EU ambassadors on Monday unanimously backed the hard-fought Brexit deal with the UK amid warnings of disruption when a new era of relations between the two sides begins this week.
The agreement covering trade worth £660 billion ($895bn) was struck on December 24 and is expected to be passed by the UK Parliament on Wednesday.
The country is moving to a complete break from European institutions after 48 years of membership.
The ambassadors, representing the 27 EU nations, swiftly approved the deal on Monday, clearing the way for way for it to come into effect in the New Year.
London's stock exchange was closed on Monday but other European markets rose as investors welcomed the deal and a US stimulus package.
British Minister for the Cabinet Office Michael Gove warned of “bumpy moments” ahead as businesses made final preparations for new arrangements that will increase red tape after leaving the EU single market and Customs union.
“The nature of our new relationship with the EU … means that there are practical and procedural changes that businesses and citizens need to get ready for,” Mr Gove told the BBC.
Practical changes include phasing out a European health insurance plan and possible changes to mobile phone roaming charges.
“We know that there will be some disruption as we adjust to new ways of doing business with the EU, so it is vital that we all take the necessary action now,” Mr Gove said.
Members of Parliament are expected to pass the legislation after the opposition Labour Party gave qualified support for it.
Labour said it was “thin” and needed more work to protect British jobs, but it was backing the agreement to avoid leaving the EU without a trade deal.
The most hardline pro-Brexit MPs are also set to give their verdict on the agreement on Tuesday and are expected to back it.
But the most ardent Brexit critics said they would only abstain, to avoid throwing the UK’s relationship with the EU into greater chaos from January 1.
There is still opposition to the deal, notably from the UK’s fishing industry.
It said the deal would leave some trawlermen worse off under the agreement.
The deal will increase the proportion of fish in UK waters but will stop trading between UK and EU fleets that allowed for increased income.
The issue of fishing rights was one of three key sticking points in the talks that delayed an agreement between the EU and Britain until December 24.
Andrew Locker, chairman of the National Federation of Fishermen's Organisations, said he felt “angry, disappointed and betrayed".
“We are absolutely worse off,” Mr Locker told the BBC. “What we have got now is a fraction of what we were promised through Brexit. We are going to really, really struggle this year.”
The deal over fishing rights also stoked discontent among politicians who support independence in Scotland, which has the largest share of the UK’s fishing quota.
The Scottish government is pushing for a new ballot after Scots in 2014 voted to remain part of the UK.
Scotland's First Minister Nicola Sturgeon said the ruling Conservative Party "sold out Scottish fishing all over again" with the new arrangements.
Other key questions remain over workers’ rights, environmental standards and access to EU markets for the UK’s vital financial services sector.
UK Finance Minister Rishi Sunak sought to reassure the industry at the weekend that it would not be harmed by the deal, despite having to do things a “bit differently” in coming years.
RESULTS
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Dwight Brooks (USA) bt Alex Nacfur (BRA)
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Middleweight:
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Middleweight:
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Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Zayed Sustainability Prize
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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
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.”
More on Quran memorisation:
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
POWERWASH%20SIMULATOR
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EEric%20Barbier%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EYoussef%20Hajdi%2C%20Nadia%20Benzakour%2C%20Yasser%20Drief%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
MATCH INFO
Manchester City 1 Chelsea 0
De Bruyne (70')
Man of the Match: Kevin de Bruyne (Manchester City)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills