On the eve of Tuesday's Victory Parade celebrations, the most important date in the Russian military calendar, its command hierarchy is fractured.
Parades are usually held across the huge country. But security fears and the impact of huge losses in Ukraine have led to a significantly downgrading, with six regions cancelling their marches.
Reports have emerged of “growing factionalism” among Russian commanders.
High command’s authority has been severely undermined by the extraordinary threat made by Wagner leader Yevgeny Prigozhin that unless he was given more ammunition he would withdraw his mercenaries from besieging the town of Bakhmut.
Mr Prigozhin enlisted the support of Chechen mercenary commander Ramzan Kadyrov and by Sunday it appeared Moscow had caved in, with the Wagner chief producing a Ministry of Defence document stating he would receive the bombs and bullets he had demanded.
With the looming day of national unity, the episode was an unedifying sight, especially with Mr Prigozhin’s video rant amid a field of dead Russian Wagner soldiers, and raises further questions over President Vladimir Putin’s authority as well his army’s ability to defend against an expected Ukraine counter-offensive.
Rain on parade
Tanks, heavy missiles and columns of marching men in front of a podium containing the Kremlin elite have been the mark of the May 9 parade commemorating the fall of Nazi Germany.
But after 15 months of gruelling warfare, with Russia suffering an estimated 223,000 casualties, including up to 43,000 dead, the event broadcast live on Russian state television is likely to be the most downbeat since 1945.
Already the March of the Immortals has been cancelled, an event in which Russians carry photographs of World War Two military relatives, over fears that many will hold up pictures of young men who have perished in Ukraine.
Mr Putin also made the unusual decision to host a security council meeting on Friday to discuss the parade planning, with safety concerns high following Wednesday’s drone attack on the Kremlin.
It has generated an atmosphere of tension in Moscow, with Red Square shut to the public for the last two weeks.
The damage to Russian once-vaunted military might will be far more in evidence than last year’s event with its claims of imminent victory over Kyiv.
Dara Massicot, of research institute the Rand Corporation, said that most formations will have conscripts marching instead of the contract soldiers who are fighting in Ukraine.
“With so much of the ground forces engaged in Ukraine, some regions will be forced to get creative and have military instructors and other personnel play a more prominent role to give the appearance of normality,” she said.
Mr Putin might welcome a weather forecast of a chilly, cloudy day but with no rain predicted.
Ground attack
But the coming summer will not lend much warmth to those Russia fighters dug in on the 1,000km front line.
Spring has been unusually wet with the bezdorizhzhia, the time of mud, delaying the moment for the ground to harden enough for effective armoured warfare.
That has played to Ukraine’s advantage by giving its troops more time to train on modern western tanks and artillery. It is estimated that 12 combat brigades are now poised to begin the counter-attack at unknown points along the front line.
Already it appears that some “softening up” of Russian lines has begun, with drone attacks on supply dumps and the derailing of freight trains to hinder supplies.
The Ukrainians may well also use the May 9 celebrations to conduct an eye-catching strike on Russia.
What is certain is that a major attack is coming and that is playing on the minds of Moscow’s generals and probably influenced their initial decision to ration ammunition to Wagner in order to hoard supplies to counter-attack Ukraine breakthroughs.
But penetrating those Russian lines will prove a substantial examination of Ukraine’s ability to conduct combined arms warfare.
The ability to use tanks, infantry fighting vehicles, deep-strike and close-support artillery, air power, air defence and combat engineers is something that the Russians demonstrably failed to attain last year.
But in that year Russia has been able to dig deep defensive networks of trenches, minefields and rows of the pyramid dragon-teeth tank traps.
A suggestion that Moscow believes the attack is coming through the Zaporizhia region, that includes the nuclear power plant under Russian control, emerged after it was reported that 70,000 civilians had been evacuated from the area.
Military analysts believe that Ukraine will push an armoured thrust directly south to the city of Melitopol to cut off the annexed Crimea peninsula.
Yet Kyiv’s defence chiefs have been anxious to underplay its prospects. “The expectation from our counter-offensive campaign is overestimated in the world,” said Defence Minister Oleksii Reznikov. “Most people are … waiting for something huge”, he added which could lead to “emotional disappointment”.
Factional dynamics
Expectations have grown from Ukraine’s successful offensives last year and the influx of billions of dollars of western arms but the coming weeks will be critical for the direction of the war.
The tension of waiting for the assault manifested itself in Mr Prigozhin’s expletive-filled video last week in which he rounded on the leadership of Russian army chief Gen Valery Gerasimov and Defence Minister Gen Sergei Shoigu.
It was criticism so trenchant and public that it was thought to be unique in the history of Russia's military, while it also gave an insight into tensions in the hierarchy.
The caving in to the blackmail demand indicated that the two generals “lack the ability to command Prigozhin and Kadyrov as subordinates but must instead negotiate with them as peers”, stated the Institute for the Study of War think tank.
It also assessed that Gen Gerasimov “does not actually control all the Russian forces in Ukraine” and that disciplinary issues were “having a significant impact on the Russian military’s ability to conduct coherent theatre-wide operations”.
The infighting and political manoeuvring could significantly affect Moscow’s ability to defend the territory it invaded last year.
“Factional dynamics within the Russian military are shaping decision-making to an unusual degree, and the increasing erosion of the Russian chain of command is likely caught in a self-reinforcing feedback loop with the Russian military’s growing factionalism,” the think tank concluded.
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.”
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
%3Cp%3E%3Cstrong%3ETHE%20SPECS%3C%2Fstrong%3E%0D%3Cbr%3EEngine%3A%203.5-litre%20V6%0D%3Cbr%3ETransmission%3A%209-speed%20automatc%0D%3Cbr%3EPower%3A%20279hp%0D%3Cbr%3ETorque%3A%20350Nm%0D%3Cbr%3EPrice%3A%20From%20Dh250%2C000%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
%3Cp%3E%3Cstrong%3ESaudi%20Arabia%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJoy%3A%3C%2Fstrong%3E%20Delivers%20car%20services%20with%20affordable%20prices%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKaraz%3A%3C%2Fstrong%3E%20Helps%20diabetics%20with%20gamification%2C%20IoT%20and%20real-time%20data%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMedicarri%3A%3C%2Fstrong%3E%20Medical%20marketplace%20that%20connects%20clinics%20with%20suppliers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMod5r%3C%2Fstrong%3E%3A%20Makes%20automated%20and%20recurring%20investments%20to%20grow%20wealth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStuck%3A%3C%2Fstrong%3E%20Live%2C%20on-demand%20language%20support%20to%20boost%20writing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWalzay%3A%3C%2Fstrong%3E%20Helps%20in%20recruitment%20while%20reducing%20hiring%20time%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEighty6%3A%20%3C%2Fstrong%3EMarketplace%20for%20restaurant%20and%20supplier%20procurements%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFarmUnboxed%3A%20%3C%2Fstrong%3EHelps%20digitise%20international%20food%20supply%20chain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENutriCal%3A%3C%2Fstrong%3E%20Helps%20F%26amp%3BB%20businesses%20and%20governments%20with%20nutritional%20analysis%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWellxai%3A%3C%2Fstrong%3E%20Provides%20insurance%20that%20enables%20and%20rewards%20user%20habits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgypt%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAmwal%3A%3C%2Fstrong%3E%20A%20Shariah-compliant%20crowd-lending%20platform%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDeben%3A%3C%2Fstrong%3E%20Helps%20CFOs%20manage%20cash%20efficiently%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgab%3A%3C%2Fstrong%3E%20Connects%20media%20outlets%20to%20journalists%20in%20hard-to-reach%20areas%20for%20exclusives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENeqabty%3A%3C%2Fstrong%3E%20Digitises%20financial%20and%20medical%20services%20of%20labour%20unions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOman%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonak%3A%3C%2Fstrong%3E%20Provides%20financial%20inclusion%20and%20life%20services%20to%20migrants%3C%2Fp%3E%0A
Forced%20Deportations
%3Cp%3EWhile%20the%20Lebanese%20government%20has%20deported%20a%20number%20of%20refugees%20back%20to%20Syria%20since%202011%2C%20the%20latest%20round%20is%20the%20first%20en-mass%20campaign%20of%20its%20kind%2C%20say%20the%20Access%20Center%20for%20Human%20Rights%2C%20a%20non-governmental%20organization%20which%20monitors%20the%20conditions%20of%20Syrian%20refugees%20in%20Lebanon.%3C%2Fp%3E%0A%3Cp%3E%E2%80%9CIn%20the%20past%2C%20the%20Lebanese%20General%20Security%20was%20responsible%20for%20the%20forced%20deportation%20operations%20of%20refugees%2C%20after%20forcing%20them%20to%20sign%20papers%20stating%20that%20they%20wished%20to%20return%20to%20Syria%20of%20their%20own%20free%20will.%20Now%2C%20the%20Lebanese%20army%2C%20specifically%20military%20intelligence%2C%20is%20responsible%20for%20the%20security%20operation%2C%E2%80%9D%20said%20Mohammad%20Hasan%2C%20head%20of%20ACHR.%3Cbr%3EIn%20just%20the%20first%20four%20months%20of%202023%20the%20number%20of%20forced%20deportations%20is%20nearly%20double%20that%20of%20the%20entirety%20of%202022.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESince%20the%20beginning%20of%202023%2C%20ACHR%20has%20reported%20407%20forced%20deportations%20%E2%80%93%20200%20of%20which%20occurred%20in%20April%20alone.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EIn%20comparison%2C%20just%20154%20people%20were%20forcfully%20deported%20in%202022.%3C%2Fp%3E%0A
Violence%20
%3Cp%3EInstances%20of%20violence%20against%20Syrian%20refugees%20are%20not%20uncommon.%3C%2Fp%3E%0A%3Cp%3EJust%20last%20month%2C%20security%20camera%20footage%20of%20men%20violently%20attacking%20and%20stabbing%20an%20employee%20at%20a%20mini-market%20went%20viral.%20The%20store%E2%80%99s%20employees%20had%20engaged%20in%20a%20verbal%20altercation%20with%20the%20men%20who%20had%20come%20to%20enforce%20an%20order%20to%20shutter%20shops%2C%20following%20the%20announcement%20of%20a%20municipal%20curfew%20for%20Syrian%20refugees.%3Cbr%3E%E2%80%9CThey%20thought%20they%20were%20Syrian%2C%E2%80%9D%20said%20the%20mayor%20of%20the%20Nahr%20el%20Bared%20municipality%2C%20Charbel%20Bou%20Raad%2C%20of%20the%20attackers.%3Cbr%3EIt%20later%20emerged%20the%20beaten%20employees%20were%20Lebanese.%20But%20the%20video%20was%20an%20exemplary%20instance%20of%20violence%20at%20a%20time%20when%20anti-Syrian%20rhetoric%20is%20particularly%20heated%20as%20Lebanese%20politicians%20call%20for%20the%20return%20of%20Syrian%20refugees%20to%20Syria.%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A