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.

“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.

The Byblos iftar in numbers

29 or 30 days – the number of iftar services held during the holy month

50 staff members required to prepare an iftar

200 to 350 the number of people served iftar nightly

160 litres of the traditional Ramadan drink, jalab, is served in total

500 litres of soup is served during the holy month

200 kilograms of meat is used for various dishes

350 kilograms of onion is used in dishes

5 minutes – the average time that staff have to eat
 

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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.”

Scores

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

New Zealand win by 47 runs

Updated: May 02, 2022, 9:30 PM