US President Joe Biden on the phone with Israeli Prime Minister Benjamin Netanyahu on April 4. Reuters
US President Joe Biden on the phone with Israeli Prime Minister Benjamin Netanyahu on April 4. Reuters
US President Joe Biden on the phone with Israeli Prime Minister Benjamin Netanyahu on April 4. Reuters
US President Joe Biden on the phone with Israeli Prime Minister Benjamin Netanyahu on April 4. Reuters

Biden speaks to Netanyahu as US left out of Israel's Iran retaliatory attack plans


Jihan Abdalla
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US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu spoke on Wednesday for the first time since August, as tension increases between the two and Israel remains quiet about its plans to retaliate against Iran's missile attack last week.

Since they last spoke, Mr Netanyahu's government has launched attacks against Iran-backed Hezbollah, sometimes only notifying Washington afterwards, such as with last month's killing of Hezbollah leader Hassan Nasrallah.

Israeli Defence Minister Yoav Gallant was supposed to visit the Pentagon on Wednesday to discuss Israel's operations. But Israel scrapped the visit at the last minute as it continues its ground invasion of Lebanon and its year-long campaign in Gaza. Israeli media reported that Mr Netanyahu had wanted to speak with Mr Biden first.

Veteran US journalist Bob Woodward on Tuesday published his latest book, War, that included revelations about Mr Biden's frustrations with Mr Netanyahu, who has sidelined the US leader and ignored US-backed calls for ceasefires in Gaza and Lebanon.

The last time Mr Biden held a call with Mr Netanyahu was on August 21, according to the White House.

The Israeli leader has vowed to retaliate after Iran fired nearly 200 ballistic missiles at Israel last week. Mr Biden, who has less than four months remaining in office, has said that he would not support Israeli strikes on Iranian oil installations or nuclear sites, and has urged Israel to respond “proportionately”.

Press secretary Karine Jean-Pierre said Wednesday's 30-minute call was "direct, productive" and addressed a range of issues. She said Vice President Kamala Harris had joined the call.

"The President affirmed Israel’s right to protect its citizens from Hezbollah, which has fired thousands of missiles and rockets into Israel over the past year alone, while emphasising the need to minimise harm to civilians, in particular in the densely populated areas of Beirut," according to the White House.

"The President affirmed his ironclad commitment to Israel’s security. He condemned unequivocally Iran’s ballistic missile attack against Israel on October 1."

Israeli ambassador to the UN Danny Danon said the call was "positive", but added that Israel would retaliate against Iran.

"I want to make it clear it was the largest attack in history, what we experienced the last week, coming from Iran," Mr Danon said. "We will choose the locations. It will be painful for the Iranian regime."

Mr Biden has maintained that Israel has a right to go after Iranian-backed groups that have launched attacks against it, including Hamas and Hezbollah. But he is facing criticism at home and abroad over his staunch military and diplomatic support of Israel, as is Ms Harris, the Democratic presidential candidate in the November 5 election.

The US had tried – and failed – to mediate a ceasefire and hostage release deal to end the Israel-Gaza war that has killed more than 42,000 Palestinians and reduced much of the coastal enclave to rubble. It began after the Hamas-led attacks on southern Israel on October 7, 2023, in which 1,200 people were killed.

The US also initially sought to broker a 21-day ceasefire in Lebanon.

Israel invaded southern Lebanon on October 1 in what it said would be a “limited” effort to destroy Hezbollah. But Mr Netanyahu has since used increasingly stronger language, bringing concerns of a drawn-out war in the country, which will be similar to that in Gaza.

More than 2,000 people have been killed in Lebanon so far and aerial footage on Wednesday showed at least two villages had been completely flattened.

Adla Massoud contributed to this report from the UN

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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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Sri Lanka v England

First Test, at Galle
England won by 211

Second Test, at Kandy
England won by 57 runs

Third Test, at Colombo
From Nov 23-27

Day 3, Dubai Test: At a glance

Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.

Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.

The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.

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4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
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MATCH INFO

BRIGHTON 0

MANCHESTER UNITED 3

McTominay 44'

Mata 73'

Pogba 80'

Results

5pm: Reem Island – Conditions (PA) Dh80,000 (Turf) 1,600m; Winner: Farasah, Antonio Fresu (jockey), Musabah Al Muhairi

5.30pm: Sir Baniyas Island – Maiden (PA) Dh80,000 (T) 1,400m; Winner: SSR Ghazwan, Antonio Fresu, Ibrahim Al Hadhrami

6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,400m; Winner: Astral Del Sol, Sean Kirrane, Ibrahim Al Hadhrami

6.30pm: Al Maryah Island – Maiden (PA) Dh80,000 (T) 2,200m; Winner: Toumadher, Dane O’Neill, Jaber Bittar

7pm: Yas Island – Handicap (PA) Dh80,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

7.30pm: Saadiyat Island – Handicap (TB) Dh80,000 (T) 2,400m; Winner: Celestial Spheres, Gary Sanchez, Ismail Mohammed

UAE currency: the story behind the money in your pockets
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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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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Scores:

Day 4

England 290 & 346
Sri Lanka 336 & 226-7 (target 301)

Sri Lanka require another 75 runs with three wickets remaining

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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Updated: October 09, 2024, 8:48 PM