitement. These
terrorists dont mix with imams in mosques; their
networks are made up of friends and relatives,
people theyve met in prison, or on street corners;
and theyre not being directed by ISIL masterminds
in Syria, theyre running their own operations, in
small cells. Theyre criminals, albeit unusually
nihilistic ones, and should be pursued as such.
We know little of what goes on in the territories
ISIL controls, said Wood, because these are
closed kingdoms, but we gather from its own
statements that it rejects peace, as a matter of
principle; that it hungers for genocide; and that
it considers itself a harbinger of the imminent
end of the world. Sooner or later, ISILs
excessive zeal may prove its undoing; and if it
continues to be pushed back in Syria, it may start
to collapse, as its caliphate shrinks. The West
could hasten that self-immolation, but that
will require us to understand what motivates
ISIL; if we do not, we may, through our actions,
inadvertently strengthen it.
Poll watch
HSBCs former
chief executive
has joined
250 business
leaders in
pushing for
the UK to leave
the European
Union. Michael Geoghegan,
who led the international
bank between 2006 until
2010, has sided with other
senior business figures in
support of withdrawal.
Conversely HSBCs current
bosses argued a vote to leave
would push 1,000 staff from
London to Paris following the
referendum on 23 June this
year. According to a poll of
more than 1,000 SMEs,
released by Vote Leave, only
14% believe the EU makes it
easier for their business to
employ people. However,
bosses from 36 of the FTSE
100 companies recently
wrote to The Times in support
of staying within the bloc.
Cairo, Egypt
Regeni gang killed: The
Egyptian authorities claimed last
week it had found and killed a
criminal gang which it claims was
responsible for murdering and
torturing the Italian student Giulio
Regeni, who was studying for a PhD
at Cambridge. Regeni, who had written
articles critical of Egypts military
government, disappeared on 25
January, the anniversary of the 2011
uprising; it is widely believed that he
was abducted by the Egyptian security
services, who tortured him for a week
or more, and then murdered him. Last
week the interior ministry in Cairo
said security forces had killed five
members of a criminal gang which
had specialised in impersonating
police officers, kidnapping foreigners
and forcibly robbing them and that
they had found Regenis passport in
the gangs possession. Italian politicians
have described the Egyptian accounts
as ridiculous and offensive,
a mockery and a farce.
NEWS 7
Ankara, Turkey
Secret trial for journalists: The trial of
two leading Turkish journalists a case
seen as the latest assault on press freedom
by President Erdoan is to be held in
secret, after a court accepted the
prosecutors argument that it concerned
state secrets. Can Dundar and Erdem Gl,
the editor and Ankara correspondent of
Cumhuriyet, the oldest upmarket daily
paper in Turkey, were arrested in
November after Erdoan complained
about a front-page story alleging the
Turkish state was shipping weapons to
Islamist rebels in Syria. The pair spent 92
days in prison awaiting trial on espionage
charges, but were released on bail last
month when a court ruled their rights
had been violated. The closed-door trial
is due to begin on 1 April.
Palmyra, Syria
Ancient city retaken: ISIL fighters were
driven out of the ancient city of
Palmyra last Saturday by Assad
regime forces backed by Russian air
power. ISIL had held the city since
May 2015, and destroyed several of its
most iconic ancient buildings while in
control of it; the citys recapture by Syrian
government forces is a major reversal for
the self-declared caliphate. Initial reports
suggest the overall level of destruction at
Palmyra at the hands of ISIL is not as great
as had been feared; experts are now
assessing the damage.
Baghdad, Iraq
Terror bombing: ISIL claimed responsibility
for a suicide bombing that killed 22 people in
the Iraqi capitals Tayaran Square. The blast
happened on Tuesday morning as supporters
of influential Shiite cleric Moqtada al-Sadr
staged a sit-in, less than one kilometre away,
to demand political reforms. A separate
suicide bombing killed 41 people and
injured 105 at an amateur football match
last Friday. The attack, also carried out by
ISIL, happened at a small stadium in the
village of Iskandariya, just south of
Baghdad. Earlier in March, at least 60
people died in Hillah, central Iraq, when
a fuel tanker packed with explosives
slammed into a security checkpoint.
8 NEWS
Europe at a glance
Dublin, Ireland
Easter Rising remembered: Hundreds of
thousands of people lined the streets of Dublin
last Sunday for a military parade the largest in
the Republic of Irelands history marking the
centenary of the 1916 Easter Rising. The
insurrection lasted only six days, and failed to
end colonial rule, but its bloody suppression
galvanised nationalist sentiment and paved the
way for the war of independence, in 1919, and
the establishment of the Irish Free State, in 1922.
The insurrection began on 24 April 1916 Easter Monday when Patrick Pearse,
the leader of one of three rebel groups involved, proclaimed independence on the steps
of the General Post Office in Dublin. By the end of the week, 1,600 rebels were battling
more than 18,000 British troops; 485 people had been killed (more than half of them
civilians) and much of the city centre reduced to rubble. Hopelessly outnumbered,
Pearse surrendered. In the next few weeks, 3,400 people were arrested, and 14 rebels,
including Pearse and James Connolly, were executed at Kilmainham Gaol, where Irish
President Michael Higgins laid a wreath last Sunday on behalf of the people of
Ireland in honour of all those who died rebels, civilians and British soldiers.
London, UK
Rescue migrant kids: A former child
refugee who was saved from the Nazis by
Britains Kindertransport programme is
urging the UK to take in unaccompanied
migrant children, mostly Muslims, stuck in
makeshift tent camps in France. Lord Alf
Dubs, a Jewish Labour member who was
transported from Prague to London at age
six, pushed a bill through the House of
Lords last week to allow in 3,000 children;
the bill still needs to go to the House of
Commons, where it faces opposition from
the Conservative government. I owe it to
Britain and to the children to do as
much as I can to get this provision into the
law, Dubs said. Labour parliamentarian
Yvette Cooper warned that children in the
camps were being recruited by pimps and
drug gangs into modern slavery.
Brussels, Belgium
Nazis disrupt vigil: Hundreds of
black-clad protesters, some of them giving
Nazi salutes, stormed a candle-lit vigil in
memory of the Brussels bombings on
Sunday. Around 450 demonstrators,
many of them drunk, invaded the
commemoration in the citys Place de la
Bourse, shouting anti-immigrant slogans,
and harassing immigrants in the crowd,
until the mourners fled. They then squared
up to riot police, who drove them back
with tear gas and water cannons. We
want answers from the government. There
are too many fanatics in this country, said
one protester, who said he was a
hooligan from Ghent. We dont believe
in candles and flowers. Brussels mayor
Yvan Mayeur said the chaotic scenes were
disgraceful, and complained that police
and government had failed to act on
warnings that such a show of force was
imminent. Separately, a planned March
Against Fear had to be called off after
police said they were too stretched to
protect it.
Paris, France
Blow to Sarkozy:
Nicolas Sarkozys
hopes of returning
to the lyse
Palace suffered a
potentially fatal
blow last week
when a court
cleared the way
for the former
president to stand
trial on corruption charges relating to illegal campaign
donations. Sarkozy (pictured), who already
faces a tough challenge in winning his
partys 2017 nomination Alain Jupp is
the current front runner had hoped that
the Cour de Cassation would rule that
wiretapped evidence in the case was illegal
and inadmissible. Instead, it ruled that
investigators had done nothing wrong.
Sarkozy may now face trial later this year.
THE WEEK 3 APRIL 2016
Lesbos, Greece
Detention camps: Officials on the Greek
islands of Lesbos and Chios say they are
facing a major humanitarian and public
order crisis, owing to NGOs closing their
projects on the islands. Five organisations,
including the UNHCR, Mdicins Sans
Frontires (MSF) and Save the Children,
suspended Greek operations last week in
protest at the EUs deal with Ankara:
under its terms, asylum seekers arriving on
Greek shores are to be sent back to Turkey;
in exchange for every Syrian returned, the
EU will take a Syrian refugee from a camp
in Turkey. The deal was supposed to stem
the tide of migrants, but thousands have
continued to arrive: rather than being
allowed to continue their journeys, they
are being locked into makeshift detention
camps. MSF said it objected to the way
they were being prevented from seeking
asylum in the EU, and the conditions in
which they are being held.
10 NEWS
Washington, DC
Republicans get ugly: The
increasingly acrimonious
contest between Donald
Trump and Ted Cruz became
yet more personal last week,
as the Republican front
runners traded insults over
each others wives and private
lives. The latest round of hostilities kicked off when a pro-Cruz
super PAC produced a campaign ad featuring a nude photo of
Trumps wife, Melania. Taken when she worked as a model, it
bore the words: Meet Melania Trump. Your next First Lady. In
retaliation, Trump threatened to spill the beans on Cruzs wife,
Heidi, and retweeted a picture of her scowling alongside a picture
of his own wife. Cruz denied having anything to do with the
PACs advert, and branded Trump a snivelling coward for
going after his wife. He also accused the mogul of being
behind a National Enquirer story implying that he,
Cruz, has had several extramarital affairs.
In the less heated Democrat race, Bernie Sanders
regained momentum with big wins in Washington,
Alaska, Idaho, Utah and Hawaii. His victories knocked Hillary
Clintons pledged-delegate lead to around 270, despite her own
solid win in Arizona. A Sanders nomination remains more than
possible. However, it would depend on him performing strongly
in some affluent states which, judging by her record elsewhere in
the contest, are more likely to go to Clinton.
Washington, DC
Nixons war: Americas war on drugs was launched to enable
the Nixon administration to target its political enemies, according
to a newly published interview with a key Nixon aide. John
Ehrlichman allegedly made the claims five years before his death
in 1999, to journalist Dan Baum. However, Baum only published
them this week. The Nixon campaign in 1968, and the Nixon
White House after that, had two enemies: the anti-war Left and
black people, he quotes Ehrlichman as saying. We knew we
couldnt make it illegal to be either against the war or black, but
by getting the public to associate the hippies with marijuana and
blacks with heroin, and then criminalising both heavily, we could
disrupt those communities. We could arrest their leaders, raid their
homes and vilify them night after night on the evening news.
Did we know we were lying about the drugs? Of course we did.
Pyongyang,
North Korea
Famine coming: A
month after the UN
imposed sweeping new
sanctions on North
Korea over its recent
nuclear tests, North
Korean state media is
warning that the
country could fall into
famine. Another arduous march, when we
would be forced to eat grass, could come
about, and we are left in isolation to fight
against the enemy, declared state newspaper
Rodong Sinmun. The 1995-98 famine killed
millions when North Korea diverted food to
the army and the people starved to death.
The same day as the famine warning, state
media showed photos of dictator Kim Jong
Un and his wife touring luxury shops.
NEWS 11
Tokyo, Japan
Grey crime wave: Japans grey crime
is intensifying, with crimes committed
by over-65s now outstripping those
committed by youngsters aged between 14
and 19, according to police figures. In one
recent headline-grabbing case, an 83-yearold woman suspected of multiple offences
was caught pickpocketing at a station in
Tokyo. Some 35% of shoplifting offences
are committed by over-60s up from 20%
in 2001. There has been speculation that
the rise is related to changes in traditional
family structures. Older people who would
once have lived with their families are now
coping alone, on meagre pensions: its
possible some may find being cared for in
prison a better option. The proportion of
violent crimes committed by over-65s is
also rising: it increased by almost 11%
in the first half of 2015.
