• Sony's game division and Nintendo said they have suspended shipments of software and hardware to Russia. Nintendo said it is suspending shipping all products to Russia "for the foreseeable future... due to considerable volatility surrounding the logistics of shipping and distributing physical goods." AFP
    Sony's game division and Nintendo said they have suspended shipments of software and hardware to Russia. Nintendo said it is suspending shipping all products to Russia "for the foreseeable future... due to considerable volatility surrounding the logistics of shipping and distributing physical goods." AFP
  • Rio Tinto said it "is in the process of terminating all commercial relationships it has with any Russian business". It has an alumina joint venture with Moscow-based United Rusal International. Reuters
    Rio Tinto said it "is in the process of terminating all commercial relationships it has with any Russian business". It has an alumina joint venture with Moscow-based United Rusal International. Reuters
  • McDonald's is temporarily closing all 847 of its restaurants in Russia. AFP
    McDonald's is temporarily closing all 847 of its restaurants in Russia. AFP
  • Starbucks is suspending all business activity in Russia, including shipments of its products and cafes run by licencees. AFP
    Starbucks is suspending all business activity in Russia, including shipments of its products and cafes run by licencees. AFP
  • Coca-Cola is suspending sales in Russia. Coca-Cola said its business in Russia and Ukraine contributed about 1 to 2 per cent of the company's net operating revenue in 2021. Reuters
    Coca-Cola is suspending sales in Russia. Coca-Cola said its business in Russia and Ukraine contributed about 1 to 2 per cent of the company's net operating revenue in 2021. Reuters
  • PepsiCo is suspending sales of its sodas in Russia. It said it would continue to sell daily essentials, such as milk and other dairy offerings, baby formula and baby food, in Russia. Getty Images / AFP
    PepsiCo is suspending sales of its sodas in Russia. It said it would continue to sell daily essentials, such as milk and other dairy offerings, baby formula and baby food, in Russia. Getty Images / AFP
  • Yum Brands, behind KFC and Pizza Hut, also said it was suspending investment in Russia. Reuters
    Yum Brands, behind KFC and Pizza Hut, also said it was suspending investment in Russia. Reuters
  • Toyota is halting production at its plant in St Petersburg, and will halt vehicle shipments to Russia. Reuters
    Toyota is halting production at its plant in St Petersburg, and will halt vehicle shipments to Russia. Reuters
  • Ikea said it would suspend its activities in Russia and Belarus, affecting nearly 15,000 employees, 17 stores and three production sites. AFP
    Ikea said it would suspend its activities in Russia and Belarus, affecting nearly 15,000 employees, 17 stores and three production sites. AFP
  • Honda will stop exports of cars and motorcycles to Russia. EPA
    Honda will stop exports of cars and motorcycles to Russia. EPA
  • Jaguar Land Rover has paused the delivery of its cars to Russia due to "trading challenges".
    Jaguar Land Rover has paused the delivery of its cars to Russia due to "trading challenges".
  • Airbus is suspending sale of parts and support services to airline customers in Russia. Reuters
    Airbus is suspending sale of parts and support services to airline customers in Russia. Reuters
  • Boeing has suspended major operations in Moscow and temporarily closed its office in Kyiv. It is also suspending parts, maintenance and technical support services for Russian airlines. Reuters
    Boeing has suspended major operations in Moscow and temporarily closed its office in Kyiv. It is also suspending parts, maintenance and technical support services for Russian airlines. Reuters
  • Nike has made merchandise purchases on its website and app unavailable in Russia as it cannot guarantee delivery of goods to customers in the country, an update on the sportswear maker's website showed. Bloomberg
    Nike has made merchandise purchases on its website and app unavailable in Russia as it cannot guarantee delivery of goods to customers in the country, an update on the sportswear maker's website showed. Bloomberg
  • German sportswear company Puma has stopped deliveries to Russia, but its 100 stores are open. Getty Images
    German sportswear company Puma has stopped deliveries to Russia, but its 100 stores are open. Getty Images
  • Shell is to exit all its Russian operations, including a major liquefied natural gas plant. The company also plans to end its involvement in the Nord Stream II gas pipeline from Russia to Germany. PA
    Shell is to exit all its Russian operations, including a major liquefied natural gas plant. The company also plans to end its involvement in the Nord Stream II gas pipeline from Russia to Germany. PA
  • BP is exiting its 19.75 per cent shareholding in Russian oil giant Rosneft after pressure from the UK government. BP has operated in Russia for more than 30 years. Reuters
    BP is exiting its 19.75 per cent shareholding in Russian oil giant Rosneft after pressure from the UK government. BP has operated in Russia for more than 30 years. Reuters
  • ExxonMobil will cease operations in Russia and refrain from making new investments in the country. It holds a 30 per cent stake, alongside Rosneft, Japan's Sodeco and India's ONGC Videsh, in the Sakhalin Island oil and gas fields in Russia’s far east. Its business in the country is valued at more than $4 billion. AFP
    ExxonMobil will cease operations in Russia and refrain from making new investments in the country. It holds a 30 per cent stake, alongside Rosneft, Japan's Sodeco and India's ONGC Videsh, in the Sakhalin Island oil and gas fields in Russia’s far east. Its business in the country is valued at more than $4 billion. AFP
