Getting to Kyiv these days takes some doing – though thankfully it’s still much easier for the average traveller than it is for the Russian military. Assuming your starting point is outside Eastern Europe, the journey will probably have three legs: a flight to a neighbouring country like Poland, a train or bus to a border town, and finally an overnight train to the Ukrainian capital.
My trip from the US took some four days, which means I was in a drowsy half-daze last week as my train approached the Polish border town of Przemysl. Still, I noticed the shift in mood, from folks enjoying an outing to people returning, more heavily, to a war zone, perhaps headed towards a home that may no longer be there or a loved one’s funeral.
Yulia, a 20-something Kyivan who works in marketing and lost her husband a few weeks ago, was returning after visiting relatives in Vienna. She told me she had recently gone to a humanitarian organisation in Kyiv to volunteer, but they said they had enough people. She had donated to the war effort, but it felt inadequate. She wanted to start a new initiative that made a real impact but wasn’t sure where to start.
In the months I’d been away, several of my American friends and relatives asked why I planned to return to Ukraine. The question came as a bit of a surprise, so my responses tended towards the predictable: great reporting opportunity; reduced cost of living due to the imminent threat of death; a lovely apartment empty and waiting.
Perhaps because it would have been too self-aggrandising, I left out the most obvious reason: to join, or at least report on, Ukrainians defending their right to live freely. That this needed to be laid out seemed either a sign that I’d gone all in on Ukraine’s fighting spirit or that my homeland, and perhaps all of western society, had become all too steeped in cynicism.
It’s understandable that Ukraine’s leaders would seek out novel ways to stay top of mind
Former US president Donald Trump valourises sexual assault and suggests he could commit murder without losing political support. With his citizens in lockdown, British Prime Minister Boris Johnson hosts lavish cocktail parties. Former German chancellor Gerhard Schroeder pals around with Russian President Vladimir Putin as Moscow is accused of one atrocity after another in Ukraine.
This is barely the tip of the iceberg, and whether accurate or not, it’s hard to believe our world today has as many leaders worthy of respect as it had a generation or two ago. It’s not so surprising, then, if we western folk have begun to lose faith in the myths that sustained us for so long – that strong institutions prevail, that the US is a shining beacon, that democracy is the answer and authoritarianism is not.
Maybe they were always a bit silly. But now here comes Ukraine, purported defender of democracy and freedom, offering clarity. To travel there is to turn back the clock to a simpler, darker age, like the Cold War or Nazis on the march. (I haven’t seen a single mask, by the way, in the week since I arrived: when you’re staring down Russian bombs, Covid-19 is about as troubling as a mosquito.)
This helps explain the Volodymyr Zelenskyy phenomenon – his Churchillian courage and determination seem to prove the righteousness of his cause, to the point that countless people around the world view Ukraine’s fight as their own. The Ukrainian President’s certainty may have gone too far in recent weeks, in his dismissal of top security officials inexplicably deemed untrustworthy and denaturalisation of oligarchs whose offences against the state seem unclear.
Ukrainians may also be inching towards an Icarus-like over-confidence. Human rights advocate Amnesty International published a report last week detailing how Ukrainian troops have embraced tactics that endanger civilians, such as setting up bases in schools and hospitals.
To me it seemed reasonable and reliably sourced, and other dependable reports acknowledge that the Ukrainian military has set up bases in schools when it may have been avoided, but pro-Ukraine Twitter exploded with angry denunciations. The next day, the head of Amnesty’s Ukraine office resigned, explaining that the report’s authors had ignored her office’s opposition to its contents.
Opponents of the report argue that Amnesty dismissed local views and essentially offered a gift to Moscow – a chance to undermine Ukraine in the court of public opinion. But even defenders of democracy and freedom are flawed, and to ignore or dismiss such criticisms is to start down a dark road.
Similarly, many saw the Zelenskyys' recent Vogue photoshoot as sending the wrong message while Ukrainians die in defence of their country. But Yulia, my train companion, saw it as expert PR. “Some people might see the romance of that photo, while others might connect with the heroism, and others with a powerful woman,” she explained. “It really doesn’t matter what they connect with, as long as they connect with Ukraine.”
She’s got a point. Ukraine war fatigue has begun to take hold, with the war moving off the front pages of newspapers and online outlets as folks enjoy their summer holidays. It’s understandable, then, that Ukraine’s leaders would seek out novel ways to stay top of mind.
As my train crossed the border, a Ukrainian mother reached down from the top bunk across from mine and tapped her daughter laying below, listening to music. “We’re in Ukraine,” she said, prompting the teen to look out the window.
A golden-domed church came into view in the distance, before two camouflaged soldiers walked past lugging automatic weapons. A female soldier popped into our cabin to collect passports. Minutes later she returned with a colleague asking to talk to the American.
“You have knife, bullets, gun?” he asked. Nope. “Are you a soldier?” No. “Journalist?” Yes. “Good luck,” he said and moved on. After a momentary wave of concern, the air raid siren that rang out a few hours later, as our train stopped in Lviv just before midnight, left me grinning. There’s a simplicity in fighting monsters.
We pulled into Kyiv just as the first shipment of Ukrainian grain since the start of the war sailed out of Odesa. The sky was blue and the city gleamed, full of hope. As I walked through Maidan on the way to the market, the plaza’s speakers blasted My Kyiv, a Soviet-era tune that emerged as the city’s anthem during the revolution that shook the square eight years ago:
Fall my weary city into restful sleep,
the necklace of lights are on over the Dnieper,
the late afternoon is a blissful wave,
how can one not love you, my dear Kyiv
A young couple pulled out their phones to capture the scene. It felt thousands of kilometres away from the war, in which 50-some Ukrainian soldiers were killed in a recent bombing, a nuclear power plant in Zaporizhzhia may be at risk of meltdown, and several occupied chunks of Ukraine may soon face referendums to become part of Russia.
“It’s like living in a parallel reality,” my Ukrainian artist friend Iryna says of her new life in Poland as her husband fights with Ukrainian forces in the east.
I know just what she meant. But which is the reality, and which is parallel? Some days I’m not sure.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
UAE currency: the story behind the money in your pockets
Suggested picnic spots
Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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.”
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km