FILE - Oct. 8 2002 file photo of former News International Chief Executive Rebekah Brooks (at the time Rebekah Wade), left, standing next to Sara Payne, mother of murdered girl Sarah, who died at the hands of a paedophile. Brooks as editor of the News of the World was a high profile supporter of a law proposed by Payne to make public the whereabouts of sex offenders. Payne has been told by detectives that her contact details are on a list compiled by a private investigator used by the News of the World, currently being investigated for illegal phone hacking, it was reported
FILE - Oct. 8 2002 file photo of former News International Chief Executive Rebekah Brooks (at the time Rebekah Wade), left, standing next to Sara Payne, mother of murdered girl Sarah, who died at the hands of a paedophile. Brooks as editor of the News of the World was a high profile supporter of a law proposed by Payne to make public the whereabouts of sex offenders. Payne has been told by detectives that her contact details are on a list compiled by a private investigator used by the News of the World, currently being investigated for illegal phone hacking, it was reported
FILE - Oct. 8 2002 file photo of former News International Chief Executive Rebekah Brooks (at the time Rebekah Wade), left, standing next to Sara Payne, mother of murdered girl Sarah, who died at the hands of a paedophile. Brooks as editor of the News of the World was a high profile supporter of a law proposed by Payne to make public the whereabouts of sex offenders. Payne has been told by detectives that her contact details are on a list compiled by a private investigator used by the News of the World, currently being investigated for illegal phone hacking, it was reported
FILE - Oct. 8 2002 file photo of former News International Chief Executive Rebekah Brooks (at the time Rebekah Wade), left, standing next to Sara Payne, mother of murdered girl Sarah, who died at the

Hacking scandal back in spotlight with latest disclosure


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LONDON // Britain's hacking scandal re-ignited yesterday after it emerged that the mother of an eight-year-old girl abducted and murdered by a paedophile might have been targeted.

The disclosure that the phone number of Sara Payne, whose eight-year-old daughter Sarah was killed in 2000, was on the "hacking list" of private investigator Glenn Mulcaire was considered particularly vindictive because the News of the World actually supplied and paid for the phone involved.

After Sarah's murder, her mother joined forces with the News of the World in a high-profile campaign that led to the introduction of what became known as Sarah's Law, which gives parents freer access to information about convicted paedophiles living near their homes.

The relationship between the newspaper and Mrs Payne was so close that, when Rupert Murdoch ordered its closure earlier this month because of the hacking scandal, she wrote an impassioned article mourning its passing and praising its work in spearheading her campaign.

After yesterday's Guardian newspaper revealed that the number of the phone, which had been given to Sarah's mother 11 years ago to help with her campaigning, appeared among almost 4,000 on the hacking list, Mrs Payne was said to be "absolutely devastated".

Ivan Lewis, the Labour Party's culture and media spokesman, said: "This shocking news about the hacking of Sara Payne's phone will ignite anger and revulsion across the country.

"The newspaper which championed Sara's campaign for Sarah's Law invading her privacy in such a cruel way raises further serious questions about what was happening at the News of the World on Rebekah Brooks's watch."

Mrs Brooks was editor of the News of the World between 2000-2003, later becoming chief executive of News International, the Murdoch newspaper parent company in the UK. She was forced out of that post this month amid a swirl of allegations over the hacking.

In a statement, Mrs Brooks described the idea of anyone hacking the phone of her "dear friend" Mrs Payne as "abhorrent".

She added: "For the benefit of the campaign for Sarah's Law, the News of the World have provided Sara with a mobile telephone for the last 11 years.

"It was not a personal gift. The idea that anyone on the newspaper knew that Sara or the campaign team were targeted by Mr Mulcaire is unthinkable. The idea of her being targeted is beyond my comprehension."

Mulcaire, along with the News of the World royal editor Clive Goodman, was jailed in 2007 at the start of the scandal when it emerged that the pair had conspired to access the voicemails of members of Buckingham Palace staff.

At the time, a police investigation and an internal inquiry concluded that the hacking had been an isolated incident.

Late last year, a fresh police investigation was launched after claims that Mulcaire had obtained the phone numbers and voicemail pin numbers of thousands of people - mainly celebrities and politicians - on behalf of the newspaper.

But it was only at the start of July that the scandal reverberated around the world after the disclosure that the voicemail of an abducted schoolgirl, who was found murdered six months later, had been hacked while police were desperately trying to trace her.

As a result of the scandal, so far, several senior News International personnel have been forced to resign, Mr Murdoch has been questioned by a parliamentary committee, 10 journalists have been arrested, News Corp has had to drop its plans to buy the whole of the UK's biggest broadcaster and the company has closed its best-selling newspaper.

It also emerged yesterday that Rupert Murdoch's son, James, who heads News Corp's operations in Europe and Asia, is facing a recall by the parliamentary culture and media committee over discrepancies in testimony he gave to them.

During questioning by the committee last week, Mr Murdoch said that he had not been aware of a 2008 email that said that hacking at the News of the World extended far beyond one rogue reporter.

However, Colin Myler, the last editor of the newspaper, and Tom Crone, its legal chief, subsequently said that he had been informed.

Labour MP Tom Watson, who has been among the leading political campaigners to expose the scandal, said yesterday that he would ask the committee to recall Mr Murdoch, and seek testimony from Mr Myler and Mr Crone.

UAE currency: the story behind the money in your pockets
MATCH INFO

Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

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.”

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Cry Macho

Director: Clint Eastwood

Stars: Clint Eastwood, Dwight Yoakam

Rating:**