Two Russian generals are facing the sack after their troops disobeyed orders and retreated from a key Ukraine town, western officials said on Tuesday.
Thousands of Russian troops fled the strategically important town of Lyman that guards an important river crossing, despite direct orders from Moscow to remain in place.
As the Ukraine counter-offensive gathers pace, the strategically vital city of Kherson in the south was also coming under pressure from three axes of attack, but President Vladimir Putin had allegedly ordered its 20,000 defenders to remain, despite the threat of encirclement.
There was now an increasing likelihood that the two Russian generals commanding the Army Group South and Army Group Centre will be dismissed from their post, the western sources said.
“We could well expect to see more command changes in the military,” an official said. “There is particular weight on the shoulders of two individuals, General Alexander Lapin and General Sergei Surovikin in the south. Above them we've seen broadening discontent with Defence Minister Sergei Shoigu and General [Valery] Gerasimov [head of armed forces].
There was an “increasingly strident tone in the criticism of Russian leadership” from Russian nationalists who felt “loss and even betrayal” over the defeats.
The sacking of General Surovikin would be a further humiliation for Mr Putin as Moscow inflated his reputation as a victor in the Syria conflict when he took over the Ukraine post in early summer.
The invaders were now under immense pressure across their frontline with Kyiv’s generals “throwing problems at the Russian chain of command faster than the Russians can effectively respond” which was “compounding the existing dysfunction” within the invasion force”.
Foremost, the loss of Lyman demonstrated the dysfunction and confusion among Moscow’s commanders.
The town, which commands a key bridge across the Donets river, as well as an important road and rail junction, is politically important as one of the main urban areas in the recently annexed Donetsk area.
It was also defended by well-trained Russian forces, including specialist Arctic troops from the Russian Northern Fleet, volunteer reservists and regular soldiers from the 20th Combined Arms Army.
“They all appear to have withdrawn in poor order suffering high casualties from artillery fire as they attempted to leave the town to the east,” the western official said. It is understood that their casualties numbered more than 1,000 dead, wounded or captured.
Unlike the orderly withdrawal from about 10,000 square kilometres of land in the Kharkiv region two weeks ago, the retreat was more of a rout.
“In Lyman we think that Russian troops retreated despite orders to defend and remain,” the official said. “As part of the supposedly newly-annexed Donbas area, relinquishing this area was exactly what the Kremlin didn't want to happen.
“It was an area where we believe the Russian political leadership did not want to retreat from given the announcements made 24 hours earlier over the annexation.”
He added that the whole of the northern part of Russia's Donbas operation was now looking “increasingly vulnerable”.
A far more serious blow for Moscow, with significant implications for Mr Putin’s leadership, would be the loss of Kherson, which Russian has occupied since the early days of the war.
Ukraine forces are pressing on the Black Sea city, that is also the gateway to Crimea, from three sides on, with one along the western bank of the Dnipro river.
Despite Russia having strong defences and 20,000 high-grade troops on the western bank, there is now a threat they could be cut off, the sources said.
“The situation is rapidly evolving,” the official reported. “It is clear that the northern of Ukraine's three axes of assault has gained some momentum and the forces there are seeking to exploit down the west bank of Dnipro River.”
This threatened the town of Nova Khakovka, 55km east of Kherson. “This would really pose a critical challenge to the viability of the Russian force in Kherson,” the official said.
“Again, we think it unlikely that the Russian leadership would sanction a full pull-out from Kherson for political reasons. So this situation in the south could become increasingly messy, with potentially a more desperate Russian force with their backs to the river Dnipro.”
The official also confirmed that the number of Russian men who had fled conscription equalled the 300,000 that Mr Putin summoned to fight in Ukraine.
He also stated that there was no sign of Russian nuclear forces conducting activities that would raise “any indicators of warning” of a strike.
SHAITTAN
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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.”
Bahrain%20GP
%3Cp%3EFriday%20qualifying%3A%207pm%20(8pm%20UAE)%3C%2Fp%3E%0A%3Cp%3ESaturday%20race%3A%207pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3ETV%3A%20BeIN%20Sports%3C%2Fp%3E%0A
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."