LONDON: Some protesters wrap themselves in the flag of the European Union and noisily interrupt politicians’ television appearances. Others yell “Nazi” and “traitor.”
Britain’s lawmakers are split on how to handle Brexit but they agree that the atmosphere in the public spaces outside parliament — often populated with angry demonstrators — has become ugly and intimidatory.
This increasingly raucous brand of street activism has raised questions about what has happened to British politics in recent years, and where the boundaries of free speech now lie.
On Tuesday, members of parliament called on police to do more to tackle intimidation of politicians and journalists outside parliament after protesters yelled abuse at a prominent Conservative lawmaker.
More than 2-1/2 years since Britain voted by 52 to 48 percent to leave the European Union, the country remains divided. Demonstrators who back Brexit and others who want to stay in the European Union have become a fixture in the gardens opposite parliament.
The area is also used by media for interviews and while protests have generally been peaceful, politicians and journalists say the atmosphere has turned increasingly nasty in recent weeks.
On Monday, Conservative lawmaker Anna Soubry, a pro-European who has called for a second referendum on Brexit, faced chants of “Soubry is a Nazi” and “liar” as she was interviewed live on television.
“I do object to being called a Nazi,” Soubry said. “This is what has happened to our country.”
The abuse continued as she walked back to parliament after the interview, with mobile phone footage on Twitter showing her surrounded by men, some in yellow vests similar to those worn by protesters in Paris, shouting “liar,” “fascist” and “scum.”
Security protection
Sky News journalist Kay Burley, one of the broadcasters whose interview with Soubry was overshadowed by the protests, has also faced abuse and says she now has security protection.
She said demonstrators who disliked Soubry monitored TV channels so they could turn up and hurl abuse at her.
In a letter to the London police chief Cressida Dick, a group of more than 60 lawmakers said they were concerned about the “deteriorating public order and security situation” around parliament.
“An ugly element of individuals with strong far right and extreme right connections ... have increasingly engaged in intimidatory and potentially criminal acts,” the lawmakers, both pro-EU and pro-Brexit and from all political parties, wrote.
House of Commons Speaker John Bercow said he too had written to police asking for a review of their policy.
Monday’s fracas was a symptom of a growing malaise in British politics, according to Rob Ford, professor of political science at the University of Manchester.
It followed street scuffles during Scotland’s independence referendum in 2014 and activists draping a banner from a bridge in Manchester during the Conservative Party’s annual conference in 2017 saying “Hang the Tories.”
“I think Brexit certainly deepened it ... this trend toward intensifying distrust of politics and politicians, representative institutions, the media,” Ford said. “That distrust has now become much more visible because it is now becoming a serious obstacle to addressing complex issues.”
Politicians on all sides of the Brexit debate had encouraged this kind of thinking, Ford said, adding: “I fear that the beast that they have unleashed has now turned on all of them.”
Ian Lavery, the Labour Party chairman, said Monday’s events outside parliament were an attempt to silence political debate.
“They were incarnations of a campaign of hatred that has been brought from the darkest reaches of the Internet to the doors of our democracy.”
“Unleashing ugliness“
The Metropolitan Police’s Deputy Assistant Commissioner for operations Laurence Taylor said police were assessing whether crimes had been committed and promised to “deal robustly with incidents of harassment and abuse.”
Labour lawmaker Stephen Doughty, who organized the letter, told BBC TV that there could be a repeat of the murder of Labour lawmaker Jo Cox, killed in a frenzied street attack a week before the 2016 Brexit vote by a man obsessed with Nazis and extreme right-wing ideology.
Last year, a man accused of being a member of a far-right group pleaded guilty to plotting to kill another female Labour lawmaker who, like Cox, was targeted because she was perceived as supporting immigration.
Brexit minister Stephen Barclay told BBC Radio the “appalling scenes” outside parliament on Monday showed how divisive the Brexit process had become.
Tim Montgomerie, a prominent pro-Brexit Conservative activist and political commentator, said on Twitter that while the abuse of Soubry was unacceptable, “a parliamentarian who advocates overturning a referendum result she promised to respect should not be surprised at unleashing such ugliness.”
Abuse has taken place across the political divide, with left-wing author and Labour supporter Owen Jones posting a video on Twitter of protesters shouting “traitor” at him as he walked outside parliament.
While many of those facing abuse are supporters of remaining in the EU, pro-Brexit lawmakers have also been targeted.
In September, Conservative lawmaker Jacob Rees-Mogg, a prominent campaigner for Brexit, was confronted outside his home by activists who told his children “your daddy is a horrible person” and “lots of people hate him.”
Angry protests bring Britain’s Brexit divide to parliament’s doors
Angry protests bring Britain’s Brexit divide to parliament’s doors
- Britain’s lawmakers are split on how to handle Brexit but they agree that the atmosphere in the public spaces outside parliament has become ugly
- More than 2 and a half years since Britain voted by 52 to 48 percent to leave the European Union, the country remains divided
UAE, Saudi Arabia ranked as leading global entrepreneurial ecosystems
RIYADH: The UAE and Saudi Arabia have been ranked first and third respectively in the Global Entrepreneurship Monitor report for 2023-2024.
