UK warship carries out 'lion's share' of anti-ISIS operations in Iraq


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UK military commanders said Britain's newest aircraft carrier, HMS Queen Elizabeth, has taken on the "lion's share" of operations against ISIS in Iraq.

In the first posting of the 65,000-tonne carrier, commanders said the ship attracted the interest of Russian warplanes.

“At the moment, we’re taking on the lion’s share of that operation over Iraq, which is a fantastic feather in our cap," said Commodore Steve Moorhouse, aboard carrier in the Eastern Mediterranean Sea.

Cdre Moorhouse said the Eastern Mediterranean had become more “congested and contested” because of Russia’s military presence in Syria.

“We’re rubbing up against Russian activity, not in a dangerous or aggressive manner, but you’ve just got other people out here playing in what is a fixed piece of water and airspace,” he said.

Cdre Moorhouse said a Russian warship came within 10 kilometres of the carrier.

He said Russian, British and US pilots had a “healthy respect for one another” and their conduct had been “absolutely professional” since the aircraft carrier started anti-ISIS operations on June 18.

"But there is a reality when you buy yourself a fifth-generation aircraft carrier and you take it around the world," Cdre Moorhouse said. "People are interested in it."
Capt James Blackmore, who commands the eight F-35 jets and 10 helicopters on the vessel, said British and Russian pilots had come within visual distance of each other.

“It’s that cat-and-mouse posturing. It’s what we expect in this region of world,” Capt Blackmore said.

HMS Queen Elizabeth is seen in the Mediterranean Sea. AP Photo
HMS Queen Elizabeth is seen in the Mediterranean Sea. AP Photo

He said it was the first time F-35s were used in the Eastern Mediterranean.

“So, of course Russia wants to look at what they’re like," Capt Blackmore said. "They want to look at what our carriers are like."

Meanwhile, UK Foreign Secretary Dominic Raab arrived in South-East Asia for a three-day visit to Vietnam, Cambodia and Singapore for talks on trade, defence and security.

The Foreign Office said Mr Raab's visit came "at a time of growing defence and security co-operation with the region".
"The UK is committed to strengthening our friendship across the Indo-Pacific," Mr Raab said.

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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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  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
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The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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Third Test: at The Oval, July 27-31

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Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

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AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

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Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

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  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
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  • £100m of government support for startups building AI hardware products
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Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

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Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.

Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born. 

UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.

A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.

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