It was not so long ago that French President Emmanuel Macron declared Nato to be “brain dead”, that Europe was “on the edge of a precipice”, and if the continent did not “wake up”, its peoples might “no longer be in control of our destiny". He was far from alone.
Britain’s departure from the EU was widely viewed as a catastrophe that seriously weakened the bloc, while former Belgian prime minister Guy Verhofstadt criticised the EU for “always acting too little too late”. In 2020, the US-based Atlantic Council asked “Is Nato still relevant?”, and many wondered whether the alliance really would collectively go to war if one its newest members – North Macedonia, or Montenegro, say – suffered a border incursion.
Now the consensus is that Russia’s invasion of Ukraine has united both Europe and the much-expanded Atlantic alliance as never before. Germany has managed to slough off its historically understandable semi-pacific stance, with its parliament voting last Friday for a constitutional amendment to create a €100 billion ($107bn) defence fund. "This is the moment in which Germany says we are there when Europe needs us," said Foreign Minister Annalena Baerbock. Even critics of Nato enlargement can see the logic now of Sweden and Finland applying to join.
On the back of the Aukus security pact between the US, the UK and Australia announced last September, there is now ambitious talk of a “global Nato”, with British Foreign Minister Liz Truss particularly vocal on the subject. “Nato must have a global outlook, ready to tackle global threats,” she said in a speech in April. “We need to pre-empt threats in the Indo-Pacific, working with allies like Japan and Australia to ensure that the Pacific is protected.”
All sorts of predictions could be upended if climate change wreaks its worst
US President Joe Biden may not be particularly popular at home, but it would be easy to believe that the American-led world order has found its mojo again, and is now prepared to go on the offensive to secure its dominance for decades to come. This, however, would be an illusion for two reasons. Firstly, the “world” has not come together over Ukraine. Europe, most of the Anglosphere and their allies have, yes. But much of Asia and Africa has remained essentially on the sidelines, partly because of degrees of reliance on Russian arms and the grains supplied by both Russia and Ukraine, and partly out of a sense that they do not wish to take sides too strongly over a far-away conflict that is not of their making; and anyway, both continents have plenty of their own crises to deal with.
Secondly, a US- and Europe-led world is simply not sustainable for long. By mid-century, and definitely by the end of the century, the Earth will be a hugely different place. Take Europe. According to one survey, EU 28 countries – that is, the current EU members plus the UK – made up 13 per cent of the global population in 1960, but are predicted to account for only 4 per cent by 2100. Similarly, while they accounted for more than one third of global GDP in 1960, by the end of the century that is expected to shrink to less than one tenth.
Modelling by Bloomberg has China outranking the US as the world’s biggest economy by 2035, with India overtaking Japan as the third largest by 2033, and Indonesia taking fourth place and Brazil the seventh by 2050. Multiple studies suggest that Africa’s population will triple by the end of the century, and that even by 2050, two in every five children will be born in the continent.
Now all sorts of predictions could be upended if climate change wreaks its worst.
A World Economic Forum report forecast that if global temperature rises by more than three degrees by 2100, “Australia, North Africa, and parts of the western United States might be entirely abandoned”, the equatorial belt would become “mostly uninhabitable”, Himalayan, Alpine, and Andean glaciers would have almost disappeared, resulting in acute water insecurity, more people would be starving than ever before, and “whole countries [would] suffer from epidemics of stunting and malnutrition". That is quite apart from likely wars over resources and dystopian visions of wealthier societies locking down borders to keep the hungry masses out.
If we avert disaster, however, the balance of populations, the relative size of economies, and the order of power will be unrecognisable. How could the US still be the global hegemon if it makes up only 10 per cent of the world’s GDP in 2100? If India and China vie for the top position with about 20 per cent and 17 per cent apiece, they will undoubtedly shape whatever global order exists at that point in ways almost unimaginable today.
I make no particular judgement about what that world will be like, other than the obvious one that the peoples of what are currently developing nations will have long insisted that absurdities such as having a UN Security Council that is four fifths composed of European or European-settled countries are done away with.
Europe and the US will have a different place in that world. A more equal one, it is to be hoped, based on merit, good neighbourliness and contribution to global solutions. But it will be nothing like the coalition of the victorious West that some currently appear to envision. A revived Europe and a more globally active Nato may be the course for a few years to come. But if not the very last hurrah, it is the first of the last hurrahs of the political-security order founded after the Second World War. We shall see its passing before long; the current unity and flurry of activity should not deceive anyone otherwise.
MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
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 specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
UAE currency: the story behind the money in your pockets
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
UJDA CHAMAN
Produced: Panorama Studios International
Directed: Abhishek Pathak
Cast: Sunny Singh, Maanvi Gagroo, Grusha Kapoor, Saurabh Shukla
Rating: 3.5 /5 stars
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Race card
6.30pm: Emirates Holidays Maiden (TB), Dh82,500 (Dirt), 1,900m
7.05pm: Arabian Adventures Maiden (TB), Dh82,500 (D), 1,200m
7.40pm: Emirates Skywards Handicap (TB), Dh82,500 (D), 1,200m
8.15pm: Emirates Airline Conditions (TB), Dh120,000 (D), 1,400m
8.50pm: Emirates Sky Cargo (TB), Dh92,500 (D)1,400m
9.15pm: Emirates.com (TB), Dh95,000 (D), 2,000m