Live updates: Follow the latest news on Israel-Gaza
Russia and China on Friday voted against a US-drafted Security Council resolution calling for an immediate ceasefire in Gaza as part of a hostage deal.
The draft resolution received 11 votes in favour, one abstention – from Guyana, and three votes against, including veto-wielding Russia, China and Algeria.
The carefully-worded US draft had highlighted the “imperative of an immediate and sustained ceasefire to protect civilians on all sides”, and towards that end “unequivocally” supported continuing diplomatic efforts “to secure such a ceasefire in connection with the release of all remaining hostages”.
Friday’s vote marked the ninth time the Security Council has voted on a draft resolution on the Gaza war.
Only two resolutions were previously adopted, with neither calling for a ceasefire.
Vasily Nebenzya, Russia’s UN envoy, described Friday's resolution as “exceedingly politicised" and argued that it was only aimed at buying more time for Israel to invade Rafah.
Before the vote, the US ambassador to the UN, Linda Thomas-Greenfield, said it would be a “historic mistake” for the council not to adopt the text.
“This is a strong resolution. it's the by-product of exhaustive, inclusive negotiations,” she said. “It reflects the consensus of this council and it does more than just call for a ceasefire – it helps to make the make a ceasefire possible.”
Algeria's UN ambassador, Amar Bendjama, said the draft resolution fell short of expectations of the Arab group, which has consistently called for an end “to this carnage”.
“It fails to adequately address … the demands and suffering of the Palestinian people,” he said.
“Over five months, the conflict in Gaza has resulted in the tragic loss ... of more than 32,000 Palestinian lives.”
“These are not mere statistics. They represent lives. They represent dreams. They represent hopes, which have been destroyed alarmingly, " said Mr Bendjama.
China's UN ambassador, Zhang Jun, told council members the US draft was “very unbalanced”, particularly on Israel's recent and repeated declarations of plans for a military offensive on Rafah, a city on the southern tip of the Gaza Strip where more than half of its 2.3 million residents have been sheltering in makeshift tents following Israel's assault on the northern part of the enclave.
He noted the draft did not “clearly and equivocally state its opposition [to a Rafah ground assault], which would send the wrong signal and lead to severe consequences”.
Mr Zhang said the draft “dodged the most central issue, that of a ceasefire” through its “ambiguous” language.
“Nor does it even provide an answer to the question of realising a ceasefire in the short term,” the envoy added.
Israel's ambassador Gilad Erdan reiterated his government's position by stating that the "only way to achieve a permanent ceasefire [in Gaza] passes through Rafah."
Meanwhile, Prime Minister Benjamin Netanyahu vowed on Friday to go ahead with the ground assault on Rafah, even without the support of its key ally.
Guyana, the only council member to have abstained, said the US text "lacked attribution in a number of key areas".
"While the draft includes the condemnation of Hamas for the October 7 attacks and demands they immediately grant humanitarian access to the hostages, and rightfully so, there is no attribution or demands to the Israeli authorities for what is taking place in Gaza," stressed its UN envoy, Carolyn Rodrigues-Birkett.
In reaction to the veto by Russia and China, US National Security Council spokesman John Kirby said "It's difficult to look at that text and find what was objectionable except the fact that the United States is the one that authored it."
The vote took place as US Secretary Antony Blinken wrapped up a sixth urgent mission to the Middle East since the Israel-Hamas war started, discussing a deal for a ceasefire and hostage release, as well as postwar scenarios.
Washington has vetoed three draft UN resolutions, which called directly for an immediate humanitarian ceasefire, most recently the Algerian text on February 20, which was supported by 13 council members with one abstention.
Ms Thomas-Greenfield argued it would have “negatively impact[ed]” the indirect negotiations between Israel and Hamas mediated by Egypt, Qatar and the US.
Following the Russian and Chinese veto, President Emmanuel Macron said on Friday that France has been working on a Gaza ceasefire resolution with Jordan, the United Arab Emirates and several other European countries.
"The Security Council must call for an immediate ceasefire and humanitarian access," Mr Macron told reporters in Brussels, promising to resume work on an alternative French resolution "along with our US, European and Arab partners".
Mr Macron expressed optimism that its diplomatic efforts in the region might convince China and Russia to refrain from exercising their veto power.
He also believed that with the support from Washington, Paris was well-placed to build consensus.
Ramadan in Gaza – in pictures
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
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Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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.”
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
Persuasion
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
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UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
