Live updates: Follow the latest on Israel-Gaza
Public anger at Israeli Prime Minister Benjamin Netanyahu has soared after the bodies of six hostages were recovered from Gaza overnight, renewing calls for an immediate ceasefire and hostage release deal.
US-Israeli citizen Hersh Goldberg-Polin, one of the most well-known hostages, was among those confirmed dead only days after his parents were protesting at the Gaza border fence for his release.
Israel said the hostages, five of whom were taken captive at the Nova music festival, were shot in the head shortly before they were found.
The Hostages and Families' Forum on Sunday called on the public to "join a massive demonstration, demanding a complete halt of the country and the immediate implementation of a deal" with Hamas.
The main rallies took place in Tel Aviv and Jerusalem, where families demonstrated as the government held its weekly cabinet meeting, while others rallied in central Israel and blocked main highways to Tel Aviv.
Daniel Lifshitz, the grandson of Oded Lifshitz, now 84, barely slept on Saturday as he awaited the identification of the hostages, fearing it could be his grandfather or one of the many hostages he knows from kibbutz Nir Oz.
"Seal the deal. That is what we ask for, that is our demand and that’s also the demand of all those who are not with us anymore," he told reporters in an online media briefing from the Hostages Forum headquarters in Tel Aviv.
Thirty-six hostages have been killed in captivity, according to updated figures provided to The National by the forum. A total of 101 people are held hostage.
Israeli opposition leader Yair Lapid and the public have called for a general strike, currently being discussed by the Histadrut national trade union, while some businesses have already shut down.
The mayor of the central city of Giv'atayim has already announced a strike, calling on other municipalities to join.
"The idea that military pressure will return the hostages alive has collapsed. There is no room for further explanations," Mayor Ran Kunik was quoted by local press as saying.
"More and more hostages are dying and being murdered in captivity. We have to try, whatever we can do, to bring them home. We’ll do everything we can to put pressure in Israel, and international pressure on Hamas and the US," said Mr Lifshitz.
His grandmother, Yocheved, was released as part of a temporary ceasefire in November and physically recovered after six months - but has not mentally recovered as the war drags on, and has personally met with Mr Netanyahu to appeal for a deal.
"Mentally she’s very, very sad this week. Last week we buried four old men who survived there for so long. Today we have two more funerals..she’s very devastated. Everyone that’s dying is breaking her heart completely. She just wants them to come back," he told The National.
Mr Netanyahu spoke with families of the killed hostages on Sunday, apologising for "the state's failure to bring them back alive," according to a readout from his office.
The PM "expressed deep sorrow and apologised to his family for the fact that the State of Israel failed to return the late Alexander and the other five abductees alive," he told the parents of Alexander Lobanov.
"I want to tell you how sorry I am and ask for forgiveness for not being able to bring Sasha back alive," he was quoted as telling Oksana and Gregory Lobanov.
One sticking point for a deal is Israel's insistence on remaining in Gaza's Salah Al Din border strip with Egypt, also known as the Philadelphi Corridor.
Defence Minister Yoav Gallant has called on the cabinet to reverse a Thursday vote to remain in the strip - also supported by Mr Lifshitz, who said any agreement must also require pressure on US, Hamas, and Qatar.
"Now is really now...they have to make sure the decision is accepted by the Egyptians to start the deal. Even if a deal is accepted, it will be a long time before we’ll see everyone back and we've seen their conditions. They're in very big danger. They aren’t getting oxygen."
'Mr Death'
The army announcement of the six deaths came hours after Israelis protested outside the Defence Ministry headquarters in Tel Aviv, demanding a deal and accusing the government of "torpedoing" negotiations for its own political gain.
The Prime Minister and his cabinet "are knowingly condemning the hostages to death", relatives said in a statement outside the Kirya.
"Netanyahu is not Mr Security, he is Mr Death. He is undermining the deal in cold blood," Einav Zangauker, whose son Matan is still held hostage, was quoted by Israeli media as saying.
Three of the six hostages were expected to be released in the first round of a ceasefire, according to reports in Israel.
Mr Goldberg-Polin, Eden Yerushalmi and Carmel Gat "appeared in the lists given over at the beginning of July. It was possible to bring them back alive", a source told newspaper Haaretz on Sunday.
Moshe Emilio Lavi, whose brother-in-law Omri was taken hostage, said he holds both Hamas and Mr Netanyahu responsible.
"I blame Hamas and their accomplices for kidnapping and murdering our people, communities, families and loved ones. I blame PM Netanyahu and his accomplices for normalising the kidnapping and murdering of Israeli hostages, for 330 days, by Hamas," he wrote on X.
"We failed so many of them."
US President Joe Biden and Secretary of State Antony Blinken released statements after the army's announcement on Sunday, hitting out at Hamas.
"Make no mistake, Hamas will pay for these crimes," Mr Biden said, adding the US "will keep working around the clock" for a hostage deal.
Mr Blinken, who toured the region last month in his ninth visit since the war began, described Mr Goldberg-Polin as "an American hero who will be remembered for his kindness and selflessness".
"The killing of these hostages only further confirms Hamas’s depravity. It should release all the hostages immediately," he said. "We will continue to work with our partners in the region to secure an agreement without delay that frees the remaining hostages."
Mr Netanyahu, already deeply unpopular with many Israelis, appears increasingly at odds with his own security apparatus over his commitment to the war in Gaza.
Security officials have repeatedly urged him to accept a deal, according to Israeli media reports, with the negotiating team keen to secure an agreement and the government adamant on prolonging the war.
"We warned of exactly this scenario," a senior member of the Israeli negotiating team told Axios on Sunday. "We told Netanyahu and the cabinet ministers that the hostages have no time and that their lives are in danger. But everything we said fell on deaf ears."
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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.”
BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
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