Luanda, Angola
Rapper jailed:
Angolan rapper
Luaty Beiro
and 16 other
dissidents have
been sentenced to
two to eight years in
prison for allegedly
trying to overthrow
the government. The charges stem from a
book club meeting last year, at which Beiro
and some friends discussed American
scholar Gene Sharps 1993 book on
nonviolent resistance, From Dictatorship to
Democracy. Beiro, 34, who performs under
the name Ikonoklasta, is an outspoken critic
of Angolas government and has called for a
fairer distribution of the countrys oil
wealth. Amnesty International called the
sentences an affront to justice and the
Anonymous hacking collective shut down
about 20 Angolan government websites in
retaliation. President Jos Eduardo dos
Santos has ruled the former Portuguese
colony as a dictator since 1979.
Beijing, China
Who wrote that
letter? Chinese
authorities have
detained and
questioned more than
a dozen people in an
effort to discover who
wrote a letter calling
for President Xi
Jinping to resign.
The letter, which first appeared on an
overseas Chinese-language human rights
site and was then republished on the
China-based Wujie News site accuses Xi
of centralising power in himself, personally
directing economic and foreign policy, and
bypassing other Communist Party bigwigs.
Zhang Ping, a Chinese human rights
activist living in Germany, said his two
brothers had been arrested in China, and
that police had ordered his distant relatives
to tell him to stop criticising the party.
12 NEWS
Clarkson vs. Cohen
There is no love lost between
Jeremy Clarkson and the man
who sacked him, says Charlotte
Edwardes in The Sunday Times.
Even before Clarkson disgraced
himself by punching a producer
in the face, he was regarded
with suspicion by Danny Cohen
the politically-correct executive
who was then the BBCs director
of television. Once, Cohen
summoned Clarkson to his
office to ask if it was true that
hed named his West Highland
terrier Didier Dogba, after the
former Chelsea striker Didier
Drogba (Clarkson is a Blues
fan). I confirmed it was true.
He said, What colour is it?
And I said, Its black. And he
said, You cant call your
black dog after a black
footballer. So I said, Why
not? Would you rather I called
it John Terrier?
Dressing for the Oscars
When costume designer Jenny
Beavan accepted an Oscar in
February, wearing a fake leather
jacket from M&S, black jeans
and a pair of comfy boots, she
wasnt intending to make any
particular statement. I look
ridiculous in frocks, she told
Eva Wiseman in The Observer.
I cant wear heels my back
goes out and my feet get terribly
People
sore. And besides, I have no
interest in clothes other than
what they tell me about a
person. Im a storyteller Im
not interested in fashion. It is
just so much Cinderella stuff.
Fashion like that is just telling
one story. Catwalk models:
not only do they all walk the
same way, they all look
identical. Whereas when Im
researching something, I go
and sit in a caf and just
watch people, which is
completely fascinating.
Raising a severely
autistic son
Jem Lester, a teacher and
former journalist in the UK,
is father to a severely autistic
son. As a result of his sons
condition, the child moved
out of the family home aged
11 and into a specialist care
facility. Letting your son go
aged 11, knowing that he will
never live with you again, is
very difficult, says Lester in
The Guardian. It is something
that has informed his new
novel, Shtum, which follows
the struggle of a family
placing their severely autistic
mute child in a residential
home. Lester insists however,
that writing the novel was not
therapeutic. It wasnt
cathartic at all. Because my
story continues. My son will
be 16 soon, and Im already
thinking about where hes
going to be when hes 19.
Were going to have to
go through the same
process again to find him
somewhere. So while
the books finished, my
story goes on. Its still
real life for me.
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Briefing
NEWS 15
16 NEWS
The Wests
lessons on
spending
Maha Al Shahri
Okaz
Arab League
should be
more active
Khalid bin Nayef Al Habas
Al-Hayat
Trump believes
more in force
than right
Sami Al Nesf
Alanba
Arabs in the oil-rich Gulf should learn from Westerners how to manage personal spending
by favouring product quality instead of high prices, says Maha Al Shahri, a Saudi female
columnist. Al Shahri believes that most consumers in the Gulf opt for expensive products instead
of focusing on quality, just so they can boast about how much they have spent on them. In an
article published by the Saudi daily Okaz, she says that Western consumers are not as easily
fooled by products. This is because there is no room for showing off in the Western mind.
In the Arab world, mainly in the Gulf, shops often try to sell products to consumers, mostly
women, at prices which are double the price of the product in the producing country. The
problem in the Gulf is that most Arab consumers shun cheap products, although they could be
of good quality just because they like to show off. Arabs link the product quality to its price not
to its real quality. It has become like a disease and a disgusting practice. We should learn from
Western consumers about how to manage our funds and focus on satisfying and pleasing
ourselves not the others.
The Cairo-based Arab League should
work to boost its role in the region
following speculations that it could
collapse, says Khalid bin Nayef Al
Habas, an Arab League adviser. In
the Saudi daily Al-Hayat, Al Habas
argues that two key factors influence
the performance of the Arab League.
The first of which is whether its
institutions are staffed with
experienced and skillful officials. The
second factor is the Leagues role at a
regional and international level, and
whether the League is able to fulfill the aspirations of the Arab people. In his opinion, the new
Arab League Secretary General Ahmed Aboul Gheit, who assumes duty in July, must work with
other League officials to identify why the establishment has weakened over the past few years.
Through my work at the Arab League, I can say that the Secretary General can perform part
of the task but not all of it. He should not be blamed for the weakening of the Arab League
because it is a collective responsibility, the writer says. Finally, the Arab League must not give
up or sit idle. It must be more active so it will contribute more effectively to Arab security and
achieve Arab interests.
US presidential candidate Donald Trump believes more in using force to achieve his objectives
than in upholding what is right, says Sami Al Nesf, a Kuwaiti columnist. Trump, who triggered
worldwide controversy when he called for the banning of Muslims from entering the United
States, is trying to enforce old imperialist principles, said Al Nesf in an article published in
Kuwaits daily Alanba.What Donald Trump is marketing is not new, its old imperialist
principles, that believe force and influence are above the law. These principles had been practiced
by the British, French, Russian and the Ottoman empires as well as the Nazis and the Fascists in
Germany and Italy, he says. These principles were destroyed by the United States, the leader
of the free world, after World War I. It then formed human rights committees and helped end
colonialism and imperialism after World War II. The writer believes that Trump may destroy
all those achievements if he become US President, recalling his statements that he would impose
heavy taxes on imports from China, West Europe and other countries, force Mexico to pay for
the construction of a wall between them and demand funds from some countries in return for
protection. Trump could wreck all US achievements. He may even ally with Russian President
Vladimir Putin to use their formidable military arsenal to tackle their economic woes.
The declaration of a federal region
by the Kurds in North Syria will hit
efforts to fight terrorism and could
trigger a foreign attack, says an
editorial in the Omani Arabic
language daily Al Watan. The
newspaper says that the
announcement constitutes a serious
blow to efforts by the Syrian
government and army to maintain
the Arab countrys unity after more
than five years of civil strife. In a front
page article, the paper argues that
the Kurds along with any other Syrian party does not have the right to make such a move,
without the peoples consensus. The declaration of a federal system in North Syria by the
Kurds could also give the countrys enemies an excuse to launch an attack against Syria
under the subterfuge of preventing the establishment of a federal entity, it says. We all
know that the Turkish regime is not only targeting the Kurds but also has aggressive designs on
Syrian territory. Furthermore, the Kurds declaration will also strengthen the terror groups in that
country and this will weaken campaigns launched by the government and the army to fight those
groups and put an end to their terrorist activities and conspiracies against Syria.
AN ISLAND OF BLISSFUL
EXPERIENCES AWAITS YOUR ARRIVAL.
Email crome@minor.com or
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PRESENTED BY
Americas
impoverished
whites
Paul Krugman
The New York Times
Rediscovering
older family
traditions
Walter Russell Mead
The American Interest
Trumps
ill-timed
trial
Morgan Cloud
and George Shepherd
The Wall Street Journal
NEWS 19
Its all over for the Republican Party as we know it, says Jonah Goldberg. If, as seems likely, Donald
Trump falls just short of securing enough delegates to win the nomination outright, there will be
a brokered convention in July in which Republican leaders will have to decide either to deny
Trump the nomination, causing his supporters to riot and desert the party en masse, or crown
him, causing lots of other party members to jump ship in disgust. Many Republicans have yet to
face up to this fact and still hope there might be some happier resolution to the situation. Forget
it. Only three things can stop a calamitous bust-up in July: Ted Cruz winning the nomination
outright; Trump revealing a hidden reservoir of magnanimity, and rallying his faithful to the
consensus nominee; or delegates picking a consensus candidate so attractive to Trumps
followers a reanimated Ronald Reagan? Batman? that these people swing behind the
candidate despite Trumps objections. All of these scenarios are highly unlikely. So lets stop
kidding ourselves and start thinking intelligently about our options. To wit: This ends in tears
no matter what. Get over it and pick a side.
Americas white working class is impoverished
and wretched and it only has itself to blame.
Such, at least, is the view of conservative
commentator Kevin Williamson. Forget all
your cheap Bruce Springsteen rubbish and
your sentimentality about Rust Belt factory
towns, he wrote in a recent article for
National Review: China or Washington
didnt force such communities into welfare
dependency, substance abuse and family
breakdown; these people failed
themselves. This moralistic attitude is
widely shared on the Right, says Paul
Krugman, but it doesnt hold water. Tens of
millions of people dont suffer a collapse in values for no reason. The social ills of Americas black
community have been clearly connected to a lack of economic opportunity, and a similar thing is
now happening with rural whites. You cant blame welfare handouts: every other advanced nation
has a more generous safety net than the US, yet only America is witnessing an unprecedented rise in
mortality among middle-aged whites. The Republican elite just cant admit that trickle-down
economics isnt the answer to everything, so theyre now lashing out at voters that refuse to buy
into that story line and lecturing them on their moral failings. And they wonder why Donald
Trump is beating them.
The way we live in America is changing, says Walter Russell Mead. Were moving away from the
nuclear family model of the post-war era and rediscovering the old custom of several generations
living under one roof. In the decades of prosperity that followed the Second World War, the singlefamily suburban home came to epitomise the American dream. Each nuclear family was supposed
to be an island unto itself. In many municipalities, zoning laws actually made multi-family living
illegal. Similar laws also banned the use of a home for business. The family was limited to the role
of consumption; production was supposed to happen in factories and offices far, far away from
domestic bliss. Many of these outdated laws still exist but its high time we scrapped them to reflect
our changing habits. In an age of stagnant wages, high housing costs and increased single parenthood, it
makes sense for extended families to share houses and to use them for commercial purposes,
whether that be teleworking or using the premises as a base for a start-up or renting out a room on
Airbnb. Allowing homes to meet flexible modern needs is one piece of the policy mix that can jump
start the middle class renaissance that America so badly needs.
Before the November election, Donald
Trump will very likely testify in court on
allegations that he defrauded thousands of
people, said law professors Morgan Cloud
and George Shepherd. Former customers
of Trump University have filed three
separate lawsuits charging that Trump
provided nothing of value for how-to-getrich-quick courses that cost up to $35,000.
One of those suits seems almost certain to
go to trial this summer or autumn, at the
height of the 2016 campaign. And since
that federal class-action lawsuit, Makaeff
v. Trump University, is a civil case, the
plaintiffs can force Trump to attend the trial, and his own lawyers have indicated he will testify.
In court, he will face embarrassing evidence, such as promotional materials in which Trump
promises that all his instructors are handpicked by me and are terrific people with terrific
brains. Hes subsequently admitted in depositions that he didnt choose the instructors. If
Trumps ultimate defensce is that he knew nothing about the inner workings of his so-called
university, he will only bolster the allegation that he fraudulently promised to be directly
involved with the students educations. For Trump, the trial is a no-win situation, and the
timing couldnt be worse.
