Live updates: Follow the latest news on Israel-Palestine
The leader of the UK’s Labour Party, Keir Starmer, has suggested it is acceptable to withhold power from the citizens of Gaza.
Mr Starmer was quick to condemn Hamas following its attack on Israel, which he described as the “cold-blooded” slaughter of hundreds of civilians.
The Israeli government has stopped the passage of food, water, fuel and medicine into Gaza, with sole remaining access to supplies from Egypt shuttering on Tuesday after air strikes near the border crossing.
In an interview with LBC radio, Mr Starmer said Israel must have the right to self-defence and that Hamas “bears responsibility”.
He was then asked by host Nick Ferrari: “A siege is appropriate? Cutting off water? Cutting off power? Sir Keir?”
Mr Starmer replied: “I think that Israel does have that right. It is an ongoing situation. Obviously everything should be done within international law but I don’t want to step away from the core principles that Israel has a right to defend herself and Hamas bears responsibility for the terrorist acts.”
The Labour leader's wife Victoria is Jewish, and he said they have family in Israel who are being affected by the events.
“We have extended family in Israel and this will be typical of many people in Israel, families, communities, they have a deep sense of shock at what is happening,” he said.
“Fear overladen with a real anxiety that somehow they felt that with the Israeli intelligence and security – they always know they are under threat – but they felt there was a protection there and there’s huge anxiety that on this occasion that didn’t seem to operate in the way that they wanted.”
Mr Starmer's comments angered some members within the party, including the Labour Muslim Network, which demanded that he retract his comments and urgently meet representatives of Muslim groups in Britain.
"Collective punishment is a war crime," a statement from the organisation said.
"Cutting off power and water to hospitals and life-serving facilities is a war crime. No government, no army and no country can ever be above international law."
Foreign Secretary James Cleverly has travelled to Israel to show the UK’s “unwavering solidarity” in the wake of the Hamas attacks.
The Foreign Office said he was there to “demonstrate the UK’s unwavering solidarity with the Israeli people following Hamas’s terrorist attacks”.
“He will be meeting survivors of the attacks and senior Israeli leaders to outline UK support for Israel’s right to defend itself,” the Foreign Office said.
The Israeli government shared a video on X, formerly Twitter, showing Mr Cleverly running for cover as sirens sounded amid a rocket attack.
Labour’s shadow foreign secretary David Lammy has called on the government to help repatriate UK citizens in Israel who want to return home.
“While Israeli airspace has not officially been closed, most UK airlines have been forced to cancel their flights for the foreseeable future,” he said in a letter to Mr Cleverly.
“This is obviously deeply concerning for all those who are desperate to return to loved ones in the UK.
“Several countries have announced rescue flights to return their nationals who are stranded. Does the UK government have plans to do the same?”
British Airways suspended all flights to Israel on Thursday after turning back one of its flights as it neared Tel Aviv “over security concerns”.
Commenting on Mr Starmer saying that Israel has the right to besiege Gaza, Karla McLaren, Amnesty International UK’s head of government and political relations, said: “Cutting off civilians in Gaza from all water, food, electricity and fuel would be collective punishment, which is a war crime. All UK politicians should be making this clear.
“An intensified blockade on Gaza will cause unimaginable suffering to Palestinians living there, who cannot be blamed for Hamas’s crimes and have already endured a 16-year-long illegal blockade, which is one part of Israel’s system of apartheid against Palestinians.
“We continue to call on all parties to this conflict to respect international humanitarian law, and we need to see all those who’ve committed war crimes and other human rights violations being held to account.”
Meanwhile a Buckingham Palace representative said that King Charles III is “extremely concerned” about the situation.
“His thoughts and prayers are with all of those suffering, particularly those who have lost loved ones, but also those actively involved as we speak.
“His Majesty is appalled by and condemns the barbaric acts of terrorism in Israel.”
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
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.”
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Belong%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Michael%20Askew%20and%20Matthew%20Gaziano%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%243.5%20million%20from%20crowd%20funding%20and%20angel%20investors%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