The report, which assesses the entrepreneurial ecosystems of countries worldwide, is highly regarded by international bodies such as the World Bank, International Monetary Fund and various UN organizations,
Saudi Arabia showed significant progress in its entrepreneurial environment, with its National Entrepreneurship Context Index score increasing from 5.0 in 2019 to 6.3 in both 2022 and 2023.
This reflected the country’s successful efforts to diversify its economy and foster a supportive climate for entrepreneurship, said the report. A notable highlight was increased female entrepreneurship, with eight women starting new businesses for every 10 men in 2023.
The country also has the highest proportion of adults who know an entrepreneur, perceive ease in starting a business, recognize good business opportunities, and believe they possess the necessary skills and experience to start a business.
However, despite high acknowledgment of opportunities and capabilities, there remains a considerable fear of failure, the report concluded.
Additionally, a significant percentage of Saudi entrepreneurs are expected to leverage digital technologies and focus on minimizing environmental impacts and maximizing social impacts, indicating a readiness for future challenges.
Meanwhile, the UAE set a record with its National Entrepreneurship Context Index score of 7.7, the highest in the report’s history.
The report also positioned the UAE as the best environment in the world for starting and conducting new business ventures, surpassing many advanced economies. It also ranked third globally in terms of physical infrastructure.
Significant strides have been made in entrepreneurship education within schools, emphasizing skills like creative thinking, problem solving, opportunity recognition and risk assessment. The country ranked among the top five out of 49 in this aspect.
Saudi Arabia, Azerbaijan discuss climate action cooperation ahead of COP29
- Two ministers discussed opportunities for work and cooperation between their two countries in the field of climate change
JEDDAH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman met with Azerbaijan’s Minister of Environment and Natural Resources Mukhtar Babayev on Thursday.
Babayev has also been appointed president of the UN COP29 climate talks which will be held in Baku in November.
During the meeting, the two ministers discussed opportunities for work and cooperation between their two countries in the field of climate change. They also talked about joint efforts to achieve the goals of the UN Framework Convention on Climate Change and the Paris Agreement, the Kingdom’s ministry said in a statement.
They reviewed the Kingdom’s efforts and initiatives in dealing with the effects of climate change, such as exploiting renewable energy sources, and managing, reducing and eliminating emissions through the Saudi and Middle East green initiatives.
In addition, the ministers discussed implementing the circular carbon economy approach and its technologies, which was developed by the Kingdom during its G20 presidency and endorsed by leaders, along with other national and regional programs and initiatives.
Saudi Arabia unveils Green Finance Framework in sustainability push
RIYADH: Public and private participation in climate financing in Saudi Arabia is poised to receive a boost with the introduction of the Green Finance Framework.
This initiative, launched by the Ministry of Finance, is aimed at propelling the nation toward its sustainability goals and achieving net-zero emissions by 2060, Saudi Press Agency reported.
The framework is expected to contribute to the efforts aimed at reducing emissions through a circular carbon economy approach, along with positioning Saudi Arabia as a regional leader in sustainable finance.
It was in October 2021 that Saudi Arabia announced its ambitious goal to achieve net-zero emissions by 2060.
With this framework, the Kingdom aims to significantly reduce greenhouse gas emissions by 278 million tonnes annually by 2030, aligning with the commitments under the Paris Agreement.
The Paris Agreement is an international treaty on climate change that was produced in 2015 and compels signatories to work toward limiting the global temperature increase to 1.5 °C above pre-industrial levels.
The Kingdom has been spearheading several initiatives including the Saudi Green Initiative to combat the adverse effects of climate change over the past few years.
On March 27, the Kingdom celebrated its first Saudi Green Initiative Day highlighting the importance of fostering a sustainable legacy for future generations.
The celebration was organized under the theme “For Our Today and Their Tomorrow: KSA Together for a Greener Future” and it highlighted the collaboration of more than 80 public and private sector projects that are part of the SGI.
To date, Saudi Arabia has deployed 2.8 gigawatts of renewable energy to the national grid, powering more than 520,000 homes, with additional projects underway to increase capacity.
Moreover, more than 49 million trees and shrubs have been planted throughout the Kingdom since 2021, and extensive land rehabilitation efforts have been undertaken.
Additionally, energy giant Saudi Aramco, in collaboration with the Kingdom’s Ministry of Energy is building a carbon capture and storage hub in Jubail, which will have 9 million tonnes annual storage capacity upon its completion in 2027.
Closing Bell: Saudi main index slips to close at 12,565
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 42.09 points, or 0.33 percent, to close at 12,565.89.
The total trading turnover of the benchmark index was SR10.53 billion ($2.8 billion) as 54 stocks advanced, while 170 retreated.
Similarly, the Kingdom’s parallel market, Nomu, dropped 385.72 points, or 1.43 percent, to close at 26,622.88. This comes as 20 stocks advanced while as many as 42 retreated.
