A special federal police unit stands during a visit by German interior minister Thomas de Maiziere (not pictured) at the fair halls of the G20 summit site in Hamburg, northern Germany on July 4, 2017. Friedemann Vogel/EPA
A special federal police unit stands during a visit by German interior minister Thomas de Maiziere (not pictured) at the fair halls of the G20 summit site in Hamburg, northern Germany on July 4, 2017.Show more

What to expect at the G20 meeting in Hamburg



As a port city on the northern coast of Europe, Hamburg has seen its fair share of intrigue. But as it prepares to host the G20 gathering of nations there is little mystery about the likely outcome.

Angela Merkel, the long-serving German chancellor who will host the two-day summit beginning on Friday, has already said as much in pre-summit briefings. With discord between the US and almost all other members on the big issues of the Paris climate accord and global free trade, Mrs Merkel could hardly pretend otherwise.

The highlights of the meeting are likely to be an agreement on tackling funding of extremists and terrorists and a much-watched first encounter between Donald Trump and Vladimir Putin.

Mrs Merkel said this week that she thought the new rules for cutting money flows to fund violence would have a significant impact.

Theresa May, the British prime minister, was mindful of the developing crisis over Qatar’s state policy when she spoke to Saudi Crown Prince Mohammed Bin Salman and Turkish president Recep Tayyip Erdogan in a pre-G20 round of conference calls about the initiative.

Mrs May told both leaders it was a “key issue” that the summit in Germany would show unity on tackling the scourge of extremism.

The run-up to the summit has provided an opening for Chinese president Xi Jinping to flex his country’s growing influence.

At a summit in Moscow with Mr Putin, Mr Xi on Tuesday warned that "negative factors" were affecting relations with the US.

He heaped praise on Mr Putin and proclaimed that his relationship with the Kremlin leader was the closest of any he enjoyed within the G20. ”Russia, thus, has become the most visited country for me, and among the foreign leaders I maintain the closest contacts and connections [is Putin],” he said.

Mr Xi also penned an editorial in German newspapers that claimed ties with Berlin had strengthened significantly. “The strategic character of Chinese-German relations is steadily gaining in importance,” he wrote.

International relations experts believe Hamburg could provide a watershed for China’s global role.

“President Xi Jinping is expected to assume a greater role by filling the gap left by US retrenchment,” said Sook Jong-lee, president of South Korea’s East Asia Institute.

Mrs Merkel herself will meet Mr Trump on Thursday night before the start of the summit but she has warned that no one should expect a “series of thorny issues” to be resolved.

"We know the positions set out by the American government and I do not expect that these positions will be laid aside because of a two-day trip to Hamburg,” she told the German parliament.

The issue of climate change and the US repudiation of the Paris Accord, signed under the administration of Barack Obama, has hogged the headlines.

Mr Trump stood firm against pressure not to abandon the deal when Group of Seven industrialised countries met in Italy in May. Tens of thousands are expected to protest against Mr Trump’s policies during the Hamburg summit. One group of activists has permission to paint themselves as the living dead and walk in zombie mode around the venue.

German diplomats are banking on producing a summit communique on climate change that the US will dissent from but the others will sign. But according to Christoph Bals, policy director of the environmental group Germanwatch, Saudi Arabia, as well as Turkey and Russia, may also withhold support.

Behind the security cordon, all eyes will be on Friday’s first meeting between Mr Trump and Mr Putin.

With an FBI inquiry into the Trump campaign’s Russia links and congressional pressure rising, the encounter will be minutely analysed.

“The whole world is watching them, nowhere more than those doing investigations in Washington, who are worried about possible Russian interference in US elections,” said Bridget Kendall, master of Peterhouse, Cambridge University who is a veteran Russia watcher.

“So they'll be scrutinising carefully every move, every body gesture, to see whether there's an understanding between them.”

Regional observers will keenly follow Mr Erdogan’s progress in Hamburg after months of bickering between his government and German officials. Berlin has issued a ban on Mr Erdogan holding rallies for ethnic Turks during his trip, objecting to any attempts he might make to build support for restoring the death penalty at home.

However, the Turkish leader is expected to make a speech at the Turkish consulate in the city where he will talk to his compatriots.

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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

All%20The%20Light%20We%20Cannot%20See%20
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ESteven%20Knight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EMark%20Ruffalo%2C%20Hugh%20Laurie%2C%20Aria%20Mia%20Loberti%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E1%2F5%C2%A0%3C%2Fp%3E%0A
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

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TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
Company%20profile
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UAE currency: the story behind the money in your pockets
Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

Electoral College Victory

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. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

Company%20Profile
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ENGLAND SQUAD

Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope 
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold 
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph 
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck

Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

THE BIO

Age: 30

Favourite book: The Power of Habit

Favourite quote: "The world is full of good people, if you cannot find one, be one"

Favourite exercise: The snatch

Favourite colour: Blue

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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.”

FA Cup fifth round draw

Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal 

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

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EA%20Sports%20FC%2024
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE v IRELAND

All matches start at 10am, and will be played in Abu Dhabi

1st ODI, Friday, January 8

2nd ODI, Sunday, January 10

3rd ODI, Tuesday, January 12

4th ODI, Thursday, January 14

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

COMPANY%20PROFILE
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