Ukraine is currently enduring some of the worst attacks since the start of this war, the UN said on Thursday.
“Not a day passes without air strikes shattering the lives of yet more families across the country,” UN official Edem Wosornu told the 15 members of the UN Security Council, speaking on behalf of humanitarian chief Martin Griffiths.
No region of Ukraine has been spared in the war, she added.
According to the UN, about 10,810 civilians have been killed and more than 20,550 injured since February, 2022.
In recent weeks, Ukraine has accused Russia of carrying out bombings and then hitting the same site again once emergency personnel are on site.
Ms Wosornu said that at least 14.6 million people, 56 per cent of them women and girls, require urgent humanitarian assistance.
Miroslaw Jenca, the UN's assistant Secretary General for Europe, said “the current trajectory of escalation of this war is a direct threat to regional stability and international security”.
“Most of all, it is an existential threat to the people of Ukraine,” Mr Jenca said, making specific reference to attacks on Ukraine's energy installations.
The US deputy ambassador to the UN Robert Wood accused Moscow of attacking Ukraine’s power generation facilities as well as its electricity grid in an attempt to destroy grain and food products.
“Ukraine continues its efforts to feed the world's most vulnerable … such as Ethiopia, Somalia, Yemen, Nigeria, Sudan and Kenya,” said Mr Wood.
“Ukrainian grain is also destined for Gaza.”
Ukraine-Russia conflict latest – in pictures
The “complicated and protracted” conflict is a cause for concern, said China’s representative.
“There are no winners in conflicts or wars, dialogue and negotiation represent the only viable way out of the Ukraine crisis,” Geng Shuang said.
Switzerland announced on Wednesday that a high-level conference on the Ukraine conflict would be held in mid-June but without Russia.
Ukraine and up to 100 countries would attend the conference at the Burgenstock resort near the central city of Lucerne, hosted by the Swiss President Viola Amherd.
Russia's Foreign Ministry spokeswoman Maria Zakharova criticised the Ukrainian President Volodymyr Zelenskyy’s “peace formula” which calls for the withdrawal of Russian troops from Ukrainian territory, financial reparations from Moscow and the creation of a special tribunal to judge Russian officials.
“It is common knowledge that the 'Zelenskyy formula' does not envisage compromises or alternatives and totally ignores the proposals of China, Brazil, African and Arab states,” Ms Zakharova said.
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
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The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
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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.”
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Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
More on Palestine-Israeli relations
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Company%20profile
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Scoreline
Chelsea 1
Azpilicueta (36')
West Ham United 1
Hernandez (73')
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The%20Specs
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The Written World: How Literature Shaped History
Martin Puchner
Granta
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000