The United States will establish a permanent army headquarters in Poland as part of enhanced Nato plans in the face of Russian aggression in Europe, President Joe Biden said on Wednesday.
Nato leaders discussed plans to overhaul and boost the alliance’s defences at the alliance's Madrid summit, including establishing a new force model that would place about 300,000 troops on high alert to deal with any future threats.
As well as the Polish base for the Fifth Army Corps, Mr Biden said his country would also maintain an additional rotational brigade of thousands of troops in Romania and bolster deployments in the Baltic states. The US will send two more F-35 squadrons to the UK and add to air-defence systems in Germany and Italy. That adds to 100,000 American troops already in Europe.
“In a moment where Putin has shattered peace in Europe and attacked the very, very tenets of the rule-based order of the United States and our allies — we’re stepping up,” Mr Biden said at the summit. “The steps we’re taking during this summit are going to further augment our collective strength.” The Russian president is “getting the NATO-ization of Europe," he added.
Nato will be "strengthened in all directions across every domain - land, air and sea," he said. Biden visited Poland in March and told US troops deployed there that they were "in the midst of a fight between democracies and oligarchs."
Poland, which has long sought a permanent US military base on its soil, on Wednesday said the move would send a clear signal to the Russians.
"It is a success which comes from long and consistent negotiations on this matter and, at the same time, a very clear sign that the Americans intend to increase, not decrease, their presence in Poland," said Jakub Kumoch, the Polish president's foreign policy adviser.
"Something that seemed impossible to many is becoming a fact today," Deputy Foreign Minister Marcin Przydacz wrote on Twitter. "We have a PERMANENT U.S. presence in Poland ... It is also a clear signal to Moscow."
Russian forces struck targets in the Mykolaiv region of southern Ukraine on Wednesday and intensified attacks on fronts across the country.
Ukrainian President Volodymyr Zelenskyy told the Nato leaders his country needed more weapons and money to defend itself against Russia, warning that Moscow's ambitions did not stop at Ukraine.
In a video link-up from the capital Kyiv, demanded more weapons from the West and said Ukraine needed $5 billion per month for its defence and protection.
Russia would set its sights on other countries, he warned, saying Moscow wanted to "enslave" NATO-member Lithuania.
"This not a war being waged by Russia against only Ukraine. This is a war for the right to dictate conditions in Europe - for what the future world order will be like," he said.
Russia said Wednesday it would not be intimidated by US military reinforcements in Europe as tensions spiral over Moscow's military intervention in Ukraine.
"I think that those who propose such solutions are under the illusion that they will be able to intimidate Russia, somehow restrain it - they will not succeed," Deputy Foreign Minister Sergei Ryabkov said.
"The security of countries where additional contingents will appear will not be strengthened. The prospect of stabilisation will be distant. Risks will increase," he added.
He said Russia would respond.
Arriving at the summit in Madrid, UK Prime Minister Boris Johnson said Mr Putin was getting "more Nato", not less, as a result of his actions in Ukraine.
On Tuesday, Nato Secretary General Jens Stoltenberg said countries need to significantly increase their defence spending in a “more dangerous and unpredictable world”, where Ukraine is paying the price for freedom.
The alliance had already on Tuesday night moved one step closer to bolstering its eastern front with Russia after Turkey dropped its opposition to Swedish and Finnish bids to join. Once members, the Nordic countries will augment the alliance with their Nato-standard militaries and high level of integration. Both countries are also boosting defence spending.
President Recep Tayyip Erdogan emerged from the meeting declaring victory after securing a 10-point agreement under which the two countries vowed to join Turkey's fight against banned Kurdish militants and to swiftly extradite suspects.
Turkey put the deal to the immediate test by announcing that it would seek the extradition of 12 suspects from Finland and 21 from Sweden.
Nato hopes adding them will shrink the vulnerability of other countries in the Baltic region with the option to quickly reinforce from the north in the event of an attack. The additional 1,343 kilometres of land frontier with Russia would effectively isolate its enclave of Kaliningrad sandwiched between Poland and Lithuania on the Baltic Sea.
Mr Stoltenberg on Wednesday said the alliance would invite the two Nordic countries to join while leaders are still in Madrid.
He called the invitation “a historic decision”, with the alliance’s 30 members then due to ratify membership. “I expect that also to go rather quickly because allies are ready to make that ratification process happen as quickly as possible,” he said.
Turkey agreed to support inviting the two Nordic countries into the military alliance, after receiving pledges from Finland and Sweden addressing its security concerns, including restrictions on Kurdish groups that Turkey considers terrorists, and avoiding arms embargoes.
“The talks were intense and tough, not in mood but in terms of the subject matter, and after four hours, we reached an understanding,” Finnish President Sauli Niinisto said. “Turkey becoming an ally now could impact the considerations” on arms export permits on a case-by-case basis, he said.
Swedish Prime Minister Magdalena Andersson said in a phone interview: “It’s good for Sweden and Finland’s security but in equal measure it is good for Nato as we would contribute to the common security of the alliance. Sweden and Finland were able to explain our work against terrorism and how we have tightened legislation and will continue to strengthen it.”
Nato membership for the two previously neutral countries would mark a significant shift in the European security landscape after Russia’s invasion of Ukraine.
Still, the actual membership process will still take many months, including ratification from Nato members’ parliaments, before Finland and Sweden become members and can benefit from the alliance’s article 5 collective defence commitments.
Mr Stoltenberg said he expected allies to sign the Nordic countries’ accession protocols “immediately” after the summit. All 30 members need to sign off.
A senior US administration official said President Biden’s goal this week was to help propel the deal across the finish line. The US has stressed that bringing Finland and Sweden into the fold could make the alliance more secure.
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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Islamophobia definition
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”.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Brief scoreline:
Liverpool 2
Keita 5', Firmino 26'
Porto 0
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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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.