A Romanian member of the European Parliament on Thursday said that he wants Nato to bolster its military support at his country's border with Ukraine after reports of a Russian drone falling in Romanian territory – a sign of rising tensions in the Black Sea region.
MEP Vlad Gheorghe, a member of the centrist group Renew, warned that the Black Sea area is now a "hot zone" as Russia continues its attacks against Ukraine's grain infrastructure in the region.
"I'll officially ask the Nato secretary general [Jens Stoltenberg] today in writing for them to do something and get more troops there," said Mr Gheorghe, speaking after Mr Stoltenberg attended a hearing with legislators at the European Parliament in Brussels.
Ukraine informed Romania on Monday that debris from a Russian drone had fallen on Romanian territory during an overnight attack, but Bucharest at first denied the reports before changing course on Wednesday and opening an investigation.
Romania's President Klaus Iohannis said that if it is confirmed that the debris found on Romanian territory is from a Russian drone, it would be "a serious violation of the sovereignty and territorial integrity of Romania, a Nato ally".
Speaking to journalists, Mr Gheorghe criticised his government's apparently slow response. "I'm most worried by the fact that the authorities are apparently doing nothing. We want to see troops there. We want to hear the plans of Nato and Romanian authorities – what are they doing against those drones?"
During the parliamentary hearing, Mr Stoltenberg made no promises about an increased military presence in Romania after the incident and said that Bucharest on Wednesday had informed the military alliance that "debris from a potential, possible drone had been found near the border with Ukraine".
"We don't have any information indicating any intentional attack by Russia. And we are awaiting the outcome of the ongoing investigation," he said.
"Regardless of that outcome, what we have seen of course is a lot of fighting and also air attacks close to Nato borders," he added. "And we have other incidents in Poland and elsewhere. Therefore, we have increased our vigilance and we are monitoring what is going on close to our borders."
Serious incident
Russia has carried out long-range air strikes on targets in Ukraine since it invaded its neighbour last year, and Kyiv has reported suspected Russian weapons flying over or crashing into neighbouring countries several times.
In the most serious incident, two people were killed in Poland by a missile that fell near the frontier in November. Poland and Nato allies later said it was a misfired Ukrainian air defence missile.
Mr Stoltenberg also told the European Parliament's foreign affairs and security and defence committees that Ukraine is making progress with a counteroffensive started in June to reclaim territory seized by Russia.
Ukrainian soldiers are "gaining ground gradually, some hundred metres per day", he said.
Mr Stoltenberg said it had to be expected that the offensive would be advancing only slowly.
"No one ever said that this was going to be easy," he said. "Hardly any time in history have we seen more mines on the battlefield than we are seeing in Ukraine today. So it was obvious that this was going to be extremely difficult.
"You have to remember that the starting point is that the Russian army used to be the second strongest in the world. And now the Russian army is the second strongest in Ukraine," Mr Stoltenberg added.
Senior western officials have said that while the Ukraine counteroffensive is "slower than anticipated", its armed forces have destroyed 50 per cent of Russia's combat power.
Mr Gheorghe described Mr Stoltenberg's assessment of the counteroffensive as positive and also praised the Ukrainian forces for their achievement.
"A couple of hundred metres, that could be 10 or 20 people dead, a hundred families in mourning," he said.
"That's a huge cost."
Meghan%20podcast
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A list of the animal rescue organisations in the UAE
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'Cheb%20Khaled'
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2024%20Dubai%20Marathon%20Results
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J%20Street%20Polling%20Results
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The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
Zayed Sustainability Prize
More on animal trafficking
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Read more about the coronavirus
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
MATCH INFO
Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)
Rajasthan Royals won by 15 runs
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
First Person
Richard Flanagan
Chatto & Windus
RESULTS
%3Cp%3E%0D5pm%3A%20Al%20Bateen%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%202%2C200m%0D%3Cbr%3EWinner%3A%20Ma%E2%80%99Aly%20Al%20Shahania%2C%20Bernardo%20Pinheiro%20(jockey)%2C%20Mohamed%20Daggash%20(trainer)%0D%3Cbr%3E5.30pm%3A%20Al%20Khaleej%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20AF%20Rami%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ernst%20Oertel%0D%3Cbr%3E6pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20Bant%20Al%20Emarat%2C%20Bernardo%20Pinheiro%2C%20Qaiss%20Aboud%0D%3Cbr%3E6.30pm%3A%20Al%20Nahyan%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3EWinner%3A%20AF%20Rasam%2C%20Marcelino%20Rodrigues%2C%20Ernst%20Oertel%0D%3Cbr%3E7pm%3A%20Al%20Karamah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3EWinner%3A%20Zafaranah%2C%20Bernardo%20Pinheiro%2C%20Musabah%20Al%20Muhairi%0D%3Cbr%3E7.30pm%3A%20Al%20Salam%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%201%2C400m%0D%3Cbr%3EWinner%3A%20Nibras%20Passion%2C%20Tadhg%20O%E2%80%99Shea%2C%20Ismail%20Mohammed%3C%2Fp%3E%0A
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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.”
Reputation
Taylor Swift
(Big Machine Records)
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
