US President Joe Biden is currently on a whirlwind trip to Europe. After attending the G7 meeting in the UK, he is scheduled to hold discussions with EU and Nato leaders. He will then proceed towards Geneva, where he is due to meet his Russian counterpart, Vladimir Putin.
The primary objective of Wednesday's US-Russia summit is for the two powers to establish and reinforce red lines with each other and calm tensions.
No significant breakthrough is expected. Bearing in mind the fact it has been scheduled for only a few hours – rather than a few days – it is a meeting essentially to repair the impression, via a photo op, that all is not well between the two countries. There will neither be a draft communique after it, nor a joint news conference involving the leaders.
Moscow, it is said, sought to insert a paragraph in the proposed joint statement that affirmed respect for the principle of non-interference in each other's internal affairs. This could be the reason for the US to reject the text. After all, the EU-US summit a day earlier is not expected to issue praise for the Kremlin, whether on Russia's domestic affairs or the political crises in Ukraine and Belarus.
Mr Biden has been critical of Russia's human rights record, with his administration seeking to press Moscow over the fate of Alexei Navalny, the jailed dissident. The US and EU may even impose additional sanctions on the Kremlin, in response to a Russian court's recent ruling to outlaw Navalny's political organisations.
Then there is the issue of Ukraine, a part of which is under the control of Russian-backed forces. With the crisis right on Europe’s border, Ukraine’s security has become a matter of concern for the West. While the Biden administration may consider what it sees as Russian interference in Ukraine as a red line, the US president will be mindful of Mr Putin’s own red line regarding Russia's neighbour: its possible admission into Nato, a US-led security alliance created after the Second World War as a bulwark against the erstwhile Soviet Union.
The West’s rhetoric of “hostility” towards Russia is no doubt set to intensify, but if Mr Biden’s recent remarks are anything to go by, there will be no decision to invite Ukraine to Nato. Indeed, the president has so far only hinted at opening the door to Ukraine and nothing more.
Mr Putin’s red lines are likely to be in the realm of security.
US President Joe Biden is using this year's summit as an early opportunity to present his plans for a greener future. Bloomberg
He and Mr Biden are both keen to discuss cyber security, especially in the context of recent cyber attacks inside the US, but they have a completely different approach to this issue. Moscow also hopes to discuss disarmament issues and resolving the current diplomatic standoff that has seen consulates shut down and diplomats expelled from both countries. The two sides will likely seek to reach an agreement on joint measures to stabilise Afghanistan.
The two leaders may even discuss a rising China. It won’t be a stretch to expect Mr Biden to try and dissuade Mr Putin from building closer ties between Moscow and Beijing. The Kremlin’s response to such a proposal might be that Russia will continue its strategic co-operation with China without necessarily increasing military co-operation. It is worth pointing out that the two countries have a joint air defence network in place.
Experts focused on the changing US-China relations fear the eruption of a “localised” military showdown between the two powers, specifically near Taiwan, which Beijing has insisted for decades must be integrated with mainland China. The US, however, is currently focused on stepping up pressure on China in the technological and economic spheres. On Tuesday, the US House of Representatives approved a $250 billion budget to counter China’s technological ambitions. Mr Biden, who approves of the bill, has made US-China competition a cornerstone of his visit to Europe, working to close western ranks against Beijing. It’s hard to imagine this won’t be a talking point in Geneva, too.
Iran's nuclear weapons programme will also be in the mix. Talks are under way in Vienna involving Iran and global powers including the US and Russia, with the purpose of reviving the 2015 nuclear deal that the previous Trump administration pulled the US out of.
The terms and conditions are likely to be discussed in Geneva, including the nature of the sanctions that Washington is reluctant to lift against Tehran, namely military sanctions. Moscow wants them so that it can then secure arms deals with the Iranian regime. The two leaders are unlikely to reach a deal on this issue just yet, but the keenness shown by American and Russian negotiators to ensure that the Vienna talks succeed will, no doubt, have implications for the summit.
It will depend on what the negotiators will accomplish in Vienna on Tuesday, a day before the summit. It is widely expected that a general deal will be reached, sending a signal that everything is moving in the right direction, but without agreeing on a final solution.
The reason for this is simple: the Biden administration is unwilling to lift military sanctions, while Tehran is adamant about having all sanctions lifted. Given that these crucial details cannot be papered over, the parties will probably agree to delay a final agreement until they can work out the details. This means there won't be a deal before the Iranian presidential election in a week's time.
A worker prepares a campaign banner of presidential candidate Ebrahim Raisi at a print shop in the Iranian capital Tehran on June 7, 2021. Iranians are set to elect a successor to President Hassan Rouhani on June 18 amid widespread discontent over a deep economic and social crisis caused by the reimposition of crippling sanctions after the US pulled out of the 2015 nuclear deal. / AFP / ATTA KENARE
A little cordiality in a time of hostility is useful for both the US and Russia
Some regional issues are likely to be discussed in Geneva, including additional security guarantees for Israel that Mr Biden will want Mr Putin to be part of. This will require Russia to not only leverage its relations with Iran to rein in its proxy Hezbollah in Lebanon, but also restrain the various players operating inside war-torn Syria that Israel views to be threats to its security, notably the Moscow-backed Syrian forces, the Iranians and Hezbollah.
Mr Putin is likely to agree to this request but for it to materialise, Tehran will need to co-operate. Will the regime be willing to do so? It is unlikely, as it seeks a comprehensive nuclear deal with the global powers and the lifting of sanctions.
Given the obvious challenges to resolve the aforementioned issues, it is more likely that the Biden-Putin summit will serve as a platform for the leaders to exchange views and remind each other of their red lines than to reach any meaningful settlements. But a little cordiality in a time of hostility is useful for both sides. This is precisely why both leaders have insisted on holding a summit, no matter how uninspiring it might end up being.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute and a columnist for The National
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
UAE currency: the story behind the money in your pockets
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
An arms embargo
A ban on uranium enrichment and reprocessing
A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
A targeted global asset freeze and travel ban on Iranian individuals and entities
Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.
"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.
Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.
"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister. "We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know. “All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.” It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins. Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement. The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
