The US president George Bush and his wife Laura are welcomed on their arrival at Chitose International Airport in Hokkaido. The Japanese G8 summit will be Mr Bush's last.
The US president George Bush and his wife Laura are welcomed on their arrival at Chitose International Airport in Hokkaido. The Japanese G8 summit will be Mr Bush's last.
The US president George Bush and his wife Laura are welcomed on their arrival at Chitose International Airport in Hokkaido. The Japanese G8 summit will be Mr Bush's last.
The US president George Bush and his wife Laura are welcomed on their arrival at Chitose International Airport in Hokkaido. The Japanese G8 summit will be Mr Bush's last.

Leaders gather for G8 summit


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HOKKAIDO, JAPAN // Leaders of the world's richest countries began arriving in northern Japan today for a summit aimed at tackling record food and oil prices. Authorities sealed off Japan's northern island of Hokkaido, with demonstrations relegated to the island's largest city of Sapporo where four people were arrested yesterday. The US president George Bush flew into Sapporo airport, about 150 kilometres from Hokkaido, today ahead of talks with the Japanese prime minister Yasuo Fukuda and then a meeting of the club of the world's rich nations. Leaders of the Group of Eight industrialised nations will tomorrow begin three days of annual talks in the mountain resort town of Toyako on northern Hokkaido island that will be dominated by the fragile world economy and global warming.

Security was formidable across the picturesque region, with around 21,000 police deployed to protect the leaders as they huddle in a luxury hilltop hotel in a bid to solve the world's most pressing problems. "The participants this year will discuss global issues, including the immediate dangers posed by the soaring prices of crude oil and foodstuffs as well as climate change," Mr Fukuda said in a statement.

"They will also discuss international assistance to African development and the dual threats to world peace posed by the proliferation of weapons of mass destruction and terrorism." The leaders of the G8 - Britain, Canada, France, Germany, Japan, Italy, Russia and the United States - will be joined by those of some 15 other countries, including China, India, Brazil, Australia and eight African states for expanded sessions on global warming and poverty alleviation.

The German chancellor Angela Merkel said the G8 leaders would agree on steps to fight the soaring price of food and to guarantee supplies. "A vast catalogue of measures to guarantee food supplies worldwide" is expected to be adopted, Ms Merkel told the Tagesspiegel am Sonntag newspaper. The steps will provide short-term relief to the crisis and a long-term strategy to increase the world agricultural production.

G8 finance ministers warned last month that record oil and food prices pose "a serious challenge to stable growth worldwide" and may worsen poverty and stoke inflation. Japanese press reports have said the G8 would likely agree to set up a task force on the food crisis. Climate change will top the agenda on Wednesday when the expanded group of nations meets. The leaders are expected to pledge to take the lead in efforts to halve emissions of greenhouse gases by 2050 after agreeing a year ago to "consider seriously" the goal of at least halving worldwide emissions by 2050.

But faced with huge resistance no significant progress is expected, officials have predicted. Mr Fukuda has given up hope of setting targets for cuts in carbon emissions for the period immediately after the Kyoto Protocol's obligations run out in 2012. Mr Bush, who is attending his last G8, argues that the summit is not the right forum to make hard decisions on climate change as it does not include rapidly growing emerging economies.

The G8 leaders' final statement is also expected to "strongly condemn" the Zimbabwean president Robert Mugabe following his re-election in a June 27 election that has been widely denounced as a sham, the White House said. While Hokkaido will mark President Bush's G8 swansong, it will be the first for Prime Minister Fukuda, Russia's new President Dmitry Medvedev, the British prime minister Gordon Brown and the South Korea president Lee Myung-Bak.

Major leaders from the developing world, including Chinese President Hu Jintao, the Indian prime minister Manmohan Singh and the South African president Thabo Mbeki, will also attend G8 events. *AFP

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Results

5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan

6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel

6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi

7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami

7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi

Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

The Case For Trump

By Victor Davis Hanson
 

UAE currency: the story behind the money in your pockets
Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery 

Ep2: PCR and jobs - the future of work - new trends and challenges 

Ep3: The recovery and global trade disruptions - globalisation post-pandemic 

Ep4: Inflation- services and goods - debt risks 

Ep5: Travel and tourism 

Avatar%20(2009)
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills

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.”

First Person
Richard Flanagan
Chatto & Windus 

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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