Live updates: follow the latest news on Russia-Ukraine
Russian troops are not withdrawing from Kyiv and northern Ukraine but merely regrouping and preparing for a further offensive, Nato Secretary General Jens Stoltenberg said on Thursday.
Mr Stoltenberg said Russia’s public statements could not be trusted as he became the latest western official to play down Moscow’s claim that it would scale back operations around the Ukrainian capital.
He said Russia planned to use some of its relocated forces to strengthen its offensive in the eastern Donbas region where it supports pro-Kremlin separatists in a long-running conflict with Ukrainian forces.
“According to our intelligence, Russian units are not withdrawing, but repositioning,” Mr Stoltenberg said at the launch of a Nato annual report on Thursday.
“At the same time, Russia maintains pressure on Kyiv and other cities, so we can expect additional offensive actions bringing even more suffering,” he said.
British military intelligence offered a similar assessment, saying a few Russian units had withdrawn from near Kyiv but that invading forces still held positions on either side of the city.
Heavy fighting is expected to continue in Kyiv’s suburbs in the coming days, said Britain’s Defence Ministry, which said Russian shelling and missile strikes had continued in Chernihiv despite a similar promise to reduce attacks there.
Five weeks into the war, western officials believe Russia has made faltering progress but is turning to the mercenary Wagner Group to shore up its forces and absorb some of its military losses.
Ukrainian President Volodymyr Zelenskyy said in an address to the Dutch parliament on Thursday that news of bombings and missile strikes was starting to become routine as fighting continues with no obvious breakthroughs.
Nonetheless, President Vladimir Putin is not willing to support a ceasefire because he believes the conditions are not yet right, Italian Prime Minister Mario Draghi said on Thursday after a conversation with the Russian leader.
Mr Draghi echoed German Chancellor Olaf Scholz in saying he had extracted a promise from Mr Putin that European countries could still pay for gas imports in euros or dollars, rather than roubles as Moscow has been demanding.
The request for roubles is regarded by western powers as a way of evading the sanctions imposed by many Nato and other allied countries since Russia invaded Ukraine.
Mr Stoltenberg, who has spoken of the need for a rethink of Nato’s defence posture on its eastern flank, said the alliance’s security environment had “dramatically worsened” as a result of the Russian offensive.
The 154-page annual report said Mr Putin’s actions made clear that “his objectives are not limited to Ukraine”, as several Nato countries move to increase defence spending to face a newly hostile Russia.
Italy will reach the Nato target of spending 2 per cent of gross domestic product on its military in 2028, Mr Draghi said on Thursday. But he said there would be no increase spelled out in an upcoming economic forecast.
Latvia this week signed off plans to increase defence spending to 2.5 per cent, while Germany, Denmark and Norway have all promised to raise their military budgets. The annual report showed Nato's overall spending rising for the seventh consecutive year.
Nato countries have ruled out sending troops beyond the alliance’s borders and intervening directly in Ukraine, for fear of provoking Russia into a wider European war.
Accepting that, Mr Zelenskyy is pushing for tougher sanctions on Russia and on Thursday called for sea ports to be closed to the country’s ships after the closure of Europe’s airspace to its planes.
General Sir Nick Parker, a former commander of UK land forces who has advised Ukraine’s Defence Ministry, said Nato had adopted a defensive position by putting a protective ring around its members but not being prepared to develop an “offensive counter-strategy to Putin”.
“Slightly controversially I suppose, I mean Nato’s been defeated, Nato’s bluff was called,” he told BBC Radio 4’s Today programme.
Mr Zelenskyy said in his speech to Dutch MPs that Ukraine needed shells, missiles, air defences and anti-tank weapons to fight off the Russian attacks.
In a separate address he said that Russian forces were building up in the Donbas and that new strikes were expected on the region.
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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.”
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
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Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
More from Neighbourhood Watch:
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
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