Trump and Vance assail Zelenskyy in White House meeting, cutting his visit short


Jihan Abdalla
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US President Donald Trump and Vice President JD Vance berated Volodymyr Zelenskyy in the Oval Office on Friday, accusing the Ukrainian leader of not being "thankful" enough for American support in a bitter exchange that played out in front of journalists.

Mr Trump said Mr Zelenskyy was being disrespectful after he pushed for US security commitments to keep his country safe from further Russian aggression. Mr Trump said the Ukrainian leader was in no position to be demanding concessions.

Also read: What did Trump and Vance say to Zelenskyy during their White House fight?

The extraordinary confrontation capped a more than 40-minute White House meeting that was supposed to serve as a prelude to the signing of a rare earth minerals deal.

Shortly after the meeting, Mr Trump said on his Truth Social platform that the Ukrainian President "is not ready for peace" if the US is involved.

"He disrespected the United States of America in its cherished Oval Office. He can come back when he is ready for peace,” Mr Trump wrote.

Mr Zelenskyy left the White House an hour later, and the minerals deal signing ceremony that was supposed to be followed by a joint press conference was cancelled.

"You’re gambling with the lives of millions of people," Mr Trump said during the exchange. "You’re gambling with World War Three, and what you’re doing is very disrespectful to the country, this country that’s backed you far more than a lot of people say they should have.”

A White House official speaking on background said it was the US President's decision to call off the signing of the minerals deal.

"You got to be more thankful, because, let me tell you, you don't have the cards. With us, you have the cards, but without us, you don't have any cards," Mr Trump said in the three-way exchange in which the leaders talked over each other.

"You're either going to make a deal or we're out."

Mr Trump's tough stance gathered support among some Republican leaders, who said that the President and Vice President "stood up" for America.

"The death and destruction of the Russian-provoked war needs to stop immediately, and only our American President can put these two countries on a path to lasting peace," House Speaker Mike Johnson said. "President Zelenskyy needed to acknowledge that, and accept the extraordinary mineral rights partnership proposal that President Trump put on the table."

Republican Senator Lindsey Graham said at the White House: "He [Mr Zelenskyy] either needs to resign and send somebody over that we can do business with, or he needs to change."

The breakdown began after Mr Vance told Mr Zelenskyy: “Mr President, with respect. I think it’s disrespectful for you to come to the Oval Office to try to litigate this in front of the American media.”

The exchange will be viewed as an unmitigated disaster for European countries that have spent recent weeks on a charm offensive aimed at making Mr Trump more sympathetic to the Ukrainian cause.

After the meeting Mr Zelenskyy appeared to try to strike a conciliatory tone, thanking the American people, though he did not name Mr Trump by name.

"Thank you America, thank you for your support, thank you for this visit. Thank you, Congress, and the American people," Mr Zelenskyy wrote on X. "Ukraine needs just and lasting peace, and we are working exactly for that."

He was due to speak at a think tank in Washington later on Friday but the event was cancelled. In a Fox News interview, Mr Zelenskyy said that Ukraine won’t enter peace talks with Russia until it has security guarantees against another offensive.

The exchange left many long-time analysts dumbfounded.

“This is really unusual,” Mark Katz, a professor emeritus at George Mason University and nonresident senior fellow at the Atlantic Council, told The National.

“I mean, usually meetings between heads of states like this are pretty much scripted in advance, and so you wouldn't have something like this," Mr Katz said adding that the meeting is likely to have left European and Nato allies deeply concerned.

“I think it's really bad,” he said.

Danish Foreign Minister Lars Lokke Rasmussen wrote on Facebook that the Oval Office exchange was "a punch in the gut for Ukraine."

"There must be room for robust conversations - even between friends. But when it happens in front of rolling cameras like that, there is only one winner. And he sits in the Kremlin," he wrote.

Earlier in the meeting, Mr Trump had said the US would continue to provide military assistance to Ukraine, but said he hoped that not too much aid would be forthcoming.

“We’re not looking forward to sending a lot of arms,” Mr Trump said. “We’re looking forward to getting the war finished so we can do other things.”

Willy Lowry contributed to this report from Washington

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One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

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.”

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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