Nato needs to triple the size of its forces in the Baltic States owing to the risk of hostilities from Russia, Lithuania’s Foreign Minister said before the western alliance summit next month.
Gabrielius Landsbergis has also urged the alliance to base large numbers of tanks, artillery and air defences in his country to deter an invasion.
He told The National that at the Nato summit in Madrid next month, countries that border Russia would “make the arguments” for the alliance to significantly increase its presence on its eastern flank.
Triple defence
Mr Landsbergis called for a significant increase in Nato forces stationed in Lithuania, bringing them to brigade strength.
There is currently only a single battalion of German troops and a few US soldiers that form the Enhanced Forward Presence (EFP), where Nato stations forces on its eastern flank to act as a tripwire for a Russian invasion.
With Lithuania bordering Russia and Belarus, Mr Landsbergis called for the Nato EFP to be increased to about 3,000 troops.
“That's three times more than we currently have,” he said. “We are also talking about forward presence that would be ready to accept even more troops, but they would not need to bring in their equipment if they pre-position tanks, artillery and missiles in Lithuania.
“We would also like to see more allied troops permanently stationed in Lithuania, together with the equipment that would be used to defend what [US] President [Joe] Biden called ‘defending of every inch of the territory’.
“We would like for that strategy to become very practical, not just a political phrase.”
Russian attack
Mr Landsbergis said Lithuania called for an international effort to force through a Black Sea humanitarian food corridor to export grain from Ukraine amid Russia's invasion.
“It is vital we do something quickly to feed the world,” Mr Landsbergis said. “I fear the worst is yet to come in the coming weeks, with people in North Africa and the Middle East paying huge prices to put food on their table.”
While Russian President Vladimir Putin remains in power, it was Lithuania’s “fundamental understanding” that the countries bordering Russia, “either Nato or non-Nato, will be in danger”.
“For now, Russia is fully immersed in its invasion of Ukraine, which isn't going so well, but I think that in the near future it will start doing something in other countries,” Mr Landsbergis said.
“This is why we're worried and one of the reasons why we're asking for our Nato allies to strengthen the eastern flank. Right now, it looks like Russia is overwhelmed with Ukraine but, given time, that might change.
“Clearly Russia is a country that is ready and willing to use massive military force and even when used unsuccessfully, there is still a devastating effect, as we are seeing in Ukraine where cities are levelled to rubble.”
Border states
Lithuania, with a population of three million, and its fellow Baltic states of Estonia and Latvia, are in “a very concerning, geographic position to live in”, but Nato provided a “credible deterrence that the territory would be denied and not an inch would be taken”.
Following the Ukraine invasion, Sweden and Finland have applied for Nato membership.
Lithuania, which has a 300-kilometre border with Russia’s Kaliningrad exclave, would welcome the “more secure environment” the Nordic states would bring.
“But it doesn't change the situation in having Belarusian and Russian military bases on the other side of the border,” Mr Landsbergis said.
“Their application is very much welcomed, but it's not sufficient to change the situation in the Baltic region.”
Their accession would also bring the two Nordic countries under Nato’s nuclear umbrella as there was “always a possibility that Russia could escalate, using unconventional weapons”, he said.
“We have to be very clear that Nato is a nuclear alliance and that that deterrence has to be reminded.”
Energy foresight
He said Lithuania had the foresight to negotiate gas contracts before the invasion began on February 24.
“Since the first mention of a possible war, we were actively looking for contracts for LNG [liquefied natural gas] from the countries that are not Russian suppliers,” he said.
“We managed to pre-purchase several contracts that we were able to use when the war broke out and that allowed us to cut the ties with Russia.”
The Lithuanian government also came to a political decision in whicvh “we don't want to have any business deals when it comes to energy with Russia", Mr Landsbergis said in London.
“By 2025, we hope to delink our electricity system from Russia and be fully integrated into the European grid.”
Over time, he believes that Europe shutting off the energy link will have a major impact on Russia’s economy and prove “a game-changer” in preventing future aggression.
The move was also pushing Europe much faster towards green energy supplies, with Lithuania among those “aggressively pursuing the renewable strategy” with wind farms.
Food emergency
With the growing global food emergency caused by Russia’s blockade of Ukraine’s Black Sea ports, Mr Landsbergis called for an international solution.
“We are running out of time with a new harvest coming and already 25 million tonnes of grain in storage,” he said.
With different railway gauges between Ukraine and Europe and slow road transport, the “only practical way” of exporting the food is through the Black Sea ports.
An international effort is necessary because “nobody wants Russians to use the opportunity to attack” and it is “obvious that Russia has no interest in finding any workable solution”.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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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.”
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz