US President Joe Biden speaks during the General Debate of the 79th session of the UN General Assembly. EPA
US President Joe Biden speaks during the General Debate of the 79th session of the UN General Assembly. EPA
US President Joe Biden speaks during the General Debate of the 79th session of the UN General Assembly. EPA
US President Joe Biden speaks during the General Debate of the 79th session of the UN General Assembly. EPA

Shadow of war looms over UN General Assembly


Thomas Watkins
  • English
  • Arabic

Latest updates: Follow our full coverage on the UN General Assembly

The UN General Assembly's opening day was overshadowed on Tuesday by a seemingly imminent all-out war between Israel and Hezbollah and the apparent inability of the 193-member world body to do anything at all to stop it.

A string of leaders, including US President Joe Biden and Iran's new President Masoud Pezeshkian, lamented the state of world affairs, but none was able to articulate a convincing off-ramp from the apparent trajectory towards a broader regional war.

In his final address to the UN General Assembly before his term ends in January, Mr Biden said the world stands at an “inflection point” and expressed frustration that a months-long, US-led push for a ceasefire between Hamas and Israel has come to nothing, even as he suggested a diplomatic solution could still be found to prevent Israel going to war with Lebanon's Iran-backed militia Hezbollah.

“Even as the situation has escalated, a diplomatic solution is still possible. In fact, it remains the only path to lasting security,” Mr Biden said in his speech in front of the UN chamber's famous green marble backdrop.

But as he was speaking, a swift resolution to the crisis appeared remote. Lebanese health authorities on Tuesday raised the death toll from two days of Israeli air strikes against Hezbollah to 564, as Israel's military vowed it would do “whatever is necessary” to push the militia away from the border.

This week's air strikes come after pager and walkie-talkie explosions in Lebanon last week, for which Hezbollah and the Lebanese government have blamed Israel.

UN Secretary General Antonio Guterres said: “We can't go on like this”.

“We are edging towards the unimaginable – a powder keg that risks engulfing the world,” he told the General Assembly.

UN Secretary General Antonio Guterres addresses the General Assembly. Bloomberg
UN Secretary General Antonio Guterres addresses the General Assembly. Bloomberg

While the wars in Sudan and Ukraine also drew considerable attention on Tuesday, time and again speakers returned to the situation in the Middle East and articulated their anger towards Israel, whose military campaign in Gaza has killed more than 41,400 people, local health officials say, in response to the October 7 Hamas attacks that killed about 1,200 people.

Israel, which drew an upswell of international support and sympathy after October 7, appeared increasingly isolated at the UN on Tuesday. The Israeli ambassador is scheduled to speak on Thursday.

Brazilian President Luiz Inacio Lula da Silva criticised Israel's operations in Gaza and Lebanon.

“The right to self-defence became a right for vengeance, which prevents a deal for the release of hostages and delays a ceasefire,” he said.

Jordan’s King Abdullah II told the General Assembly that Israel’s military campaign in Gaza amounts to an attack on the UN, saying the presence of its flag has been unable to ensure protection for civilians from Israeli attacks.

“The Israeli government’s assault has resulted in one of the fastest death rates in recent conflicts, one of the fastest rates of starvation caused by war, the largest cohort of child amputees and unprecedented levels of destruction this Israeli government has killed more children, more journalists, more aid workers and more medical personnel than any other war in recent memory,” he said.

And Iran, which funds Hezbollah, Hamas, Yemen's Houthis and several other militias, accused Israel of “barbarism”.

“The international community must urgently intervene to establish a permanent ceasefire in Gaza and end Israel’s desperate barbarism in Lebanon before it engulfs the region and the world,” Mr Pezeshkian said. “Israel has been defeated in Gaza and no amount of barbaric violence can restore its myth of invincibility.”

Sheikh Tamim, the Emir of Qatar, told the UN General Assembly that Israel’s campaign in Gaza is "genocide".

“It is a crime of genocide by means of the most sophisticated weapons against the people besieged in a detention camp where there is no escape from the barrage of aerial bombing,” he said.

Mr Biden had sought to define his foreign policy legacy during his speech, highlighting his international leadership in response to Russia's full-scale invasion of Ukraine. But history may remember him as the US leader who failed to stop a major Middle East conflagration.

Israel and Lebanon cross-border strikes – in pictures

  • Damage in Beirut after an overnight Israeli strike. EPA
    Damage in Beirut after an overnight Israeli strike. EPA
  • Smoke rises from the site of an Israeli strike in the south of Lebanon's capital. AFP
    Smoke rises from the site of an Israeli strike in the south of Lebanon's capital. AFP
  • Displaced Syrians and Lebanese enter Syria from Lebanon at the Jusiyah border crossing. AFP
    Displaced Syrians and Lebanese enter Syria from Lebanon at the Jusiyah border crossing. AFP
  • The site of the Israeli air strike that killed Hezbollah leader Hassan Nasrallah, in Beirut. AP
    The site of the Israeli air strike that killed Hezbollah leader Hassan Nasrallah, in Beirut. AP
  • Iranians lay flowers before a portrait of Nasrallah. AFP
    Iranians lay flowers before a portrait of Nasrallah. AFP
  • Smoke billows over Tyre, southern Lebanon following an Israeli strike. Reuters
    Smoke billows over Tyre, southern Lebanon following an Israeli strike. Reuters
  • A Qader 1 ballistic missile from Hezbollah's arsenal. AFP
    A Qader 1 ballistic missile from Hezbollah's arsenal. AFP
  • Syrians fleeing the war in Lebanon arrive at the Syrian-Lebanese border crossing in Jdeidet Yabous. AP
    Syrians fleeing the war in Lebanon arrive at the Syrian-Lebanese border crossing in Jdeidet Yabous. AP
  • Hezbollah fighters carry the coffin of Hezbollah commander Ibrahim Qubaisi during his funeral in Beirut. EPA
    Hezbollah fighters carry the coffin of Hezbollah commander Ibrahim Qubaisi during his funeral in Beirut. EPA
  • People react at the scene of an Israeli air strike in the town of Maisara, north of Beirut. AP
    People react at the scene of an Israeli air strike in the town of Maisara, north of Beirut. AP
  • Civil defence workers carry an elderly man who fled from the south of Lebanon, as he arrives at a school turned into a displaced shelter in Beirut. AP
    Civil defence workers carry an elderly man who fled from the south of Lebanon, as he arrives at a school turned into a displaced shelter in Beirut. AP
  • A traffic jam in Ghazieh as people fleeing from the south of Lebanon drive towards Sidon and Beirut. EPA
    A traffic jam in Ghazieh as people fleeing from the south of Lebanon drive towards Sidon and Beirut. EPA
  • People in heavy traffic drive north from Lebanon's southern coastal city of Sidon, as they flee Israeli bombardment. Reuters
    People in heavy traffic drive north from Lebanon's southern coastal city of Sidon, as they flee Israeli bombardment. Reuters
  • Smoke billows over southern Lebanon following Israeli strikes, as seen from Tyre. Reuters
    Smoke billows over southern Lebanon following Israeli strikes, as seen from Tyre. Reuters
  • Smoke billows over southern Lebanon following Israeli strikes, as seen from Tyre. Reuters
    Smoke billows over southern Lebanon following Israeli strikes, as seen from Tyre. Reuters
  • Medics move patients at Rambam Hospital's underground emergency centre, in Haifa, northern Israel. EPA
    Medics move patients at Rambam Hospital's underground emergency centre, in Haifa, northern Israel. EPA
  • Israeli emergency teams work at the scene of a missile strike on a residential neighbourhood in Kiryat Bialik, northern Israel. EPA
    Israeli emergency teams work at the scene of a missile strike on a residential neighbourhood in Kiryat Bialik, northern Israel. EPA
  • Hezbollah fighters carry the coffin of the group's senior commander Ibrahim Aqil, who was killed in an Israeli strike on September 20, in Beirut. EPA
    Hezbollah fighters carry the coffin of the group's senior commander Ibrahim Aqil, who was killed in an Israeli strike on September 20, in Beirut. EPA
  • Rescuers carry a body at the scene of a missile strike in the southern suburbs of Beirut. AP
    Rescuers carry a body at the scene of a missile strike in the southern suburbs of Beirut. AP
How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

UAE SQUAD

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2-litre%204-cylinder%20petrol%20(V%20Class)%3B%20electric%20motor%20with%2060kW%20or%2090kW%20powerpack%20(EQV)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20233hp%20(V%20Class%2C%20best%20option)%3B%20204hp%20(EQV%2C%20best%20option)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20350Nm%20(V%20Class%2C%20best%20option)%3B%20TBA%20(EQV)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EMid-2024%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3ETBA%0D%3C%2Fp%3E%0A
Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Updated: September 25, 2024, 3:54 AM