  • Eni said it would withdraw from the Blue Stream gas pipeline linking Russia to Turkey, in which it has a 50 per cent stake. The company controls the gas pipeline -- which links the two countries via the Black Sea -- equally with Russian energy giant Gazprom. Reuters
    Eni said it would withdraw from the Blue Stream gas pipeline linking Russia to Turkey, in which it has a 50 per cent stake. The company controls the gas pipeline -- which links the two countries via the Black Sea -- equally with Russian energy giant Gazprom. Reuters
  • British Gas owner Centrica has said it will exit gas supply agreements with its Russian counterparts, including Gazprom. Centrica said it currently has a medium-term contract with Gazprom Marketing and Trading, the Russian energy company's UK entity, through which gas can be sourced from the open market. Reuters
    British Gas owner Centrica has said it will exit gas supply agreements with its Russian counterparts, including Gazprom. Centrica said it currently has a medium-term contract with Gazprom Marketing and Trading, the Russian energy company's UK entity, through which gas can be sourced from the open market. Reuters
  • Norwegian energy group Equinor said it will start the process of divesting from its joint ventures in Russia. Reuters
    Norwegian energy group Equinor said it will start the process of divesting from its joint ventures in Russia. Reuters
  • HSBC said it was starting to wind down relations with a host of Russian banks including the second-largest, VTB, one of those targeted by sanctions, a memo seen by Reuters showed. AFP
    HSBC said it was starting to wind down relations with a host of Russian banks including the second-largest, VTB, one of those targeted by sanctions, a memo seen by Reuters showed. AFP
  • Volkswagen suspended deliveries of cars to dealers in Russia. 'Deliveries are to resume as soon as the effects of the sanctions imposed by the European Union and the United States have been clarified', a VW representative said. AP
    Volkswagen suspended deliveries of cars to dealers in Russia. 'Deliveries are to resume as soon as the effects of the sanctions imposed by the European Union and the United States have been clarified', a VW representative said. AP
  • Swedish automaker Volvo Cars said it would suspend car shipments to the Russian market until further notice, becoming the first international car maker to do so. Supplied
    Swedish automaker Volvo Cars said it would suspend car shipments to the Russian market until further notice, becoming the first international car maker to do so. Supplied
  • GM said it would suspend all vehicle exports to Russia until further notice. The Detroit company does not have plants in Russia, only sells about 3,000 vehicles annually in the country and has limited supply-chain exposure. AFP
    GM said it would suspend all vehicle exports to Russia until further notice. The Detroit company does not have plants in Russia, only sells about 3,000 vehicles annually in the country and has limited supply-chain exposure. AFP
  • Danish shipping giant Maersk said that it would stop taking new non-essential orders to and from Russia, owing to sanctions imposed over Moscow's invasion of Ukraine. AFP
    Danish shipping giant Maersk said that it would stop taking new non-essential orders to and from Russia, owing to sanctions imposed over Moscow's invasion of Ukraine. AFP
  • Singapore-headquartered container shipping company Ocean Network Express has suspended bookings to and from Russia. Reuters
    Singapore-headquartered container shipping company Ocean Network Express has suspended bookings to and from Russia. Reuters
  • AerCap Holdings, the world's biggest plane lessor with about 5 per cent of its fleet leased to Russian airlines, said it will stop trading with Russian customers. Reuters
    AerCap Holdings, the world's biggest plane lessor with about 5 per cent of its fleet leased to Russian airlines, said it will stop trading with Russian customers. Reuters
  • US-based United Parcel Service said it is halting delivery services to Russia and Ukraine. Bloomberg
    US-based United Parcel Service said it is halting delivery services to Russia and Ukraine. Bloomberg
  • FedEx also said it is temporarily suspending inbound and outbound services to Ukraine and inbound services to Russia until further notice. AP
    FedEx also said it is temporarily suspending inbound and outbound services to Ukraine and inbound services to Russia until further notice. AP
  • Microsoft said it would remove Russian state-owned media outlet RT's mobile apps from its Windows App store and ban ads on Russian state-sponsored media. Reuters
    Microsoft said it would remove Russian state-owned media outlet RT's mobile apps from its Windows App store and ban ads on Russian state-sponsored media. Reuters
  • Google has barred RT and other Russian channels from receiving money for ads on websites, apps and YouTube videos. Reuters
    Google has barred RT and other Russian channels from receiving money for ads on websites, apps and YouTube videos. Reuters
  • German heavy-goods vehicle group Daimler Truck has said it will cease its co-operation with Russian lorry-maker Kamaz. AFP
    German heavy-goods vehicle group Daimler Truck has said it will cease its co-operation with Russian lorry-maker Kamaz. AFP
  • Motorcycle maker Harley-Davidson has suspended shipments of its bikes to Russia. Pictured, Russian President Vladimir Putin. Reuters
    Motorcycle maker Harley-Davidson has suspended shipments of its bikes to Russia. Pictured, Russian President Vladimir Putin. Reuters
  • Facebook owner Meta Platforms has restricted access to accounts run by Sputnik and RT in the EU. Reuters
    Facebook owner Meta Platforms has restricted access to accounts run by Sputnik and RT in the EU. Reuters
  • Apple has paused all product sales and limited the functionality of other services in Russia. Reuters
    Apple has paused all product sales and limited the functionality of other services in Russia. Reuters

McDonald's and Starbucks in Russia to temporarily close


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Live updates: follow the latest news on Russia-Ukraine

McDonald's said on Tuesday it would temporarily close all 847 of its restaurants in Russia, increasing pressure on other global brands to pause operations in the country following Moscow's invasion of Ukraine.

Starbucks followed suit on Tuesday, and PepsiCo and Coca-Cola announced their halt of sales apart from essential goods.

Yum Brands, behind KFC and Pizza Hut, also said it was suspending investment in Russia.

The closure of the McDonald’s restaurants holds particular significance for Russia, where the first shop to open in central Moscow in 1990 became a symbol of flourishing American capitalism as the Soviet Union fell.

McDonald's said it would continue to pay salaries to its 62,000 employees in Russia.

Because of its large size and global reach, the chain is often copied by other companies if it takes a stance on an issue or makes a major operational change.

“If they decide to do something, then probably others will follow,” said international franchise consultant William Edwards.

Major global brands, including McDonald's and Pepsi, have been pressured to pause operations in Russia by bodies including the New York state's pension fund. Russia calls its actions in Ukraine a “special operation".

Coffee company Starbucks said on Tuesday that it is suspending all business activity in Russia, including shipments of its products and cafes run by licencees.

The company said that Kuwait-based Alshaya Group, which operates at least 100 Starbucks cafes in Russia, will "provide support to the nearly 2,000 partners in Russia who depend on Starbucks for their livelihood".

Yum Brands, parent company of fried chicken chain KFC, is pausing investment in Russia, a key market that helped the brand achieve record development last year, the company said.

The company has at least 1,000 KFC and 50 Pizza Hut shops in Russia that are nearly all run by independent franchisees.

It said in a post on its website dated Monday that it had "suspended all investment and restaurant development in Russia while we continue to assess additional options".

A patron drinks a coffee in Starbucks cafe in St Petersburg, Russia, in November 2021. EPA
A patron drinks a coffee in Starbucks cafe in St Petersburg, Russia, in November 2021. EPA

Coca-Cola Co and PepsiCo said on Tuesday they were suspending sales of their sodas in Russia.

