When British Prime Minister Boris Johnson hosts next week’s G7 summit in Cornwall, he will be hoping he can use the event to highlight his post-Brexit vision of Global Britain.
By contrast, the other members of the Group of Seven, as the club of developed countries is formally known, attending their 47th summit will be looking to justify the group’s continued existence at a time when other world powers, most notably China, are questioning its relevance in tackling the major issues of the day.
Ever since its foundation, the annual summit of the world’s seven largest advanced economies has acquired a reputation for being more of a talking shop than a body that takes any decisive action on key issues of the day.
A classic example of the G7’s tendency for inaction over intervention was provided during the 2015 summit held in the Bavarian resort of Schloss Elmau. Held against a backdrop of the deepening diplomatic stand-off over Russia’s annexation of Crimea, as well as the Eurozone crisis sparked by Greece’s financial meltdown, the summit concluded with a vague statement on reducing global greenhouse emissions, with none of the participants willing to make any firm commitments on binding targets.
Other summits have seen G7 leaders steer clear of making any firm commitments on issues, such as tackling the Syrian refugee crisis in the Mediterranean and Nato funding. This prompted former US President Donald Trump to remark after last year's summit, which was due to be held at Camp David, was cancelled due to coronavirus travel restrictions, that the alliance was a "very outdated group of countries".
The G7 has a reputation for being more of a talking shop than a decisive body
In an effort to broaden the appeal of G7, and no doubt also to boost his own Global Britain credentials, Mr Johnson has this year expanded the guest list to include the Prime Ministers of India and Australia and the President of South Korea.
Mr Johnson has justified the addition of these three countries to the core standing membership of Germany, Italy, Canada, France, Japan, the US and UK on the grounds that they are “countries with whom we share interests and values”.
The inclusion of India, one of the world’s emerging economic powers, will certainly help to address criticism that the membership of G7 is too narrowly focused. It also supports US President Joe Biden’s vision of building a global alliance of like-minded nations to address future challenges.
Mr Johnson, who claims to be half-Cornish, was instrumental in choosing the quaint Cornish resort of Carbis Bay as the location for next week’s summit on the grounds that it will “help to spur Cornwall’s recovery from Covid-19 by attracting more visitors and injecting £50 million into the local economy”.
But while the choice of resort will enable the attendees to enjoy one of the more spectacular regions of the British coastline, the variety of issues that need to be tackled potentially gives the participants an opportunity to reassert the value of the annual G7 get together. And it will provide Mr Johnson with an important platform from which to demonstrate his global leadership credentials.
Mr Johnson is certainly starting to look like a prime minister who enjoys more than his fair share of good fortune. The fates have been kind to Mr Johnson in terms of granting him the privilege of hosting two main global conferences in the UK in the space of just a few months. Apart from hosting G7, Britain will also be hosting the UN’s major UN Climate Change Conference in Glasgow in November, at which Mr Johnson’s commitment to delivering on a number of ambitious climate change targets will be under scrutiny.
The UK has set a climate change target of reducing emissions by 78 per cent by 2035, compared to 1990 levels, and to reach net-zero emissions by 2050. In addition, Mr Johnson wants a ban on the sale of all petrol-fuelled cars by 2030.
From Mr Johnson's perspective, therefore, it is important that next week’s G7 conference actually produces some tangible results instead of concluding with its usual set of platitudes.
On climate change, Mr Johnson, who claims the Cornwall summit will be the first carbon-neutral G7 meeting, has already declared that he wants to see other nations follow Britain’s lead by creating a “greener, more prosperous future''.
Nor will there be any shortage of other important issues for the leaders to get their teeth into, not least of which will be the problematic issue of securing sufficient quantities of Covid-19 vaccines for the entire world, and not just the privileged few.
With coronavirus heavily impacting countries worldwide over the last 18 months, leading the global recovery, both in terms of the vaccination programme and reviving economic growth, will be at the heart of the agenda.
Other topics of discussion will likely include championing free and fair trade and renewed calls to end all spending on oil and gas.
Mr Johnson is also likely to come under pressure from Mr Joe Biden, who will be on his first visit to Europe since entering the White House, to support his efforts to create a minimum corporate tax rate, a move designed to force major Silicon Valley tech giants to pay their fair share of tax.
But key issues concerning vaccinations are likely to dominate the agenda, such as the waiving of patents to speed up production of Covid-19 treatments in poor countries, and a G7 burden-sharing deal to fund a global vaccination push.
The failure to provide developing countries with adequate vaccine supplies has already led some African countries to denounce what they see as “vaccine apartheid”.
Certainly, if G7 leaders are serious about demonstrating the organisation’s relevance in the modern age, then providing clear-cut commitments to resolving the global vaccination challenge would be a good place to start.
Con Coughlin is a defence and foreign affairs columnist for The National
Killing of Qassem Suleimani
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The five pillars of Islam
AIDA%20RETURNS
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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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.”
Opening day UAE Premiership fixtures, Friday, September 22:
- Dubai Sports City Eagles v Dubai Exiles
- Dubai Hurricanes v Abu Dhabi Saracens
- Jebel Ali Dragons v Abu Dhabi Harlequins
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
The five pillars of Islam
SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
EA Sports FC 24
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
UAE currency: the story behind the money in your pockets
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
More from Neighbourhood Watch
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
COMPANY%20PROFILE
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Kill%20Bill%20Volume%201
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What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm