CIA Director William Burns. Reuters
CIA Director William Burns. Reuters
CIA Director William Burns. Reuters
CIA Director William Burns. Reuters

World

US

US and Russian spy chiefs hold secretive Ukraine talks

Two meet in Turkey as Biden and Xi discuss war in Ukraine

The National

November 14, 2022

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CIA Director William Burns on Monday warned Russia's spy chief Sergei Naryshkin of the consequences if Russia were to use a nuclear weapon in its war against Ukraine, a US official said.

The White House official said Mr Burns and Mr Naryshkin, the head of Russia's SVR spy agency, did not discuss any settlement of the war during their meeting in Ankara.

A Kremlin spokesman confirmed to Russia's state news agency that talks between the two did take place.

The meeting was the highest-ranking direct engagement between a US and Russian official since before Moscow's invasion of Ukraine on February 24.

Ukrainian officials were briefed before Mr Burns's travel to Turkey.

He also planned to discuss the cases of detained US citizens Brittney Griner and Paul Whelan, the release of whom US President Joe Biden's administration has been seeking.

The US reportedly has offered convicted Russian arms dealer Viktor Bout in exchange for Ms Griner and Mr Whelan. Russia has yet to respond to the offer.

The meeting between the spy chiefs came as Mr Biden met with Chinese President Xi Jinping on the sidelines of the G20 summit in Indonesia.

Mr Biden and Mr Xi noted their “opposition to the use or threat of use of nuclear weapons in Ukraine”, the White House said.

The leaders also agreed that nuclear war “should never be fought and can never be won”.

Mr Biden last month warned that the risk of a nuclear “Armageddon” was at its highest level since the Cuban Missile Crisis in 1962.

Washington has warned for months that Russia could use nuclear force as Moscow continues to face setbacks in its invasion.

Zelenskyy hopes recapture of Kherson is 'beginning of the end of war' with Russia

  • Ukrainian President Volodymyr Zelenskyy (3R) awards a soldier in Kherson after it was liberated from Russia. All photos: AP
    Ukrainian President Volodymyr Zelenskyy (3R) awards a soldier in Kherson after it was liberated from Russia. All photos: AP
  • Mr Zelenskyy accused Russian troops of war crimes in Kherson.
    Mr Zelenskyy accused Russian troops of war crimes in Kherson.
  • The Ukrainian president joined troops to celebrate the victory in the southern city.
    The Ukrainian president joined troops to celebrate the victory in the southern city.
  • Mr Zelenskyy called the liberation of Kherson 'the beginning of the end of the war' with Russia.
    Mr Zelenskyy called the liberation of Kherson 'the beginning of the end of the war' with Russia.
  • Buoyant Ukrainian soldiers take a selfie with the president in Kherson.
    Buoyant Ukrainian soldiers take a selfie with the president in Kherson.
  • Mr Zelenskyy heaped praise on Ukraine's armed forces for their efforts in Kherson.
    Mr Zelenskyy heaped praise on Ukraine's armed forces for their efforts in Kherson.
  • A celebratory group photograph in Kherson.
    A celebratory group photograph in Kherson.
  • A proud Mr Zelenskyy enjoys the moment as the Ukrainian national anthem is played.
    A proud Mr Zelenskyy enjoys the moment as the Ukrainian national anthem is played.
  • The president is surrounded by soldiers in the liberated city.
    The president is surrounded by soldiers in the liberated city.

Agencies contributed to this report

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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Spending an excessive amount of time on the phone.

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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.”

Updated: November 14, 2022, 11:08 PM
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