US fears Turkey will launch new offensive in Syria

The US fears Turkey will launch a new offensive in northern Syria that Washington has warned against, a senior American diplomat said on Wednesday.

"We are deeply concerned by recent increased rhetoric from Turkey about potential military moves into the north of Syria," Assistant Secretary of State for Near Eastern Affairs Barbara Leaf told a congressional hearing.

"We've stepped up our diplomatic engagements to attempt to stop that," she said.

Asked if Ankara would give up such plans in light of US efforts, Ms Leaf replied: "I couldn't give you the assurance that they are going to."

Turkey has numerous times since late May threatened to conduct a new military operation in northern Syria to target Kurdish fighters.

Among them are the People's Protection Units (YPG), which were supported by the US-led international coalition against ISIS.

Washington has repeatedly advised against such an offensive, which it believes could destabilise the region and jeopardise the struggle against terrorism.

The issue highlights the continuing tension between Nato members Washington and Ankara, at a time when Turkey opposes Finland and Sweden's bids to join the Atlantic alliance.

US Senate confirms Barbara Leaf to lead State Department’s Middle East bureau

Rankings

ATP: 1. Novak Djokovic (SRB) 10,955 pts; 2. Rafael Nadal (ESP) 8,320; 3. Alexander Zverev (GER) 6,475 ( 1); 5. Juan Martin Del Potro (ARG) 5,060 ( 1); 6. Kevin Anderson (RSA) 4,845 ( 1); 6. Roger Federer (SUI) 4,600 (-3); 7. Kei Nishikori (JPN) 4,110 ( 2); 8. Dominic Thiem (AUT) 3,960; 9. John Isner (USA) 3,155 ( 1); 10. Marin Cilic (CRO) 3,140 (-3)

WTA: 1. Naomi Osaka (JPN) 7,030 pts ( 3); 2. Petra Kvitova (CZE) 6,290 ( 4); 3. Simona Halep (ROM) 5,582 (-2); 4. Sloane Stephens (USA) 5,307 ( 1); 5. Karolina Pliskova (CZE) 5,100 ( 3); 6. Angelique Kerber (GER) 4,965 (-4); 7. Elina Svitolina (UKR) 4,940; 8. Kiki Bertens (NED) 4,430 ( 1); 9. Caroline Wozniacki (DEN) 3,566 (-6); 10. Aryna Sabalenka (BLR) 3,485 ( 1)

Can NRIs vote in the election?

Indians residing overseas cannot cast their ballot abroad

Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency

There are about 3.1 million NRIs living overseas

Indians have urged political parties to extend the right to vote to citizens residing overseas

A committee of the Election Commission of India approved of proxy voting for non-resident Indians

Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.

This option is currently available for the armed forces, police and government officials posted outside India

A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians

However, this did not come before the upper house or Rajya Sabha and has lapsed

The issue of NRI voting draws a huge amount of interest in India and overseas

Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online

The Election Commission of India then clarified that NRIs could not vote online

The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation

COMPANY%20PROFILE

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MATCH INFO

Uefa Champions League quarter-final second leg:

Juventus 1 Ajax 2

Ajax advance 3-2 on aggregate

MATCH INFO

Manchester City 2 (Mahrez 04', Ake 84')

Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)

Man of the match: Jamie Vardy (Leicester City)

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT

On sale: now

25%20Days%20to%20Aden

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While you're here

Hussein Ibish: America's attitude to Palestine and Israel has subtly shifted

Con Coughlin: With every missile fired in Israel-Gaza, Biden's clout reduces

Anwar Mhajne: The moral burden of being a Palestinian citizen of Israel

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.”

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

The%20US%20Congress%2C%20explained

%3Cp%3E-%20US%20Congress%20is%20divided%20into%20two%20chambers%3A%20the%20House%20of%20Representatives%20and%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20435%20members%20make%20up%20the%20House%2C%20and%20100%20in%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%20A%20party%20needs%20control%20of%20218%20seats%20to%20have%20a%20majority%20in%20the%20House%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20Senate%2C%20a%20party%20needs%20to%20hold%2051%20seats%20for%20control%3C%2Fp%3E%0A%3Cp%3E-%20In%20the%20event%20of%20a%2050-50%20split%2C%20the%20vice%20president's%20party%20retains%20power%20in%20the%20Senate%3C%2Fp%3E%0A

Electric scooters: some rules to remember

Riders must be 14-years-old or over
Wear a protective helmet
Park the electric scooter in designated parking lots (if any)
Do not leave electric scooter in locations that obstruct traffic or pedestrians
Solo riders only, no passengers allowed
Do not drive outside designated lanes

Match info

Athletic Bilbao 0

Real Madrid 1 (Ramos 73' pen)

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

While you're here

David Frum: What Joe Biden has to fix - and preserve - from the Trump era

Hussein Ibish: Reasons for both Democrats and Republicans to be happy

Rashmee Roshan Lall: Who are the women behind Biden's success?

Gavin Esler: Uncle Sam, here is the world really needs you

Bridgerton%20season%20three%20-%20part%20one

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Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

STAY%2C%20DAUGHTER

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Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

Dubai World Cup Carnival card

6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

7.05pm: Handicap (TB) $135,000 (Turf) 1,000m

7.40pm: Handicap (TB) $175,000 (D) 1,900m

8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

The National selections

6.30pm: Final Song

7.05pm: Pocket Dynamo

7.40pm: Dubai Icon

8.15pm: Dubai Legacy

8.50pm: Drafted

9.25pm: Lucius Tiberius

A general guide to how active you are:

Less than 5,000 steps - sedentary

5,000 - 9,999 steps - lightly active

10,000 - 12,500 steps - active

12,500 - highly active

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY PROFILE

Name: Airev

Started: September 2023

Founder: Muhammad Khalid

Based: Abu Dhabi

Sector: Generative AI

Initial investment: Undisclosed

Investment stage: Series A

Investors: Core42

Current number of staff: 47

if you go

While you're here

Ibrahim Al Zubi: Circular economy can shape a bright future for the Mena region

Ambika Vishwanath and Karma Ekmekji: A simple trick to save billions of litres of water

Maram Ahmed: The Middle East is thirsty for solutions to water scarcity

The nine articles of the 50-Year Charter

1. Dubai silk road

2. A geo-economic map for Dubai

3. First virtual commercial city

4. A central education file for every citizen

5. A doctor to every citizen

6. Free economic and creative zones in universities

7. Self-sufficiency in Dubai homes

8. Co-operative companies in various sectors

9: Annual growth in philanthropy

UAE%20PREMIERSHIP

%3Cp%3E%3Cstrong%3EFinal%3A%3C%2Fstrong%3E%20Dubai%20Hurricanes%20v%20Jebel%20Ali%20Dragons%0D%3Cbr%3E%0DSaturday%2C%208.15pm%2C%20Al%20Ain%20Amblers%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESemi-final%20results%3C%2Fstrong%3E%0D%3Cbr%3EDubai%20Exiles%2020-26%20Dubai%20Hurricanes%0D%3Cbr%3EDubai%20Tigers%2032-43%20Jebel%20Ali%20Dragons%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETable%3C%2Fstrong%3E%0D%3Cbr%3E1%20Dubai%20Tigers%2C%2033%20points%0D%3Cbr%3E2%20Dubai%20Exiles%2C%2024%20points%0D%3Cbr%3E3%20Dubai%20Hurricanes%2C%2018%20points%0D%3Cbr%3E4%20Jebel%20Ali%20Dragons%2C%2014%20points%0D%3Cbr%3E5%20Abu%20Dhabi%20Harlequins%2C%2014%20points%3C%2Fp%3E%0A

US fears Turkey will launch new offensive in Syria

Barbara Leaf briefs Congress about rising concerns and diplomatic efforts to prevent such a conflict

US Senate confirms Barbara Leaf to lead State Department’s Middle East bureau

Rankings

Can NRIs vote in the election?

COMPANY%20PROFILE

MATCH INFO

MATCH INFO

The specs

25%20Days%20to%20Aden

While you're here

On Women's Day

The%20US%20Congress%2C%20explained

Electric scooters: some rules to remember

Match info

What can victims do?

While you're here

Bridgerton%20season%20three%20-%20part%20one

Specs

STAY%2C%20DAUGHTER

Benefits of first-time home buyers' scheme

How does ToTok work?

The Settlers

Dubai World Cup Carnival card

A general guide to how active you are:

How Tesla’s price correction has hit fund managers

Who's who in Yemen conflict

COMPANY PROFILE

if you go

While you're here

The nine articles of the 50-Year Charter

UAE%20PREMIERSHIP