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Kyiv has said Moscow now controls 20 per cent of Ukrainian territory on the eve of the war's 100th day as Russian forces hammered Ukrainian positions in the Donbas region on Thursday.
Russian troops have focused on capturing eastern Ukraine since being repelled from around the capital Kyiv.
Although their advance has been much slower than Moscow expected, Russian forces have expanded control beyond the 43,000 square kilometres taken when Russia seized Crimea and parts of the Donbas in 2014.
“Today, about 20 per cent of our territory is under the control of the occupiers,” Ukrainian President Volodymyr Zelenskyy said in an address to politicians in Luxembourg.
Thousands of people have been killed and millions forced to flee, with Ukraine's east now bearing the brunt of Russia's assault, which Mr Zelenskyy said was killing up to 100 Ukrainian soldiers every day.
Western nations have pumped arms and military supplies into Ukraine to help it survive the onslaught.
But Ukraine's allies need to brace for a gruelling “war of attrition”, Nato chief Jens Stoltenberg said on Thursday after talks with US President Joe Biden in Washington.
“We just have to be prepared for the long haul,” Mr Stoltenberg said, while reiterating that Nato does not want direct confrontation with Russia.
On the ground, street battles were raging in the industrial centre of Severodonetsk in Luhansk, part of the Donbas.
The city is a vital target for Moscow, which already controls 80 per cent of the area, but Luhansk regional governor Sergiy Gaiday vowed Ukrainian forces would fight “until the end”.
Severodonetsk's Azot factory, one of Europe's biggest chemical plants, was attacked by Russian soldiers who fired on one of its administrative buildings and a warehouse where methanol was stored.
Ukrainian troops are still holding an industrial zone, Mr Gaiday said, a situation reminiscent of Mariupol, where a huge steelworks became the south-eastern port city's last holdout until they surrendered late last month.
In the city of Sloviansk, about 80 kilometres from Severodonetsk, residents spoke of constant bombardments by Russian troops.
Paramedic Ekaterina Perednenko said she had only returned to the city five days ago but soon realised that she would have to leave again.
“It's very difficult here," she said. "Shooting is everywhere, it's scary. No water, electricity or gas."
Another local, Leonid, said he was also leaving the city and would seek refuge elsewhere in Europe.
“I feel pain” he said. "The most prominent feeling I have is that we didn't deserve this. We don't understand why we are punished like this."
Valeriy Zaluzhnyi, Commander in Chief of Ukraine's armed forces, pleaded for more modern arms from Nato and said “the enemy has a decisive advantage in artillery”.
“It will save the lives of our people,” he said.
Bridget Brink, the new US ambassador to Kyiv, promised on Thursday that the US would “help Ukraine prevail against Russian aggression” after presenting her credentials to Mr Zelenskyy.
This week, the US announced that it was sending more advanced, Himars multiple rocket launch systems to Ukraine.
The mobile units can simultaneously fire several precision-guided munitions up to 80km.
They are the centrepiece of a $700 million military assistance package that includes air-surveillance radar, more Javelin short-range anti-tank missiles, artillery ammunition, helicopters, armoured vehicles and spare parts.
Kremlin spokesman Dmitry Peskov accused Washington of “adding fuel to the fire”, although US officials insist Ukraine has promised not to use them to carry out strikes inside Russia.
Beyond sending arms to Ukraine, western allies have also sought to choke off Russia's financial lifeline in a bid to get Russian President Vladimir Putin to change course.
Stepping up an already long list of embargoes, the US blacklisted Mr Putin's money manager and a Monaco company that provides luxury yachts to some of Moscow's elite.
Across the Atlantic, EU nations agreed on new sanctions that would halt 90 per cent of Russian oil imports to the bloc by the end of the year.
Russia said European consumers would be the first to pay the price for the partial oil embargo.
But some relief was in view for the overheated oil market as producers including Saudi Arabia agreed to add 648,000 barrels per day to the market in July, up from 432,000.
The war has wrecked Ukraine's economy, forcing the central bank to more than double its key interest rate on Thursday to prop up the hryvna, the local currency.
But the war carries far wider consequences, too, with risks that it could trigger a global food crisis.
Ukraine — one of the world's main producers — will likely export only half the amount of grain that it did in the previous season, the Ukrainian Grain Association said.
The conflict was already translating into higher costs for essentials, from cereals to sunflower oil to corn, with the poor among the hardest hit.
The head of the African Union, Senegalese President Macky Sall, is to visit Russia on Friday for talks with Mr Putin.
The trip is aimed at “freeing up stocks of cereals and fertilisers, the blockage of which particularly affects African countries”, along with easing the Ukraine conflict, Mr Sall's office said.
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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.”
Company%20Profile
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
The Good Liar
Starring: Helen Mirren, Ian McKellen
Directed by: Bill Condon
Three out of five stars
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The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport