Britain's Prime Minister Boris Johnson will outline a new financial package for Ukraine in a video address to the parliament in Kyiv. AFP.
Britain's Prime Minister Boris Johnson will outline a new financial package for Ukraine in a video address to the parliament in Kyiv. AFP.
Britain's Prime Minister Boris Johnson will outline a new financial package for Ukraine in a video address to the parliament in Kyiv. AFP.
Britain's Prime Minister Boris Johnson will outline a new financial package for Ukraine in a video address to the parliament in Kyiv. AFP.

UK's Johnson to hail Ukraine’s ‘finest hour’ in Kyiv parliament


Neil Murphy
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Boris Johnson will hail the resistance of Ukrainians in the face of the brutal Russian invasion as their “finest hour” when he delivers an address to the country’s parliament.

Speaking by video link, the prime minister will use a speech to the Verkhovna Rada on Tuesday to set out details of a new £300 million ($375 million) package of military support for the government in Kyiv.

Downing Street said it will include electronic warfare equipment, a counter battery radar system, GPS jamming equipment and thousands of night vision devices, as Russia’s offensive in the Donbas region continues.

It follows Mr Johnson’s unannounced visit to the Ukrainian capital last month, in a show of support and solidarity with president Volodymyr Zelenskyy.

In his address, the prime minister will echo the words of Winston Churchill to the British people during the Second World War, as Mr Zelenskyy did when he spoke to the Westminster Parliament in March.

  • A woman rescues some of her belongings from her house in Irpin, near Kyiv, which was nearly completely destroyed by Russian bombing in late March. AP
    A woman rescues some of her belongings from her house in Irpin, near Kyiv, which was nearly completely destroyed by Russian bombing in late March. AP
  • A driver helps a woman board a bus at a reception centre for displaced people in Zaporizhzhia, Ukraine. AP
    A driver helps a woman board a bus at a reception centre for displaced people in Zaporizhzhia, Ukraine. AP
  • People fleeing Mariupol's Azovstal plant arrive on buses at a registration and processing area for internally displaced people in Zaporizhzhia. AFP
    People fleeing Mariupol's Azovstal plant arrive on buses at a registration and processing area for internally displaced people in Zaporizhzhia. AFP
  • A woman stands next to her home in Irpin, near Kyiv, after it was nearly completely destroyed by Russian bombing. AP
    A woman stands next to her home in Irpin, near Kyiv, after it was nearly completely destroyed by Russian bombing. AP
  • People hold banners and shout slogans during a demonstration in support of Mariupol defenders in Kyiv, Ukraine. Getty Images
    People hold banners and shout slogans during a demonstration in support of Mariupol defenders in Kyiv, Ukraine. Getty Images
  • A woman stands near her house that was destroyed by shelling in Sloboda, Chernihiv region, Ukraine. Reuters
    A woman stands near her house that was destroyed by shelling in Sloboda, Chernihiv region, Ukraine. Reuters
  • A mother and child in Lviv, Ukraine, wait to board transport destined for Przemysl, Poland. Getty Images
    A mother and child in Lviv, Ukraine, wait to board transport destined for Przemysl, Poland. Getty Images
  • President Volodymyr Zelenskiy claps as British Prime Minister Boris Johnson addresses the Ukrainian Parliament in Kyiv via videolink. Reuters
    President Volodymyr Zelenskiy claps as British Prime Minister Boris Johnson addresses the Ukrainian Parliament in Kyiv via videolink. Reuters
  • Firefighters work to extinguish flames after a Russian bombardment at a park in Kharkiv, Ukraine. AP Photo
    Firefighters work to extinguish flames after a Russian bombardment at a park in Kharkiv, Ukraine. AP Photo
  • The television tower is illuminated in the national colors of the Ukrainian flag to show solidarity with the country at the Olympic Park in Munich, southern Germany. AFP
    The television tower is illuminated in the national colors of the Ukrainian flag to show solidarity with the country at the Olympic Park in Munich, southern Germany. AFP
  • Flooded gardens and fields are shown in Demydiv, Ukraine. To keep Russian armoured columns at bay, Ukrainian forces released water from a nearby hydroelectric dam to intentionally flood Demydiv, a village north of Kyiv. The decision was effective, but efforts to drain the area are complicated. Getty Images
    Flooded gardens and fields are shown in Demydiv, Ukraine. To keep Russian armoured columns at bay, Ukrainian forces released water from a nearby hydroelectric dam to intentionally flood Demydiv, a village north of Kyiv. The decision was effective, but efforts to drain the area are complicated. Getty Images
  • A damaged Orthodox icon is seen in the corner of local resident Yurii's heavily damaged house in Fenevychi, Ukraine. Getty Images
    A damaged Orthodox icon is seen in the corner of local resident Yurii's heavily damaged house in Fenevychi, Ukraine. Getty Images
  • Valentyna, 71, stands by her cat, who was injured in the fighting, in Fenevychi. Getty Images
    Valentyna, 71, stands by her cat, who was injured in the fighting, in Fenevychi. Getty Images
  • Yurii, 53, stands in his heavily damaged house in Fenevychi. Getty Images
    Yurii, 53, stands in his heavily damaged house in Fenevychi. Getty Images
  • Evacuees from the eastern Ukraine city of Lyman, which has suffered heavy shelling, ride on a bus in Raihorodok. AFP
    Evacuees from the eastern Ukraine city of Lyman, which has suffered heavy shelling, ride on a bus in Raihorodok. AFP
  • A man delivers loaves of bread to a woman in the eastern Ukraine city of Lyman. AFP
    A man delivers loaves of bread to a woman in the eastern Ukraine city of Lyman. AFP
  • Nazar, right, boards a bulletproof bus to evacuate with his family from the eastern Ukraine city of Lyman. AFP
    Nazar, right, boards a bulletproof bus to evacuate with his family from the eastern Ukraine city of Lyman. AFP
  • A dog chases a hare by the wall of a burnt house in Fenevychi. Getty Images
    A dog chases a hare by the wall of a burnt house in Fenevychi. Getty Images
  • Nine-year-old Galina, right, and Nazar, 8, arrive with their families in Raihorodok. AFP
    Nine-year-old Galina, right, and Nazar, 8, arrive with their families in Raihorodok. AFP
  • Natalia Pototska, 43, cries as her grandson Matviy looks on in Zaporizhzhia. AP
    Natalia Pototska, 43, cries as her grandson Matviy looks on in Zaporizhzhia. AP
  • Hryhorii, a member of the Ukrainian military meets his wife Oksana, who fled from the Russian-occupied Novomykhailivka village, at the evacuation point in Zaporizhzhia. EPA
    Hryhorii, a member of the Ukrainian military meets his wife Oksana, who fled from the Russian-occupied Novomykhailivka village, at the evacuation point in Zaporizhzhia. EPA
  • Ukraine's President Volodymyr Zelenskiy welcomes Denmark's Minister of Foreign Affairs Jeppe Kofod to Kyiv. Reuters
    Ukraine's President Volodymyr Zelenskiy welcomes Denmark's Minister of Foreign Affairs Jeppe Kofod to Kyiv. Reuters
  • Buildings destroyed by Russian shelling in Borodianka, in Ukraine's Kyiv region. Reuters
    Buildings destroyed by Russian shelling in Borodianka, in Ukraine's Kyiv region. Reuters
  • Volunteers carry an elderly woman in a blanket during the evacuation of a frontline village retaken by Ukrainian forces in Kharkiv. Reuters
    Volunteers carry an elderly woman in a blanket during the evacuation of a frontline village retaken by Ukrainian forces in Kharkiv. Reuters
  • A Ukrainian man walks past the turret of a Russian tank next to a destroyed petrol station in the village of Skybyn, north-east of Kyiv. AFP
    A Ukrainian man walks past the turret of a Russian tank next to a destroyed petrol station in the village of Skybyn, north-east of Kyiv. AFP
  • Andrii Fedorov hugs his son Makar as they are reunited in Zaporizhzhia, Ukraine, after the boy and his mother fled besieged Mariupol. AP
    Andrii Fedorov hugs his son Makar as they are reunited in Zaporizhzhia, Ukraine, after the boy and his mother fled besieged Mariupol. AP
  • Volunteers at the Help Ukraine Center in Lublin, south-eastern Poland. More than 3 million Ukrainian refugees are now in Poland. EPA
    Volunteers at the Help Ukraine Center in Lublin, south-eastern Poland. More than 3 million Ukrainian refugees are now in Poland. EPA
  • Police officers deliver loaves of bread to residents in the eastern Ukrainian city of Lyman, which is being heavily shelled. AFP
    Police officers deliver loaves of bread to residents in the eastern Ukrainian city of Lyman, which is being heavily shelled. AFP
  • Savelii, 10, mourns at the grave of his father, who died protecting his city as a member of the Territorial Defence, in Irpin, Ukraine. EPA
    Savelii, 10, mourns at the grave of his father, who died protecting his city as a member of the Territorial Defence, in Irpin, Ukraine. EPA
  • Ukrainian soliders ride on a truck to a resting place after fighting in the front line for two months near Kramatorsk. AFP
    Ukrainian soliders ride on a truck to a resting place after fighting in the front line for two months near Kramatorsk. AFP
  • A shopkeeper clears shelves before closing up in Sviatohirsk, eastern Ukraine, amid the Russian invasion. AFP
    A shopkeeper clears shelves before closing up in Sviatohirsk, eastern Ukraine, amid the Russian invasion. AFP
  • Civilians who left the area near Azovstal steel plant as part of an evacuation of Mariupol arrive at temporary accommodation in Bezimenne, Donetsk region. Reuters
    Civilians who left the area near Azovstal steel plant as part of an evacuation of Mariupol arrive at temporary accommodation in Bezimenne, Donetsk region. Reuters
  • Azovstal steel plant employee Valeria, who was part of an evacuation of Mariupol, hugs her son Matvey, who had earlier left the city with his relatives, as they meet again in Bezimenne, Donetsk. Reuters
    Azovstal steel plant employee Valeria, who was part of an evacuation of Mariupol, hugs her son Matvey, who had earlier left the city with his relatives, as they meet again in Bezimenne, Donetsk. Reuters
  • A pro-Russian troop stands guard in Bezimenne, Donetsk. Reuters
    A pro-Russian troop stands guard in Bezimenne, Donetsk. Reuters
  • A picture taken during a visit to Mariupol organised by the Russian military shows Russian serviceman on patrol outside the Zaporizhzhia Nuclear Power Station in Enerhodar, south-eastern Ukraine. EPA
    A picture taken during a visit to Mariupol organised by the Russian military shows Russian serviceman on patrol outside the Zaporizhzhia Nuclear Power Station in Enerhodar, south-eastern Ukraine. EPA
  • A woman is assisted during the UN-led evacuation of the Azovstal steel plant, after nearly two months of siege warfare on Mariupol by Russia. Reuters
    A woman is assisted during the UN-led evacuation of the Azovstal steel plant, after nearly two months of siege warfare on Mariupol by Russia. Reuters
  • Civilians gather for humanitarian aid, distributed by the Donetsk People Republic Emergency Situations Ministry in Berdyansk, in territory under the government of the Donetsk People's Republic, eastern Ukraine. AP
    Civilians gather for humanitarian aid, distributed by the Donetsk People Republic Emergency Situations Ministry in Berdyansk, in territory under the government of the Donetsk People's Republic, eastern Ukraine. AP
  • Ukrainian servicemen are seen near a T-80 tank captured from Russian troops in Kharkiv region. Reuters
    Ukrainian servicemen are seen near a T-80 tank captured from Russian troops in Kharkiv region. Reuters
  • A Ukrainian soldier takes a break from the conflict and tries to pet a stork in Barvinkove, Kharkiv region. Reuters
    A Ukrainian soldier takes a break from the conflict and tries to pet a stork in Barvinkove, Kharkiv region. Reuters
  • A satellite image shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP
    A satellite image shows damage at the Azovstal steelworks in Mariupol, Ukraine. AP

“When my country faced the threat of invasion during the Second World War, our Parliament, like yours, continued to meet throughout the conflict, and the British people showed such unity and resolve that we remember our time of greatest peril as our finest hour,” Mr Johnson is expected to say.

“This is Ukraine’s finest hour, an epic chapter in your national story that will be remembered and recounted for generations to come.

“Your children and grandchildren will say that Ukrainians taught the world that the brute force of an aggressor counts for nothing against the moral force of a people determined to be free.”

The latest military support package comes after British ministers updated Parliament last week on plans to send sophisticated long-range Brimstone missiles and Stormer air defence vehicles.

In addition, the UK is to supply heavy lift aerial drones to provide logistical support to Ukrainian forces that have become isolated.

Downing Street said the UK was also sending more than a dozen new specialised Toyota Land Cruisers to protect civilian officials in eastern Ukraine and to evacuate civilians from frontline areas, in line with a request from the Ukrainian government.

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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.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Updated: May 02, 2022, 9:30 PM