British foreign secretary Boris Johnson has clashed publicly with his Russian counterpart over the issue of alleged meddling in the Brexit vote, as he admitted the UK's relations with Russia are "not on a good footing".
The first visit to Moscow by a UK foreign secretary in five years was intended to break the deadlock between the two countries.
But in an acerbic exchange, Mr Johnson and Russian foreign minister Sergey Lavrov traded blows over Russia’s alleged attempts to hack British elections, with both men accusing each other of being dishonest.
Speaking in front of journalists and diplomats, Mr Lavrov said Mr Johnson himself has acknowledged that there was no proof of Russian interference in the June 2016 vote to leave the EU.
"Not successfully, I think is the word," Mr Johnson immediately intervened.
Mr Lavrov retorted that his British counterpart needed to publicly argue with him to safeguard his reputation at home.
"Sergei, it's your reputation I'm worried about," Mr Johnson said as Mr Lavrov laughed. "You should recognise that Russian attempts to interfere ... haven't been successful."
Unwilling to yield ground, Mr Lavrov snapped: "Lack of action can never lead to any result," adding that Moscow was waiting to see Britain's proof of Russian meddling.
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The Russian minister acknowledged that relations between the two countries are at a "very low point".
“It’s no secret that our relations are at a low point and that’s not at our initiative,” Mr Lavrov said. “We’ve noticed you and other western countries have your reasons for this and you prefer to speak about them publicly. We would prefer to discuss these issues directly, not in public through microphones.”
Mr Johnson agreed that it was “a difficult time” for UK-Russian relations, citing Russia’s involvement in the Ukraine, the western Balkans and cyberspace as key areas of disagreement.
However, he insisted “we mustn't let ourselves be defined by these problems," and expressed a strong desire to work together with Russia when national interests align.
The two nations need to cooperate on international crises, Mr Johnson said, such as preserving the Iran nuclear deal, addressing the threat posed by North Korea's nuclear programme, and helping bring peace to Syria.
Expanding trade, cultural and scientific exchanges and people-to-people contacts would also help to create trust and improved relations, he added.
"I'm a Russophile, a committed Russophile," Mr Johnson said, noting that some of his ancestors had Russian roots and that he was the first UK foreign secretary to be called “Boris”.
"Be in no doubt that I want to see an improvement in relations between our peoples, but that in no way diminishes the difficulties that we currently have in our relationship. We have to find a way forward."
Important areas of cooperation also include security preparations for next summer's World Cup in Russia. Thousands of British soccer fans are expected to travel to Russia, and Britain is already working with Russia to help ensure their safety.
Relations between Russia and the West have arguably sunk to their worst since the Cold War over Moscow's 2014 annexation of Ukraine's Crimean Peninsula and its support for pro-Russia separatist rebels in eastern Ukraine.
Allegations of Russian election-meddling have worsened the strain. Last month, Britain's Prime Minister Theresa May accused Moscow of "planting fake stories" and said it had carried out cyber-attacks on governments and parliaments across Europe.
Moscow has always denied growing accusations of meddling made by politicians in the West.
The 2006 poisoning of ex-Russian spy Alexander Litvinenko in London also has continued to cast a shadow over ties.
British Judge Robert Owen concluded in January 2016 that Mr Litvinenko, a former KGB officer, had been poisoned by two men acting at the behest of Russia's spy agency.
Mr Owen said he was certain two Russians with links to the security services had given Mr Litvinenko tea containing a fatal dose of radioactive polonium-210 at a London hotel. Russia dismissed the conclusion as unfounded.
Mr Lavrov said Russia never was shown the evidence behind the judge's conclusion and argued that Britain's refusal to have contacts with the main KGB successor agency, the FSB, hurts anti-terror cooperation.
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
MATCH INFO
Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')
Brighton & Hove Albion 1
Ulloa (20')
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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.”
MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
