Ukraine's Tymoshenko sentenced to seven years in jail over gas deal

KIEV // Former Ukrainian prime minister Yulia Tymoshenko was found guilty yesterday of abuse of office and sentenced to seven years in jail, in a trial widely condemned in the West as politically motivated.

Judge Rodion Kireyev also barred Tymoshenko, now the country's top opposition leader, from occupying government posts for three years after the completion of her prison term and fined her 1.5 billion hryvna (Dh689 million) in damages to the state.

That was the sum, the judge said, that Tymoshenko had caused in losses to taxpayers when, he said, she exceeded her authority as prime minister to approve an unfavourable natural gas import deal with Russia in 2009.

Tymoshenko remained calm, but did not wait for the judge to finish reading the lengthy ruling, standing up from her seat and addressing reporters in the courtroom as he spoke. She compared her verdict, which she claimed was written by her longtime foe, President Viktor Yanukovich, to the horrific purges by the Soviet dictator Josef Stalin.

"The year 1937 has returned to Ukraine with this verdict and all the repression of citizens," she said, adding that she would contest the ruling. "As for me, be sure that I will not stop my fight even for a minute. I will always be with you as long as it is necessary."

Some five thousand Tymoshenko supporters who had gathered around Kiev's central Perchersk city district court attempted several times to push their way into the court building, or to block traffic on Kiev's main street, Khreschatyk.

Mr Yanukovych was quick to try to ease the fears of the EU, which immediately condemned the verdict.

"It has made the European Union anxious and we understand why this is so," he told reporters. "Today the court took its decision in the framework of the current criminal code. This is not the final decision."

He admitted that "beyond doubt this is a regrettable case which is impeding the European integration of Ukraine today".

The European Union had warned the trial could thwart the signing of an Association Agreement with Ukraine, the first step towards the country's membership of the EU.

* Associated Press with additional reporting by Agence France-Presse

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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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No more lice

Defining head lice

Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.

Identifying lice

Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.

Treating lice at home

Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.

Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital