Video shows a Russian Iskander-K missile launched during a military exercise at a training ground in Russia. AP
Video shows a Russian Iskander-K missile launched during a military exercise at a training ground in Russia. AP
Video shows a Russian Iskander-K missile launched during a military exercise at a training ground in Russia. AP
Video shows a Russian Iskander-K missile launched during a military exercise at a training ground in Russia. AP

Risk of nuclear war higher than at anytime since Cold War, warns UN official


Adla Massoud
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The risk of a nuclear weapon being used is higher than at any time since the Cold War, a UN official warned on Friday.

Izumi Nakamitsu, the UN's high representative for disarmament, said the absence of dialogue and the weakening of arms control measures are driving risk.

Speaking at a UN Security Council session on Russia's plans to station nuclear weapons in Belarus, Ms Nakamitsu urged Washington and Moscow to avoid any actions that could lead to “escalation, mistake or miscalculation”.

"The risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War," she said.

"The war in Ukraine represents the most acute example of some of that risk."

She called on both nations to return to full implementation of the New Start Treaty, after President Vladimir Putin suspended Russian participation in the last remaining nuclear arms control deal with the US.

Signed in 2011, New Start limits each country to no more than 1,550 deployed nuclear warheads and 700 deployed missiles and bombers.

Deputy US Ambassador to the UN, Robert Wood, accused Moscow of “escalating Russia's dangerous and destabilising behaviour” with its threat to send nuclear weapons to Belarus.

"No other country has raised the prospect of potential nuclear use in connection with the war in Ukraine. No other country's increasing nuclear deployments in Europe are issuing implied threats of use,” said Mr Wood.

The US diplomat also called on the Lukashenko regime to “cease its complicity” in Russia's war against Ukraine.

Poland’s UN Ambassador, Krzysztof Szczerski, deplored Minsk’s role as “enabler” and said Moscow's plans to deploy tactical nuclear weapons to Belarus would constitute an “irresponsible escalation” and pose a major risk to the global non-proliferation system.

Russia’s top UN envoy, Vasily Nebenzya, told the Security Council that the Kremlin was not violating its international obligations.

He said the Kremlin “was clear about the fact that we are not transferring nuclear weapons, we're talking about the transfer to Belarus of operational tactical missile complexes.”

In an annual address to government officials on Friday, Belarus President Alexander Lukashenko said Moscow's plans would help protect Belarus, which he alleged was under threat from the West.

On Sunday, Nato called Russia’s nuclear plan “dangerous and irresponsible”.

The studios taking part (so far)
  1. Punch
  2. Vogue Fitness 
  3. Sweat
  4. Bodytree Studio
  5. The Hot House
  6. The Room
  7. Inspire Sports (Ladies Only)
  8. Cryo
So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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.”

UAE currency: the story behind the money in your pockets
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars

The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

Engine: 80 kWh four-wheel-drive

Transmission: eight-speed automatic

Power: 402bhp

Torque: 760Nm

Price: From Dh280,000

Updated: March 31, 2023, 8:22 PM