Ukraine’s President Volodymyr Zelenskyy expressed regret that the Nato summit had failed to formally invite his country to join, but said it was understandable Kyiv could not enter the alliance during a war with Russia.
Ukraine's wartime leader spoke after talks with Jens Stoltenberg in Vilnius a day after the 31-member group said it agreed that Ukraine should be a member but did not start the process immediately, leaving it up to a later decision.
Mr Zelenskyy said the success of the summit was that the G7 had provided a legal framework for support for his country and pledges of weapons for the military. Addressing the lack of a time frame in the process, Mr Zelenskyy said that it would have been optimum if the invitation had been extended on Tuesday. Nevertheless, Kyiv was firmly "on its way" to Nato.
"I would like to have success at this summit for everyone – for our children, soldiers – particularly [from] the security guarantees on our way to Nato," he said. "Not instead of Nato but security guarantees on our way to integration and today these guarantees will be confirmed by G7 countries.
"This will surely become a very important and specific success. We can state that the results of this summit are good, but should we receive an invitation, then that would be the optimum."
Describing the positive outcomes of the meeting, he said the G7 announcement carried most weight because it was the first security umbrella the country had secured since Russia launched its invasion.
Alongside the alliance's secretary general, Jens Stoltenberg, Mr Zelenskyy inaugurated the new Nato-Ukraine council, a body in which Ukraine will sit between the UK and Turkey and have equal status to other members of the alliance. "What is very important for the council is that it’s not an instrument of participation – it is an instrument of integration," he said. "That also gives us the spirit that we will be in Nato."
Mr Stoltenberg declared that the two sides met as equals in Vilnius but that one day that would switch to allies. "We are moving Ukraine closer to membership," he said. "We make decisions today that are the strongest most united message on path to membership Nato has ever issued to Ukraine.
"Many allies will commit today to providing long-term security assistance to Ukraine."
All members, including Kyiv, will have the power to call for crisis consultations if needed.
On arrival in Vilnius, Mr Zelenskyy thanked a rally of thousands in the Lithuanian capital, which lies only 150km from Russian territory, for its warm welcome.
Ukrainian flags have been displayed on the streets while buses have carried banners stating that Kyiv should join Nato as soon as possible.
“Ukrainian flags on Lithuanian streets clearly prove that we are already allies,” Mr Zelenskyy wrote on Twitter.
His warm words were in sharp contrast with the public rebuke at Nato’s unwillingness to extend Ukraine a formal invitation to join the alliance despite its repeated statements that Kyiv will, one day, join the club.
Nato’s communique published on Tuesday stated that it would invite Ukraine to join the alliance when “allies agree and conditions are met”. That provoked a warning from Mr Zelenskyy that the situation was absurd.
Ukraine cannot join Nato while it is at war with Russia because this would put the alliance in a direct confrontation with Moscow. The alliance has also said that Ukraine must strengthen governance, fight corruption and increase interoperability, regardless of the war.
The biggest concession that Ukraine obtained on Tuesday was that Nato removed the necessity for it to introduce a formal Membership Action Plan (MAP), which requires further reforms before accession becomes a possibility.
The removal of the plan will ensure that Ukraine’s accession to Nato “is quicker when the war is over”, according to Great Britain.
It said that Prime Minister Rishi Sunak met Mr Zelenskyy on Wednesday where he said that the additional arrangements were not a substitute for Nato membership.
"The prime minister welcomed the fact that the MAP requirement for Ukraine had now been removed, smoothing the path to full Nato membership in the future," according to a Downing Street statement.
“The prime minister and the president agreed on the importance of the security arrangements to be announced by the G7 this afternoon.
“They marked a new high point in support from the international community and would give Ukraine an even greater level of endurance against Russian aggression."
Rankings
ATP: 1. Novak Djokovic (SRB) 10,955 pts; 2. Rafael Nadal (ESP) 8,320; 3. Alexander Zverev (GER) 6,475 ( 1); 5. Juan Martin Del Potro (ARG) 5,060 ( 1); 6. Kevin Anderson (RSA) 4,845 ( 1); 6. Roger Federer (SUI) 4,600 (-3); 7. Kei Nishikori (JPN) 4,110 ( 2); 8. Dominic Thiem (AUT) 3,960; 9. John Isner (USA) 3,155 ( 1); 10. Marin Cilic (CRO) 3,140 (-3)
WTA: 1. Naomi Osaka (JPN) 7,030 pts ( 3); 2. Petra Kvitova (CZE) 6,290 ( 4); 3. Simona Halep (ROM) 5,582 (-2); 4. Sloane Stephens (USA) 5,307 ( 1); 5. Karolina Pliskova (CZE) 5,100 ( 3); 6. Angelique Kerber (GER) 4,965 (-4); 7. Elina Svitolina (UKR) 4,940; 8. Kiki Bertens (NED) 4,430 ( 1); 9. Caroline Wozniacki (DEN) 3,566 (-6); 10. Aryna Sabalenka (BLR) 3,485 ( 1)
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
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MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
The specs
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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.”