US President Joe Biden made a friendly gesture to German Chancellor Olaf Scholz during their on-camera talks in Bavaria. Reuters
US President Joe Biden made a friendly gesture to German Chancellor Olaf Scholz during their on-camera talks in Bavaria. Reuters
US President Joe Biden made a friendly gesture to German Chancellor Olaf Scholz during their on-camera talks in Bavaria. Reuters
US President Joe Biden made a friendly gesture to German Chancellor Olaf Scholz during their on-camera talks in Bavaria. Reuters

Biden praises Scholz's handling of Ukraine crisis at G7 talks


Tim Stickings
  • English
  • Arabic

US President Joe Biden praised G7 summit host Olaf Scholz for his handling of the war in Ukraine, coming to the defence of a German chancellor criticised by many for a cautious response to Russia's invasion.

At bilateral talks before the main summit began at Schloss Elmau in Bavaria, Mr Biden said Mr Scholz had done “an incredible job” in managing the recriminations and called the German government “one of our fastest and closest allies in the world”.

Hailing western unity in response to Russia's aggression, Mr Biden put his hand on Mr Scholz's arm and said: “That was in no small part because of you.”

The White House said their closed-door meeting, after television cameras were switched off, had focused on support for Ukraine and the food and energy crises resulting from the war.

Mr Biden offered further praise of Mr Scholz by welcoming his decision to increase spending on arms with a special €100-billion ($105bn) pot to upgrade Germany's military.

The leaders also discussed “challenges posed by China” and Washington's push for global infrastructure investment to fend off similar overtures by Beijing, the White House said.

Mr Scholz, who is chairman for the three-day talks, told Mr Biden that Russian President Vladimir Putin had not expected western powers to unite in their response to the war.

“We stay united, we stay together. This is our clear message to President Putin,” he said.

Germany said the summit should result in increased pressure on Russia and a show of solidarity with Ukraine.

Critics of Mr Scholz's government, including some MPs in his coalition, have accused him of moving too slowly to send weapons to Ukraine, and said the chancellor showed too little leadership.

A frosty atmosphere between Berlin and Kyiv came to a head in a diplomatic spat over a cancelled visit by Germany’s President Frank-Walter Steinmeier, although the two countries later sought to put the dispute behind them.

G7 allies have generally not criticised Germany. Mr Scholz received political cover from Washington in February, when Mr Biden said Berlin was an “incredibly reliable ally” despite prevaricating over the Nord Stream 2 gas pipeline.

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Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)

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UAE currency: the story behind the money in your pockets
Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

Updated: June 27, 2022, 11:16 AM