US President Joe Biden delivers a speech on Pointe du Hoc clifftop as part of the D-Day commemorations marking the 80th anniversary of the Second World War Allied landings in Normandy. AFP
US President Joe Biden delivers a speech on Pointe du Hoc clifftop as part of the D-Day commemorations marking the 80th anniversary of the Second World War Allied landings in Normandy. AFP
US President Joe Biden delivers a speech on Pointe du Hoc clifftop as part of the D-Day commemorations marking the 80th anniversary of the Second World War Allied landings in Normandy. AFP
US President Joe Biden delivers a speech on Pointe du Hoc clifftop as part of the D-Day commemorations marking the 80th anniversary of the Second World War Allied landings in Normandy. AFP

Biden says US will fight hateful ideologies during D-Day 80th anniversary speech


Sunniva Rose
  • English
  • Arabic

President Joe Biden on Friday said that America would defend democracy and oppose hateful ideologies as he paid tribute to WWII veterans during a D-Day commemoration event in France.

During a speech at a cliff face on Normandy's Pointe du Hoc, Mr Biden said that the US would continue its fight against dictators and authoritarianism abroad.

Mr Biden urged Americans to remember the US Army Rangers whose dramatic heroism on Omaha and Utah beach during D-Day helped secure an allied victory against German forces.

Opposition to Russian President Vladimir Putin's invasion of Ukraine was a continuation of the same fight for freedom, he said during the 80th anniversary event, which was attended by politicians and D-Day veteran John Wardell.

"They’re not asking us to scale these cliffs. They’re asking us to stay true to what America stands for.

"Does anyone doubt that they would stand up against Putin's aggression here in Europe today?," he said in an apparent dig at his political rival Donald Trump.

"Does anyone doubt they wouldn’t move heaven and earth to vanquish hateful ideologies of today?"

Mr Biden earlier pledged his support for Ukraine and announced $225 million in aid to help the country rebuild its electricity grid, when he met its President, Volodymyr Zelenskyy, for talks in France.

“The United States will stand with you,” Mr Biden told Mr Zelenskyy in a bilateral meeting at a Paris hotel, after both had attended an earlier D-Day commemorations in northern France on Thursday.

D-Day Veteran John Wardell, bottom right, sits next to US Secretary of State Antony Blinken and Secretary of Defence Lloyd Austin as President Joe Biden delivers a speech. AP
D-Day Veteran John Wardell, bottom right, sits next to US Secretary of State Antony Blinken and Secretary of Defence Lloyd Austin as President Joe Biden delivers a speech. AP

Mr Biden also expressed regret for the delay in getting new aid through Congress. In April, Mr Biden signed into law a $61 billion package of military support for Ukraine, after it had been held up for months by some Republicans.

“We're still in,” he told Mr Zelenskyy.

The meeting was their first face-to-face encounter since Mr Zelenskyy visited Washington last December, when the leaders pressed Republicans to overcome opposition in their party to more support for Ukraine.

The D-Day celebrations – which excluded Russia – were an opportunity for Ukraine's allies to show their support for Kyiv.

In a live TV broadcast on Thursday evening, French President Emmanuel Macron pledged to provide Mirage 2000-5 warplanes to Ukraine. Pilots will be trained in France over several months to use the jets. Their primary aim is to intercept drones and missile attacks.

Mr Macron has rejected claims that this represents escalation against Russia, pointing instead at Ukrainian demands.

Ukraine’s President Volodymyr Zelenskyy at the National Assembly in Paris, where he thanked France for its support. AFP
Ukraine’s President Volodymyr Zelenskyy at the National Assembly in Paris, where he thanked France for its support. AFP

Kremlin spokesman Dmitry Peskov said it demonstrated France's “readiness” to directly participate in the war in Ukraine.

In a half-hour speech in front of the French National Assembly on Friday, Mr Zelenskyy thanked France for supporting his country.

“France, I thank you for being alongside us to defend life,” Mr Zelenskyy said in French, before switching back to Ukrainian.

“Your combat aviation, brilliant fighter jets under Ukrainian pilots' command will prove that Europe is stronger, stronger than evil which dared to threaten it.”

The Ukrainian leader drew comparisons with D-Day, on June 6, 1944, when Allied troops landed in Normandy to liberate Nazi-occupied Europe.

“Now, just like 80 years ago, we can prove it – the power of our unity, the power of our alliance, the power of our shared ideals,” he said.

Mr Zelenskyy said Russian President Vladimir Putin represented a threat for the entire world.

“The Russian regime knows no limits. Europe is no longer enough for him,” he said.

Mr Putin “has destroyed Syria” and “causes trouble” in the Sahel,” said the Ukrainian leader.

“He is blackmailing the whole world so that the world is afraid of him. He will also find the way and the faith to destabilise you, to destabilise Europe,” said Mr Zelenskyy.

Mr Putin recently warned that he could provide long-range missiles to allied countries to hit western targets, after Ukraine's allies gave the go-ahead for Kyiv to use western-supplied weapons to hit Russian military targets on Russian soil.

The National Assembly, which gave Mr Zelenskyy several standing ovations, was half empty, in what local TV described as a consequence of the upcoming European election on Sunday, with lawmakers campaigning.

Mr Zelenskyy also made a stopover at the Defence Ministry where European defence company KNDS officially announced the creation of a branch in Ukraine.

The Ukrainian leader is scheduled to have dinner with Mr Macron in Paris after a joint press conference.

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Jordan cabinet changes

In

  • Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
  • Dr Bassam Samir Al Talhouni, Minister of Justice
  • Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
  • Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
  • Falah Abdalla Al Ammoush, Minister of Public Works and Housing
  • Basma Moussa Ishakat, Minister of Social Development
  • Dr Ghazi Monawar Al Zein, Minister of Health
  • Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
  • Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth

Out

  • Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
  • Hala Noaman “Basiso Lattouf”, Minister of Social Development
  • Dr Mahmud Yassin Al Sheyab, Minister of Health
  • Yahya Moussa Kasbi, Minister of Public Works and Housing
  • Nayef Hamidi Al Fayez, Minister of Environment
  • Majd Mohamed Shoueika, Minister of Public Sector Development
  • Khalid Moussa Al Huneifat, Minister of Agriculture
  • Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
  • Mounir Moussa Ouwais, Minister of Water and Agriculture
  • Dr Azmi Mahmud Mohafaza, Minister of Education
  • Mokarram Mustafa Al Kaysi, Minister of Youth
  • Basma Mohamed Al Nousour, Minister of Culture
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Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

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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The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

Updated: June 07, 2024, 4:31 PM