Afghans in Kabul hold placards during a protest against the US move to transfer $3.5 billion in Afghan central bank assets to a new Swiss-based trust fund. EPA
Afghans in Kabul hold placards during a protest against the US move to transfer $3.5 billion in Afghan central bank assets to a new Swiss-based trust fund. EPA
Afghans in Kabul hold placards during a protest against the US move to transfer $3.5 billion in Afghan central bank assets to a new Swiss-based trust fund. EPA
Afghans in Kabul hold placards during a protest against the US move to transfer $3.5 billion in Afghan central bank assets to a new Swiss-based trust fund. EPA

Russia and China tell US to return $7bn in frozen Afghan funds


Adla Massoud
  • English
  • Arabic

China and Russia called on the US on Tuesday to release $7 billion of Afghanistan's foreign reserves that were frozen when the Taliban seized control of the country a year ago.

Washington does not want the money to be used to bankroll the Taliban, which vanquished western-backed forces in August 2021 following a 20-year conflict.

US President Joe Biden has ordered that half of the funds be used to create a trust to compensate victims still seeking relief for the 9/11 attacks, which were planned by Al Qaeda operatives working in Afghanistan under the Taliban's protection.

At the UN Security Council on Tuesday, Geng Fhung, China's deputy ambassador to the UN, called for the “full” and “swift” return of the frozen assets to help “alleviate the humanitarian crisis in Afghanistan and the humanitarian suffering of the Afghan people”.

And Anna Evstigneeva, Russia's deputy ambassador to the UN, said the US should give the money back “immediately”.

The US government this month established a $3.5bn foundation to help address the unfolding economic and humanitarian crisis in Afghanistan while keeping the funds out of the Taliban's hands.

Taliban celebrate anniversary of withdrawal of US-led troops from Afghanistan — in pictures

  • Taliban fighters and supporters celebrate at Ahmad Shah Massoud square in Kabul on August 31, 2022. AFP
    Taliban fighters and supporters celebrate at Ahmad Shah Massoud square in Kabul on August 31, 2022. AFP
  • A banner hung in Kabul by Taliban authorities to mark the first anniversary of the departure of US-led foreign forces from Afghanistan. AFP
    A banner hung in Kabul by Taliban authorities to mark the first anniversary of the departure of US-led foreign forces from Afghanistan. AFP
  • Taliban fighters set off fireworks near the former US embassy in Kabul to celebrate the anniversary. AFP
    Taliban fighters set off fireworks near the former US embassy in Kabul to celebrate the anniversary. AFP
  • The Taliban government declared August 31 a national holiday in Afghanistan, as part of the celebrations marking the first anniversary of the end of two decades of foreign presence. EPA
    The Taliban government declared August 31 a national holiday in Afghanistan, as part of the celebrations marking the first anniversary of the end of two decades of foreign presence. EPA
  • Taliban fighters take to the streets to celebrate. AFP
    Taliban fighters take to the streets to celebrate. AFP
  • Taliban fighters in front of the US embassy in Kabul. AP Photo
    Taliban fighters in front of the US embassy in Kabul. AP Photo
  • Children with Taliban flags celebrate the anniversary. AP Photo
    Children with Taliban flags celebrate the anniversary. AP Photo
  • A Taliban convoy in Kabul on Wednesday. Reuters
    A Taliban convoy in Kabul on Wednesday. Reuters
  • The Taliban celebrate the first anniversary of the US withdrawal outside the former US embassy in Kabul. EPA
    The Taliban celebrate the first anniversary of the US withdrawal outside the former US embassy in Kabul. EPA
  • Taliban fighters celebrate the anniversary of the US withdrawal. EPA
    Taliban fighters celebrate the anniversary of the US withdrawal. EPA
  • Celebrations in Kandahar. EPA
    Celebrations in Kandahar. EPA
  • A celebratory parade in Kandahar. EPA
    A celebratory parade in Kandahar. EPA
  • Taliban fighters and supporters during a parade in Kandahar. AFP
    Taliban fighters and supporters during a parade in Kandahar. AFP
  • Taliban fighters and supporters in Kabul. AP Photo
    Taliban fighters and supporters in Kabul. AP Photo
  • A Taliban fighter during the anniversary parade in Kandahar. AFP
    A Taliban fighter during the anniversary parade in Kandahar. AFP

Senior US diplomat Jeffrey DeLaurentis stressed to the council that no country that is “serious about containing terrorism in Afghanistan would advocate giving Taliban ready access to $3.5bn in Afghan central bank assets”.

More than a year since the Taliban's return to power, western nations are growing increasingly alarmed over the group's enforcement of hardline religious laws.

Before the Security Council meeting, Norway circulated a draft press statement condemning the Taliban’s decision to ban girls from attending high school.

But diplomatic sources say that negotiations over the draft statement were strained because China and Russia insisted on a product that included text referring to Afghanistan’s frozen bank assets.

The differences between China and Russia and other members could not be resolved, and the press statement was not issued.

Markus Potzel, the UN's deputy special representative for Afghanistan, told the council that while there have been some positive developments since the Taliban took power last year, “they have been too few and too slow and are outweighed by the negatives”.

“I am afraid that patience is running out by many in the international community regarding a strategy of engagement with Afghanistan's Taliban,” he said, according to AFP.

Afghan women protest against Taliban's decision to shut girls' schools — video

Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

 

Avatar: Fire and Ash

Director: James Cameron

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Rating: 4.5/5

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

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

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Read part one: how cars came to the UAE

 

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.”

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

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Updated: September 27, 2022, 8:10 PM