Ships await inspection as part of the Black Sea grain initiative. Reuters
Ships await inspection as part of the Black Sea grain initiative. Reuters
Ships await inspection as part of the Black Sea grain initiative. Reuters
Ships await inspection as part of the Black Sea grain initiative. Reuters

Grain deal with Russia needed to feed world, says World Food Programme chief


Gillian Duncan
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It will be difficult to feed the world if Russia pulls out of the Black Sea grain initiative, the head of the World Food Programme has warned.

Cindy McCain said the deal must be renewed before it expires on May 18.

She told the BBC the WFP had been sourcing grain from other sources to distribute to countries around the world but it had not been able to feed as many people, owing to rising costs.

The conflict “has managed to completely cascade around the world difficulties to be able to feed people”, she said.

Ms McCain said she was “not confident” Russia would agree to an extension of the deal.

“No, I'm not, I'm not confident that they will. The things I've been hearing is that … it's 50-50 right now.

“It worries me very much. And it should worry everybody else too.”

The deal, brokered by the UN and Turkey, has enabled the export of more than 28 million tons of Ukrainian grain during the war.

But Russia has threatened to refuse to extend the agreement, returning to a full-scale maritime blockade of the Black Sea if the West fails to meet its demands, which include allowing Russia’s state agricultural bank to rejoin the international Swift payments system and lifting western sanctions against Russians including fertiliser tycoon Dmitry Mazepin.

Officials from Russia, Ukraine, Turkey and the UN met in Istanbul on Thursday to discuss the future of the deal, but the meeting appeared to end without agreement.

Ms McCain told the BBC it may be hard for Ukrainian farmers to deliver a harvest this year.

“I know that there are some farms that are still operating. But you have to remember, a large majority of the land where the crops were grown before is now mined, with landmines,” she said.

“This is a tragic situation. And if the conflict were to end today, we'd be years being able to clear the land and clear the properties to make sure that it was safe to plant and safe to put livestock on.”

Meanwhile, Russia's Defence Ministry has denied reports that Ukrainian forces had broken through in various places along the front lines in the war.

Moscow reacted after Russian military bloggers, writing on Telegram, reported what they said were Ukrainian advances north and south of the city of Bakhmut, with some suggesting a long-awaited counter-offensive by Kyiv's forces had started.

Ukrainian President Volodymyr Zelenskyy earlier said the offensive had yet to start.

“Statements circulated by individual Telegram channels about 'defence breakthroughs' that took place in different areas along the line of military contact do not correspond to reality,” the Russian Defence Ministry said in a Telegram post.

“The overall situation in the area of the special military operation is under control,” it said, using the Kremlin's description of the war zone in Ukraine.

Moscow acknowledges that it is a “very difficult” military operation.

Ukraine says it has pushed Russian forces back over the past several days near Bakhmut, while a full-blown counter-offensive involving tens of thousands of troops and hundreds of western tanks is still being prepared.

“We still need a bit more time,” Mr Zelenskyy said in an interview with European broadcasters.

Ukrainian military analyst Oleksandr Musiyenko said Kyiv's allies understand a counter-offensive “may not result in the complete eviction of Russian troops and the definitive defeat of Russia in all occupied areas”.

“We have to be ready for the war to continue into next year — or it could end this year,” Mr Musiyenko told Ukrainian NV Radio. “It all depends on how the battles develop. We can't guarantee how the counter-offensive will develop.”

Yevgeny Prigozhin, head of Russia's Wagner private army which has led the fight in Bakhmut, on Thursday said Ukrainian operations were “unfortunately, partially successful”. He called Mr Zelenskyy’s assertion that the counter-offensive had not yet begun “deceptive”.

Mr Zelenskyy said Ukrainian forces had already received enough equipment from western allies for their campaign but were waiting for the full complement of armoured vehicles to arrive.

In a major step up in western military support for Ukraine, Britain said it was sending Storm Shadow cruise missiles that would give Kyiv the ability to strike deep behind Russian lines.

The missiles “are now going into, or are in, the country itself,” Defence Secretary Ben Wallace told Parliament in London. He said the missiles were being supplied so they could be used within Ukraine.

Western countries including the US had previously held back from providing long range weapons for fear of provoking Russian retaliation. Mr Wallace said Britain had weighed the risk.

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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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Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars

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• Scientists estimate there could be as many as 3 million fungal species globally
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BMW M8 Competition Coupe

Engine 4.4-litre twin-turbo V8

Power 625hp at 6,000rpm

Torque 750Nm from 1,800-5,800rpm

Gearbox Eight-speed paddleshift auto

Acceleration 0-100kph in 3.2 sec

Top speed 305kph

Fuel economy, combined 10.6L / 100km

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  • 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?
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  • 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
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Updated: May 12, 2023, 7:46 AM