Talks will resume in Brussels on Sunday, with Michel Barnier leading the EU's negotiations. AFP
Talks will resume in Brussels on Sunday, with Michel Barnier leading the EU's negotiations. AFP
Talks will resume in Brussels on Sunday, with Michel Barnier leading the EU's negotiations. AFP
Talks will resume in Brussels on Sunday, with Michel Barnier leading the EU's negotiations. AFP

Brexit

EU-UK Brexit talks to restart on Sunday despite 'significant differences'

Three critical issues are at the heart of the impasse

The National

December 05, 2020

  • English
  • Arabic

"Significant differences" remain between the European Union and Britain over a post-Brexit trade deal, leaders from both sides said, with negotiators set to restart last-ditch talks on Sunday before a year-end cut-off.

Prime Minister Boris Johnson spoke on the phone to European Commission President Ursula von der Leyen on Saturday.

A joint statement after the call said that three critical issues were at the heart of the impasse.

They are the level playing field for businesses, fisheries and the governance of any agreement.

“Both sides underlined that no agreement is feasible if these issues are not resolved," the statement said.

"While recognising the seriousness of these differences, we agreed that a further effort should be undertaken by our negotiating teams to assess whether they can be resolved.

“We are therefore instructing our chief negotiators to reconvene tomorrow in Brussels,” it added.

Michel Barnier, the EU's chief negotiator, said: "We will see if there is a way forward. Work continues tomorrow."

While the UK left the EU on January 31 this year, it remains in the bloc’s single market and customs union until December 31.

  • May 7, 2015 - David Cameron wins General Election on the pledge to hold a EU referendum. AFP
    May 7, 2015 - David Cameron wins General Election on the pledge to hold a EU referendum. AFP
  • June 23, 2016 - The UK votes to leave the EU. AFP
    June 23, 2016 - The UK votes to leave the EU. AFP
  • June 24, 2016 - David Cameron resigns in wake of referendum defeat. AFP
    June 24, 2016 - David Cameron resigns in wake of referendum defeat. AFP
  • July 11, 2016 - Theresa May wins Conservative Party leadership election. AFP
    July 11, 2016 - Theresa May wins Conservative Party leadership election. AFP
  • March 29, 2017 - British government invokes Article 50. AFP
    March 29, 2017 - British government invokes Article 50. AFP
  • April 18, 2017 - Theresa May calls snap election. AFP
    April 18, 2017 - Theresa May calls snap election. AFP
  • June 8, 2017 - Theresa May wins general election with reduced majority. AFP
    June 8, 2017 - Theresa May wins general election with reduced majority. AFP
  • June 19, 2017 - Negotiations on withdrawal agreement begin. AFP
    June 19, 2017 - Negotiations on withdrawal agreement begin. AFP
  • November 14, 2018 - Text of withdrawal agreement published. AFP
    November 14, 2018 - Text of withdrawal agreement published. AFP
  • November 25, 2018 - Leaders of EU27 countries approve withdrawal agreement. AFP
    November 25, 2018 - Leaders of EU27 countries approve withdrawal agreement. AFP
  • January 15, 2019 - Theresa May loses parliamentary vote on withdrawal agreement. AFP
    January 15, 2019 - Theresa May loses parliamentary vote on withdrawal agreement. AFP
  • January 16, 2019 - Theresa May survives parliamentary vote of no confidence. AFP
    January 16, 2019 - Theresa May survives parliamentary vote of no confidence. AFP

With less than four weeks to go, both sides must also get agreement on any deal – which would govern nearly $1 trillion of trade a year – from their parliaments and the EU executive needs to get approval from all 27 member states.

Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65

Mohamed bin Zayed Majlis
'Gehraiyaan'
Director:Shakun Batra

Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa

Rating: 4/5

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.”

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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While you're here

Dunbar
Edward St Aubyn
Hogarth

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The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
​​​​​​​Princeton

The years Ramadan fell in May

1987

1954

1921

1888

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The five stages of early child’s play

From Dubai-based clinical psychologist Daniella Salazar:

1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.

2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.

3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.

4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.

5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.

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