Meanwhile, the MSCI Tadawul Index rose 7.54 points, or 0.47 percent, to close at 1,599.02.
The best-performing stock of the day was Modern Mills for Food Products Co. The company’s share price surged 9.46 percent to SR68.30.
Other top performers include the Mediterranean and Gulf Insurance and Reinsurance Co. as well as Al Yamamah Steel Industries Co.
On the announcements front, Red Sea International Co. announced its annual consolidated financial result for the period ending Dec. 31.
According to a Tadawul statement, the entity’s revenues reached SR1.37 billion in 2023, reflecting an increase of 241 percent when compared to 2022 figures.
The rise in sales is mainly attributed to the strategic acquisition of a 51 percent stake in Fundamental Installation for Electric Work Co., or First Fix, with the recognition in RSI’s consolidated financial statements starting in the final quarter of the year.
Additionally, the company has tactically increased its focus on enhancing its supply chain and adopting competitive pricing strategies while advancing procurement techniques.
On a similar note, the firm’s net profits during the same period hit SR2.17 million, up from a net loss of SR198 million, which was recorded in the same period in 2022.
This rise is mainly linked to positive impact of the First Fix acquisition, in addition to the improvement in revenues and operating performance.
Moreover, Riyadh Steel Co. has also announced its annual financial results for 2023.
A bourse filing revealed that the firm’s net profit reached SR11.14 million in the period ending on Dec. 31, reflecting an increase of 118.8 percent compared to the corresponding period a year earlier.
The increase in net profit is primarily attributable to a reduction in the cost of revenue and secondarily to a rise in other income in comparison to the previous year.
Furthermore, Al-Baha Investment and Development Co. also announced its annual financial results for the period ending on Dec.31.
According to a Tadawul statement, the company’s net profit hit SR4.94 million in 2023, up from the net loss of SR8.09 million that was recorded in 2022.
The increase was owed to a 39 percent surge in the group’s revenues and reduced financing costs by 73 percent, among other reasons.
Saudi Arabia leads the charge toward energy transition: report
RIYADH: Saudi Arabia is emerging as a proactive leader, pioneering green initiatives to mitigate economic challenges posed by the transformation toward sustainability, according to the International Monetary Fund.
A recent report by the IMF highlighted the intricate dynamics at play and underscored the Gulf Cooperation Council and Saudi Arabia’s strategic positioning in this evolving scenario.
Titled “Key Challenges Faced by Fossil Fuel Exporters during the Energy Transition,” the study discussed climate change mitigation efforts in many fossil fuel exporting countries.
As Saudi Arabia and its GCC counterparts continue to lead the charge toward sustainability, they set a precedent for the global community.
By embracing green initiatives, investing in renewable energy, and fostering economic diversification, these nations are paving the way for a sustainable future, balancing economic prosperity with environmental responsibility.
The report emphasized that the Saudi Green Initiative launched in 2021 aimed at combating climate change and reducing carbon emissions.
It explained: “The Green Initiative is centered around three objectives, including targets for increasing the share of renewable energy in electricity generation up to 50 percent by 2030 and the deployment of circular carbon economy technologies, including carbon capture utilization and storage.”
Key challenges
The IMF stressed the need for economic diversification to effectively mitigate the impact of declining fossil fuel revenues.
Highlighting Saudi Arabia’s progress in economic diversification, the report explained: “The non-oil sector growth has accelerated since 2021, reaching 4.8 percent in 2022 spurred by strong domestic demand, especially in the wholesale, retail trade, construction, and transport sectors.”
Similarly, Bahrain, Qatar, and the UAE are diversifying their economies away from hydrocarbons, the study added.
In the UAE, non-hydrocarbon GDP was expected to grow by 5.3 percent in 2022, driven by tourism and FIFA World Cup impacts.
Progress on the Comprehensive Economic Partnership Agreements will further boost trade, attract foreign direct investment, and enhance integration with global value chains, according to the report.
The IMF highlighted that in Saudi Arabia, “the share of high-skilled jobs has increased to more than 40 percent in 2022, and female labor force participation doubled in four years to reach 37 percent in 2022.”
In its report, the Washington-based lender said the governments heavily reliant on revenues from fossil fuel exports face challenges in maintaining fiscal sustainability as these revenues decline.
“Countries with significant exposure to the fossil fuel industry may experience higher financial sector risks, including balance sheet effects, asset devaluation, and increased vulnerability to international market fluctuations,” it said.
The report added that transitioning away from fossil fuels may result in job losses in the fossil fuel industry, necessitating retraining programs and support for affected workers.
It called for structural reforms to address all the issues. “Accelerating structural reforms to diversify export bases and develop alternative industries is critical for mitigating the adverse macroeconomic effects of the energy transition,”the report said.
The IMF stressed the need for coordinated global efforts to overcome all these challenges. “Collaborative efforts can help ensure a smooth transition, mitigate transition costs, and support affected countries in diversifying their economies,” the report said.