EU shies away from sanctions on Russia



"The leaders of the European Union, having repeatedly warned Moscow in vain to abide by the six-point cease-fire agreement reached by France to end the fighting with Georgia, gathered here Monday in an emergency summit meeting and after several hours of talks, decided to warn Moscow again," the International Herald Tribune reported. "In a week, the leaders announced, the European Commission president, Jose Manuel Barroso; the EU foreign-policy chief, Javier Solana; and President Nicolas Sarkozy of France, who currently holds the EU presidency, will travel to Moscow to insist, they said, that Russia withdraw all its troops to positions held before the Aug 7 fighting broke out between Georgia and Russia. "If Russia did not comply, the European leaders announced, a second round of talks with Moscow on a strategic partnership agreement with the European Union, scheduled for mid-September, would be postponed. Time magazine said: "Like so many gatherings of European Union leaders, the Georgia crisis summit held in Brussels Monday was flush with grandiose rhetoric but in the end short on substance. "The leaders found the words to describe Russia's 'disproportionate reaction' to the violence in its Caucasian neighbor, and to 'firmly condemn' Moscow's recognition of South Ossetia and Abkhazia. But apart from suspending talks on a trade pact, they shied away from sanctions, conceding that the EU and Russia's interdependence meant 'there is no desirable alternative to a strong relationship.' " The Wall Street Journal reported on Georgian President Mikheil Saakashvili's difficult relations with the US. "From Mr Saakashvili's ascent to power in the 2003 'rose revolution' to his assault this month on Tskhinvali, capital of separatist South Ossetia, his risky moves have often caught Washington unprepared and left it exposed diplomatically, US officials say. "American frustrations have been matched by those in Tbilisi. At a crucial moment earlier this year, a lame-duck administration in Washington was unable to deliver European support to kick-start Georgia's membership in the North Atlantic Treaty Organization. The Georgian president says he gave repeated warnings to US Secretary of State Condoleezza Rice, German Chancellor Angela Merkel and others that Russia would attack unless the West signaled strong support, including through Nato. These warnings, he says, went unheeded. "Regardless of who was at fault, the end result was what the US and Georgia both feared. Georgia's territory is being carved up, US influence in the region has been dented, Nato expansion is harder to achieve, and Europe's dependence on Russian energy has been highlighted. Russia, which smashed the Georgian military and still occupies chunks of its territory, has re-emerged as the region's dominant power." The New York Times said: "President Dmitri A Medvedev of Russia on Sunday laid out what he said would become his government's guiding principles of foreign policy after its landmark conflict with Georgia - notably including a claim to a 'privileged' sphere of influence in the world. "Speaking to Russian television in the Black Sea resort of Sochi, a day before a summit meeting in Brussels where European leaders were to reassess their relations with Russia, Mr Medvedev said his government would adhere to five principles. "Russia, he said, would observe international law. It would reject what he called United States dominance of world affairs in a 'unipolar' world. It would seek friendly relations with other nations. It would defend Russian citizens and business interests abroad. And it would claim a sphere of influence in the world."

Pakistan government declares ceasefire for Ramadan

"The Pakistani military, which has been criticised by the Bush administration as not pushing hard enough against Taliban militants in the country's tribal areas, has used jet fighters and helicopter gunships in the past three weeks to strike at insurgents pouring over the border to attack American forces in Afghanistan," The New York Times reported. "The air assaults have resulted in more than 400 Taliban casualties in Bajaur, an area of the tribal region where al Qa'eda and the Taliban have forged close ties, and have forced the militants to retreat from villages that they controlled, a military official involved in the operations said. "But on Saturday night, the Pakistani government declared a cease-fire in the area for the Muslim holy month of Ramadan, which begins here on Wednesday. The deal was arranged after the electorally important Jamiat Ulema-e-Islam, a religious party, and legislators from the tribal areas said they would support Asif Ali Zardari for president in return for an end to the airstrikes." Voice of America said: "A Taliban spokesman in Pakistan says Taliban leaders have not instructed fighters to halt attacks during Ramadan, despite the government's announcement that it is suspending military operations in the northwest to allow civilians to observe the holy month. "A Taliban spokesman in restive Swat Valley, Muslim Khan, Sunday said, as of now, militants have no plans to change their tactics."

