Russia has been transformed under Vladimir Putin



The picture was very different when Vladimir Putin was appointed as Russia's prime minister 20 years ago today.
President Boris Yeltsin named his fourth prime minister in less than 18 months. The state was struggling to its feet after the collapse of the Soviet Union. The coffers were empty.
Mr Putin, then a relatively unknown security services chief with little direct experience of politics, would emerge as Mr Yeltsin's successor within months and became president on the Millennium.
Mr Putin has rebuilt the Russian state and the Kremlin has taken on a central role in world affairs.
The president's approval ratings remain at a level most Western leaders would envy.
The longest-serving Russian leader of living memory is secure in his role through the end of his term in 2024 and perhaps beyond.
A firm hand that grappled with internal corruption and the terror campaign waged by Chechen separatists in the early years helped stabilise the country. He earned respect and popularity among large swathes of the public, as the man who restored Russia's dignity following the humiliating collapse of the USSR and as a guarantee of stability after the changes of the 1990s.
It was the so-called Orange Revolution in Ukraine in 2004 that delivered a sense of purpose to Russia's efforts to assert its place in the world.
The West's dismissive attitude towards Russia melted away as its interventions in Iraq, Libya and elsewhere faltered.
A decisive intervention in Syria followed and with the rise of President Donald Trump, Russia has seen its sway among many nations gain relative to the American retreat.
Much remains to be done to complete the mission Mr Putin has started but Russia has been transformed in two decades under his steady gaze.

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

Barbie

Director: Greta Gerwig
Stars: Margot Robbie, Ryan Gosling, Will Ferrell, America Ferrera
Rating: 4/5

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

Schedule:

Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles

Company profile

Company name: Leap
Started: March 2021
Founders: Ziad Toqan and Jamil Khammu
Based: Dubai
Sector: FinTech
Investment stage: Pre-seed
Funds raised: Undisclosed
Current number of staff: Seven

Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.