Coca-Cola said its business in Russia and Ukraine contributed about 1 to 2 per cent of the company's net operating revenue in 2021.

PepsiCo, whose colas were one of the few western products allowed in the Soviet Union before its collapse, said it would continue to sell daily essentials, such as milk and other dairy offerings, baby formula and baby food, in Russia.

McDonald's opened in Pushkin Square 32 years ago as the Soviet Union was collapsing. That new restaurant represented the thawing Cold War tension at a time when some young Russians were desperate to buy blue jeans and other Americana.

“It's impossible to predict when we might be able to reopen our restaurants in Russia,” McDonald's chief executive Chris Kempczinski said in a note sent to staff on Tuesday and posted on the company's website.

“We are experiencing disruptions to our supply chain along with other operational impacts. We will also closely monitor the humanitarian situation.”

Of its nearly 850 Russian shops, 84 per cent are owned by the company and the rest are run mostly by one Moscow-based franchisee, Rosinter Restaurants Holding.

  • A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
    A Ukrainian serviceman walks past the vertical tail fin of a Russian Su-34 bomber lying in a damaged building in Kharkiv, Ukraine. AP Photo
  • An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
    An apartment building damaged after shelling in Kharkiv, Ukraine. AP Photo
  • A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
    A woman puts her head in her hands as she sits on a cot in a shelter, set up for displaced persons fleeing Ukraine, inside a school gymnasium in Przemysl, Poland. AP Photo
  • Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
    Belarussian and suspected Russian helicopters on the flight line at Machulishchy Air Base outside Minsk, Belarus. AP Photo
  • Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
    Children look on as people fleeing Russia's invasion of Ukraine shelter in a school, in Drohobych, Ukraine. Reuters
  • Families eat in the shelter. Reuters
    Families eat in the shelter. Reuters
  • A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
    A woman looks out from a building damaged by Russian shelling in Mykolaiv, 100 kilometres away from Odesa, western Ukraine. AFP
  • A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
    A wounded Ukrainian man waits in the corridor of the central hospital of Mykolaiv. AFP
  • An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
    An elderly woman is carried in a shopping cart after being rescued from Irpin, on the outskirts of Kyiv, Ukraine. AP
  • A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
    A woman reacts as a train carrying children from Kyiv's Central Children's Hospital leaves the Ukrainian capital on its way to Lviv. Reuters
  • A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
    A girl sits in an improvised bomb shelter in Mariupol, Ukraine. AP
  • An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
    An elderly woman is coated in snow as she sits in a wheelchair after being rescued from Irpin. AP
  • Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
    Belarusian volunteers take part in military exercises at the Belarusian Company base in Kyiv. AP
  • Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
    Lessa, left, director of a nursery school turned into a refugee shelter, cries as she hugs Olega, who arrived from Kyiv with her baby, near Lviv. EPA
  • Ukrainians pass a damaged bridge as they flee from Irpin. AP
    Ukrainians pass a damaged bridge as they flee from Irpin. AP
  • A man carries an elderly woman as people continue to leave Irpin. AP
    A man carries an elderly woman as people continue to leave Irpin. AP
  • A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
    A soldier stands on a barricade made of sandbags in central Odesa, Ukraine. Reuters
  • A charred Russian tank and captured tanks in the Sumy region. Reuters
    A charred Russian tank and captured tanks in the Sumy region. Reuters
  • People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
    People rest at a temporary shelter for Ukrainian refugees in Przemysl, Poland. AFP
  • Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
    Ukraine's ambassador to the Netherlands, Maksym Kononenko, third right, and his wife Tetiana Doroshenko, fourth left, attend a meeting of members of the Ukrainian community with Dutch King Willem-Alexander, third left, and Queen Maxima, second left, to discuss the situation in Ukraine, in The Hague. EPA
  • A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
    A Ukrainian soldier looks at the destruction after shelling in Ukraine's second-largest city of Kharkiv. AFP
  • A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
    A refugee holds her dog as they wait for trains to Poland in Lviv, Ukraine. Reuters
  • A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
    A woman ties ribbons in Ukrainian national flag colours in a girl's hair as people wait at a refugee assistance centre in Prague, Czech Republic. EPA
  • A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
    A Ukrainian soldier carries an elderly woman crossing the Irpin river on the outskirts of Kyiv. AP
  • Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
    Lena, who had never left Ukraine before fleeing into Moldova, feeds Dasha, 3, soon after crossing the border. Erin Clare Brown for The National
  • Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
    Refugees without immediate plans to move further inland can stay the night in tents set up on Moldova's side of the border. Erin Clare Brown for The National
  • Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
    Tatiana and her son wait for a van that will carry them from the Moldovan border to Chisinau. Erin Clare Brown for The National
  • Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
    Each night, the Palanca refugee camp in Moldova feeds up to 300 people who arrive with no onward plans. Erin Clare Brown for The National
  • People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
    People pass a damaged bridge while fleeing the town of Irpin, close to the Ukrainian capital of Kyiv. AP
  • A Ukrainian soldier stands guard next to a church in Irpin. EPA
    A Ukrainian soldier stands guard next to a church in Irpin. EPA
  • A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
    A firefighter holds the baby of a Ukrainian refugee at the border in Romania. AP
  • Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
    Ukrainian President Volodymyr Zelenskyy speaks in Kyiv. Reuters
  • A Ukrainian soldier at a checkpoint in Kyiv. AP
    A Ukrainian soldier at a checkpoint in Kyiv. AP
  • Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
    Ukrainian activist Ihor Mazur, left, a veteran of the war in the country's east, looks at a night-vision device in Kyiv. AP
  • Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
    Ambassadors attend a UN Security Council meeting on threats to international security after Russia's invasion of Ukraine, in New York. Reuters
  • Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
    Ukraine's UN ambassador Sergey Kyslytsya holds a paper with an image of Russia's Foreign Minister Sergey Lavrov as he addresses the Security Council in New York. Reuters
  • A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
    A road sign put up in support of Mr Zelenskyy outside Russia's embassy in Washington. AFP
  • Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
    Ukrainian refugees at the train station in Lviv, western Ukraine. EPA
  • Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
    Lethal and non-lethal Ukrainian aid is loaded on to a plane bound for Poland by Canadian soldiers in Trenton, Ontario. Reuters
  • Volunteers carry medical aid and necessities at a train station in Lviv. EPA
    Volunteers carry medical aid and necessities at a train station in Lviv. EPA
  • Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
    Everton players wear T-shirts in support of Ukraine as they warm up for an English Premier League football match against Tottenham Hotspur. AP
  • A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
    A residential building damaged by Russian shelling in Chernihiv, Ukraine. Reuters
  • A man walks past a checkpoint in heavy snow in Lviv. Getty
    A man walks past a checkpoint in heavy snow in Lviv. Getty
  • A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
    A man fleeing fighting in Irpin waits to cross a river after Russian forces entered the city. Getty
  • Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
    Soldiers assist Irpin residents underneath a damaged bridge as they flee. Getty
  • Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
    Ukrainian civilians who volunteered to join the Territorial Defence Forces take part in a training exercise in Odesa after Russia's invasion. Reuters
  • Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
    Men carry a body to a lorry as people flee from the frontline town of Irpin. EPA
  • A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
    A Ukrainian police officer runs with a child as the sound of shelling echoes nearby in Irpin. AP
  • Parents and children struggle to board a train in Lviv. AP
    Parents and children struggle to board a train in Lviv. AP
Match info

Deccan Gladiators 87-8

Asif Khan 25, Dwayne Bravo 2-16

Maratha Arabians 89-2

Chadwick Walton 51 not out

Arabians won the final by eight wickets

Turkish Ladies

Various artists, Sony Music Turkey 

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

Raghida Dergham: We have to bounce back

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The biog:

Favourite book: The Leader Who Had No Title by Robin Sharma

Pet Peeve: Racism 

Proudest moment: Graduating from Sorbonne 

What puts her off: Dishonesty in all its forms

Happiest period in her life: The beginning of her 30s

Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"

Role model: Everyone. A child can be my role model 

Slogan: The queen of peace, love and positive energy

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil 

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.”

Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm

Iraq negotiating over Iran sanctions impact
  • US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
  • Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
  • Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
  • Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
  • Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
  • The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
  • Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
  • Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Updated: March 09, 2022, 6:31 AM