The G7 leaders on Tuesday wrapped up their Ukraine-heavy summit by saying they would look into capping the price of Russian oil, but stopped short of a full agreement on new sanctions.
An American-led push to squeeze the Kremlin's oil revenue resulted in only a tentative agreement that the idea would be explored further after the three-day summit in Germany.
A proposal by French President Emmanuel Macron to widen the price cap beyond Russia, to ease the pain for consumers of soaring energy prices, has also been parked for further discussions.
Summit host Chancellor Olaf Scholz of Germany nonetheless said the club of rich democracies would continue to "drive up the economic and political costs" of the conflict in Ukraine that overshadowed the talks in the Bavarian Alps.
The summit played out against the backdrop of rocket strikes on Kyiv and a deadly explosion at a shopping centre in Kremenchuck condemned as an "abominable attack" by the G7 leaders. President Volodymyr Zelenskyy told them to put Ukraine in a winning position by winter.
Leaders promised to maintain support for Ukraine and Mr Macron said he hoped the war could be over this year, but said more work was needed on a price cap before sanctions can be tightened further.
The idea of a price cap is that western powers would throw their economic weight around to stop Russian oil from sailing the world if it is being sold for too high a price.
Tankers with cargoes that flout the price cap would be denied shipping insurance and other services - preventing Moscow from having the last laugh if it can sell its reduced oil exports at runaway prices.
Mr Macron said leaders could not "push a button" and make this happen overnight and said a "coalition of buyers" going further than the G7 - which consists of the US, Canada, Britain, France, Germany, Italy and Japan, plus the European Union - was needed to implement it.
“At leaders’ level, there is an agreement to look into this and to try to make it work. Then we will see what’s feasible,” said an official close to the talks.
Jake Sullivan, the national security adviser to US President Joe Biden, said discussions had begun with India - one of the countries which attended the G7 summit as a guest - on how a price cap would work.
Mr Biden's Treasury Secretary Janet Yellen said it was a "significant step" that G7 leaders had agreed to explore the idea and said Washington would "work expeditiously... to advance this effort".
The 28-page text adopted by leaders after three days of negotiations said the objective was to cut Russian revenue and that, even aside from the war in Ukraine, high energy prices "threaten our shared prosperity".
"We welcome the decision of the European Union to explore with international partners ways to curb rising energy prices, including the feasibility of introducing temporary import price caps where appropriate," it said.
"As for oil, we will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners."
Leaders also discussed the possibility of limiting prices on gas, which is mainly transported from Russia by pipeline — meaning western countries would simply name their price.
An EU said it was “two different stories” with oil and gas, because Europe has made more progress in banning oil and it largely arrives by sea rather than pipeline. The question of how the Kremlin would react to any price cap has also been raised in discussions.
Any EU price cap on oil would involve reopening talks on sanctions that only recently concluded, after weeks fractious negotiations with Hungary and other landlocked countries.
However, officials believe that only technical adjustments to a sanctions package would be needed and say the principle of aiming at oil shipments, as opposed to pipelines, had already been agreed upon.
The aim of the sanctions is to curb one of Russia's most lucrative sources of revenue and free European countries from the awkward position of paying Moscow for energy while condemning it over the war.
However, the G7 leaders have struggling voters to think about and there are concerns over whether sanctions will last when winter bites.
After three days of talks in which western leaders sought to show leadership amid geopolitical, energy, food and climate crises, the wealthy countries promised to put $4.5 billion of new funding towards tackling global hunger.
They endorsed the principle of an international “climate club” backed by German Chancellor Olaf Scholz, the host of the Alpine summit, but disappointed activists by including loopholes in their language on fossil fuels.
Mr Scholz said the three key messages from the summit were “full support for Ukraine, the joint fight against global famine and more ambition in climate protection”.
The leaders said in a separate declaration on Ukraine that they would support the country for "as long as it takes".
"There is only one way out: for Putin to accept that his plans in Ukraine will not succeed," said summit host Chancellor Olaf Scholz of Germany.
But Mr Macron wants to bring oil prices down and had floated the idea of applying the price cap to countries other than Russia.
"We all have a situation on our countries which is unacceptable," said Mr Macron, who described the cost of living crisis as unsustainable because of the money needed to ease pressure on consumers.
He suggested high prices could lead to instability and social unrest - a problem well known to Mr Macron after discontent over fuel costs mushroomed into the broad "yellow vest" protests against his government in 2018 and 2019.
Leaders said in the statement that they encouraged oil exporters to increase production to "decrease the tension in energy markets".
From the summit venue in Germany, Mr Macron spoke on Monday to UAE President Sheikh Mohamed bin Zayed.
Suhail Al Mazrouei, the UAE's Minister of Energy and Infrastructure, was quoted by state news agency Wam as saying: "The UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline, which the UAE is committed to until the end of the agreement."
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UAE currency: the story behind the money in your pockets
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Results
6.30pm Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m, Winner Bandar, Fernando Jara (jockey), Majed Al Jahouri (trainer).
7.05pm Meydan Classic Listed (TB) $175,000 (Turf) 1,600m, Winner Well Of Wisdom, William Buick, Charlie Appleby.
7.40pm Handicap (TB) $135,000 (T) 2,000m, Winner Star Safari, Mickael Barzalona, Charlie Appleby.
8.15pm Handicap (TB) $135,000 (D) 1,600m, Winner Moqarrar, Fabrice Veron, Erwan Charpy.
8.50pm Nad Al Sheba Trophy Group 2 (TB) $300,000 (T) 2,810m, Winner Secret Advisor, William Buick, Charlie Appleby.
9.25pm Curlin Stakes Listed (TB) $175,000 (D) 2,000m, Winner Parsimony, William Buick, Doug O’Neill.
10pm Handicap (TB) $135,000 (T) 2,000m, Winner Simsir, Ronan Whelan, Michael Halford.
10.35pm Handicap (TB) $175,000 (T) 1,400m, Winner Velorum, Mickael Barzalona, Charlie Appleby.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
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UAE currency: the story behind the money in your pockets
The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Specs%20
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MATCH DETAILS
Barcelona 0
Slavia Prague 0
COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
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Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
