Belarus is calling on the EU to take care of 2,000 of the people stranded at the Polish border, where some migrants started leaving their makeshift camps on Thursday.
President Alexander Lukashenko made the proposal for a humanitarian corridor in a call to German Chancellor Angela Merkel to discuss the stand-off, his office said.
The call led to confusion after Minsk claimed that Mrs Merkel had agreed to discuss the idea with her fellow EU leaders, who support Poland in its dispute with Belarus.
“Germany did not agree to this," a government source said. "It’s a European problem on which Germany is not acting alone.”
The call between the German and Belarusian leaders was their second in a week, and came after Russian President Vladimir Putin urged EU leaders to deal with Minsk directly.
The discussions did not please Poland, which weighed in on Thursday to caution against holding talks with Mr Lukashenko at all.
“We have to be aware of the fact that any direct talks with Lukashenko suit him because they legitimise his regime,” said Polish Prime Minister Mateusz Morawiecki.
He said Poland would oppose any humanitarian corridor because it could encourage more people to enter the EU illegally through its eastern border.
French President Emmanuel Macron discussed the border crisis with Polish President Andrzej Duda and Mr Morawiecki. He said Europe had to keep up pressure on Belarus.
Belarus's proposal
Belarus said there were about 7,000 refugees on its territory, migrants the West suspects Belarus has ferried to the border to undermine the EU.
Mr Lukashenko, who denies this, told Mrs Merkel that Belarus could arrange for 5,000 of them to return home “to the extent possible and provided refugees agree to it”.
State media said two camps near the Polish border were empty on Thursday after some Iraqi migrants were flown back to Baghdad and Erbil.
Poland confirmed that some people had left the camps but said Belarus had “not withdrawn from the plan to destabilise Poland”.
“The coming days will still be demanding for Polish soldiers and officers,” said government spokesman Stanislaw Zaryn, who claimed Polish guards had been attacked with stones and blinded with lasers.
“Poland is still struggling with a hybrid warfare operation conducted against the whole European Union,” he said.
“This action is being directed by Belarusian services, supported by Russia from the very beginning.”
Russia, which is Belarus’s main political and military backer, in turn blamed the West for escalating tension on the border.
Mr Putin echoed criticism expressed by Belarus and some humanitarian groups about how Polish border guards have treated the migrants.
“One cannot help but see that western countries are using the migration crisis on the Belarusian-Polish border as a new reason for tension in the region,” he said.
Mr Putin suggested Mr Lukashenko should start a dialogue with the Belarusian opposition. Many of his leader’s critics were arrested or fled the country after a disputed election last year.
Warsaw is calling for a further tightening of the sanctions imposed since then against Belarus. Minsk is suspected of trying to retaliate against the sanctions by ferrying migrants to the border.
UK Defence Secretary Ben Wallace, on a visit to Poland, said he would stand “shoulder to shoulder” with the country.
A statement by G7 foreign ministers issued on Thursday called on Belarus to “cease immediately its aggressive and exploitative campaign”.
“The actions of the Belarusian regime are an attempt to deflect attention from its ongoing disregard for international law, fundamental freedoms and human rights, including those of its own people,” the ministers said.
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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.”
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
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8.50pm: Calandogan
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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