Capt Christian Domarique was among 21 Filipino crew members who arrived in Manila on Monday, after the Houthi attack on the Tutor cargo ship. EPA
Capt Christian Domarique was among 21 Filipino crew members who arrived in Manila on Monday, after the Houthi attack on the Tutor cargo ship. EPA
Capt Christian Domarique was among 21 Filipino crew members who arrived in Manila on Monday, after the Houthi attack on the Tutor cargo ship. EPA
Capt Christian Domarique was among 21 Filipino crew members who arrived in Manila on Monday, after the Houthi attack on the Tutor cargo ship. EPA

Filipino sailor killed in Houthi attack on cargo ship, White House says


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A Filipino sailor was killed in an attack on a cargo ship by Yemen's Houthi rebels last week, the White House said.

He had been missing since the Tutor coal carrier was struck by an explosive drone boat off the port of Hodeidah on June 12. The other 21 Filipino crew members arrived in Manila on Monday, Philippine media reported.

The Liberian-flagged vessel, which flooded and was abandoned after the incident, is among dozens of ships to be attacked by the Iran-backed Houthis in the Red Sea and Gulf of Aden since November. The group says its operations are in support of Gaza as Israeli wages war on the enclave.

“A few days ago, the Houthis attacked the Liberian-flagged, Greek-owned-and-operated bulk cargo carrier merchant vessel Tutor, killing a crew member who hailed from the Philippines,” White House national security spokesman John Kirby said in a briefing on Monday.

He said a Sri Lankan crew member was critically injured on June 14 in a Houthi attack on the Ukrainian-owned MV Verbena. "This is pure terrorism. There's simply no other word for it. The Houthi claim of supporting Gazans is meritless," Mr Kirby said.

“The Houthis killed an innocent crew member from the Philippines and critically wounded a Sri Lankan sailor who were guilty of no crimes, who were simply doing their jobs. They weren’t delivering arms to Israel, they weren’t taking sides in the Middle East. They were just manning their posts aboard ship, trying to earn a paycheck and keep global commerce moving.”

Commercial vessels continue to face attacks from the militants despite a US-led task force and an EU naval operation in the Red Sea. The US and UK have also launched repeated strikes on Houthi weapons stores and launch sites.

US Central Command said its forces destroyed four Houthi radar systems and one uncrewed surface vessel in Houthi-controlled areas of Yemen, as well as an aerial drone over the Red Sea.

US and British forces carried out at least six air strikes on Hodeidah’s airport and four strikes on Kamaran Island, off the Port Salif, about 60km north of Hodeidah, the Houthi-run Al Masirah TV channel reported on Monday.

The strikes would mark the first time Kamaran Island had been struck since the US and its allies began carrying out operations in early February.

Military sources in Yemen’s internationally recognised government told Reuters that the Houthis are believed to have used the island and Port Salif as launch sites for attacks on ships. Salt mines in those areas have also been used to hide stockpiles of missiles and drones, the sources said.

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Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

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.”

Three ways to boost your credit score

Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

1. Make sure you make your payments on time;

2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;

3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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The years Ramadan fell in May

1987

1954

1921

1888

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Top 10 most polluted cities
  1. Bhiwadi, India
  2. Ghaziabad, India
  3. Hotan, China
  4. Delhi, India
  5. Jaunpur, India
  6. Faisalabad, Pakistan
  7. Noida, India
  8. Bahawalpur, Pakistan
  9. Peshawar, Pakistan
  10. Bagpat, India
Updated: June 19, 2024, 9:04 PM