Russia on Friday vetoed a US-backed UN Security Council resolution “deploring” Russia for its “illegal” referendums held in four Ukrainian regions.
While 10 of the 15 Council members, including the UAE, voted in favour of the text, China, India, Gabon and Brazil abstained.
The “no” vote from Russia, one of five permanent members of the Security Council that have veto power, killed the measure.
The US and Albanian-sponsored resolution was put forward in response to the ballot measures, widely criticised by the West, that set the stage for Russian President Vladimir Putin to annex four regions in eastern Ukraine on Friday.
The US ambassador to the UN Linda, Thomas-Greenfield, told council members the resolution would now head to the 193-member General Assembly.
“We will take further steps in the General Assembly to send an unmistakable message to Moscow that the world is still on the side of defending sovereignty and protecting territorial integrity,” she said.
The resolution notes that Ukraine did not authorise the so-called referendums in Luhansk, Donetsk, Kherson and Zaporizhzhia and demands the withdrawal of all Russian troops from Ukraine.
The resolution also reaffirms UN commitment to Ukraine's sovereignty, territorial integrity and independence within its internationally recognised borders.
Many changes were made to the draft to accommodate other council members, UN director at the International Crisis Group Richard Gowan told The National.
“The US has watered down its draft, for example, by removing a reference to Russia's occupation of Crimea, so that China and India will abstain rather than oppose it,” he said.
“Western diplomats have been planning for this scenario for months as they always knew Russia was likely to play the annexation card.”
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Smoke rises on the outskirts of the city during a Russian missile attack in Kyiv. Reuters -

Workers surround the Monument to the Heroes of the Heavenly Hundred with sandbags against damage from shelling in Mykolaiv. EPA -

Russian President Vladimir Putin welcomes Azerbaijan President Ilham Aliyev for talks before a meeting between the Russian president and the leaders of Armenia and Azerbaijan in the Black Sea resort city of Sochi, Russia. AFP -

People take water from a water pump in Kyiv. EPA -

A woman walks past a damaged building in the town of Nova Kakhovka. Reuters -

A woman outside her home, which was destroyed during battles at the start of the conflict, in Yahidne, Chernihiv. Getty Images -

People shelter inside a subway station during a Russian missile attack in Kyiv. Reuters -

Firefighters at the site of a drone attack in Kyiv, Ukraine. AP -

A woman walks past the site of a Russian missile strike in the southern Ukrainian city of Mykolaiv. Reuters -

Rescuer workers at a building destroyed in an attack in Mykolaiv. Reuters -

Parts of a drone lie on a street in Kyiv. Reuters -

A drone flies over the Ukrainian capital during an attack. AFP -

Ukrainian servicemen tow a captured Russian armoured vehicle in Rudneve village, Kharkiv. EPA -

A partially destroyed residential building in Saltivka, in Kharkiv. AP -

Ukrainian servicemen fire a captured Russian howitzer on a front line near Kupyansk city, Kharkiv. EPA -

Ukrainian servicemen near the recently retaken town of Lyman in Donetsk region. AFP -

An officer from a Ukrainian national police emergency demining team prepares to detonate collected anti-tank mines and explosives near Lyman, in the Donetsk region. AFP -

A boy playing on a destroyed Russian tank on display in Kyiv. AFP -

A young couple hiding underground during an air alert in Zaporizhzhia. AFP -

Ukrainian firefighters looking for survivors after a strike in Zaporizhzhia. AFP -

Workers fix a banner reading 'Donetsk, Luhansk, Zaporizhzhia, Kherson - Russia!' to the State Historical Museum near Red Square in Moscow. AFP -

Residents try to cross a destroyed bridge in the Kharkiv region of Ukraine. AFP -

Alyona Kishinskaya helps to clean up a shop as it prepares to reopen in Balakiya, Ukraine, after a six-month Russian occupation. Getty Images -

Alla, 12, has a swinging time in Balakiya, Ukraine, as life goes on despite the war. Getty Images -

Ukrainian flags in the town square in Balakiya. Getty Images -

A destroyed Russian command centre in Izium, Ukraine. Getty Images -

In what may be a final farewell, young Russian recruits - escorted by their wives - walk to a train station in Volgograd before being sent to war in Ukraine. AP -

Russian recruits board the train to Ukraine in Volgograd. AP -

Ukrainian soliders drive a tank at the recently retaken eastern side of the Oskil River in Kharkiv region, Ukraine. AFP -

Volunteers pass boxes of food aid on a destroyed bridge over the Oskil River. AFP -

Ukrainian soliders rest on an armoured personnel carrier. AFP -

A sign warns of landmines in Izyum, eastern Ukraine. AFP -

This crater was left after a missile strike in the Donetsk region of Ukraine. AFP
Racecard:
6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
8.15pm: Meydan Trophy | Conditions (TB) | $100,000 (T) | 1,900m
8.50pm: Balanchine | Group 2 (TB) | $250,000 (T) | 1,800m
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
10pm: Handicap (TB) | $175,000 (T) | 2,410m.
AIR
The view from The National
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
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The specs
- Engine: 3.9-litre twin-turbo V8
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
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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.”
Key facilities
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Uefa Champions League semi-final, first leg
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Where to donate in the UAE
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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