Live updates: follow the latest news on Russia-Ukraine
Ukraine came under attack across swathes of the country on Thursday with explosions heard in major cities, assaults on military infrastructure and reports of artillery fire against border guards, airfields and apartment blocks.
Russian missile and air strikes were logged by Ukrainian officials as well as helicopter gunship and tank action deep inside its territory.
Ukrainian border police said tanks had crossed from Russia, from occupied Crimea and from Belarus to the north, opening an assault on several fronts that analysts fear could lead to a swift attack on Kiev.
Ukraine's President Zelenskyy announced the country was under martial law as he directed the armed forces to defend against the Russian assault. “We are working,” he told his people in a video message. “The army is working. Don't panic. We are strong. We are ready for everything. We will defeat everyone. Because we are Ukraine. ”Although the rapidly-changing situation and the possibility of disinformation made it hard to determine exactly what had happened, the scale of the attack proved Western fears correct that Russia would not confine itself to eastern regions of Ukraine but launch an assault across the country.
Late in the day officials said up to 40 people have been killed in the Russian attacks with regional authorities in the southern port city of Odessa claiming 18 people were killed in a Russian missile strike. At least six others were killed in the town of Brovary, near the capital Kiev.
US officials said Russian military columns had crossed on three separate axis. The Ukrainian frontier areas of Chernihiv, Kharkiv, Luhansk, Chernobyl and Hostomel, also near Kiev.
Russia's defence ministry said on Thursday it had taken out military infrastructure at 11 of Ukraine's airbases among 70 targeted facilities and “suppressed” its air defences.
Fears over conflict breaking out had been mounting for weeks after Russia assembled more than 100,000 troops around Ukraine’s borders and carried out drills involving fighter jets, bombers and missile launchers.
Kharkiv
Ukraine's military said there were "fierce fights" with Russian forces in the eastern Kharkiv region, which lies about 40 kilometres from the Russian border but outside the territory previously controlled by pro-Kremlin separatists.
In the industrial city of the same name, Ukraine said four invading tanks had been destroyed, while emergency services said a boy had been killed in an apparent shell attack that hit an apartment building.
The Kharkiv region was one of four in the north where Russian tanks had entered, border guards said, and one of several where Ukraine said missile strikes were targeting airbases, military depots and command facilities.
The invasion was also staged from several positions in Belarus, but the country’s pro-Kremlin President Alexander Lukashenko said his forces were “not taking part in this operation".
Odessa and Mariupol
In the south, Ukraine's military said it had regained control of the port of Mariupol after early reports of Russian attacks there and in Odessa, another coastal city.
To the south of Odessa, Ukraine said attackers were trying to seize an island in the Black Sea and calling on government forces to surrender. It came after Russia strengthened its positions on the Crimean peninsula it annexed in 2014.
“Odessa will be key to the assault because it’s a vital economic artery for the Ukrainian economy through which 70 per cent of the nation's maritime trade flows,” the RUSI think tank expert Sidarth Kaushal told The National.
“The Russians have concentrated their surface combatants presumably to soften up the Ukraine defences either in anticipation of an amphibious assault or in support of a ground offensive.”
There were reports of explosions in both cities, and of people in Mariupol — only 15 kilometres from the front line with eastern separatists — taking suitcases to their cars and fleeing the city.
Regarded as a valuable industrial hub, Mariupol has two major steel plants and some of Ukraine’s grain exports leave from its port. President Volodymyr Zelenskyy’s chief of staff said operations at all of Ukraine’s seaports had been suspended.
Kiev
Ukraine’s military said Boryspil Airport in Kiev was under attack, with the country moving to close its airspace to civilian traffic. Another terminal about 35 kilometres away, Hostomel Airport, was said to be under attack by presidential adviser Mykhaylo Podolyak said.
The alleged attack on the airport could be aimed at bringing in airborne Russian troops and launching an assault on the government administration, Mr Podolyak said.
Large explosions were heard in the capital. Civil defence sirens sounded and some people hastily packed their luggage into cars to try to escape the city, with queues on roads and petrol station forecourts.
Some people huddled underground after the subway system was declared open to all and four metro stations were declared as air raid shelters. Mayor Vitaly Klitschko ordered a curfew after early urfing people in Kiev to stay at home but to prepare for a potential evacuation.
It came as a European aviation agency warned of potential attacks or misidentification of passenger planes. Ukraine said airfields in Ozerne, Kulbakino, Chuhuiv, Kramatorsk and Chornobaivka were under attack.
Separatist regions
Ukraine said it had killed 50 troops in the Luhansk region, part of the contested territory where fighting with pro-Russian forces has been going on for eight years. Explosions were heard in Donetsk, also under separatist control.
Ukraine separately said it had taken down six Russian war planes in the east. Moscow has not issued any reports of military losses. The Russian-backed separatists, in turn, claimed to have downed two Ukrainian planes.
Russian military hardware
Western powers had warned of a potential invasion because of what they described as a huge concentration of troops accompanied by infrastructure such as field hospitals.
Russia is also assembling at least six large Ropucha-class tank landing ships off Ukraine’s southern coast for a potential amphibious assault, military analysts have said. There is also an array of warships and submarines are being used to fire cruise missiles at key military and civilian targets.
They were accompanied by military hardware including:
Ropucha landing ship: Soviet-era but would still be effective in getting military hardware ashore in a largely unopposed landing. If Russia wants to have tanks and marine infantry on land at the vital ports of Odessa on the Black Sea and Mariupol, on the Sea of Azov, these ships are capable of each carrying 10 main battle tanks alongside 340 troops. They are also armed with 57mm guns and rocket launchers to target shore resistance.
Kilo-class submarines: Russia has more than 60 of these hunter-killer submarines that would be capable of sinking Ukraine’s small navy, although this was left without serious firepower following the seizure of its fleet in Crimea in 2014. The Kilos are capable of firing the latest Kalibr land-attack cruise missiles that have a range of 1500km and are similar to the US-built Tomahawk missiles. Each has a warhead of about 2,000kg but the boats are only capable of carrying four in total.
Admiral Gorshkov frigate: These are the most modern Russia navy surface ships capable of firing up to 32 Kalibr cruise missiles. The 8,000 ton ships have a speed of nearly 30 knots and are designed to carry out long-range land strikes as well as hunting submarines. There are currently three in service. Its 130mm naval gun can fire up to 40 rounds a minute at a distance of 23km.
BM-27 Uragan rocket launchers sighted during Russian drills in annexed Crimea
Su-30 fighters belonging to Russia and Belarus, known as Flanker aircraft by Nato, and used during their joint drills
The navy cruiser Moskva, the flagship of Russia’s Black Sea fleet, sighted outside the Crimean port of Sevastopol during naval exercises
Tu-22M3 bombers escorted by Su-35 jets at Russia-Belarus drills, both models dating back to the Soviet era
Supersonic MiG-31K fighters used during the so-called Grom-22 exercises, carrying a Kinzhal hypersonic missile
A large fleet of armoured vehicles, with some tanks rolling into Ukraine on Thursday after the Kremlin ordered the invasion
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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.”
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
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Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
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