The second and final day of the G20 summit opened in Bali on Wednesday, with world leaders reacting to overnight reports that a Russian-made missile had killed two people in Poland, extending the war in Ukraine into Nato territory.
An emergency meeting was convened by US President Joe Biden in a ballroom in his hotel with leaders from Germany, Canada, Netherlands, Japan, Spain, Italy, France, the UK and the European Commission after deadly explosions in Przewodow, a village in eastern Poland near the border with Ukraine.
All the nations that participated in the meeting were members of Nato, except Japan.
While Polish President Andrzej Duda has said the explosion was the result of a stray air defence missile fired by Ukraine and not an intentional attack, Mr Biden said the blame still lay with Russia due to the sheer volume of missiles fired at Ukraine on Tuesday, a record in the eight-month war.
“It is unlikely … that it was fired from Russia,” Mr Biden said, citing the missile's trajectory. “I'm going to make sure we figure out exactly what happened.”
UN Secretary General Antonio Guterres was “very concerned” by the reports, his office tweeted.
“It is absolutely essential to avoid escalating the war in Ukraine,” said the tweet. “Mr Guterres sends his condolences to the families of the victims. He hopes that a thorough investigation will be conducted.”
Final communique
As consensus was emerging in Bali on Tuesday on the wording of a joint statement condemning the war, the latest attack is expected to heavily influence the final communique on the closing day of the summit.
In a surprise to many observers, Russia on Wednesday hailed the G20 leaders' declaration, which mentions the “immense human suffering” caused by the war in Ukraine, as a “balanced text” that Russian diplomats worked hard to influence.
Wrangling over the wording of the final document lasted until the final hours of the summit.
In a section on Ukraine — point three of the 52-point document — the leaders said: “Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy — constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risks.”
The document also noted there were “other views and different assessments of the situation” and said the G20 was “not the forum to resolve security issues”.
The Kremlin published a full and accurate Russian translation of the declaration on its website, a surprising move given that the wording was sharply critical of Moscow.
The statement used the word “war”, referred to “aggression by the Russian Federation against Ukraine” and mentioned demands from most of the G20 for Moscow's “complete and unconditional withdrawal” from Ukrainian territory.
Kremlin spokesman Dmitry Peskov said the final text was an achievement for Russia.
“The difference in approaches and the difference in points of view were noted and recorded in the final declaration. Of course, our experts, the foreign ministry and our sherpa put in a lot of effort to ensure that such a balanced text was born,” he told reporters.
Much of the spotlight on Wednesday was on bilateral meetings the leaders have with Chinese President Xi Jinping, seen as a key figure who could influence the course of the war.
A highly anticipated meeting between UK Prime Minister Rishi Sunak, who earlier pledged his solidarity in a call with Mr Duda, and Mr Xi, was cancelled, with scheduling issues after the morning's emergency meeting given as the reason.
He will also raise human rights concerns, Mr Sunak’s office said.
Mr Sunak will meet Mr Biden to talk about continued support for Ukraine and energy and hold talks with India’s Prime Minister Narendra Modi.
Earlier, both Mr Biden and Mr Sunak spoke with Mr Duda, assuring him of their solidarity.
Mr Biden said: “This morning we’ve already met with our fellow Nato and G7 leaders to address Russia’s latest missile strikes against Kyiv and Western Ukraine — it’s merciless. It’s way over the top.
“At the moment where world leaders meeting here in Bali are seeking progress on world peace, [Russian President Vladimir] Putin’s striking civilian targets, children and women. It’s almost — in my words, not yours — barbaric.”
Mr Biden reaffirmed the US’s commitment to Nato and offered full support with the investigations, the White House said.
He also spoke with Nato Secretary General Jens Stoltenberg.
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The Written World: How Literature Shaped History
Martin Puchner
Granta
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.”
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km