TOPSHOT - US President Donald Trump poses with Germany's Chancellor Angela Merkel (L), NATO Secretary General Jens Stoltenberg (3R), Britain's Prime Minister Theresa May (R) in a group photograph ahead of a working dinner at The Parc du Cinquantenaire - Jubelpark Park in Brussels on July 11, 2018, during the North Atlantic Treaty Organization (NATO) summit.  / AFP / Brendan Smialowski
Nato alliance leaders stand for a group photograph ahead of a working dinner in Brussels.  Brendan Smialowski / AFP Photo

Trump hails ‘much stronger’ Nato after allies commit to spending hike



US President Donald Trump on Thursday reaffirmed Washington’s “very strong” commitment to Nato after the military alliance's summit in Brussels was upended by an emergency meeting to address his demand that members quickly meet defence spending targets.

Speaking at an impromptu news conference, Mr Trump said Nato was now “very unified” and that it was “unnecessary” for the US to withdraw from the alliance that turns 70 years next year. The allies had agreed to sharply increase their defence spending, he said.

His comment that there had been “tremendous progress” reassured European allies he has censured for days about their contributions and “unfair” treatment of the US, Nato’s biggest donor.

Mr Trump hinted at the emergency meeting that the US would go it alone if other Nato members did not immediately pledge to meet the target of spending 2 per cent of GDP on defence - a level agreed upon in 2014 and to be met by 2024.

However there was no direct threat to leave the organisation, according to a Nato official briefed on the meeting. “This rumour that he threatened to leave Nato is totally bogus," the source said.

Another official said there was expectation that Mr Trump would bash the organisation in his press conference. High-level Nato officials were expecting the worst, with the alliance appearing to be in crisis just minutes before he took to the stage, and were caught by surprise when the president spoke warmly about the alliance.

Nato Secretary General Jens Stoltenberg said that member states had committed to "redouble their efforts" at the emergency meeting and that "new money has come in", without providing specifics. He said the 29 members had a "frank discussion" that had created a "new sense of urgency" because of the US president's hard line on defence spending.

Mr Stoltenberg summoned the meeting after Mr Trump publicly called on alliance members to double their defence budgets from 2 per cent of GDP to 4 per cent. In a tweet on Thursday, Mr Trump said that members must immediately increase their spending to 2 per cent which then “must ultimately go to 4%!”

The American leader hailed the meeting as a personal victory, saying that his demands had cajoled the other Nato members into action.

“The people have stepped up today like they have never stepped up before. We had a really great meeting today. Everybody in that room ... agreed to pay more, and they agreed to pay it more quickly,” Mr Trump said.

“Yesterday, I let them know that I was extremely unhappy with what was happening," he said. "Now we have a strong Nato. Much stronger than it was two days ago.”

The president offered little in terms of specifics about who had offered what, or who had changed their plans on defence spending. He even said that some countries would have to go back for approval from their parliaments before any increase would be confirmed.

French President Emmanuel Macron disputed the version of his American counterpart, saying the alliance had again committed to reaching the 2 per cent threshold by 2024 but no more above that. He said the meeting with Mr Trump had been cordial.

"I read the 140-character messages," Mr Macron said. "The debates took a different tone. They were frank but there was no finger-pointing or lack of respect."

Echoing Mr Trump’s remarks, he said the alliance was “much stronger” after the summit.

After days of Nato Secretary General Jens Stoltenberg’s attempts to portray a united Nato, Mr Trump uttered words to that effect for the first time since arriving in Brussels. He said the alliance was now “very unified, very strong, no problem”.

"The US were not treated fairly, but now we are. I believe in Nato," Mr Trump told reporters after a fraught Nato summit.

"The US commitment to Nato remains very strong," Mr Trump added, "mainly because (of) the additional money they've committed."

German Chancellor Angela Merkel told reporters that "there was a clear commitment to Nato by all" at the emergency meeting.

Mr Trump has condemned European allies for leaving the US with an “unfair” deal that sees it pay 3.5 per cent of its GDP towards defence spending, while others paid as little as one per cent.

Asked what he would do other members failed to meet the 2 per cent target, the US president said he was confident they would keep their promise.

“They will. They all made commitments,” he said. “It will be over a relatively short period of years.”

Speaking about his call for a doubling the target to 4 per cent, he said he remained committed to that figure.

“We will go to much higher than two per cent in the future.”

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The billionaire property magnate had criticised European allies over their contributions on social media in the build-up to the summit and in front of cameras when he arrived in the Belgian capital. But, by all accounts, he was more restrained and friendly at the formal dinner hosted at the Art and History Museum at the Cinquantenaire, despite tweeting “what good is Nato” just minutes before his arrival.

But on Wednesday he signed a Nato declaration with its 28 other member states that reaffirmed the alliance’s existing commitments. The 23-page document took aim at Russia, condemning its actions in Crimea and Ukraine. It also committed the alliance to a new initiative to improve its readiness against Russian aggression in Europe: a force of 30 land battalions, 30 aircraft squadrons and 30 warships that can be assembled within 30 days.

The second day of the summit was focused on the alliance’s mission in Afghanistan, with members states expected to recommit their resources. Nato also insisted that Georgia would one day join the alliance, in spite of separatist ambitions in sections of the country.

"Georgia will become a member of Nato," Mr Stoltenberg said.

Mr Trump was scheduled to hold talks with the leaders of Ukraine, Georgia, Romania and Azerbaijan in Brussels before travelling to Britain for his first official visit as US president and then to Helsinki, where he has controversially organised a one-on-one summit with Russian President Vladimir Putin just days after the Nato summit. As he left for Brussels, he said that it would be his "easiest" stop.

At his press conference, he called Mr Putin a “competitor” and not an “enemy”. He said he would discuss Syria, the conflict in Ukraine and Moscow’s alleged meddling in the US presidential election.

"All I can do is say 'did you?' and 'don't do it again'. He may deny," Mr Trump said.

The American leader has garnered a reputation for tweeting insults or even his decisions from Air Force One after leaving his foreign gatherings. But will he do the same after departing from Brussels?

“That’s not me. I’m very consistent. I’m a very stable genius,” he joked.

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This is an increase of 63.0 per cent or £8.3 billion in current prices from the four quarters to the end of 2021.

 

The UAE was the UK’s 19th largest trading partner in the four quarters to the end of Q4 2022 accounting for 1.3 per cent of total UK trade.

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'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

Company Profile

Company name: myZoi
Started: 2021
Founders: Syed Ali, Christian Buchholz, Shanawaz Rouf, Arsalan Siddiqui, Nabid Hassan
Based: UAE
Number of staff: 37
Investment: Initial undisclosed funding from SC Ventures; second round of funding totalling $14 million from a consortium of SBI, a Japanese VC firm, and SC Venture

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

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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

COMPANY PROFILE

Company name: Silkhaus

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Founders: Aahan Bhojani and Ashmin Varma

Based: Dubai, UAE

Industry: Property technology

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Investors: Nuwa Capital, VentureSouq, Nordstar, Global Founders Capital, Yuj Ventures and Whiteboard Capital

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Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)

 

 

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Chelsea
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Martun Mezhulmyan (ARM) v Acoidan Duque (ESP)
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Felipe Pereira (BRA) v Azamat Kerefov (RUS)
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Mohamad Osseili (LEB) v Amir Fazli (IRN)
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Zhu Rong (CHI) vs. Felipe Maia (BRA)
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Handesson Ferreira (BRA) vs. Ion Surdu (MDA)
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Ilkhom Nazimov (UZB) v Khazar Rustamov (AZE)
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Jalal Al Daaja (JOR) v Mark Alcoba (PHI)
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Jakhongir Jumaev (UZB) v Dylan Salvador (FRA)
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Javohir Imamov (UZB) v Ulan Tamgabaev (KAZ)
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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.”

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Dir: Abby Kohn/Mark Silverstein
Starring: Amy Schumer, Michelle Williams, Emily Ratajkowski, Rory Scovel
 

if you go

The flights

Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.

The tour

Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.

AUSTRALIA SQUAD

Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5