3 APRIL 2016 THE WEEK
20 NEWS
UNITED KINGDOM
The sinister
side of
mourning
The Guardian
SLOVAKIA
Censored by
a neo-Nazi
governor
Dennk
UNITED KINGDOM
How Camerons
happiness plan
backfired
Daily Mail
MALTA
Migrants
will find
another way
The Malta Independent
NEWS 21
LEBANON
Lessons in
how to absorb
refugees
The Daily Star
ISRAEL
Pandering
to the Israeli
right wing
Haaretz
Lebanon can teach Europe a thing or two about how to treat refugees, said Nasser Yassin.
Denmark, home to some five million people, has taken in just 27,000 asylum seekers, and it is
already panicking. Authorities there have actually started seizing cash amounts and individual
valuables worth more than $1,450 from refugees to contribute to their housing and processing
costs. Now look at Lebanon: We have a population similar to Denmarks, but with an economy
not nearly as advanced and a government that is non-functioning, with no president and a
gridlocked parliament. Yet we have absorbed 1.5 million Syrians over the past four years, the
highest rate of refugees per capita in the world, with no public outcry or anti-migrant violence.
The reason may be because we dont expect the government to deal with the new arrivals.
Western countries have an over-reliance on formal channels for crisis response, such as
government agencies, and that costs money and political capital. Here, since government is
hapless, civic groups and individuals step up. Refugees find housing in the cities, renting out
garages or rooms. Arab and Islamic charities donate shadow aid. Its chaotic, but it works.
Europeans should try society-led initiatives. Trust your people to be generous.
The big winner at AIPAC this year was Israeli Prime Minister Benjamin Netanyahu, said Asher
Schechter. The American Israel Public Affairs Committee is the largest Jewish lobbying group in
the US, and its annual conference always draws fawning politicians. But this year the word
pandering doesnt even begin to describe it. Presidential candidates Donald Trump, Ted Cruz,
and Hillary Clinton gave nearly identical speeches. They denounced Iran, any UN-imposed peace
deal with Palestine and praised the unbreakable, non-negotiable bond between the US and Israel.
Trump talked about his daughters beautiful Jewish baby, while Clinton cast herself as Esther
in the Purim story and Cruz concluded his speech by hollering Am Yisrael chai! The people
of Israel live! as if his life depended on it. Every word out of their mouths could have been
scripted by Netanyahu. Not one of them mentioned the occupation of the West Bank, or the
unremitting humanitarian crisis that is Gaza. Bernie Sanders, who didnt attend AIPAC, did
give a speech elsewhere criticising the occupation, but he got practically no US media coverage.
So congratulations, Netanyahu. You have thoroughly defined the limits of American discourse
on Israel.
3 APRIL 2016 THE WEEK
22 NEWS
Brain-boosting blueberries
Technology
NEWS 23
24 NEWS
Pick of the weeks
Gossip
Talking points
South Africa: Indian brothers in control
of the Guptas argue that
Its a terrible thing to
through their investments,
discover that your country
they have empowered
is being run by a criminal
previously disadvantaged
syndicate; but thats the
South Africans and that is
shocking reality of life in
undoubtedly true of Duduzane
South Africa, said Floyd
Zuma. Before the Guptas came,
Shivambu in The Daily
he was just one of Zumas
Maverick. Three Indian
many children: now he has
businessmen, the brothers
been catapulted onto the
Ajay, Atul and Rajesh
list of Africas young dollar
Gupta who emigrated to
millionaires. As for Zuma
South Africa from India in
himself, he is a regular visitor
1993 have created such a
Will scandal hasten Zumas departure?
at Saxonwold, especially when
solid network within the
crucial decisions of state are being made.
ruling ANC party that they effectively run the
machinery of state for their own benefit. And it
The Guptas have until now seemed untouchable,
now appears theyve got President Jacob Zuma so
said Max du Preez on News24.com. But Nenes
firmly in their pockets, they tell him what to do.
sacking has finally lanced the bulging boil of
This December, for example, Zuma, out of the
their influence. The stock market plunge that it
blue, sacked his respected finance minister,
occasioned forced Zuma to offer a public apology
Nhlanhla Nene, and replaced him with a
and appoint a respected heavyweight as finance
nonentity. Nene, keen to rein in spending, had
minister; the first time he has ever backed down.
nixed a nuclear power deal with Russia and
The scandal is a national embarrassment, but if
other vast construction projects in which the
it hastens Zumas departure, it will have a silver
Gupta business empire had a major interest.
So the Guptas made sure to get Nene removed. lining. And it could well do it, said the Sunday
Times. After all, in 2008, Zumas predecessor,
Thabo Mbeki, was forced to resign by the
Stories abound of politicians being summoned
ANCs national executive. But for Zuma to go,
to the Guptas palatial residence in Saxonwold,
a lot of scales have to fall from a lot of eyes.
a swanky Johannesburg suburb, said Sechaba
Some senior party figures, shocked by the
kaNkosi on Independent Online . One former
revelations, are breaking ranks. Most, however,
ANC MP, Vytjie Mentor, recalled how theyd
fearing for their jobs, are still standing by him.
told her she could become minister of public
Sooner or later theyll realise that things will end
enterprises if she agreed to stop South African
badly for them if they go on doing that, but it
Airlines flying passengers to India and to let the
may take a while yet.
Guptas company take over the route. Defenders
Talking points
Radovan Karadic: Brought to justice at last
shocking as the Srebrenica
The civil war in Syria is so
massacre, said The Daily
horrifying, it defies easy
Telegraph. In July 1995, his
comparison, said The
forces overran the UNs
Washington Post. But one
supposed safe haven. Then,
analogy of recent times might
inspired by his belief in Serb
be the violence that engulfed
ethnic supremacy, they separated
Yugoslavia, a quarter of a
8,000 Muslim men and boys
century ago. As that multi-ethnic
from their families, and
federation began to fall apart, in
slaughtered them in cold blood.
1991, the inhabitants of its
Boys were ordered to assault
various republics were propelled
their own sisters and had their
into a bitter war over territory
throats cut; one mother watched
and physical assets with the
as her baby son was beheaded.
worst savagery taking place in
Bosnia. Backed by the governThe wheels of justice have turned
ment of Serbia, Bosnias Serbs
slowly, said The Times: it is
launched a vicious campaign of
20 years since Karadic went on
ethnic cleansing, mainly aimed
Karadic: 40 years in jail
the run, and eight since he was
at Bosnian Muslims. Genocide
arrested, having been found, posing as a bearded
was being perpetrated on European soil and
faith healer, in the Serbian capital, Belgrade. The
world leaders resolved that those responsible
Serbs had long known his whereabouts: they
for atrocities in Yugoslavia must be held
arrested him to enhance their chance of EU
accountable. An international tribunal was
membership. And many nationalist Serbs are
established in 1993, and last week it achieved its
still angry about it: last week, they protested in
most significant conviction when Radovan
Belgrade at Karadics sentence, and denounced
Karadic, the former poet and psychiatrist who
the tribunal as anti-Serb. Alas, tensions remain
led the Bosnian Serbs, was found guilty of war
high in the Balkans, said Julian Borger in The
crimes and sentenced to 40 years in jail.
Guardian. In the various ethnic silos, children
grow up with very different understandings of
In three years, some 100,000 people were killed
what happened in their towns and villages. But
in a country the size of Scotland; at least 20,000
while the tribunal has failed to bring about a
women, mainly Muslim, were raped, some of
reconciliation, it has achieved something: it has
them in rape camps. The citizens of Sarajevo
shown that international justice has teeth and
were shot at and shelled during a siege that
sent an important message that those who
lasted longer than that of Leningrad. But of all
commit war crimes can be brought to account.
the crimes Karadic presided over, none was as
NEWS 25
Wit &
Wisdom
You have to take money
where you find it, from the
poor. OK, they dont have
much money, but there are
a lot of them.
French writer Alphonse
Allais, quoted in
The Guardian
Nuance is the first casualty
of politics and, too often,
decency is the second.
Alex Massie, on Slate.com
The most dangerous
world view is the world view
of those who have not
viewed the world.
Naturalist Alexander von
Humboldt, quoted in the
journal Nature
Most critics are educated
beyond their intelligence.
Critic Kenneth Tynan, quoted
in the Pasadena Star-News
The world is not
dangerous because of those
who do harm. Its dangerous
because of those who watch
and do nothing.
Albert Einstein, quoted on
HuffingtonPost.com
Aim at simplicity, and
hope for truth
Philosopher Nelson
Goodman, quoted on
The Browser
A baby is a loud noise at
one end and no sense of
responsibility at the other.
Ronald Knoxs definition,
quoted in The Times
Dont worry if your 5-yearold insists on a pink frilly
princess dress. It doesnt mean
she wants to subside into
froth; it just means, sensibly
enough for her, that she wants
to take over the world.
Author Naomi Wolf,
quoted in the New York Post
Sport
26 NEWS
Sporting headlines
Tennis Jamie
Murray will
become the
worlds top
mens doubles
player when the
new rankings
are published
next week. He will be the first
British world No. 1 since 1973.
Rowing Cambridge won the
mens Boat Race for the first
time since 2012, triumphing
by five seconds. Oxford won
their fourth womens Boat
Race in a row.
Rugby union Saracens beat
Exeter 36-18 to overtake them
at the top of the Premiership,
with four matches to go.
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Review of reviews: Books
28
The Heart
by Maylis de Kerangal, Farrar, Straus & Giroux, $25
This novel, a French best-seller, has a hurtling, onrushing quality,
said Sam Sacks in The Wall Street Journal. The action all transpires
in the 24 hours after a car accident plunges a 19-year-old into a terminal
coma, instantly knitting together a clutch of characters who together
will allow the victims harvested heart to save another life. Big,
emphatic personalities wait at every turn and the novels language is almost reverent.
It throbs with beauty, sorrow, and an astonishment at the life of the body.
Blackass
by A. Igoni Barrett, Graywolf, $16
Though A. Igoni Barretts splendid debut novel doesnt start
promisingly, it teaches you how to read it, said Chauncey Mabe in
The Miami Herald. When its protagonist, a black man in Nigeria,
awakens one morning to find that his skin has turned white, the tooobvious evocation of Kafka might put off some readers. But then the
narrative snaps into focus, the satire begins to reveal its subtleties, and the hero
wins us over by drawing more than we expect from his metamorphosis.
The List
29
Dont miss...
New album
Zayn Malik
Mind of Mine
30 ARTS
Batman v
Superman: Dawn
of Justice
Dir: Zack Snyder
2hrs 31mins (PG13)
Crash! Bang! Wallop!
Midnight Special
Dir: Jeff Nichols
1hr 51mins (PG13)
A boy with special
gifts inspires a
cross-Texas chase.
Krisha
Dir: Trey Edward Shults
1hr 23mins (R)
A troubled woman reunites
with her family.
Out on DVD
The Martian (12A)
In Ridley Scotts slick, if rather
overlong, space adventure,
Matt Damon is on good form
as an astronaut who,
accidentally left behind on
Mars, must survive in that
hostile environment for
months on end (until a rescue
mission, he hopes, may reach
him). Fortunately, he is a
trained botanist. Soon hes
hard at work growing
potatoes in a rigged-up
greenhouse, interspersing his
labours with wisecracks about
his predicament. Its all
entertaining boys own stuff.
Film
If you like your superhero movies fun and frothy,
steer clear of this years most hotly anticipated
blockbuster, said Nick de Semlyen in Empire. In
director Zack Snyders film, Gotham City and
Metropolis are wreathed in shadow and darkness
and Batman (Ben Affleck) is as troubled as ever.
