Israeli prime minister Benjamin Netanyahu fired two senior cabinet ministers and said he would call early elections.  Gali Tibbon / AP
Israeli prime minister Benjamin Netanyahu fired two senior cabinet ministers and said he would call early elections. Gali Tibbon / AP

Palestinians must stick to their aims



When French MPs voted overwhelmingly to recognise Palestine as a state earlier this week, they delivered another symbolic victory for the Palestinian cause. The French parliamentary vote is non-binding and follows similar votes elsewhere in Europe. By itself Tuesday's decision means nothing, but when presented as part of a broader picture, it is clear that pressure is mounting on Israel and support for Palestinians grows ever stronger.

A symbolic action in Paris is unlikely to overly stress Benjamin Netanyahu, Israel’s prime minister, but it may have added a little to the pressure that he finds himself under. World public opinion is increasingly turning away from Israel while the country itself shifts further right on the political spectrum.

Mr Netanyahu has made a series of calculated gambles in recent days: introducing his controversial nation-state bill, before shifting aside two moderate members of his cabinet and coalition (both of whom had the temerity to raise objections to his proposed legislation) and, finally, going to parliament to secure an early dissolution and force an election in March next year.

His calculation is a purely political one. He believes he will be returned to government with a greater share of the parliament and will find himself less bound by the strictures of a multi-faced coalition. He also understands that he does not need to react to a vote in Europe, because domestically few Israelis regard making peace with Palestinians as a priority – for the most part voters are more concerned with the cost of living and rates of unemployment.

But Mr Netanyahu’s posturing must not divert Palestinians from their ambitions. As this newspaper has long argued, their most potent weapon is global public opinion and bills such as the nation-state legislation – which would leave the Arab minority with fewer rights – will only ultimately strengthen the Palestinians’ case internationally.

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RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')

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Du Plessis plans his retirement

South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.

Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.

"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday. 

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MATCH INFO

Champions League last 16, first leg

Tottenham v RB Leipzig, Wednesday, midnight (UAE)

The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

Match info:

Burnley 0

Manchester United 2
Lukaku (22', 44')

Red card: Marcus Rashford (Man United)

Man of the match: Romelu Lukaku (Manchester United)

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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.

If driving, turn your engine off when stationary.