Armenia's Prime Minister Nikol Pashinyan talked with the French and Russian presidents and the US Secretary of State, after "provocative, aggressive actions" by Azerbaijan, his office said on Tuesday.
In his phone calls, Mr Pashinyan "emphasised the importance of adequate reaction from the international community".
Azerbaijani troops have been killed in large-scale clashes on the border with Armenia after the latest flare-up between the countries.
Since the end of the 2020 war between Yerevan and Baku over the contested Nagorno-Karabakh region, there have been frequent reports of shootouts along their shared border.
"At 00.05am on Tuesday, Azerbaijan launched intensive shelling, with artillery and large-calibre firearms, against Armenian military positions in the direction of the cities of Goris, Sotk and Jermuk," Armenia's Defence Ministry said.
It said Azerbaijan had also used drones.
But Azerbaijan's Defence Ministry accused Armenia of "large-scale subversive acts" near the districts of Dashkesan, Kelbajar and Lachin on the border.
It said its army sites "came under fire, including from trench mortars".
"There are losses among [Azerbaijani] servicemen," it said, without giving figures.
US Secretary of State Antony Blinken appealed for an end to the fighting.
“The United States is deeply concerned about reports of attacks along the Armenia-Azerbaijan border, including reported strikes against settlements and civilian infrastructure inside Armenia,” Mr Blinken said in a statement on Monday on the State Department’s website. “We urge an end to any military hostilities immediately.”
Last week, Armenia accused Azerbaijan of killing one of its soldiers in a border shootout.
In August, Azerbaijan said it had lost a soldier and the Karabakh army said two of its troops had been killed and more than a dozen injured.
The neighbours fought two wars — in the 1990s and in 2020 — over the Nagorno-Karabakh region, Azerbaijan's Armenian-populated enclave.
Six weeks of fighting in the autumn of 2020 killed more than 6,500 people and ended with a Russian-brokered ceasefire.
Under the deal, Armenia gave up large areas of territory it controlled for decades and Moscow posted about 2,000 Russian peacekeepers to oversee the fragile truce.
During EU-mediated talks in Brussels in May and April, Azerbaijani President Ilham Aliyev and Mr Pashinyan agreed to "advance discussions" on a future peace treaty.
Ethnic Armenian separatists in Nagorno-Karabakh broke away from Azerbaijan when the Soviet Union collapsed in 1991. The ensuing conflict killed about 30,000 people.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Global state-owned investor ranking by size
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The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
More from Neighbourhood Watch:
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
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Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
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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.”
