A firefighter at work after a residential block on the outskirts of Donetsk caught fire following a shelling yesterday. Maxim Shemetov / Reuters
A firefighter at work after a residential block on the outskirts of Donetsk caught fire following a shelling yesterday. Maxim Shemetov / Reuters
A firefighter at work after a residential block on the outskirts of Donetsk caught fire following a shelling yesterday. Maxim Shemetov / Reuters
A firefighter at work after a residential block on the outskirts of Donetsk caught fire following a shelling yesterday. Maxim Shemetov / Reuters

EU halts new Russian and Ukrainian sanctions ahead of peace talks


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BRUSSELS // The European Union said on Monday it would temporarily halt further sanctions on Russians and Ukrainian separatists ahead of possible peace talks later this week.

The announcement came as German chancellor Angela Merkel met with US president Barack Obama at the White House in a public display of unity despite disagreement over arming Ukrainian government forces.

Ms Merkel was to brief the president on upcoming negotiations planned for Wednesday in Minsk, Belarus. The talks are aimed at ending the escalating bloodshed in eastern Ukraine and are due to involve the leaders of German, France, Russia and Ukraine itself.

The Kremlin said on Monday that Russian president Vladimir Putin would not tolerate any ultimatums over Ukraine after a report said Germany had given him until Wednesday to agree a peace plan or face new sanctions.

“We’ve already said everything about the tone of the negotiations,” Mr Putin’s spokesman Dmitry Peskov said on Russian radio. “No one has ever spoken or can speak to the president in an ultimatum-like tone much as one would like to.”

Meeting in Brussels, EU foreign ministers decided on Monday to delay placing asset freezes and travel bans on 19 more individuals, including five Russians, for their actions in eastern Ukraine. They said the situation would be reviewed the following Monday.

“The principle of the sanctions is maintained but the application will depend on what happens on the ground,” said French foreign minister Laurent Fabius. “We will see if the meeting has taken place, what kind of results there are. And then we will be able to draw conclusions.”

The names of the individuals were kept confidential for now, but diplomatic sources said they include Russian deputy defence minister Anatoly Antonov.

There was no discussion of lifting any other sanctions if the Minsk talks go well, diplomats said.

The EU foreign ministers are throwing their weight behind fresh diplomatic efforts to end the conflict in Ukraine, rejecting calls by some US politicians to provide lethal defensive weapons to Kiev.

But German foreign minister Frank-Walter Steinmeier cautioned that the Minsk meeting is not set in stone yet. He said diplomats from all sides were meeting on Monday behind closed doors in Berlin to try to pave the way.

“We hope that the outstanding issues can be resolved to a point that a Minsk meeting would hold some promise and can produce the first steps toward defusing the situation and a ceasefire,” he said, adding “[but] it’s not yet certain.”

The fighting in eastern Ukraine continued on Monday with a powerful explosion setting a chemical plant on fire outside the rebel stronghold of Donetsk. Separatists said the plant was hit by government shelling

No casualties or damage elsewhere were immediately reported from the blast, but rebel official Eduard Basurin said that heavy shelling in the city overnight had killed two people.

Ukrainian military spokesman Andriy Lysenko, meanwhile, said on Monday that about 1,500 Russian troops had crossed the border into Ukraine via rebel-controlled border posts over the weekend.

* Associated Press, Reuters and Agence France-Presse

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

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Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

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.”

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

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Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.

Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013