Turkish Cypriot leader Mehmet Ali Talat gestures to the media as UN special envoy for Cyprus, Alexander Downer, looks on before a meeting with Cypriot President Dimitris Christofias.
Turkish Cypriot leader Mehmet Ali Talat gestures to the media as UN special envoy for Cyprus, Alexander Downer, looks on before a meeting with Cypriot President Dimitris Christofias.

Cyprus peace talks under way



Rival Cypriot leaders met today for the formal launch of intensive UN-backed negotiations to reunify the divided Mediterranean island, after three decades of failed diplomacy. Both seen as pro-settlement moderates, president Demetris Christofias, a Greek Cypriot, and the Turkish Cypriot leader Mehmet Ali Talat, have met five times this year in a renewed push for unity. "Today is an historic day for Cyprus," said the UN chief Ban Ki-moon's special envoy, former Australian foreign minister Alexander Downer, who was at the launch of the talks in the UN-patrolled buffer zone of Nicosia.

Mr Downer said "significant progress" had been made to build confidence and create a solid foundation for the negotiations, which mark the first major push for peace on the island since a failed UN peace plan in 2004. "There have been difficult moments over the past months and there will likely be further difficulties and challenges ahead. At the same time, the Cyprus problem is not insurmountable and the negotiations which begin today can and must have a successful outcome," he said.

Today's meeting is likely to deal with procedural matters and substantive negotiations are to begin on Sept 11, with Mr Christofias and Mr Talat expected to meet at least once a week. The negotiation process has an open-ended timeline but the UN has warned that the talks cannot go on indefinitely without tangible progress. The build-up to the talks has been clouded by the refusal of Turkish Cypriot authorities to allow Greek Cypriot pilgrims to travel via a town in the remote northwest of the island to attend a church service.

However, hundreds of Turkish and Greek-Cypriot peace activists rallied on Monday night in the capital's buffer zone chanting for a reunified Cyprus. Mr Talat, meanwhile, has raised the possibility of a settlement by the end of 2008. "It depends on the Greek-Cypriot side, if they have the will I am sure we can find a solution by the end of the year," he said in a television interview on Monday. He insisted that any deal would have to provide for two politically-equal "constituent states", a concept which has been unpopular among the Greek-Cypriot community which makes up more than 80 per cent of the island's population.

Preparatory talks at committee level since March have been accompanied by confidence-building measures, notably the opening of a crossing in Ledra Street linking south and north in the symbolic heart of old Nicosia. It is the first intensive push for peace since a UN reunification plan was approved by Turkish Cypriots but overwhelmingly rejected by Greek Cypriots, just a week before the island joined the European Union in 2004.

Optimists are pinning their hopes on the personal chemistry and shared left-wing politics of the two leaders. Mr Christofias, who heads the communist-rooted Akel party, was elected in February on a platform of relaunching peace efforts. Mr Talat, who heads the leftist Republican Turkish Party, led the Turkish Cypriot "yes" vote in 2004. Any agreement the leaders reach will then have to be sold to the two communities in simultaneous referendums.

Cyprus has been divided since 1974 when tens of thousands of Turkish troops occupied its northern third in response to an Athens-engineered Greek Cypriot coup seeking union with Greece. The Turkish capital Ankara has always insisted on retaining the right to intervene that it obtained along with London and Athens, in the treaties which gave the island independence from Britain in 1960. * AFP

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

Fixtures

Opening day Premier League fixtures for August 9-11

August 9

Liverpool v Norwich 11pm

August 10

West Ham v Man City 3.30pm

Bournemouth v Sheffield Utd 6pm

Burnley v Southampton 6pm

C Palace v Everton 6pm

Leicester v Wolves 6pm

Watford v Brighton 6pm

Tottenham v Aston Villa 8.30pm

August 11

Newcastle v Arsenal 5pm

Man United v Chelsea 7.30pm

 

The specs

Engine: 2.0-litre four-cylinder turbo

Power: 178hp at 5,500rpm

Torque: 280Nm at 1,350-4,200rpm

Transmission: seven-speed dual-clutch auto

Price: from Dh209,000 

On sale: now

Squads

Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.

India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.

THE%20SWIMMERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESally%20El-Hosaini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ENathalie%20Issa%2C%20Manal%20Issa%2C%20Ahmed%20Malek%20and%20Ali%20Suliman%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A

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.”

FIXTURES

December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm

December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

December 30
3rd/4th place play-off, 5pm
Final, 7pm

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Ogram%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Karim%20Kouatly%20and%20Shafiq%20Khartabil%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20On-demand%20staffing%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2050%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3EMore%20than%20%244%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Series%20A%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%2C%20Aditum%20and%20Oraseya%20Capital%3Cbr%3E%3C%2Fp%3E%0A
RESULT

Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')

 

Man of the Match: Aaron Mooy (Huddersfield Town)