Nato must prepare for the possibility that its looming high-stakes talks with Russia will fail, Secretary General Jens Stoltenberg has said.
Mr Stoltenberg said next week’s talks on the crisis in Ukraine are a chance for Moscow to “demonstrate that it is serious” about ensuring European security, despite its continued troop build-up posing a “very real” risk of conflict.
But he signalled that Nato would not cede to Russia’s demands to stop third parties such as Sweden, Finland and Ukraine from choosing to join the alliance in future.
“There’s no way that Nato can compromise on the principle of the right of every nation to choose its own path,” he said after talks between the alliance’s foreign ministers on Friday.
Ministers put on a show of unity at a virtual conference that prepared the ground for next week’s series of diplomatic showdowns with Russia.
The US and Russia will hold talks in Geneva on Monday before the Nato-Russia Council assembles for discussions on European security on Wednesday.
US Secretary of State Antony Blinken told reporters after the virtual Nato conference that his country is "prepared to respond forcefully to further Russian aggression".
"Certainly part of the [Russian] playbook is to put out a list of absolutely non-starter demands, and then to claim that the other side is not engaging and then to use that as somehow justification for aggressive action," said Mr Blinken.
White House National Security Council spokeswoman Emily Horne said reports the Biden administration is developing options for pulling back US forces in Eastern Europe ahead of next week's dialogue "not accurate", and said Nato would reinforce its Eastern Flank if Moscow were to invade Ukraine.
Britain's Foreign Secretary Liz Truss meanwhile said that at the Nato-Russia meeting, Moscow would be called on to de-escalate and show transparency in regard to its military activities.
The unexplained build-up of tens of thousands of troops near Ukraine has prompted fears of a Russian invasion, although Moscow denies such intentions. It annexed the Crimean peninsula in 2014 in a move not recognised by most of the international community.
Ms Truss said there was “no justification” for Russia’s “aggressive and unprovoked stance towards Ukraine”.
“We stand with our Nato allies in urging Russia to end its malign activity,” she said. “Our support for Ukraine’s sovereignty and territorial integrity is unwavering.”
Diplomats from the US, Spain, Slovakia, Lithuania and Latvia stressed the alliance’s unity in the face of Russian manoeuvres.
It came after the EU expressed concerns over old rivals in Moscow and Washington dominating the talks on Europe’s future. But the White House has promised to consult its allies.
“Whatever the solution, Europe has to be involved,” European Commission President Ursula von der Leyen said on Friday.
Germany said dialogue with Russia must be grounded in basic principles of European security, echoing Mr Stoltenberg’s message.
The secretary general said the alliance was consulting with non-members Georgia, Moldova, Sweden and Finland, which would be affected by Russia’s call to stop further Nato expansion into what was once Moscow’s sphere of influence.
Sweden’s Prime Minister Magdalena Andersson, who has said she does not plan to apply for Nato membership, held talks with Mr Stoltenberg on Friday.
Mr Stoltenberg said Nato would engage in good faith in the talks with Moscow, that it is “always ready to listen to Russia’s concerns” and would “make every effort to find a political way forward”.
But “we must also be prepared for the possibility that diplomacy will fail”, he said.
“We regret that despite the calls of the international community over many weeks, Russia has not taken steps to de-escalate.
“So, today, ministers stressed that any further aggression against Ukraine would have significant consequences and carry a heavy price for Russia.”
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
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Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
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Fuel consumption, combined: 7.0L / 100km
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.”