Ukrainian sea drones attacked the Russian Black Sea port of Novorossiysk, a major hub for Russian exports, early on Friday and were destroyed by Russian warships, Moscow's Defence Ministry has said.
The attack prompted the Novorossiysk port to halt all ship movement, according to the Caspian Pipeline Consortium that operates an oil terminal there, Reuters reported.
Explosions and gunfire were heard near Novorossiysk on Friday morning, Russian social media users reported.
It would be the first Ukrainian attack on one of Russia's main commercial ports, if confirmed.
Videos posted in a local online community and circulated by Russian online news outlet Astra showed the movement of ships just off the coast with the sound of gunfire coming from the direction of the sea.
The emergency services of Novorossiysk have confirmed reports of blasts and security services have been informed, Russia's RIA news agency reported.
The port is one of the biggest in the Black Sea.
Clashes in the Black Sea and adjacent ports have escalated since Russia refused last month to extend a deal allowing for the safe exports of grain from Ukrainian ports.
Russian drones and missiles have struck several Ukrainian port facilities and grain silos on or near the Black Sea.
Russia has also reported an attack by Ukrainian sea drones on its warships, which were escorting a civilian vessel.
The development comes as US Secretary of State Antony Blinken called on the UN Security Council on Thursday to urge Russia to stop using the Black Sea as “blackmail”, following Moscow's recent exit from a deal that allowed for the safe export of Ukrainian grain.
“Every member of the United Nations should tell Moscow enough … Enough using the Black Sea as blackmail,” Mr Blinken told the 15-member council in New York.
“Enough treating the world's most vulnerable people as leverage. Enough of this unjustified unconscionable war.”
Mr Blinken, who was heading a high-level meeting on conflict-induced global food insecurity, said grain prices had risen “by more than 8 per cent around the world” since Russia’s withdrawal from the deal.
The termination of the agreement has had a significant impact on the Global South.
Mr Blinken added all possibilities were being explored to optimise the export of grain from Ukraine by land, sea, rail and river, but said it would remain challenging to replicate the success achieved through the Black Sea grain deal.
Mr Blinken added all possibilities were being explored to optimise the export of grain from Ukraine by land, sea, rail and river, but it would remain
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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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
FROM%20THE%20ASHES
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
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