Russia hamstrings UN on Syria sanctions despite escalating violence


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DAMASCUS // A new bid by European and Arab states for UN action over Syria's crackdown on dissent hit immediate Russian opposition as the death toll spiked, with more than 120 people reported killed in three days.

The Gulf Arab states and Turkey, which have spearheaded regional condemnation of the Damascus regime, met in Istanbul for talks expected to be dominated by the quest for a tough UN Security Council resolution.

"We are adamant to turn the Middle East region into a basin for peace, stability and prosperity," Turkish Foreign Minister Ahmet Davutoglu said in opening remarks.

However, the Syrian Observatory for Human Rights reported at least two civilians killed on Saturday and clashes in the town of Rastan 160 kilometres (100 miles) north of the capital between regular soldiers and deserters.

Rastan saw similar fighting in late September when it was the focal point of a military crackdown that killed dozens, activists said at the time.

On Saturday, security forces backed by tanks also raided towns on the outskirts of Damascus, including Sabqa, Hamuriyeh, Jisrin and Erbeen, with fierce clashes with deserters reported.

The Observatory said a child was killed in the oil province of Deir Ezzor when a shell struck his house, and a pipeline was also ablaze in Quriah in Deir Ezzor after being hit by heavy machinegun fire.

At least 384 children have been among the dead in the uprising against Syrian President Bashar al-Assad's regime, and almost the same number detained, the UN Children's Fund said on Friday.

The Observatory also said one civilian died of wounds on Saturday near the southern protest hub of Daraa after being shot by security forces.

The latest deaths take the toll over three days to at least 120, with the Britain-based Observatory recording 44 civilians and 12 deserters killed on Friday and 62 on Thursday.

As the Damascus regime's deadly crackdown on dissent fails to let up, the wrangling continues over the wording of the draft UN Security Council resolution, which its supporters want put to the vote in the next week.

Syria's Cold War ally Russia made clear that the Arab and European draft formally submitted by Morocco on Friday crossed "our red lines."

The head of an Arab League monitoring mission said unrest had soared this week "in a significant way," especially in the flashpoint central cities of Homs and Hama and in the northern Idlib region.

The violence, which on Friday for the first time also cost lives in Aleppo, Syria's second-largest city, "does not help... to get all sides to sit at the negotiating table," General Mohammed Ahmed Mustafa al-Dabi said.

Despite the mounting death toll, which the United Nations said last month already topped 5,400, the Security Council has not adopted a single resolution on the crisis since the protests first erupted last March.

A previous European draft that would have threatened "targeted measures" against Assad's regime was vetoed by Beijing and Moscow in October.

Backers of the new resolution hope that critics -- who also include India and South Africa -- will be swayed by the tough new stance of the Arab League, which last weekend demanded that Assad hand his powers to his deputy to pave the way for a national unity government ahead of elections.

The new text "fully supports" the Arab League plan and "encourages" all states to follow sanctions adopted by pan-Arab bloc last November, but contains no mandatory action.

Russia's UN ambassador Vitaly Churkin said the wording crossed "our red lines, where we cannot go."

He said Moscow opposed any hint of sanctions, an arms embargo or "regime change" and was critical of the Arab League, accusing it of seeking to "impose" a solution.

The council has been split on Syria since last year's resolution on Libya which critics say NATO abused to launch military action in support of the uprising that overthrew Moamer Kadhafi.

South Africa's UN ambassador Baso Sangqu said the new Syria draft also hinted at a drive for regime change.

"Obviously if there is anything that could explicitly have regime change in it, then it will cause problems for some of us," Sangqu told reporters.

Britain's UN envoy Mark Lyall Grant dismissed any suggestion that there were sanctions or an arms embargo in the text.

"You shouldn't be fooled by those who are claiming there are all sorts of other things in the text, trying to refight battles over Libya," he told reporters.

"We want, as do the Arabs, a unanimous resolution," said Lyall Grant. "Frankly the time has come when we should be supporting the Arab League."

THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

Rating: 3/5

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.”

Spain drain

CONVICTED

Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.

Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.

Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.

 

SUSPECTED

Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.

Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.

Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.

Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.

Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

A Long Way Home by Peter Carey
Faber & Faber

Our legal consultant

Name: Dr Hassan Mohsen Elhais

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

The biog

Name: Sarah Al Senaani

Age: 35

Martial status: Married with three children - aged 8, 6 and 2

Education: Masters of arts in cultural communication and tourism

Favourite movie: Captain Corelli’s Mandolin

Favourite hobbies: Art and horseback ridding

Occupation: Communication specialist at a government agency and the owner of Atelier

Favourite cuisine: Definitely Emirati - harees is my favourite dish

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The biog:

Languages: Arabic, Farsi, Hindi, basic Russian 

Favourite food: Pizza 

Best food on the road: rice

Favourite colour: silver 

Favourite bike: Gold Wing, Honda

Favourite biking destination: Canada 

Scores

New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs 

New Zealand win by 47 runs

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
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The specs: 2018 Ford Mustang GT

Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
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Transmission: 8-speed auto

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BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

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

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
PAST 10 BRITISH GRAND PRIX WINNERS

2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers