High-stakes G20 summit ends in Bali with world leaders condemning Russia’s war


Indranil Ghosh
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The high-powered meeting of world leaders at the G20 summit in Bali ended on Wednesday with President Joko Widodo of host nation Indonesia handing over the baton to Indian Prime Minister Narendra Modi for next year’s conference.

After much deliberation, especially following the overnight missile strike near the Ukraine border raising fears Russia’s war would spill into Poland and Nato territory, the leaders jointly declared they “deplore in the strongest terms” Russia's aggression.

“The joint statement was contentious, but there was consensus,” Mr Widodo told the media after the conclusion of the summit. “We all agreed that the war must stop.”

The contents of the statement were debated well past midnight, especially a single paragraph about the war, Mr Widodo said.

Finally, a consensus was reached and Russia was represented at the time, he said.

A consensus closing statement was significant because of the divisions among the nations – not just Russia but also China and India that have been restrained in their criticism of the war because of trade ties with Moscow.

Mr Widodo said he urged all participants not to escalate the conflict.

He said the missile explosions in Poland were regrettable, but echoed US President Joe Biden's comments that it was unlikely the strike came from Russia.

French President Emmanuel Macron said that although the US had given initial information about the missile blast, it was too early to say what had really happened.

“We must remain careful,” he said at the Bali Convention Centre.

He said China could play a bigger mediation role in the coming months in ensuring Russia de-escalates its offensive.

The war has already caused enough devastation and human suffering and hampered economic recovery, Mr Widodo said.

Indonesian President Joko Widodo takes a selfie with members of the media during a press conference on the sidelines of the G20 summit in Bali. EPA
Indonesian President Joko Widodo takes a selfie with members of the media during a press conference on the sidelines of the G20 summit in Bali. EPA

In the statement, the leaders said international law must be upheld, any threat to use nuclear weapons was inadmissible and that the Black Sea grain initiative was welcomed.

The declaration also said that the central banks of the member nations would continue to set the pace of monetary policy tightening.

Earlier, a widely anticipated meeting between British Prime Minister Rishi Sunak and Chinese President Xi Jinping did not take place, ostensibly because of an emergency meeting Mr Biden had called early in the morning.

China’s Foreign Ministry offered no information on the cancellation.

Mr Sunak, however, had a brief meeting with Mr Biden.

“The Prime Minister met US President Biden today at the G20 Summit in Indonesia,” said a representative for Mr Sunak.

“The leaders agreed on the national and international importance of the strong UK-US relationship, particularly given the challenging economic times the world is currently facing.

“The Prime Minister and President Biden underscored that the actions of President Putin and his regime are directly responsible for precipitating global economic issues including rising inflation. Maintaining international pressure to ensure Putin fails in Ukraine is in everyone’s interest.”

Briefing reporters after the meeting, Mr Sunak said no trade deal was discussed with the US President, only economic partnership.

He offered no details, even as he squarely blamed Russian President Vladimir Putin for indiscriminate attacks on civilians in Ukraine and showing utter contempt for international order.

Mr Sunak, though, had his first meeting with Mr Modi since taking office in October.

Mr Modi referred to the meeting in a tweet.

Mr Modi also met Australian PM Anthony Albanese, French President Emmanuel Macron and German Chancellor Olaf Scholz, among other leaders at the summit.

Ballroom meeting

In a ballroom in his hotel earlier in the morning, Mr Biden had brought together the leaders of Germany, Canada, the Netherlands, Japan, Spain, Italy, France and the UK, following the 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 the Nato, except Japan. Noticeably missing from the gathering was Turkish President Recep Tayyip Erdogan, who chose to stay away despite his country being a part of the alliance.

Quizzed on his absence at a media briefing later, he avoided giving a direct answer, saying: “Why don’t you ask the other members who were not present at the meeting?”

Mr Erdogan also chose to skip most of the morning’s proceedings in Bali, preferring instead to address the world media.

Speaking in Turkish, he said he believes the missiles that struck Polish territory did not come from Russia.

“Russia saying this has nothing to do with them and Biden saying these missiles are not Russian-made show this has nothing to do with Russia,” Mr Erdogan said.

Mr Erdogan said he will speak to Russian President Vladimir Putin when he returns to Turkey.

He also said he expects a deal that allows Ukraine to export grain through the Black Sea would extend by up to a year beyond the Saturday deadline.

“It will continue,” Mr Erdogan said. “There's no problem there.”

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

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The language of diplomacy in 1853

Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)


We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.

Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale

Brief scores:

Manchester United 4

Young 13', Mata 28', Lukaku 42', Rashford 82'

Fulham 1

Kamara 67' (pen),

Red card: Anguissa (68')

Man of the match: Juan Mata (Man Utd)

Results

2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)

2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili

3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson

3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer

4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar

4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly

Glossary of a stock market revolution

Reddit

A discussion website

Redditor

The users of Reddit

Robinhood

A smartphone app for buying and selling shares

Short seller

Selling a stock today in the belief its price will fall in the future

Short squeeze

Traders forced to buy a stock they are shorting 

Naked short

An illegal practice  

'Brazen'

Director: Monika Mitchell

Starring: Alyssa Milano, Sam Page, Colleen Wheeler

Rating: 3/5

23-man shortlist for next six Hall of Fame inductees

Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.

Porsche Taycan Turbo specs

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UAE currency: the story behind the money in your pockets
The past winners

2009 - Sebastian Vettel (Red Bull)

2010 - Sebastian Vettel (Red Bull)

2011 - Lewis Hamilton (McLaren)

2012 - Kimi Raikkonen (Lotus)

2013 - Sebastian Vettel (Red Bull)

2014 - Lewis Hamilton (Mercedes)

2015 - Nico Rosberg (Mercedes)

2016 - Lewis Hamilton (Mercedes)

2017 - Valtteri Bottas (Mercedes)

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UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Summer special
The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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UK
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Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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While you're here
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

The specs

The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
 

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

Three trading apps to try

Sharad Nair recommends three investment apps for UAE residents:

  • For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
  • If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
  • Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

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Company Profile
Company name: OneOrder

Started: October 2021

Founders: Tamer Amer and Karim Maurice

Based: Cairo, Egypt

Industry: technology, logistics

Investors: A15 and self-funded 

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

UAE currency: the story behind the money in your pockets
Updated: November 16, 2022, 1:06 PM