Horribly scarred and deeply paranoid, The Dark
Knight has decided that Supermans building-razing
tendencies make him a threat to civilisation, and is
bent on his destruction. Meanwhile, the Man of
Steels old foe Lex Luthor (a twitchy, babbling Jesse
Eisenberg) is hatching his own dastardly plots. All of
which sets the scene for some explosive, and truly stunning, action set pieces, said David Edwards in
the Daily Mirror. But alas, the movie doesnt offer much else: the plot is so confusing, half the time
youre not even sure which city youre in. A failed attempt to rival Marvels multiple superhero
offerings, this film is a disaster, said Robbie Collin in The Daily Telegraph: meat-headed and
incoherent, it grumbles along for what feels like forever, jinking from subplot to subplot, until two
shatteringly expensive-looking fights happen back to back, and the whole thing crunches to a halt.
This beautifully strange sci-fi chase movie hits the
ground hurtling, said Joe Morgenstern in The Wall
Street Journal. Two men in an old Chevy are racing
across Texas at night with an apparent kidnap victim
on board an eight-year-old boy whos wearing
swimming goggles. But something big and
mysterious is going on: The boy, we learn, has
special powers. Hes been snatched away from a cult
that worshipped him and is also being hunted by the
NSA. One of the kidnappers is his loving father,
providing this Spielbergesque thrillers passionate
core. Writer-director Jeff Nichols, whos now four
films into a special career, seems incapable of making a bad movie, or even an uninteresting one,
said Tim Grierson on NewRepublic.com. Though the maker of Mud still hasnt put a nuanced
female character on screen, his first major studio project feels as personal as any of his previous
works. He coaxes an embarrassment of wonderful performances from his actors, including
youngster Jaeden Lieberher, said Ignatiy Vishnevetsky on AVClub.com.
Krisha, the 60-something anti-heroine of this
astonishing domestic drama, has a mass of springy
gray hair that might as well be a mess of snakes,
said Manohla Dargis in The New York Times. Hers is
the first face we see, staring out at us in a discomfitingly
long shot that inspires dread about whats going to
transpire when she enters her sisters house to join her
large extended family for a Thanksgiving celebration.
The 27-year-old director may be new to this game,
but his feature debut turns out to be an expressionistic
tour de force. He shot it all in nine days at his
mothers house in Texas, casting his aunt Krisha
Fairchild in the lead role, said Robert Adele in the Los Angeles Times. As the title character
accepts half-hugs from relatives, chats uneasily with her adult son, and generally tries to prove
that she can keep it together, laughing is acceptable, cringing is expected, and appreciation
for Krisha Fairchild is a must.
Obituaries
31
Rob Ford
1969-2016
32
Best properties
on the market
33
Dubai: This
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including designer
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ceiling and column
designs and luxurious
baths and furnishings.
The property also
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LEISURE
Food & Drink
34
Dickie Fitz
Bouley
Travel
LEISURE 35
36 LEISURE
Consumer
The best fitness gear
GoRuck GR1
SOURCE: DIGITALTRENDS.COM
Peloton Bike
Crossrope
HyperIce Hypersphere
SOURCE: HICONSUMPTION.COM
SOURCE: LIFEHACKER.COM
Consumer
LEISURE 37
Autoweek
The 450 even sounds great, with a raspy, mean exhaust note
when you choose to drive in Sport Plus mode. Of course, every
SL is still a big, 2-ton roadster, built to put passengers at ease
wherever it goes. Eighty mph feels more like 40 mph in this
car, and the cabin is a very comfortable place to spend many
long hours driving.
$140; suck.uk.com
$20, stacheshield.com
SOURCE: ROBBREPORT.COM
SOURCE: TRENDHUNTER.COM
Bose QuietComfort 25
The benchmark for noise
cancellation, the QC25s
are ideal for commuting
and travelling. Solidly built,
they sound crisp and sit
snugly on the ear
(around $380; bose.com).
Shares
38 BUSINESS
Directors dealings
M&C Saatchi
Investors Chronicle
The advertising agency is
fuelling robust growth by
signing big clients, including
Samsung and Airbus,
expanding overseas through
stake-building, and rolling out
popular new services. Yields
a decent 2.9%. Buy. 315p.
Next
The Times
Shares in the fashion and
homewares retailer have fallen
15%. This looks wildly
overdone, leaving shares too
cheap. Margins are 16.9% and
the return forecast this year is
200m in special dividends.
Buy. 56.35.
Firestone Diamonds
London Evening Standard
Panmure Gordon is impressed
by the diamond explorer and
miners interim numbers, and
is particularly cheered that the
Liqhobong mine in Lesotho
remains on target. It
names a target price of 27p.
Buy. 20p.
Micro Focus
The Daily Telegraph
Micro Focus sells high-margin,
essential software to regulated
sectors such as banking and
telecoms. It has a good track
record and a growing share
price, and should benefit from
the acquisition of Serena
Software. Buy. 15.37.
International
Consolidated Airlines
650
600
550
CEO buys
50,000
500
450
Oct
Nov
Dec
Jan
Feb
Mar
Form guide
Ashmore Group
The Sunday Times
This emerging markets investment manager has suffered
from slowing Chinese growth
and tanking commodity prices.
Shares have jumped on a
commodities rebound, but the
pressure is still on. Take profits.
Sell. 274.6p.
GlaxoSmithKline
Investors Chronicle
The struggling pharma giant
has announced the departure
of long-standing CEO Sir
Andrew Witty, in March 2017.
The delay tactic is likely to
create a power vacuum as
candidates fight for the top job.
Sell. 13.94p.
Jimmy Choo
Investors Chronicle
The high-end shoe retailer is
reliant on wobbly Asia for
the bulk of its sales growth;
and conditions remain challenging in the US and Europe.
Store conversions and openings
have hit profits; shares are
overrated. Sell. 130p.
Centamin
The Times
Centamins Sukari mine has
nearly reached full potential,
and costs are falling. There is
no certainty that the gold
miner will find another
producing asset, and shares are
at their highest since 2012.
Take profits. Sell. 89.25p.
Weir Group
Investors Chronicle
The valve and pump maker is
threatened by falling orders as
cash-strapped customers in the
oil and gas and mining sectors
continue to slash budgets.
The dividend is vulnerable
and shares face a derating.
Sell. 11.27.
Market view
In all the decades I have
studied the stock market,
I [cant] recall a single
time when the pundits have
had so little idea where it is
going next.
Martin Waller in The Times
Market summary
Key
Key numbers
numbers for investors
investors
FTSE 100
FTSE All-share UK
Dow Jones
NASDAQ
Nikkei 225
Hang Seng
Gold
Brent Crude Oil
DIVIDEND YIELD (FTSE 100)
UK 10-year gilts yield
US 10-year Treasuries
UK ECONOMIC DATA
Latest CPI (yoy)
Latest RPI (yoy)
Halifax house price (yoy)
1 STERLING
29 Mar 2016
6105.90
3358.47
17499.98
4787.05
17103.53
20366.30
1221.00
39.33
4.08%
1.55
1.88
0.3% (Feb)
1.3% (Feb)
+9.7% (Feb)
Best
shares
Best and
and worst
worst performing shares
Week before
6184.58
3396.95
17643.28
4809.51
16724.81
20684.15
1244.00
41.39
4.03%
1.60
1.91
0.3% (Jan)
1.1% (Jan)
+9.7% (Jan)
Change (%)
1.27%
1.13%
0.81%
0.47%
2.26%
1.54%
1.92%
4.98%
% change
+5.93
+2.72
+2.42
+2.19
+2.14
FALLS
5635.00
14.56
Next
479.10
13.41
Anglo American
439.45
11.17
Standard Chartered
143.80
10.04
Glencore
454.00
8.78
Antofagasta
BEST AND WORST UK STOCKS OVERALL
4.97
+452.78
Ascent Resources
8.49
80.48
Intelligent Energy HDG
Source: Datastream (not adjusted for dividends). Prices on 29 Mar (pm)
6,400
6,200
6,000
5,800
5,600
5,400
Oct
Nov
Dec
Jan
Feb
Mar
Centrica
Investors Chronicle
Falling wholesale gas prices
have hammered the energy
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fast-growing, and a strategic
overhaul and new smart
products should help Centrica
stand out from rivals. Yields
over 5%. Buy. 226.5p.
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40
BUSINESS
Companies in the news
...and how they were assessed
When Tata acquired the Anglo-Dutch steel maker Corus, in 2007, it was seen as a
bold move for an Indian firm, said Yogita Limaye on BBC News online. But with
steel prices on the floor, and fears of Chinese steel being dumped on world markets at
unrealistically low prices, the fate of its steel plant in Port Talbot Britains largest
now depends on decisions made at a crunch board meeting in Mumbai this week. Local
managers have come up with a turnaround plan to save the loss-making plant; and Tata,
which has invested $430m in the plant over the past four years, will be wary of pulling
the plug: it likes to be seen as a firm that cares for its employees. Its possible Port Talbot
might find a new owner, said Christopher Williams in The Daily Telegraph. After all,
Tatas negotiations to sell its Scunthorpe steelworks to investment firm Greybull Capital
are reportedly still on track. The trouble is that the steel made in Port Talbot strip
products is the same as that made in Tatas IJmuiden plant in the Netherlands. So
selling it would create a new rival in Tatas own backyard making closure a preferable
option. The odds appear stacked against a rescue plan.
Dealmakers have dubbed it the fiercest bidding war in recent years, and this week the
battle for Starwood Hotels and Resorts owner of the Sheraton, W Hotels and St. Regis
brands stepped up a notch, said City AM. The Chinese insurer Anbang has increased
its bid for the US company to $14bn trumping a raised $13.6bn offer from Marriott
International. The Starwood board remains in favour of an all-American merger with
Marriott, noted Alexandra Frean in The Times. Accepting the rival offer would mean
paying Marriott a $650m break fee. But in any case, Marriott looks the safer suitor. The
Chinese financial journal Caixin recently reported that regulators could block Anbangs
hotel-buying spree, because it may be in breach of rules that prevent local insurers from
investing more than 15% of their assets overseas. Anbang appears to be trying to build
itself into a financial conglomerate along the lines of Warren E. Buffetts Berkshire
Hathaway, said Steven Davidoff Solomon in The New York Times. Chairman Wu
Xiaohui seems confident he will prevail. But it should surely ring warning bells that the
funding comes from selling high-yield investment products to Chinese citizens. Weve
seen this story many times before, and it typically doesnt end well.
Nearly a year ago, in April 2015, a press conference was held in Muscat announcing a
gigantic $6bn tourism project, said Gulf News. The project, called Oasis Tourism, was
masterminded by Omani businessman Sabaa Al Saadi, and was to include five and
seven star hotels, an international sports hospital, a health club, villas, chalets, a yacht
port, a mosque and a shopping mall, on the countrys northwest coast. Following an
investigation into Oasis Tourism however, it has been revealed that the project is actually
fake, and simply does not exist. Omans minister of tourism Ahmad Al Meherzi
made the announcement last Monday, following investigations in the legitimacy of the
project. He sited a drop in oil prices that had impacted tourism and investment, but did
not elaborate on the project further.
Gulf business
Commentators
Executive pay
is damaging
capitalism
Merryn Somerset Webb
MoneyWeek.com
Good riddance
to the gig
economy
Steven Hill
Salon.com
A generation
going for
goalzzz
Robert Shrimsley
Financial Times
NEWS 41
City profiles
Andy Grove
The former Intel boss, who
has died aged 79, was less
well-known to the wider
public than other Silicon
Valley titans such as Steve
Jobs, Larry Ellison and Mark
Zuckerberg, says The Daily
Telegraph. But he was
revered by all of them as
one of the true creators of
the digital era. Grove didnt
found Intel, but he was the
chipmakers first employee,
joining in 1968, and under
his forceful leadership it
grew into one of the worlds
largest companies by
market value. Grove drove
the business forward in
a manner that could be
brutally direct. One former
executive described being
personally mentored by him
as like going to the dentist
and not getting novocaine.
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Clue of the week: What we may see, having this drink? (6 first letter D)
S Times, David McLean