Boris Johnson hailed "a big step" towards vaccinating the world on Sunday as the G7 made new commitments to provide one billion doses to poorest countries and the richest nations promised a great global recovery from the Covid-19 pandemic.
"There has been a fantastic degree of harmony," Mr Johnson said after the discussions in Cornwall, England, which marked the first official overseas visit by US President Joe Biden. "We set a target to vaccine the world by the end of next year."
At the heart of the three-day meeting was the response to the Covid-19 pandemic. The group said it would fund or redirect the supply of one billion doses in 2021 to less advantaged countries, having secured 870 extra jabs at the summit. “Total G7 commitments since the start of the pandemic provide for a total of over two billion vaccine doses, with the commitments since we last met in February 2021, including here in Carbis Bay, providing for one billion doses over the next year,” the official communique of the meeting said.
Dr Seth Berkley, ceo of the vaccine alliance Gavi, welcomed the announcement with campaigners calling it a watershed moment. “As we strive towards our goal of ending the acute phase of the pandemic, we look forward to working with countries to ensure these doses pledged are quickly turned into doses delivered,” he said.
The group increased pressure on China to ensure a full explanation on the origins of Covid-19. "We also call for a timely, transparent, expert-led and science-based, WHO-convened, Phase 2 Covid-19 origins study including, as recommended by the experts’ report in China,” it said.
Mr Johnson said the World Health Organisation should have inspection powers comparable to those of the chemical weapons inspectors of the International Atomic Energy Agency.
China was a major focus of the G7 deliberations with the White House pushing hard in public and private for co-ordination between the countries on "supply chain resilience and technology standards so that democracies are aligned".
The communique said the members of the group were particularly concerned about parts of the Chinese economy that were underwritten by western consumer demand. "The US and our G7 partners remain deeply concerned by the use of all forms of forced labour in global supply chains, including state-sponsored forced labour of vulnerable groups and minorities and supply chains of the agricultural, solar and garment sectors – the main supply chains of concern in Xinjiang."
China said a small group of countries don't rule the world. "We always believe that countries, big or small, strong or weak, poor or rich, are equals and that world affairs should be handled through consultation by all countries," a spokesman for the Chinese embassy in London said.
Mario Draghi, the Italian prime minister, said the group was ready to accept American thinking but still wanted to keep lines open to China. "We need to cooperate but we also need to be frank about things that we do not share and do not accept," he added.
A commitment to reach net zero emissions by the group, which represents 40 per cent of the global economy, as soon as possible was included in the text, making good on a pledge first proposed in 2008.
"We commit to net zero no later than 2050, halving our collective emissions over the two decades to 2030, increasing climate finance to 2025, and to protect or conserve at least 30 per cent of our land and oceans by 2030," the statement said.
The G7 agenda on climate change would "drive a global green Industrial Revolution to transform the way we live," Mr Johnson said. The UK Prime Minister said the group would ask all developed countries to make major commitments to fund green infrastructures.
“We reaffirm the collective developed countries' goal to jointly mobilise $100 billion a year from public and private sources, through to 2025, in the context of meaningful mitigation actions and transparency on implementation," the communique said.
“Towards this end, we commit to each increase and improve our overall international public climate finance contributions for this period and call on other developed countries to join and enhance their contributions to this effort.”
We need to see a lot more detail and see the scale and how it's going to be done
Campaigners described the summit's conclusions as having made little progress, given the need for the drive towards carbon neutrality.
“I think poor countries need investment, they need wind farms, they need trains," Max Lawson, head of inequality policy for Oxfam International said. "We need to see a lot more detail and see the scale and how it’s going to be done. And it also looks like it’s for mitigation, to stop these countries emitting more carbon, which is, of course, a good thing, but it doesn’t help the poor people that are being hit by climate change right now. So, yes, it’s probably a good thing, but is it enough? Absolutely not.”
Oxfam also accused the summit of 'cooking the books' on its vaccine distribution announcement.
The G7 meeting looked to upcoming diplomatic engagement with the wider G20 group to push its deal to ensure a global minimum corporation tax that should increase the revenue take from multinationals. "We will now continue the discussion to reach consensus on a global agreement on an equitable solution on the allocation of taxing rights and an ambitious global minimum tax of at least 15 per cent on a country-by-country basis, through the G20/OECD inclusive framework and look forward to reaching an agreement at the July meeting of G20 finance ministers and central bank governors,” it said.
The US leader said that was a landmark deal. "This agreement's going to help arrest the race to the bottom," he said.
The meeting precedes the first face-to-face summit for President Biden with his Russian counterpart Vladimir Putin and members called for changes in how Russia interacts with the world. “We reiterate our interest in stable and predictable relations with Russia and will continue to engage where there are areas of mutual interest," the communique said. "We reaffirm our call on Russia to stop its destabilising behaviour and malign activities, including its interference in other countries’ democratic systems, and to fulfil its international human rights obligations and commitments.”
With the upcoming Nato summit expected to put the seal on the withdrawal of frontline forces from Afghanistan, the G7 members said the group was committed to a smooth exit from the region. “We call on all Afghan parties to reduce violence and agree on steps that enable the successful implementation of a permanent and comprehensive ceasefire and to engage fully with the peace process.”
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
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CONFIRMED%20LINE-UP
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Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
AIDA%20RETURNS
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More coverage from the Future Forum
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
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Barbie
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Company%20profile
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India team for Sri Lanka series
Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.
T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan
Reputation
Taylor Swift
(Big Machine Records)
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
UAE currency: the story behind the money in your pockets
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