Bridget Brink, a Michigan native who speaks Russian, had been the ambassador to Slovakia. AFP
Bridget Brink, a Michigan native who speaks Russian, had been the ambassador to Slovakia. AFP
Bridget Brink, a Michigan native who speaks Russian, had been the ambassador to Slovakia. AFP
Bridget Brink, a Michigan native who speaks Russian, had been the ambassador to Slovakia. AFP

US Senate confirms Bridget Brink as ambassador to Ukraine


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The US Senate confirmed Bridget Brink as ambassador to Ukraine late on Wednesday night, filling the post as the US begins returning diplomats to the capital Kyiv.

Ms Brink received unanimous approval from a Senate committee for the post earlier on Wednesday, and was also confirmed unanimously by the full Senate without a formal roll-call vote.

The foreign relations committee held the veteran diplomat's confirmation hearing on May 10, only two weeks after she was nominated to the post by President Joe Biden.

Ukraine welcomed the Senate's confirmation of Ms Brink, President Volodymyr Zelenskyy's chief of staff said on Thursday.

"We greet the US Senate unanimous decision to approve Bridget Brink [as] the US Ambassador to Ukraine," Andriy Yermak wrote on Twitter.

The US evacuated its diplomatic staff from Kyiv three months ago as Russia invaded Ukraine but on Wednesday the embassy reopened. The return to Kyiv came weeks after Ukrainian forces defeated Moscow's efforts to take control of the capital.

"The Ukrainian people, with our security assistance, have defended their homeland in the face of Russia's unconscionable invasion and, as a result, the Stars and Stripes are flying over the embassy once again," Secretary of State Antony Blinken said in a statement.

The ambassador’s post has been vacant since former president Donald Trump abruptly forced out ambassador Marie Yovanovitch in 2019. She later became a crucial figure in the first impeachment proceedings against Mr Trump.

US Senator Bob Menendez, chairman of the Senate Foreign Relations Committee, said in a tweet that he was "proud to lead the Senate's swift confirmation" of Ms Brink to the ambassadorship.

Senate Majority Leader Chuck Schumer said in a separate tweet: "She is an excellent choice to lead our diplomatic mission as we continue standing with the Ukrainian people."

Ms Brink, a Michigan native who speaks Russian, had been the ambassador to Slovakia.

Agencies contributed to this report

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Rating: 3/5

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

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Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
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THREE
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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.”

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Pathaan
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Updated: May 19, 2022, 1:27 PM