US presidential election drama

Financial Times commentator Gideon Rachman wrote: "In a column earlier this year, I asked - 'Why is the American election such compelling viewing?' My answer was that it is structured like a soap-opera and - 'the script-writers know how to keep you watching with some new twist to the plot.' Well, hat's off to whoever is writing the latest episodes of 'American President'. We now have two 'you couldn't make it up' developments - Hurricane Gustav smashing into New Orleans and the announcement that Sarah Palin's 17-year-old (Bristol) is pregnant." New York Times columnist William Kristol wrote: "Thursday night, after Barack Obama's well-orchestrated, well-conceived and well-delivered acceptance speech in Denver, Republicans were demoralised. Twenty-four hours later, they were energised - even exuberant. It's amazing what a bold vice-presidential pick who gives a sterling performance when she's introduced will do for a party's spirits. "There are Republicans who are unhappy about John McCain's selection of Sarah Palin. Many are insiders who highly value - who overly value - 'experience.' There are also sensible strategists who nervously note just how big a gamble McCain has taken. "But what was McCain's alternative? To go quietly down to defeat, accepting a role as a bit player in The Barack Obama Story? McCain had to shake up the race, and once he was persuaded not to pick Joe Lieberman, which would have been one kind of gamble, he went all in with Sarah Palin." The Washington Post reported: "Outside his evangelical church in Cedar Rapids, Iowa, on Sunday, David Chung was mobbed by friends and church members suddenly excited about the Republican ticket. 'I had half a dozen people come up to me,' said Chung, a delegate to the Republican National Convention. 'It's a night-and-day change.' "Ralph Reed, former director of the Christian Coalition, reported the same reaction at his church in Atlanta to John McCain's selection of Alaska Gov Sarah Palin as his running mate. 'It's really extraordinary,' Reed said. "For Christian conservatives, who watched with dismay as their issues were ignored or trivialised during the long Republican primary, the surprise addition to the GOP ticket of a woman raised in a Pentecostal church, who once described herself as 'pro-life as any candidate can be,' has transformed an election many had come to regard with indifference. Now Republicans such as Reed - who describes the Palin selection as a 'shot directly into the heart of the evangelical movement' - hope the party will benefit in November from a crucial part of its base that is as energised as the young supporters of Democrat Barack Obama." The New York Times reported: "The 17-year-old daughter of Gov Sarah Palin, John McCain's running mate, is five months pregnant, the Alaskan governor announced Monday, adding a new element of tumult to a Republican convention that had already been disrupted by Hurricane Gustav." Meanwhile, Haaretz reported: "US vice presidential candidate Senator Joe Biden's press secretary vehemently denied on Monday a report that the Democratic candidate had said that Israel would have to reconcile itself to a nuclear Iran. "According to an unsourced report by Army Radio, the senator made the remarks to senior Israeli officials behind closed doors, adding that he opposed 'opening an additional military and diplomatic front.' "Biden, chairman of the powerful Senate Foreign Relations Committee, has long been considered strongly pro-Israel. His nomination as US presidential candidate Barack Obama's running mate had been expected to shore up the Democrats' strength with US Jewish voters." During Barack Obama's acceptance speech at the Democratic convention last week the presidential candidate made a commitment to "finally end our dependence on oil from the Middle East." Writing from Cairo, Time magazine's Scott McLeod said: "Energy supply is going to be a major issue in the Obama-McCain presidential contest. But in singling out 'oil from the Middle East' in discussing America's energy dependence, Obama came uncomfortably too close to exploiting American misunderstandings and fears of Arabs and Muslims for some cheap political post-9/11 gain. "Part of the problem with what Obama said is that it's based on one of the false premises behind the notorious 'sinister Arab' stereotype. In fact, the Middle East is not the main supplier of oil to the US. "Far from it. According to the US government's official statistics for 2007, the US imports 13.4 million barrels per day. That's 58 per cent of its total consumption. Of that, only 2.1 million barrels per day, or 15 per cent of imports, comes from the Middle East."

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

MATCH INFO

Euro 2020 qualifier

Ukraine 2 (Yaremchuk 06', Yarmolenko 27')

Portugal 1 (Ronaldo 72' pen)

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

'The Lost Daughter'

Director: Maggie Gyllenhaal

Starring: Olivia Colman, Jessie Buckley, Dakota Johnson

Rating: 4/5

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
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  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

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The%20specs
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Mobile phone packages comparison
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MIDWAY

Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars

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The Vines - In Miracle Land
Two stars

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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
FA CUP FINAL

Chelsea 1
Hazard (22' pen)

Manchester United 0

Man of the match: Eden Hazard (Chelsea)

Company%20profile
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INDIA'S%20TOP%20INFLUENCERS
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

The Laughing Apple

Yusuf/Cat Stevens

(Verve Decca Crossover)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

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