Live updates: Follow the latest news on Israel-Gaza
Group of Seven leaders said they were very concerned by the situation on the Israel-Lebanon border, at a summit of the top western nations in Italy on Thursday.
After a session on the Middle East at the start of the two-day summit, officials said attention had focused on the border between Israel and Lebanon, where Iran-backed Hezbollah has engaged in escalating retaliatory operations with the Israeli army.
A senior US official said specific security arrangements were needed as the bloc acknowledged that a ceasefire in Gaza was not enough to secure peace in the region.
The meeting also endorsed US efforts to secure a ceasefire, according to a draft communique circulating at the summit in Puglia.
The US, France and Israel have agreed to work together to advance a roadmap presented by Paris this year to defuse tensions between Hezbollah and Israel, French President Emmanuel Macron said.
"With the United States, we agreed on the principle of a trilateral (contact group), Israel, the United States and France, to advance on the roadmap that we proposed and we will do the same with the Lebanese authorities," Mr Macron said at the G7 leaders' summit.
Leaders reaffirmed their unwavering commitment to a two-state solution, just weeks after the Israeli government lashed out at Spain, Norway and Ireland for recognising a Palestinian state.
They called on Israel to refrain from a full-scale offensive in Rafah, “in line with their obligations under international law”. The G7 consists of the US, the UK, Canada, Germany, Japan, France and Italy.
The EU fully supports US President Joe Biden's proposal for a ceasefire, said EU Council president Charles Michel.
The bloc's three priorities are an end to the war, more humanitarian access and a pathway to a two-state solution.
“There is one lesson learnt: security without peace is not security,” Mr Michel told reporters.
“It's a very dark situation but we feel the window of opportunity must be seized so that we can relaunch a serious political track to make a decision regarding a two-state solution.”
Mr Michel was speaking after attending an emergency humanitarian conference for Gaza held in Jordan earlier this week.
“It's important for the EU to be represented and active in those debates,” he said, adding that he planned to debrief G7 leaders about the conversations he held.
Mr Michel lamented the polarisation in Europe caused by the Gaza war.
“There is a high price that we pay,” he said. “First, this is paid by the people specifically in the region but there are terrible consequences for others.”
The EU is an unofficial eighth member of the G7.
Hamas has welcomed the ceasefire proposal, but insists any agreement must secure an end to the war, a demand Israel still rejects.
Israel described Hamas's response to the new US peace proposal as total rejection.
Mr Biden said "the biggest hang-up so far" to a deal on a Gaza truce and hostage release is the Palestinian militant group.
"I've laid out an approach that has been endorsed by the UN Security Council, by the G7, by the Israelis, and the biggest hang-up so far is Hamas refusing to sign on even though they have submitted something similar," he said.
Since a brief week-long truce in November, repeated attempts to arrange a ceasefire have failed, with Hamas insisting on a permanent end to the war and full Israeli withdrawal from Gaza.
US National Security Adviser Jake Sullivan said Hamas had submitted an amended proposal with some minor changes that could be worked out, as well as others that were not in line with what Mr Biden had detailed or that had been embraced by the UN Security Council.
Mr Sullivan said Israel was standing behind the ceasefire proposal Mr Biden outlined in a May 31 speech, and that he had heard no Israeli leader challenge the deal.
The latest war started with a Hamas-led attack on Israel on October 7, during which about 1,200 people were killed and 240 taken hostage. The Israeli military response in Gaza has so far killed more than 37,200.
Mr Biden was expected to update G7 leaders on the ceasefire negotiations and how their countries could support the process, Mr Sullivan said, underscoring the broader implications for increasing tension between Israel and Lebanon.
Mr Biden would discuss “the increasing intensity and scope of the strikes by Hezbollah deeper into Israel, and including into civilian areas”, Mr Sullivan said, adding that a ceasefire in Gaza would help to bring calm to that region as well.
G7 leaders would also compare notes on what he called “the continuing threat posed by Iran, both with respect to its support for proxy forces, and with respect to the Iranian nuclear programme, where we continue to have grave concerns”.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
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Power: 540hp at 6,500rpm
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Transmission: Eight-speed auto
Kerb weight: 1580kg
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On sale: via special order
LA LIGA FIXTURES
Friday Valladolid v Osasuna (Kick-off midnight UAE)
Saturday Valencia v Athletic Bilbao (5pm), Getafe v Sevilla (7.15pm), Huesca v Alaves (9.30pm), Real Madrid v Atletico Madrid (midnight)
Sunday Real Sociedad v Eibar (5pm), Real Betis v Villarreal (7.15pm), Elche v Granada (9.30pm), Barcelona v Levante (midnight)
Monday Celta Vigo v Cadiz (midnight)
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Available: Now
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.”
Teaching in coronavirus times
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
8 UAE companies helping families reduce their carbon footprint
Greenheart Organic Farms
This Dubai company was one of the country’s first organic farms, set up in 2012, and it now delivers a wide array of fruits and vegetables grown regionally or in the UAE, as well as other grocery items, to both Dubai and Abu Dhabi doorsteps.
www.greenheartuae.com
Modibodi
Founded in Australia, Modibodi is now in the UAE with waste-free, reusable underwear that eliminates the litter created by a woman’s monthly cycle, which adds up to approximately 136kgs of sanitary waste over a lifetime.
www.modibodi.ae
The Good Karma Co
From brushes made of plant fibres to eco-friendly storage solutions, this company has planet-friendly alternatives to almost everything we need, including tin foil and toothbrushes.
www.instagram.com/thegoodkarmaco
Re:told
One Dubai boutique, Re:told, is taking second-hand garments and selling them on at a fraction of the price, helping to cut back on the hundreds of thousands of tonnes of clothes thrown into landfills each year.
www.shopretold.com
Lush
Lush provides products such as shampoo and conditioner as package-free bars with reusable tins to store.
www.mena.lush.com
Bubble Bro
Offering filtered, still and sparkling water on tap, Bubble Bro is attempting to ensure we don’t produce plastic or glass waste. Founded in 2017 by Adel Abu-Aysha, the company is on track to exceeding its target of saving one million bottles by the end of the year.
www.bubble-bro.com
Coethical
This company offers refillable, eco-friendly home cleaning and hygiene products that are all biodegradable, free of chemicals and certifiably not tested on animals.
www.instagram.com/coethical
Eggs & Soldiers
This bricks-and-mortar shop and e-store, founded by a Dubai mum-of-four, is the place to go for all manner of family products – from reusable cloth diapers to organic skincare and sustainable toys.
www.eggsnsoldiers.com
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
The specs: 2018 Maserati Ghibli
Price, base / as tested: Dh269,000 / Dh369,000
Engine: 3.0-litre twin-turbocharged V6
Transmission: Eight-speed automatic
Power: 355hp @ 5,500rpm
Torque: 500Nm @ 4,500rpm
Fuel economy, combined: 8.9L / 100km
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APPLE IPAD MINI (A17 PRO)
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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Sholto Byrnes on Myanmar politics
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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
Persuasion
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