BEIRUT // Russia will deploy a sophisticated long-range anti-aircraft missile system to Syria, Moscow said on Wednesday, stirring tensions a day after Turkish jets shot down a Russian warplane.
The Russian jet was shot from the skies on Tuesday, after Ankara said it violated Turkish airspace for 17 seconds, ignoring multiple warnings. Russia maintains that its plane stayed in Syrian airspace and challenges that Turkish jets entered Syria to shoot it down.
After ejecting from the doomed Sukhoi Su-24 fighter-bomber, the pilot was shot by Syrian rebels as he floated to the ground beneath his parachute. The second crew member was rescued by Russian and Syrian special forces.
Capt Konstantin Murakhtin, the jet’s navigator, insisted on Wednesday that there had been no warning before his plane was attacked.
“There was no warning, not by radio exchange nor visually. There was no contact at all,” Capt Murakhtin told reporters at Moscow’s base in Syria, his back to the camera in footage aired by state-owned Russia Today.
But the Turkish army on Wednesday released audio recordings it said were warnings issued to the Russian pilots.
“This is Turkish air force speaking on guard,” the voice on one recording says. “You are approaching Turkish airspace. Change your heading south immediately.”
During Moscow’s search and rescue operation on Tuesday, a Russian marine was also killed and a helicopter brought to the ground by Syrian rebel fire. It was later destroyed by rebels.
President Vladimir Putin, who on Tuesday accused Turkey of stabbing Moscow in the back and working as accomplices of terrorists, has ordered Russia to step up its military presence in and around Syria.
The Kremlin said it will be sending an S-400 anti-aircraft system – Russia’s most advanced – to Moscow’s Hmeimim airbase in Syria’s Latakia province.
In deploying such an advanced weapons system in response to the incident, Russia followed aggressive words with action and continued to pick at a potential conflict with a Nato state.
The system has a firing range of up to 400 kilometres, meaning that missiles could reach targets in all of Syria except the far east, as well as all of Lebanon, all of Cyprus, northern Israel, northern Jordan and a large chunk of southern Turkey.
Later on Wednesday, a US official said Russia’s deployment of the system raised “significant concerns” for the American military.
“It’s a capable weapons system that poses a significant threat to anyone,” the official said. “There are significant concerns related to air operations in Syria.”
In addition to deploying the S-400 system to Latakia, Moscow said it was deploying a warship equipped with a less advanced anti-aircraft missile system off the coast of the Syrian province.
“Russian defence ministry warns that all the potentially dangerous targets will be destroyed,” said Lieutenant General Sergei Rudskoy.
The moves will help cement rapidly-growing Russian air power in the eastern Mediterranean. They appear to be the most significant deployment of weaponry since Russia’s military build-up in Syria ahead of the launch of its air campaign in the country on September 30.
However, despite its aggressive military posturing and continued critical rhetoric towards Turkey, Russia said on Wednesday that it had no plans to escalate the situation.
While calling Ankara’s downing of its jet a “planned provocation,” Russian foreign minister Sergei Lavrov said Moscow had “no intention of going to war with Turkey”.
“Our attitude toward the Turkish people hasn’t changed,” he added. “We only have questions about the Turkish leadership.”
Mr Lavrov also advised Russian nationals to avoid visiting Turkey – a major destination for Russian tourists – due to terrorist threats. Russian media reported on Wednesday that a number of the country’s major tour operators had stopped selling package tours to Turkey in the aftermath of Tuesday’s incident.
Russian president Vladimir Putin criticised Turkey’s government on Wednesday, accusing it of pushing a policy of “Islamisation”, according to Russia’s Tass news agency.
“After yesterday’s event, we cannot rule out other incidents and if they happen, we will have to respond somehow,” he said.
Russian prime minister Dmitry Medvedev, meanwhile, said Turkey was acting in “de facto protection of Islamic State”.
“This is no surprise, considering the information we have about direct financial interest of some Turkish officials relating to the supply of oil products refined by plants controlled by ISIS,” he added, according to Russia Today.
But as Russian leaders continued to speak of Turkey’s government with hostility, Russia’s ambassador to France, Alexandre Orlov, told Europe 1 radio that Moscow would still be ready to include Turkey – along with the US and France – in the formation of a joint command to combat ISIL.
Turkey, meanwhile, tried to downplay the tensions while reaffirming its right to protect its borders.
“Russia is our friend and neighbour,” prime minister Ahmet Davutoglu said on Wednesday, according to Turkey’s state-run Anadolu Agency. “Relations between big countries cannot be sacrificed over communication accidents.”
Turkish president Recep Tayyip Erdogan similarly stressed that he was not looking for conflict.
“Turkey does not want to escalate this incident. Turkey only defended its security and its brothers’ rights,” he said.
“Turkey is not on the side of tension, crisis and animosity.”
* With agencies
foreign.desk@thenational.ae
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
SHAITTAN
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