Firefighters battle blazes at the Ukrainian sea port of Odesa after the missile attacks. Photo: Odesa City Hall Press Office / EPA
Firefighters battle blazes at the Ukrainian sea port of Odesa after the missile attacks. Photo: Odesa City Hall Press Office / EPA
Firefighters battle blazes at the Ukrainian sea port of Odesa after the missile attacks. Photo: Odesa City Hall Press Office / EPA
Firefighters battle blazes at the Ukrainian sea port of Odesa after the missile attacks. Photo: Odesa City Hall Press Office / EPA

Odesa port attack fails to deter Ukraine from grain export plan


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Ukraine was on Sunday pressing ahead with efforts to resume grain exports from Odesa and other Black Sea ports after a missile attack had cast doubt over whether Russia would honour a deal aimed at easing global food shortages.

President Volodymyr Zelenskyy denounced Saturday's strikes on Odesa port as blatant "barbarism" that showed Russia could not be trusted to adhere to Friday's deal, mediated by Turkey and the United Nations.

  • UN Secretary General Antonio Guterres, Ukrainian Infrastructure Minister Oleksandr Kubrakov, Turkish President Recep Tayyip Erdogan and Turkish Defence Minister Hulusi Akar attend a signing ceremony in Istanbul, Turkey. Reuters
    UN Secretary General Antonio Guterres, Ukrainian Infrastructure Minister Oleksandr Kubrakov, Turkish President Recep Tayyip Erdogan and Turkish Defence Minister Hulusi Akar attend a signing ceremony in Istanbul, Turkey. Reuters
  • Ukrainian Infrastructure Minister Oleksandr Kubrakov, seated, at the signing ceremony. Reuters
    Ukrainian Infrastructure Minister Oleksandr Kubrakov, seated, at the signing ceremony. Reuters
  • UN Secretary General Antonio Guterres, left, Russia's Defence Minister Sergei Shoigu, second left, Turkish President Recep Tayyip Erdogan, seated, second right, and Turkish Defence Minister Hulusi Akar at the signing ceremony. Reuters
    UN Secretary General Antonio Guterres, left, Russia's Defence Minister Sergei Shoigu, second left, Turkish President Recep Tayyip Erdogan, seated, second right, and Turkish Defence Minister Hulusi Akar at the signing ceremony. Reuters
  • Mr Guterres speaks during the signing ceremony. Reuters
    Mr Guterres speaks during the signing ceremony. Reuters
  • Mr Guterres and Mr Erdogan sit at the start of the signature ceremony for an agreement on the safe transportation of grain and foodstuffs from Ukrainian ports. AFP
    Mr Guterres and Mr Erdogan sit at the start of the signature ceremony for an agreement on the safe transportation of grain and foodstuffs from Ukrainian ports. AFP
  • Mr Erdogan speaks at the signing ceremony. Reuters
    Mr Erdogan speaks at the signing ceremony. Reuters
  • Mr Guterres and Turkish Foreign Minister Mevlut Cavusoglu stand together on the day of the deal signing in Istanbul. Reuters
    Mr Guterres and Turkish Foreign Minister Mevlut Cavusoglu stand together on the day of the deal signing in Istanbul. Reuters
  • Roman Abramovich attends the ceremony in Istanbul. Reuters
    Roman Abramovich attends the ceremony in Istanbul. Reuters
  • Mr Guterres said the deal would clear the way for grain shipments from three Ukrainian ports; Odesa, Chernomorsk and Yuzhny, stabilising runaway prices on the global market. Reuters
    Mr Guterres said the deal would clear the way for grain shipments from three Ukrainian ports; Odesa, Chernomorsk and Yuzhny, stabilising runaway prices on the global market. Reuters
  • The UN chief said a co-ordination centre would be set up in Istanbul to manage Black Sea traffic. Reuters
    The UN chief said a co-ordination centre would be set up in Istanbul to manage Black Sea traffic. Reuters
  • A Turkish national flag, a Russian national flag, a United Nations flag and a Ukrainian national flag in Istanbul, before the deal was signed. AFP
    A Turkish national flag, a Russian national flag, a United Nations flag and a Ukrainian national flag in Istanbul, before the deal was signed. AFP

Russia said its forces had hit a Ukrainian warship and a weapons store in Odesa with missiles.

Maria Zakharova, spokeswoman for the Russian Foreign Ministry, said that Kalibr cruise missiles had destroyed a Ukrainian “military infrastructure facility” in the Black Sea port.

She issued the statement on Telegram on Sunday, a day after Ukraine’s military said the strategic port had come under attack in a development of the war that drew international condemnation including from the US, EU and UN.

Moscow targeted the port a day after it signed a deal with Kyiv to ensure safe shipping of grain from Ukrainian ports.

Earlier, Turkish Defence Minister Hulusi Akar said Moscow had denied any involvement.

“The Russians told us that they had absolutely nothing to do with this attack and they were looking into the issue very closely,” he said.

Ukraine's military said two Russian Kalibr missiles hit the area of a pumping station at the port and two others were intercepted.

The military said the port's grain storage area was not hit and a government minister said preparations to resume shipments were continuing.

"We continue technical preparations for the launch of exports of agricultural products from our ports," Infrastructure Minister Oleksandr Kubrakov said on Facebook.

A spokesman for Ukraine’s Foreign Ministry said that Russia had breached its promises with the attack but Ukrainian Deputy Economy Minister Taras Kachka insisted that Friday’s deal remained in place.

“It doesn’t mean that all agreements are crossed out, because everyone understood that any agreement has high risks,” Mr Kachka said. “Today’s shelling clearly illustrated all those risks that existed did not disappear — they still exist.”

The attack cast doubt over validity of the deal signed by Moscow and Kyiv in Istanbul, which was hailed as a diplomatic breakthrough that would help curb soaring global food prices caused by Russia's war in Ukraine.

A Joint Co-ordination Centre staffed by the UN, Turkey, Russia and Ukraine is to monitor ships transiting the Black Sea to Turkey's Bosporus Strait en route to world markets. All sides agreed on Friday there would be no attacks on these entities.

UN officials said the deal, expected to be operational within a few weeks, would restore grain shipments from three Ukrainian ports to pre-war levels of 5 million tonnes a month.

Oleh Ustenko, economic adviser to the Ukrainian president, on Sunday said the attack on the strategic port city showed deliveries could still be seriously disrupted despite the deal.

"Yesterday's strike indicates that it will definitely not work like that," Mr Ustenko told Ukrainian television.

While Ukraine had the capacity to export 60 million tonnes of grain over the next nine months, this could take up to two years if its ports could not function properly, he said.

A blockade of ports by Russia's Black Sea fleet since the invasion of Ukraine on February 24 has halted shipment of tens of millions of tonnes of grain from two of the world's major suppliers.

Moscow denies responsibility for the food crisis, blaming western sanctions linked to the war for slowing its food and fertiliser exports, and Ukraine for mining the approaches to its ports.

But the invasion has stoked food and energy price inflation, driving some 47 million people into "acute hunger," the World Food Programme has said.

Ukraine laid the mines as part of its war defence, but under the deal pilots will guide ships through safe channels.

There was no sign of a let-up in fighting as the war entered its sixth month on Sunday.

While the main theatre of combat has been the eastern region of Donbas, Mr Zelenskyy said in video posted late on Saturday that Ukrainian forces were moving "step by step" into the occupied eastern Black Sea region of Kherson.

The Ukrainian military reported Russian shelling in the north, south and east, and again referred to Russian operations paving the way for an assault on Bakhmut in the Donbas region in the east.

The air force command said its forces had early on Sunday shot down three Russian Kalibr cruise missiles fired from the Black Sea and aimed at the western Khmelnytskiy region.

As Russia’s invasion of Ukraine drags into its sixth month, there was talk of more weapons being donated to Kyiv.

The head of the US House Armed Services Committee said the US and its allies could provide as many as 25 to 30 multiple-launch rocket launch systems to Ukraine, including ones already sent.

Representative Adam Smith outlined the plans to US-government operated Radio Free Europe. The US HIMARS and similar systems have been effect in targeting Russian arms depots and other targets in recent weeks.

Ukraine has requested at least 50 of the systems for defence and more for offensive operations. The US has delivered a dozen and approved four more in a new $270 million (£224 million) military aid package announced Friday. “It is not a fact that our arsenal has 50 of these units,” Mr Smith said.

Bridget Brink, the US ambassador to Ukraine, said assistance would continue “for as long as it takes.”

Meanwhile, the closure of the Jewish Agency’s office in Russia would be a serious event that would affect Israel’s relations with Moscow, Israeli Prime Minister Yair Lapid said.

Russian authorities last week asked a Moscow court to liquidate a prominent group handling the emigration of Jews to Israel. A preliminary hearing is set for Thursday.

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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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9.20pm: Handicap | $135,000 (T) | 1,600m

Winner: Major Partnership, Kevin Stott, Saeed bin Suroor

How much do leading UAE’s UK curriculum schools charge for Year 6?
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  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

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Updated: July 24, 2022, 1:59 PM