The Chernobyl power plant, scene of the world’s worst nuclear disaster, has been captured by Russian forces, according to an adviser to the Ukrainian presidential office.
“It is impossible to say the Chernobyl nuclear power plant is safe after a totally pointless attack by the Russians,” Mykhailo Podolyak said on Thursday. “This is one of the most serious threats in Europe today.”
Staff at the Chernobyl plant have been “taken hostage”, Alyona Shevtsova, adviser to the commander of Ukraine’s ground forces, said on Facebook.
The White House said it was outraged by reports of the detentions.
The Ukrainian Ministry of Defence issued an update, saying that although the plant was most “likely captured,” the country’s forces had halted Russia’s advance towards Chernihiv and that it was unlikely that Russia had achieved its planned day-one military objectives.
Russian and Ukrainian forces fought on Thursday for control of Chernobyl, the still radioactive site, scene of the 1986 disaster and a factor in the collapse of the Soviet Union.
“Our defenders are giving their lives so that the tragedy of 1986 will not be repeated,” Ukrainian President Volodymyr Zelenskyy tweeted before the defunct nuclear power plant was captured by Russian forces.
Why does Chernobyl matter so much?
Why would anyone want an inoperative power plant surrounded by miles of radioactive land?
The answer is geography: Chernobyl is on the shortest route from Belarus to Kiev, Ukraine’s capital, and so runs along a logical line of attack for the Russian forces invading Ukraine.
Western military analysts said Russia, by seizing Chernobyl, was simply using the fastest invasion route from Belarus — an ally of Moscow and a staging ground for Russian troops — to Kiev.
“It was the quickest way from A to B,” said James Acton of the Carnegie Endowment for International Peace think tank.
Jack Keane, a former chief of the US Army staff, said Chernobyl “doesn’t have any military significance” but sits on the shortest route from Belarus to Kiev, the target of a Russian decapitation strategy to oust the Ukrainian government.
Mr Keane called the route one of four axes Russian forces used to invade Ukraine, including a second vector from Belarus, an advance south into the Ukrainian city of Kharkiv, and a push north out of Russian-controlled Crimea to the city of Kherson.
The combined offensives amounted to the biggest attack on a European state since the Second World War.
Part of the plan
Taking Chernobyl was part of the plan, and a senior Ukrainian official said it was captured on Thursday by Russian forces, although a senior US defence official said the US could not confirm this.
The fourth reactor at Chernobyl, 108km north of the Ukrainian capital Kiev, exploded in April 1986 during a botched safety test, sending clouds of radiation billowing across much of Europe and reaching the eastern US.
The radioactive strontium, caesium and plutonium mainly affected Ukraine and neighbouring Belarus, as well as parts of Russia and Europe. Estimates for the numbers of direct and indirect deaths from the disaster vary from the low thousands to as many as 93,000 additional cancer deaths worldwide.
Soviet authorities initially sought to cover up the disaster and did not immediately admit that there had been an explosion, tarnishing the image of reformist Soviet leader Mikhail Gorbachev and his glasnost policies for greater openness in Soviet society.
The catastrophe was widely seen as contributing to the collapse of the Soviet Union just a few years later.
What happens now?
Mr Acton said Russia’s capture of Chernobyl on Thursday was not to protect it from further damage, saying Ukraine’s four active nuclear power plants present a greater risk than Chernobyl, which sits within a vast exclusion zone approximately the size of Luxembourg.
A makeshift cover, or sarcophagus, was built within six months of the disaster to cover the stricken reactor and protect the environment from radiation. In November 2016, a so-called new safe confinement was moved over the old sarcophagus.
“Obviously an accident within Chernobyl would be a big issue. But precisely because of the exclusion zone, it probably wouldn’t impinge on Ukrainian civilians very much,” Mr Acton said.
Ukraine’s four operational nuclear power plants are running safely and there has been no destruction at the remaining waste and other facilities at Chernobyl, the UN nuclear watchdog said on Thursday, citing Ukraine’s nuclear regulator.
Mr Acton said Ukraine’s other reactors are not in exclusion zones and they contain nuclear fuel that is a lot more radioactive. “The risks of fighting around them are significantly higher.”
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Rugby World Cup (all times UAE)
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COMPANY%20PROFILE
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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: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
Killing of Qassem Suleimani