Ukrainian President Volodymyr Zelenskyy will urge leaders of some of the world’s richest countries to do more to support his nation’s fight against Russia.
Mr Zelenskyy will address US President Joe Biden, British Prime Minister Boris Johnson and other G7 leaders by video link from Kyiv as his country continues to come under attack from Russian missiles.
In his nightly address on Sunday, he urged the allies to be “partners, not observers” and give his country the ability to defend itself, warning that any delay would be an invitation to Russia to strike again.
Mr Johnson will use Monday’s session at the G7 summit in Germany to call for urgent action to help get vital grain supplies out of Ukraine’s blockaded ports, to support the country’s economy and alleviate shortages around the world.
Time is running out to prevent stores of grain rotting in silos, with July’s harvest set to worsen the problem.
As Russian missile strikes continued to hit Ukrainian towns and cities, Mr Johnson said the country was on a “knife edge”, with Russian troops advancing in the east.
The blockade of major Ukrainian ports such as Odesa, attacks on farms and warehouses and the wider impact of the Russian invasion have all added to the problems blocking food from the country reaching the global market.
Ukraine previously supplied 10 per cent of the world’s wheat, up to 17 per cent of the world’s maize and half of the world’s sunflower oil.
About 25 million tonnes of corn and wheat is at risk of rotting in Ukrainian silos.
Mr Johnson will call for an international solution to the crisis, including overland routes for grain supplies to beat the Russian blockade, with £10 million ($12.2m) in materials and equipment to repair damaged railways.
The UK has also been urging Turkey, which controls access to the Black Sea, to do more to get grain supplies out by ship.
Russia’s actions have driven up food prices globally, including in the UK, while 47 million people around the world in countries dependent on Ukrainian grain are at risk of humanitarian disaster.
“Putin’s actions in Ukraine are creating terrible aftershocks across the world, driving up energy and food prices as millions of people are on the brink of famine," Mr Johnson will tell G7 leaders on Monday.
“Only [Russian President Vladimir] Putin can end this needless and futile war.
“But global leaders need to come together and apply their combined economic and political heft to help Ukraine and make life easier for households across the world. Nothing should be off the table.”
Mr Johnson also wants G7 leaders to look at the use of grain for biofuel, claiming its use for vehicles may be reducing availability and pushing up food costs.
The UK will also put £1.5m into developing a testing process to identify whether grain sold by Russia has been illegally smuggled from Ukraine.
Mr Johnson has played down the prospect of the Royal Navy being sent in to help merchant vessels beat the Russian blockade.
But he has said British expertise in “remote de-mining” and insurance of shipping in contested waters could help vessels to move the grain out by sea.
Mr Zelenskyy will address the G7 and Nato summits over coming days.
Ahead of his speech to the G7 leaders gathered in the luxury Schloss Elmau hotel in the Bavarian Alps, Mr Zelenskyy said he would demand extra defence systems to battle the missile bombardment.
“We need a powerful air defence – modern, fully effective – which can ensure complete protection against these missiles,” he said.
“We talk about this every day with our partners. There are already some agreements. And partners need to move faster if they are really partners, not observers.
“Delays in the transfer of weapons to our state, any restrictions, are actually an invitation for Russia to strike again and again.
“The occupiers — these terrorists — must be beaten with all our might so that they do not think they can put pressure and outplay someone.”
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Rosewood and Transparent — heart issues
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Grey’s Anatomy — prosthetic leg
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Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
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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.”
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Match info:
Real Betis v Sevilla, 10.45pm (UAE)
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
SHOW COURTS ORDER OF PLAY
Centre Court (4pm UAE/12pm GMT)
Victoria Azarenka (BLR) v Heather Watson (GBR)
Rafael Nadal (ESP x4) v Karen Khachanov (RUS x30)
Andy Murray (GBR x1) v Fabio Fognini (ITA x28)
Court 1 (4pm UAE)
Steve Johnson (USA x26) v Marin Cilic (CRO x7)
Johanna Konta (GBR x6) v Maria Sakkari (GRE)
Naomi Osaka (JPN) v Venus Williams (USA x10)
Court 2 (2.30pm UAE)
Aljaz Bedene (GBR) v Gilles Muller (LUX x16)
Peng Shuai (CHN) v Simona Halep (ROM x2)
Jelena Ostapenko (LAT x13) v Camila Giorgi (ITA)
Jo-Wilfried Tsonga (FRA x12) v Sam Querrey (USA x24)
Court 3 (2.30pm UAE)
Kei Nishikori (JPN x9) v Roberto Bautista Agut (ESP x18)
Carina Witthoeft (GER) v Elina Svitolina (UKR x4)
Court 12 (2.30pm UAE)
Dominika Cibulkova (SVK x8) v Ana Konjuh (CRO x27)
Kevin Anderson (RSA) v Ruben Bemelmans (BEL)
Court 18 (2.30pm UAE)
Caroline Garcia (FRA x21) v Madison Brengle (USA)
Benoit Paire (FRA) v Jerzy Janowicz (POL)