Russia's war in Ukraine and the perilous state of global security are fuelling calls for reform of the institution supposed to enforce world peace: the UN Security Council.
Built from the ashes of the Second World War, the Security Council was established in 1945. Critics say it has become all but useless on key security issues, as the five permanent members who can veto meaningful action agree on so little in today's fractured world.
Perhaps equally pressing is that vast parts of the world have no permanent representation on the council. Areas with no guaranteed voice include India, whose population of 1.4 billion will soon outstrip China's, as well as Latin America and Africa, which have a combined population nearing two billion.
“The UN has structural challenges. And we all agree on that. It can be better. And to take on the challenges of the 21st century, it must be better,” Linda Thomas-Greenfield, the US ambassador to the UN, said on Monday.
Following up on comments made by President Joe Biden at the UN General Assembly last month, Ms Thomas-Greenfield said the US supports an expansion of the Security Council to include unrepresented regions.
Currently, frequent deadlock at the council is all but ensured as the US, UK and France are often at loggerheads with geopolitical foes Russia and China — all of whom have veto power. Aside from the Ukraine war, the council has been unable to intervene in Syria or Ethiopia.
Veto power derives from Article 27 of the UN Charter, which says that all substantive decisions of the council must be agreed to unanimously. The 10 rotating non-permanent members have no veto power.
In his UN speech, Mr Biden attacked Russia for its war in Ukraine and its subsequent vetoes of resolutions aimed at condemning or curtailing the violence.
He urged members to avoid using vetoes “to ensure the council remains credible and effective”.
“A permanent member of the UN Security Council invaded its neighbour, attempted to erase a sovereign state from the map. Russia has shamelessly violated the core tenets of the” UN's founding charter, he said.
Russia illegally annexes parts of eastern Ukraine — in pictures
The US leader said the time has come for the UN to become “more inclusive so that it can better respond to the needs of today's world”.
Ms Thomas-Greenfield said the US was consulting with UN members on a “listening tour” to hear ideas.
“After all, part of realising a more representative Council is ensuring everyone sees themselves in the process, although we know everyone can’t be on the Security Council,” she said.
Since launching its invasion of Ukraine, Russia has vetoed several resolutions, including one condemning Moscow's so-called referendums that were used to justify the annexation of four regions in eastern Ukraine.
A senior US administration official told The National: “What's changed for us is we've made clear that we're not going to defend an outdated status quo.”
And, he added, it's entirely in the security interest of the US.
UN Security Council members assail Russia over the Ukraine war — in pictures
The Security Council’s structure has only been changed once in its 77-year history. Many question how long the council’s legitimacy can last without additional membership that would more accurately reflect current realities.
Whereas India, a nuclear power with one of the world’s fastest growing economies, has a population of 1.4 billion and no permanent council seat, France, with a population of 67 million, does.
And Japan, the second biggest donor to the UN, has only served as a non-permanent member.
“The world has waited for 77 long years for reforms. It cannot wait anymore,” India’s ambassador to the UN Ruchira Kamboj told The National.
“While the overwhelming majority of UN member states firmly support the comprehensive reforms of the Security Council, a handful of status-quoists have consistently opposed any reform.
“We don’t even have a negotiating text.”
Any reform of the Security Council would involve intense negotiations that must accommodate geopolitical and regional rivalries.
Richard Gowan, UN director for the International Crisis Group, said China could act as a spoiler if it perceives the US is trying to enhance the standing of rivals.
“If Beijing thinks the US is trying to boost Japan's status at the UN, the Chinese will go all out to derail the process,” Mr Gowan said.
In his first speech to the General Assembly in September, German Chancellor Olaf Scholz emphasised that up-and-coming, dynamic countries and regions of Asia, Africa and Latin America had to be given a stronger political voice on the world stage. He also stressed that Germany was willing to take on greater responsibility.
Many proposals have been floating around for the reform of the Security Council. Switzerland, which will for the first time in its history become a non-permanent member of the Security Council in 2023, supports its expansion but opposes additional veto rights.
The Swiss ambassador to the UN Pascale Baeriswyl told The National that the Alpine nation has been pushing for reforms of the working methods of the Security Council since 2006.
A Canadian spokesman said Ottawa supports limiting the use of the veto, but noted any changes would require the agreement of the five permanent members, and there is currently “no consensus” to do this.
Russia’s war against Ukraine has already spurred a significant but modest change: in April, the UN General Assembly, where no state has a veto, decided by consensus that it would meet whenever a veto is cast in the Security Council.
Such action puts veto wielders on the spot and throws additional scrutiny on any obstruction.
The General Assembly this year convened following vetoes by China and Russia on proposed sanctions on North Korea in May, after a Russian veto on Syria humanitarian aid in July and again this month following Moscow's veto of a resolution “deploring” its illegal annexations in eastern Ukraine.
But a failed reform debate could exacerbate the sense that the UN is irrelevant, said Mr Gowan.
“That is the big risk associated with the US raising the issue.”
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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.”
Results
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The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
UAE currency: the story behind the money in your pockets
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km