Janine di Giovanni is executive director at The Reckoning Project and a columnist for The National
March 21, 2022
As Tucker Carlson of Fox News continued to throw his weight behind Russian President Vladimir Putin and denounce US Sanctions against Russia from the safety of his studio, two of his colleagues in Ukraine died and one was injured.
Pierre Zakrzewski, 55, and Oleksandra Kuvshynova, 24, a local journalist and consultant to the Fox News crew in Ukraine died last week after their vehicle was hit near Kyiv. Only a day earlier, the veteran documentarian Brent Renaud, working on a long format project on refugees, was shot outside Kyiv.
Zakrzewski was a much revered journalist, working for many years with Fox in Iraq and Afghanistan. Renaud trained as a sociologist and was known for his humanist films, including one depicting Arkansas reservists in the Iraq war. The Ukrainian Ministry of Interior says that as of March 15, five journalists have been killed, 35 wounded and that Russian forces were detaining journalists across Ukraine.
Under International Humanitarian Law, journalists are considered civilians: targeting them is a war crime
There are nearly 5000 journalists working in Ukraine, the largest land war in Europe since the Second World War. It desperately needs to be reported – as wars in Sarajevo, Syria that targeted civilians needed to be reported. But even for the most experienced reporters, a war like Ukraine is immensely dangerous. Watching Russian forces open fire on Sky News reporters – all of them experienced and accompanied by a security guard – and calling out “Journalists! Journalists!” was chilling.
Yet, we need the words and pictures coming out of Ukraine. Journalism is a crucial pillar of documenting this war.
People dig a grave for victims killed during Ukraine-Russia conflict in a street in the besieged southern port city of Mariupol, Ukraine, on March 20. Reuters
Lviv in Western Ukraine, close to the Polish border, is full of reporters, some inexperienced, who rushed to the war to learn how to become foreign correspondents. Even established writers such as Salon’s Brian Karem – who have not covered wars, and usually stick to safe White House reporting – have rushed to Kiev because, as he says, “we need facts not propaganda”.
“We need to know,” he wrote in Salon. “That’s why I’m going to Ukraine.”
A similar thing happened with the Arab Uprisings a decade ago – young reporters saw an opportunity to learn the trade in Libya and Syria. Some ended up dead some were injured. The rise of the Islamic State added a new level of danger: kidnapping. The Committee to Protect Journalists is keeping a tally of journalists who have been detained, shot, shelled and robbed.
Reporting from within the circumstances of such wars – as anyone who has worked in Chechnya and Syria can attest to – is often fatally difficult because of the amount of firepower used, with little regard to civilian casualties.
For reporters trying to capture these war crimes, especially photographers and cameramen and women who need to get close, the risks are enormous. The father of my son was shot by a sniper during the conflict in Libya. He survived but some of our friends and colleagues did not.
Before I went to Chechnya for the first time, a veteran war reporter, Miguel Gil Moreno de Mora, who later died in Sierra Leone, told me: “The bombs will drive you to the point of madness. Leave before you go insane.” That was when I saw Grozny levelled to a parking lot. In Aleppo, it was practically the same.
This is what our colleagues are working with. In pre-Covid-19 times, I used to go to the Committee to Protect Journalists annual Press Freedom Awards, which take place in November in New York City. While it’s nice to meet old friends, it is also a solemn time – there, I would meet many colleagues from the field – friends who worked with me in many violent wars, from Bosnia to Somalia to Sierra Leone, Syria and beyond. When we gather, we remember the people we lost along the way. The best journalist, I was told many years ago, when I first pulled a flak jacket over my head, is the one who gets out alive to tell the story.
Worse is the state of news inside Russia. The New York Times and the BBC pulled their journalists out of Russia because it was impossible for them to work with the new “fake news” law, which carries 15 years imprisonment. Mr Putin is allowing only his version of the war – not a war, but an operation to free Ukrainian people from Nazis – to flourish.
Last week, Nick Clegg, Meta president of global affairs said last week in response to the ban: "Soon millions of ordinary Russians will find themselves cut off from reliable information, deprived of their everyday ways of connecting with family and friends and silence from speaking out."
Russian news is using the term “military operation” not war or invasion; and articles like “The New World Order” heralding Russian dominance over Nato.
Brian Karem told MSNBC that he left his comfortable perch at the White House to be a field reporter because he felt reporters had to see what was happening on the ground.
Reporters are an integral part of war – to document human rights abuse and civilian suffering. Warring parties should respect their presence in the field. Under International Humanitarian Law, journalists are considered civilians: targeting them is a war crime. News gatherers should be considered untouchable, white flags. Christiane Amanpour, who came of age during the Bosnian war, once called reporting war and human rights violations “shining a light in the darkest corners”. Never has it been truer.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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.”
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm