More and more analysts are coming to the conclusion that neither Ukraine nor Russia can win the current war outright, and there are reports that privately the Biden administration is considering urging Ukrainian President Volodymyr Zelenskyy to accept some kind of ceasefire later this year. This would not mean accepting the permanent annexation of land under Russian occupation, nor a formal peace treaty, but would end the fighting until a more lasting resolution can be found.
This view was expounded recently in a widely read essay in Foreign Affairs magazine by Richard Haass, president of the US Council on Foreign Relations, and Charles Kupchan, professor of international affairs at Georgetown University.
“Peace in Ukraine cannot be held hostage to war aims that, however morally justified, are likely unattainable,” they wrote. “At the same time, the West should not reward Russian aggression by compelling Ukraine to permanently accept the loss of territory by force. Ending the war while deferring the ultimate disposition of land still under Russian occupation is the solution.”
This is all well and good, but it must be pointed out that a similar form of truce may have been available only a month into the conflict when the then Israeli prime minister, Naftali Bennett, attempted to mediate between the two sides. In an interview this February, Mr Bennett said that Mr Zelenskyy had agreed that his country would not join Nato, and Russian President Vladimir Putin said he would drop his goals of “demilitarisation” and “denazification” for Ukraine. The two sides were moving towards a possible ceasefire, Mr Bennett said, with “17 or 18” drafts of a peace deal being written up, but then “at some point the West decided to crush Putin rather than to negotiate”.
It is not that I don’t understand the appeal of principle. But it has to be tempered by realism
Quite apart from the rather cynical willingness of bellicose western leaders to fight to the last Ukrainian in order to weaken Russia, this means that the catastrophic death and destruction of the last year could possibly have been avoided. If the US and its allies end up urging Kyiv to accept a ceasefire in the coming months, they will have to justify why they did the opposite in March 2022.
Most of them pushed for maximalist, idealist aims, in the belief that the Ukrainians might be able to prevail and to punish Mr Putin. Now, they might say, we see the limits of what is achievable, hence the ceasefire proposal. But it is not the hawks in Washington and London who have had to pay the price of the maximalism they pushed on Mr Zelenskyy. And for what, if the outcome is a deal similar to that negotiated by Mr Bennett more than a year ago?
Similarly, one of the chief reasons for the longevity of the Syrian civil war was the insistence by many countries that President Bashar Al Assad had to go. As far as 10 years ago, some of us were arguing that, short of the kind of massive intervention that the US and UK would not contemplate, Mr Al Assad was an immovable object and thus had to be part of a solution. Maximalists, however, wouldn’t hear of it.
Today, Syria under Mr Al Assad is returning to the fold regionally and may be on the brink of being readmitted to the Arab League. Think of all the lives that could have been saved, and the greater chance there would have been of containing the rise of the monstrous ISIS, if a compromise that included Mr Al Assad had been reached years ago.
A different example, of idealist maximalism not prolonging but possibly causing a conflict, concerns Taiwan. For decades a compromise, whereby nearly every country in the world recognised or acknowledged some form of the “One China” formula, kept the peace. Now the US is busily blowing up that compromise in favour of an aim – moving towards ever more de facto independence that hovers on the brink of official recognition – that it isn't even clear the Taiwanese themselves want, as polls show they realise the status quo has worked well for them. We risk a third world war for this totally unnecessary provocation.
It is not that I don’t understand the appeal of principle. But it has to be tempered by realism. The realist school of international relations is sometimes accused of being amoral; and it may be that some advocates of realism, who see a world in which states will always act in their naked self-interest, are genuinely uninterested in the abstract “rightness” or “wrongness” of policy. I prefer to interpret realism through the prism of what moral philosophers call consequentialism: actions are judged not by the intentions of the actors, but by the consequences of those actions.
This is a more radical distinction than it may appear. We are so used to excusing mistakes or gaffes in personal interactions by saying “their hearts were in the right place” that this forgiving attitude sometimes leaches into how we view leaders acting on the international stage. Consequentialism allows no such charity.
No one doubts that then US president George W Bush and then UK prime minister Tony Blair had at least some good intentions when it came to Iraq, for instance, and likewise Mr Blair’s successor, David Cameron, and then French president Nicolas Sarkozy with Libya. They weren’t wrong that Saddam Hussein and Muammar Qaddafi were brutal dictators who had terrorised their own populations. But the consequences of their intentions tore the two countries apart. And that is what counts.
So, to return to both Ukraine and Syria: if, out of lofty principle, you prolong a conflict, with all the devastation that causes, and end up settling for a compromise that could have been reached years before, then I say: J'accuse. These idealistic maximalists may tell themselves that their consciences are clean – but they have blood on their hands.
ENGLAND SQUAD
Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck
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.”
Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
Saturday's results
Brighton 1-1 Leicester City
Everton 1-0 Cardiff City
Manchester United 0-0 Crystal Palace
Watford 0-3 Liverpool
West Ham United 0-4 Manchester City
Overview
Cricket World Cup League Two: Nepal, Oman, United States tri-series, Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%C2%A0profile
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First Person
Richard Flanagan
Chatto & Windus
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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
Company%20Profile
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The%20Emperor%20and%20the%20Elephant
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UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
2024%20Dubai%20Marathon%20Results
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LOVE%20AGAIN
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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