People in the counties of Fermanagh and Tyrone in Northern Ireland may not yet know what they are getting themselves into. Protest signs have gone up against the announcement from mining company Karelian Diamond Resources of “world-class” deposits of nickel, copper and other so-called platinum group elements (PGE) in the area’s hills. A factor lurking could lift this issue beyond the passions triggered by permits and planning disputes. Should Washington pick up on the Karelian report it may want a slice of the action itself.
Critical minerals are one of the stated reasons the US administration, led by President Donald Trump, has designs on Greenland, on the other side of the North Atlantic. A 2023 survey by Greenland’s Mineral Resources Authority says the country boasts 23 of 34 categories of industrial minerals, including graphite, copper and nickel.
The resources of Ukraine and an ever-changing treaty demand from the White House bedevil the peace process in that country, which hosts Europe’s worst conflict since the Second World War. On Sunday, Mr Trump warned both Greenland and Ukraine that they needed to co-operate with US demands.
The Ukraine situation is obviously fraught and playing out in real time. The ambitions Mr Trump appears to hold for Greenland are serious, too. A historic shift has taken place in the island’s global importance.
Ever since Margaret Thatcher became one of the first world leaders, in the late 1980s, to take climate change onboard, I have thought the strategic position of Greenland would one day top the global agenda. Thanks to the Mercator Projection, on a map it looks big but, actually, as a landmass it is not the size of Africa as most globes appear to make it. The territory's northern latitude grants military bases there electro-magnetic advantages. Then there is its location. Greenland controls the shortest flight path between Europe and the US, and the Greenland–Iceland–United Kingdom (GIUK) Gap is the gateway through the North Atlantic. The island is an unsinkable carrier in a very important position in the ocean surrounding it, and this is at the root of its current troubles. It is the seas around Greenland as the polar ice melts that matter to Washington strategists.
Meanwhile, the US Navy is also building its positions around Norway’s high Atlantic possessions. The perennial tussle over the Svalbard Treaty, which in 1920 awarded the archipelago to Norway but allows citizens of signatory countries to move there, is heating up. Russia’s northern fleet is about to renew its submarines to surface vessels, leading to a Norwegian overhaul. The Norwegians have also bought almost 50 F-35A aircraft, stationed at high Arctic bases, including the Evenes air station.
Greenland is an unsinkable carrier in a very important position
Yet Europe’s historical lack of naval capacity to police the GIUK gap is one of the reasons that the US feels justified to act. Pointing to a vacuum left by Denmark, which holds the sovereignty of Greenland, the US is, in effect, telling Europe to get of the way. US Vice President JD Vance has remarked that Washington has no option but to assume Greenland — like it uses the Pacific’s Guam and Puerto Rico as strategic outposts.
The result is, as King Frederik X of Denmark recently posted on social media, an “altered reality”. It is increasingly clear the US sees a world of big blocs. Its dominance in the Western Hemisphere is shifting to direct, strategic control. In this vision, there is a Chinese bloc and Russian bloc and the imminent meeting place of these is the high Arctic.
Why, then, is the US acting in support of international freedom of navigation in the Red Sea – the pretext for its recent bombing campaign against the Houthi rebel group in Yemen? The Suez and Panama canals along with the Strait of Malacca are the three global pinch points the US continues to view as essential – preventing American access to them is a red line. At least, that is my inference from the Yemen campaign, which I wrote about as being imminent in February.
Elsewhere, Washington wants something in return for its security umbrella. Greenland is wary about what this will mean, especially as Mr Trump did not rule out military force over the weekend.
Ukraine has cited many objections to the minerals deal on offer to it. The US proposal is essentially for Washington to control all of the economic activity around Ukraine’s resource economy, with American control over three of five seats on an investment board overseeing the proceeds from the Ukrainian natural resource sector.
Some worry this is a colonial project, while others see it as a smokescreen for Ukraine’s capitulation, enforced by Washington, to Russia. Either way, it is another example of Europe being cut of the deal. In the world of blocs, there is a carve up.
So, any big mineral discovery in a disputed territory is now setting nerves on edge. Could that also be true of a part of the Irish island ruled by the UK?
It is worth noting that history already gives the US a role in the Northern Ireland peace process. Ancestors are very important to Mr Vance, who made his name with a book about challenging the ethos and values of his own people. His most notable ancestor, John Vance, left for America from the aforementioned County Tyrone.
The report on mineral riches in the area may still not stand up and Northern Ireland is a long way now from joining the Trump-inspired carve up. But in the longer run, that could change as this is truly a new world.
More on animal trafficking
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.”
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
More from Neighbourhood Watch:
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
More on Quran memorisation:
How to volunteer
The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching