British Prime Minister Boris Johnson will be able to breath an enormous sigh of relief following this week’s White House summit with US President Joe Biden.
Prior to the meeting, there had been concerns that the tensions between the two leaders that had arisen over the bungled US withdrawal from Afghanistan might have a negative impact on their nascent relationship.
The British government, which had loyally supported the American-led coalition for two decades, made little effort to disguise its deep unhappiness at Mr Biden’s unilateral decision to end American involvement, as well as Washington’s subsequent incompetent handling of the withdrawal itself.
For his part, Mr Biden, who is known to bear grudges against those who do not give him due respect, was said to be less than impressed by the discourteous tone adopted by some senior Tories, who took to using Donald Trump’s disparaging term for the American leader as “sleepy Joe”.
Mr Johnson was particularly concerned that this diplomatic frisson might affect Mr Biden’s support for the British government’s ambitious climate change agenda, with Mr Johnson keen to demonstrate his green credentials ahead of November’s Cop26 climate change conference in Glasgow.
In the event, given the cordial nature of the exchanges between the two leaders when they finally met in the Oval Office this week, Mr Johnson’s fears were quickly allayed as Mr Biden, keen to move on from the fiasco in Afghanistan, made the climate change agenda the primary focus of the summit.
Mr Johnson, who has made promoting “Global Britain” a central pillar of government policy, has staked a great deal of personal political capital on making Cop26 a success. To that end, he is attempting to persuade the world’s major powers to make lasting commitments to tackling carbon emissions while also making firm financial commitments to help developing nations tackle the issue.
A central feature of Mr Johnson’s climate change agenda is to persuade developed nations to fulfil commitments made in the 2015 Paris Agreement to commit $100 billion a year by 2020 to help developing countries to cut their emissions, a move scientists believe will minimise the impact of climate change.
Even though the Paris Agreement generated much attention at the time, developed nations have been less forthcoming in honouring their commitments, with commitments of just under $80bn a year being reached prior to the coronavirus pandemic.
The British government made little effort to disguise its deep unhappiness at Mr Biden over Afghanistan
Mr Johnson therefore used his appearance at the UN General Assembly this week to warn that more must be given by rich economies to support developing countries’ transition to net zero. “In coming together to agree the $100bn pledge, the world’s richest countries made an historic commitment to the world’s poorest – we now owe it to them to deliver on that,” Mr Johnson told the UN.
“Richer nations have reaped the benefits of untrammelled pollution for generations, often at the expense of developing countries. As those countries now try to grow their economies in a clean, green and sustainable way we have a duty to support them in doing so – with our technology, with our expertise and with the money we have promised.”
Britain has already made some progress in persuading developed nations to increase their contributions. At June’s G7 summit, which was hosted by Mr Johnson in Cornwall, all G7 countries committed to enhance their contributions during the next five years, with new pledges amounting to $4bn per year in additional finance being made by major economies.
But with fewer than 50 days to go until the UK-hosted COP26 Summit, Mr Johnson is keen to build on the success of the G7 summit and ensure that the $100bn target is finally met.
In this context Mr Biden’s announcement that he was planning to double funds for helping developing nations with climate change represents a major breakthrough for Mr Johnson. Mr Biden’s announcement, which will require Congressional approval, would bring the total American contribution to around $11.4bn a year, a move the Biden administration claims will make the US a global leader in climate change finance.
Making the announcement, Mr Biden told the UN: “We are fast approaching a point of no return. To keep within our reach the vital goal of limiting global warming to 1.5°C, every nation needs to bring the highest possible ambitions to the table when we meet in Glasgow for Cop26, and then have to keep raising our collective ambition over time.”
Mr Biden’s commitment to support Mr Johnson’s bold climate change agenda was certainly welcome news for Mr Johnson, who had arrived in New York playing down expectations that the $100bn target could be met. The British leader said Mr Biden’s announcement was a “very good start” towards achieving the goal, and said the president’s funding pledge would take them “a long way towards” his target. “This is very good news in the sense the United States has stepped up to the plate with a massive contribution.”
There was other good news for Mr Johnson in the form of Mr Biden’s announcement that the US was to relax travel restrictions between the US and Britain, starting in November, thereby ending a ban first introduced by the Trump administration in March last year.
But while both leaders were keen to move on from the tensions that arose over the Afghan crisis, not everything went Mr Johnson’s way during his White House meeting, as the US leader made it clear that it would be some time before Mr Johnson’s much-vaunted free trade deal with the US would be completed.
Nevertheless, given the transatlantic tensions that were evident prior to Mr Johnson’s US trip, the British Prime Minister can return home safe in the knowledge that, on the climate change issue at least, the so-called special relationship between Britain and the US is firmly back on track.
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Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
RACE CARD
6.30pm: Maiden (TB) Dh82,500 (Dirt) 1,200m
7.05pm: Maiden (TB) Dh82,500 (D) 1,900m
7.40pm: Handicap (TB) Dh102,500 (D) 2,000m
8.15pm: Conditions (TB) Dh120,000 (D) 1,600m
8.50pm: Handicap (TB) Dh95,000 (D) 1,600m
9.25pm: Handicap (TB) Dh87,500 (D) 1,400m
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The five pillars of Islam
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T
Price, base: Dh840,000; Dh120,000
Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo
Transmission: Eight-speed automatic; seven-speed automatic
Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm
Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm
Fuel economy, combined: 9.9L / 100km; 11.6L / 100km
Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
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.”
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5