Russian President Vladimir Putin used a meeting on the country's economy to ridicule western sanctions. Reuters
Russian President Vladimir Putin used a meeting on the country's economy to ridicule western sanctions. Reuters
Russian President Vladimir Putin used a meeting on the country's economy to ridicule western sanctions. Reuters
Russian President Vladimir Putin used a meeting on the country's economy to ridicule western sanctions. Reuters

Vladimir Putin mocks 'failed' western sanctions


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Russian President Vladimir Putin said on Monday that imposing sanctions on Russia had rebounded on the West.

Western countries have imposed unparalleled sanctions on Russia's corporate and financial system since it sent troops into Ukraine nearly two months ago.

The “strategy of the economic blitz has failed,” Mr Putin said.

“[The West] expected to quickly upset the financial-economic situation, provoke panic in the markets, the collapse of the banking system and shortages in stores.”

The Russian leader's televised remarks were made during a video call with senior economic officials. He claimed the rouble had strengthened and Russia had recorded a historic high trade surplus of $58 billion in the first quarter of the year.

By contrast, he said western sanctions had backfired against the US and its European allies, speeding up inflation and leading to a drop in living standards.

Mr Putin admitted to a sharp rise in consumer prices in Russia, and directed the government to index wages and other payments to alleviate the impact of inflation on people’s incomes.

“In the past month and a half alone, consumer prices in Russia have grown noticeably, by 9.4 per cent, and yearly figures number the inflation at 17.5 per cent,” he said.

“I call for attention from the government and central bank colleagues. We are all very well aware of it. Those are very high figures. People feel them on their family budgets. They can feel the prices growing. We must support our citizens, help them deal with the wave of inflation.”

The World Bank expects Russia's economy to contract by 11 per cent this year.

Missiles hit Lviv

Mr Putin's remarks followed a series of “powerful” Russian strikes on military infrastructure in Lviv on Monday which left several people dead and started fires in the western Ukraine city that to date has been spared fierce fighting.

A resident told AFP they could see thick plumes of grey smoke rising above residential buildings and air raid sirens sounded throughout the city during and after the strikes.

Lviv Mayor Andriy Sadovyi said seven people were killed and 12 were wounded.

Earlier, regional governor Maksym Kozytskyy said four Russian missiles had hit Ukrainian military infrastructure and that a car tyre centre was damaged.

He said the wounded included a child. Emergency teams were battling the fires.

“Fires were set off as a result of the strikes. They are still being put out. The facilities were severely damaged,” Mr Kozytsky said.

Lviv resident Andrei, 21, said he was sleeping when the sirens began wailing at around 8am local time.

“I slept through the first three strikes, but then when the last one hit, it was like my windows were about to break, and the furniture moved,” he told AFP.

Lviv, near Ukraine's border with Poland, so far been spared being embroiled in the worst of the fighting caused by Russia's invasion of its pro-western neighbour.

The city instead has become of refuge for people displaced from the war-scarred east and at the start of the fighting hosted several western embassies transferred from Kyiv.

Russian attacks intensify

The attacks on Monday came as Russia intensified strikes in and around the capital and farther east, taking aim at facilities that produce military hardware in attacks over several days.

Moscow vowed to increase pressure on the capital in response to what Russian military officials claimed were Ukrainian attacks on Russian soil and the sinking of the Moskva warship.

“Five powerful missile strikes at once on the civilian infrastructure of the old European city of Lviv,” Ukrainian presidential aide Mykhaylo Podolyak wrote on Twitter.

“The Russians continue barbarically attacking Ukrainian cities from the air, cynically declaring to the whole world their 'right' to kill Ukrainians,” he said.

Sham referendum fears

Ukraine voiced fears that Russia is preparing ground for a referendum to take control of occupied territories in the south of the country.

Human rights commissioner Lyudmila Denisova said Russian forces were distributing propaganda material telling people in occupied Kherson that Moscow was acting for their benefit.

She said leaflets handed out “blame the Ukrainians themselves and their chosen government” for the aggression against their country, echoing the Kremlin’s messaging about the invasion.

In 2014, Russia claimed control of the Crimean peninsula from Ukraine after a referendum showed public support for an annexation.

It was widely criticised as a sham by western countries, who said it was a breach of Ukraine’s constitution and that voters hardly had a free choice when Russian troops were on their soil.

British prisoners of war

Meanwhile, two British men captured in Ukraine were shown on Russian state television on Monday and appeared to plead with Prime Minister Boris Johnson to negotiate their release.

The men, identified as pro-Ukrainian fighters Shaun Pinner and Aiden Aslin, addressed the camera to ask British authorities to arrange a swap for Kremlin ally Viktor Medvedchuk, who is detained by Ukraine.

It was not clear from the footage how freely the two men were speaking, and the broadcast did not say where or by whom they were being held.

Mr Pinner’s family issued a statement saying the former British Army soldier was not a volunteer or mercenary but was serving officially with the Ukrainian marines.

“Shaun enjoyed the Ukrainian way of life and considered Ukraine as his adopted country,” it said. The family said Mr Pinner moved to Ukraine in 2018 and met his wife there.

The family said they were working with the Foreign Office and the relatives of Mr Aslin to ensure that their rights under the Geneva Conventions were respected.

Mr Aslin’s mother told the Daily Telegraph that she recognised her son in an earlier appearance on Russian television and called on Moscow’s forces to treat him humanely.

In the latest footage on Russia 24 television, a state TV journalist showed the two prisoners a video published by Mr Medvedchuk’s wife, Oksana Marchenko, in which she demanded her husband be released.

The prisoners, who spoke in English with British accents, asked Mr Johnson to arrange for them to be exchanged for the Ukrainian oligarch.

“I’d really appreciate your help in this matter,” the man identifying himself as Mr Pinner said. He claimed to have been treated well by his captors.

The other prisoner said Mr Johnson should “help pressure [Volodymyr] Zelenskyy to do the right thing”, referring to the Ukrainian president.

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- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

england euro squad

Goalkeepers: Dean Henderson (Man Utd), Sam Johnstone (West Brom), Jordan Pickford (Everton)

Defenders: John Stones (Man City), Luke Shaw (Man Utd), Harry Maguire (Man Utd), Trent Alexander-Arnold (Liverpool), Kyle Walker (Man City), Tyrone Mings (Aston Villa), Reece James (Chelsea), Conor Coady (Wolves), Ben Chilwell (Chelsea), Kieran Trippier (Atletico Madrid)

Midfielders: Mason Mount (Chelsea), Declan Rice (West Ham), Jordan Henderson (Liverpool), Jude Bellingham (Borussia Dortmund), Kalvin Phillips (Leeds)

Forwards: Harry Kane (Tottenham), Marcus Rashford (Man Utd), Raheem Sterling (Man City), Dominic Calvert-Lewin (Everton), Phil Foden (Man City), Jack Grealish (Aston Villa), Jadon Sancho (Borussia Dortmund), Bukayo Saka (Arsenal)

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

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FINAL RESULT

Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)

Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2

Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Abu Dhabi Card

5pm: Maiden (PA) Dh 80,000 1,400m

National selection: AF Mohanak

5.30pm: Handicap (PA) Dh 90,000 1,400m

National selection: Jayide Al Boraq

6pm: Handicap (TB) Dh 100,000 1,400m

National selection: Rocket Power

6.30pm: Abu Dhabi Championship Listed (PA) Dh 180,000 1,600m

National selection: Ihtesham

7pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 1,600m

National selection: Noof KB

7.30pm: Maiden (PA) Dh 80,000 2.200m

National selection: EL Faust

Match info

Wolves 0

Arsenal 2 (Saka 43', Lacazette 85')

Man of the match: Shkodran Mustafi (Arsenal)

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.”

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
The years Ramadan fell in May

1987

1954

1921

1888

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
MATCH INFO

Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)

Delhi won the match by 11 runs

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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

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SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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MATCH INFO

Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)

Rajasthan Royals won by 15 runs

Results

1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec

2. Max Verstappen (Red Bull-Honda) at 0.745s

3. Valtteri Bottas (Mercedes) 37.383s

4. Lando Norris (McLaren) 46.466s

5.Sergio Perez (Red Bull-Honda) 52.047s

6. Charles Leclerc (Ferrari) 59.090s

7. Daniel Ricciardo (McLaren) 1:06.004

8. Carlos Sainz Jr (Ferrari) 1:07.100

9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692

10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,

Updated: April 18, 2022, 4:13 PM