From Finland in the north to Greece in the south, from Romania in the east to Portugal in the west, a new Iron Curtain is descending over Europe as Nato looks to strengthen its ability to withstand the threat of Russian aggression.
In the two decades that Russian President Vladimir Putin has been in power, one of his frequent complaints has been that there is “too much Nato”, a reference to the organisation’s eastward expansion since the end of the Cold War, which resulted in a number of former Soviet nations joining the alliance. Indeed, one of Mr Putin’s justifications for invading Ukraine in February was his concern that the country, a key part of the former Soviet Union, was seeking Nato membership.
But if Mr Putin’s goal has been to reduce Nato’s presence in Europe, his efforts have been in vain if the conclusions of this week’s alliance summit in Madrid are anything to go by. For, far from backing down in the face of Russia’s demands, Nato leaders have opted for the opposite course of action, increasing their military presence in Europe while at the same time expanding the alliance to include Finland and Sweden.
Nato's plan to increase the number of rapid deployment troops in Europe from about 40,000 troops to 300,000 by the end of next year
Arguably the most eye-catching announcement is their plan to increase the number of rapid deployment troops in Europe from about 40,000 troops to 300,000 by the end of next year, a force that is more than equal to the height of Russia’s military strength. In addition, Nato’s border with Russia is about to expand by a further 1,300 kilometres in north-eastern Europe after Turkey finally relented on its attempts to prevent Sweden and Finland from joining over claims that the two countries were providing a safe haven for Kurdish separatists.
Their admission is a blow for Mr Putin, as it dramatically increases Russia’s isolation in Europe. Previously, for their own historical reasons, both countries had studiously observed a policy of neutrality during the Cold War. Sweden’s neutrality dated back to the Napoleonic Wars in the early 19th century, while Finland, which suffered heavy casualties fighting the Soviets during the Second World War, adopted a similar policy during the Cold War so as not to cause further friction with Moscow, thereby coining the phrase “Finlandisation”.
In the wake of Russia’s military assault on Ukraine, though, both countries have now taken the decision to throw their lot in with Nato, a move both countries believe is essential to safeguard their security from potential future threats from Moscow. They will now be reassured by Nato’s commitment reinforce Europe’s defences.
The military build-up is being led by Washington, with the US planning to send more destroyers, troops and air defence systems to Eastern Europe in the coming months. Speaking at the summit, US President Joe Biden remarked: “I said Putin’s looking for the Finlandisation of Europe. He’s going to get the NATOisation of Europe. And that is exactly what he didn’t want, but exactly what needs to be done to guarantee security for Europe. And I think it’s necessary.”
The Pentagon has agreed to deploy a brigade combat team to Romania as the first of what will be a new rotational American presence in the country, a capability that Bucharest has long asked for. The US will also increase its presence in Poland, setting up a permanent V Corps headquarters, an army garrison headquarters and a field support battalion, with the new forces helping with logistics and planning military exercises across the east. The American military also aims to augment its armoured, aviation, air defence and special operations forces in the Baltic region, establish new air defence units in Germany and Italy, and sending two F-35 squadrons to the UK.
The most visible part of the deployments will probably be two more Arleigh Burke-class destroyers that will be home-ported in Rota, Spain, making a total of six US warships capable of performing air defence missions and launching cruise missiles well inland. The destroyers will help patrol the Mediterranean, where Russian cruisers and submarines have been more active over the past year, and provide missile defence for southern European allies.
Britain and Germany have also pledged to commit more forces to defend Nato’s eastern flank. British Defence Secretary Ben Wallace announced he will place more soldiers, warplanes and a Royal Navy aircraft carrier on standby to head to the region. An extra 1,000 soldiers are to be committed to Estonia, where there are already 2,000 troops. One of Britain’s two aircraft carriers and its escort ships, as well as other naval assets, would also be offered to the alliance.
Nato’s build-up comes after its members agreed a new “strategic concept” that seeks to establish a blueprint for the alliance’s key objectives for the next decade. Indeed, in what amounts to a radical change of policy towards Moscow, Russia has now been identified as posing “the most significant and direct threat to allies’ security and to peace and stability in the Euro-Atlantic area”. In the previous doctrine agreed in 2010, Russia was described as a “strategic partner”. For the first time, China also merits a mention, with Nato warning that its “coercive policies challenge our interests, security and values”.
Nato Secretary General Jens Stoltenberg said the alliance had agreed that a “fundamental shift” in which it would return to Cold War-style readiness to respond to the perceived increased threat posed by Russia.
The dramatic developments certainly represent a significant setback for Mr Putin, whose aim during the past two decades has been to reduce Nato’s presence. Instead, as British Prime Minister Boris Johnson observed at the summit, Mr Putin now finds himself “getting more Nato”.
Global state-owned investor ranking by size
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
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.”
What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
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Dubai World Cup Carnival card
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
8.15pm: Handicap (TB) $175,000 (D) 1,600m
8.50pm: Handicap (TB) $135,000 (T) 1,600m
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
10pm: Handicap (TB) $135,000 (T) 2,000m
The National selections:
6.30pm - Ziyadd; 7.05pm - Barney Roy; 7.40pm - Dee Ex Bee; 8.15pm - Dubai Legacy; 8.50pm - Good Fortune; 9.25pm - Drafted; 10pm - Simsir
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
England v South Africa schedule:
- First Test: At Lord's, England won by 219 runs
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
Schedule:
Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore
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The biog
Name: Samar Frost
Born: Abu Dhabi
Hobbies: Singing, music and socialising with friends
Favourite singer: Adele
RESULTS
Women:
55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2
Men:
62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke
