epa07821849 US Secretary of Defence, Dr Mark T. Esper speaks at the Royal United Services Institute (RUSI) in London, Britain, 06 September 2019. Dr Esper speech addressed a number of key international defence and security challenges, including the importance of the critical transatlantic relationship between the two countries. EPA/FACUNDO ARRIZABALAGA
epa07821849 US Secretary of Defence, Dr Mark T. Esper speaks at the Royal United Services Institute (RUSI) in London, Britain, 06 September 2019. Dr Esper speech addressed a number of key international defence and security challenges, including the importance of the critical transatlantic relationship between the two countries. EPA/FACUNDO ARRIZABALAGA
epa07821849 US Secretary of Defence, Dr Mark T. Esper speaks at the Royal United Services Institute (RUSI) in London, Britain, 06 September 2019. Dr Esper speech addressed a number of key international defence and security challenges, including the importance of the critical transatlantic relationship between the two countries. EPA/FACUNDO ARRIZABALAGA
epa07821849 US Secretary of Defence, Dr Mark T. Esper speaks at the Royal United Services Institute (RUSI) in London, Britain, 06 September 2019. Dr Esper speech addressed a number of key internationa

Mark Esper attacks Iran's malign regional influence and support for militia attacks


Damien McElroy
  • English
  • Arabic

Mark Esper, the US defence secretary, warned Friday that Iran posed a "rampant" threat to the Middle East by supporting and inspiring militia forces that are waging hostile attacks on countries across the region.

Speaking in support of Washington's policy of "maximum pressure" on the Iranian regime to reign in its allies and militia forces, Mr Esper used an appearance in London to condemn the "bigger challenge" that Iran posed to regional security.

"Iran is rampant in terms of its militias malign behaviour throughout the region and they are undermining any number of governments," he told an invited audience at the Royal United Services Institute in London. "In many cases, Iran is supporting, inspiring many of those forces in the region.

"Iran is supporting the Houthi rebels and the Houthi rebels are everyday shooting missiles north," he added. "They are funding militias militias in Iraq and into Syria and all the way across into Lebanon."

Mr Esper said Washington's maximum pressure approach was designed to bring Iran back to the negotiating table to address the weaknesses in the 2015 nuclear deal in permanently preventing the country acquiring nuclear weapons, not just over a 10-15 year timeframe. A new agreement would also encompass its missile technologies and proliferation activity and meddling in its neighbours. He said his message to European allies still wedded to the Joint Comprehensive Plan of Action (JCPOA) was that Tehran's "malign behaviour was just terrible" to all regional countries.

President Donald Trump has left the door open to a possible meeting with Iranian President Hassan Rouhani at the upcoming UN General Assembly in New York.

"It seems in some ways that Iran is inching toward that place where we could have talks and hopefully it'll play out that way," Mr Esper said. "The use of maximum pressure is to bring Iran back to the negotiating table where we can pursue a new JCPOA."

Asked about the possibility of a wider regional security conference to address the differences, he said any future talks would have to centre on Iranian policies. "The fundamental challenge for the region is Iran and Iran not behaving like a normal country and abiding by the rules of international law and norms of behaviour, " he said.

The Iran-backed Popular Mobilisation Forces march with flags in Baghdad, Iraq. The US Defence secretary has called on 'maxmimum pressure' on Tehran to reign in its allies and militia forces. Khalid Mohammed / AP
The Iran-backed Popular Mobilisation Forces march with flags in Baghdad, Iraq. The US Defence secretary has called on 'maxmimum pressure' on Tehran to reign in its allies and militia forces. Khalid Mohammed / AP

Friction between the two countries has grown since Trump last year withdrew from a 2015 international accord under which Iran had agreed to rein in its atomic program in exchange for relief from economic sanctions.

The new head of the American defence department also hit out at European countries that refusing to repatriate foreign fighters that left the continent to join Isis in Syria and Iraq. He said capital's must agree a mechanism to repatriate those captured on the battlefield. “It’s an untenable situation,” he said. “How long can this last? Our view has been they should repatriated and dealt with appropriately … otherwise that’s a risk to the region.”

Mr Esper moves on to Paris from London where he and his French counterpart will discuss on Saturday how France's navy could coordinate with Washington to ensure freedom of navigation in the Strait of Hormuz.

"We recognise that France has an interest in participating in freedom of navigation, bringing freedom of navigation capabilities to the Gulf and we will be looking to find ways to harness and use that interest to better coordinate with our own initiative," the official told reporters in a conference call ahead of Esper's meeting with Florence Parly in Paris.

France has ruled out joining the US-led coalition of countries protecting oil tankers and cargo ships from threats posed by Iran in the Strait of Hormuz, but has pushed for a European supplementary maritime operation.

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

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.”

Basquiat in Abu Dhabi

One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi. 

The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier. 

It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.  

“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi. 

Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

The%20specs
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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press

MATCH INFO

Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)

Persuasion
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarrie%20Cracknell%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EDakota%20Johnson%2C%20Cosmo%20Jarvis%2C%20Richard%20E%20Grant%2C%20Henry%20Golding%20and%20Nikki%20Amuka-Bird%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201.5%2F5%3C%2Fp%3E%0A
Gulf Under 19s final

Dubai College A 50-12 Dubai College B

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers

Uefa Champions League last 16 draw

Juventus v Tottenham Hotspur

Basel v Manchester City

Sevilla v  Manchester United

Porto v Liverpool

Real Madrid v Paris Saint-Germain

Shakhtar Donetsk v Roma

Chelsea v Barcelona

Bayern Munich v Besiktas

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

UAE currency: the story behind the money in your pockets
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

One in four Americans don't plan to retire

Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.

Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.

According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.

According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.

For many, money has a lot to do with the decision to keep working.

"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."

When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared. 

"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.

She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.

 

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.