G7 leaders will commit to a package of co-ordinated measures aimed at exerting more pressure on Russia and finalise plans for a global price cap on Russian oil, a senior US official has said.
The heads of the Group of Seven rich democracies are in Germany for their annual summit, which is dominated by the question of a unified respond to Russia’s war in Ukraine.
The aim of the group is to starve Russian President Vladimir Putin's government of the main source of financing for its war, which comes from oil, a US official told reporters on the sidelines of the summit at Elmau Castle in Kruen, Bavaria.
“We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil,” the official told reporters.
The goal of the plan is to starve the Kremlin of its “main source of cash and force down the price of Russian oil”.
“The dual objectives of G7 leaders have been to take direct aim at Putin's revenue, particularly through energy, but also to minimise the spillovers and the impact on the G7 economies and the rest of the world,” the official said.
As the invasion of Ukraine enters its fifth month, western nations are ready to increase the pressure on Russia without pushing up already high inflation that is causing pain, particularly for the global south.
The price cap proposed by the G7 is intended to throw a spanner into the Kremlin’s works while lowering energy prices.
G7 leaders will also make an “unprecedented, long-term security commitment to providing Ukraine with financial, humanitarian, military and diplomatic support as long as it takes,” a White House fact sheet said. This includes the timely provision of advanced weapons.
Britain’s Prime Minister Boris Johnson praised the unity of western leaders on responding to Russia’s war in Ukraine.
“What’s really struck me in the last few days had been the amazing consistency of our resolve, the continuing unity of the G7 that has absolutely, absolutely shone through in the conversation over the last couple of days,” Mr Johnson told BBC News at the summit.
He stressed the importance of the G7 offering support to help the Ukrainians rebuild their economy, export grain and be in a position to protect themselves.
“And that’s what we’re going to continue to do,” he said.
The prime minister said the situation in the eastern and southern regions of Ukraine remains difficult “but the Ukrainians have shown that they have incredible ability to push back and change the military position”.
During a round-table discussion at the summit on Sunday, G7 leaders poked fun at President Putin’s macho image.
As they sat down for their first meeting in the Bavarian Alps, Mr Johnson asked if their jackets should come off — or even if he should be bare-chested.
“We all have to show that we're tougher than Putin,” Mr Johnson said, to laughter from some of his colleagues.
Mr Putin has in the past been pictured shirtless while hunting on horseback.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
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Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
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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.”
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