Maliki's clarification on US withdrawal from Iraq


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After the German magazine, Der Spiegel, published an interview with Iraqi prime minister, Nuri Kamal al-Maliki, in which he expressed support for the US troop withdrawal plan being promoted by US presidential candidate, Barack Obama, an Iraqi government spokesman issued a statement calling into question the magazine's rendering of the interview. The statement said Mr Maliki's words had been "misunderstood and mistranslated." The magazine had reported: "When asked in and interview with Spiegel when he thinks US troops should leave Iraq, Maliki responded 'as soon as possible, as far as we are concerned.' He then continued: 'US presidential candidate Barack Obama talks about 16 months. That, we think, would be the right timeframe for a withdrawal, with the possibility of slight changes.' "Maliki was careful to back away from outright support for Obama. 'Of course, this is by no means an election endorsement. Who they choose as their president is the Americans' business,' he said. But then, apparently referring to Republican candidate John McCain's more open-ended Iraq policy, Maliki said: 'Those who operate on the premise of short time periods in Iraq today are being more realistic. Artificially prolonging the tenure of US troops in Iraq would cause problems.'" Following up the story with its own investigation, The New York Times noted: "the interpreter for the interview works for Mr Maliki's office, not the magazine. And in an audio recording of Mr Maliki's interview that Der Spiegel provided to The New York Times, Mr Maliki seemed to state a clear affinity for Mr Obama's position, bringing it up on his own in an answer to a general question on troop presence. "The following is a direct translation from the Arabic of Mr Maliki's comments by The Times: 'Obama's remarks that - if he takes office - in 16 months he would withdraw the forces, we think that this period could increase or decrease a little, but that it could be suitable to end the presence of the forces in Iraq.' "He continued: 'Who wants to exit in a quicker way has a better assessment of the situation in Iraq.' "Mr Maliki's top political adviser, Sadiq al-Rikabi, declined to comment on the remarks, but spoke in general about the Iraqi position on Sunday. Part of that position, he said, comes from domestic political pressure to withdraw." In World Politics Review, Charles Crain wrote: "It isn't shocking that, all else being equal, Iraqi Prime Minister Nouri al-Maliki would prefer to have American troops out of his country. But all else isn't equal. After Maliki caused a stir last week by calling for a timetable for the withdrawal of American troops, other members of his government immediately began qualifying the statement. "The ambivalence is understandable; it reflects the ambivalence of Iraqis in general. Most are deeply suspicious of American motives and want US troops out of their country. At the same time, in towns across Iraq and neighborhoods around Baghdad, US soldiers and Marines are often credited with keeping sectarian tensions under control after the catastrophic violence of 2006 and 2007. "The American presence poses a special dilemma for Maliki and his government. They are loathe to be seen as puppets of the Americans, their positions guaranteed only by US force. But US forces have been an Maliki's invaluable ally. His enemies - Sunni insurgents and rival Shiite militias - are their enemies."

Mounting frustration with Iran

"The international community must put economic and political pressure on Iran in order to help reach a breakthrough in the crisis over Tehran's nuclear program, the chairman of the US Joint Chiefs said Sunday," AFP reported. "Admiral Michael Mullen told the Fox network he felt 'encouraged by the talks' that were held Saturday in Geneva between Iranian, European and US officials as part of a bid to resolve a long-running dispute over Iran's nuclear plans. "Iran's top nuclear negotiator Saeed Jalili and EU foreign policy chief Javier Solana hailed their talks as 'constructive' but Solana lamented that Tehran had still not given a final response to a proposed package of incentives for Tehran to abandon its nuclear program." The Los Angeles Times said: "US Secretary of State Condoleezza Rice today dismissed Iran's recent response to a proposed solution to Tehran's nuclear program as 'small talk' meant to buy time and warned that sanctions would be forthcoming if Iran did not comply with international demands to halt or slow its production of enriched uranium. "Rice, speaking to reporters in Ireland this morning, warned of further US, European and UN Security Council sanctions on Iran's energy and banking sectors if Iran did not agree to stop expanding its production of enriched uranium, which can be used to produce electricity or, if highly enriched, fissile material for a bomb. "The Bush administration broke with its own longstanding policy of refusing to engage with Iran until it halts enrichment by dispatching Undersecretary of State William J Burns to the Geneva talks." In The Independent, Anne Penketh said: "Iran has handed ammunition to American and Israeli hawks by delaying its response to a Western offer of technological and political incentives intended to curb Iranian nuclear ambitions." Meanwhile, the Associated Press reported: "The Pentagon's top military officer Adm Mike Mullen on Sunday discussed the fallout from a potential attack against Tehran by either the US or Israel. 'Right now I'm fighting two wars and I don't need a third one.' "Speaking on Fox News Sunday, Mullen added, 'I worry about the instability in that part of the world and, in fact, the possible unintended consequences of a strike like that and, in fact, having an impact throughout the region that would be difficult to both predict exactly what it would be and then the actions that we would have to take to contain it.'"

Doubts about Obama

"Senator Obama's campaign may have launched groundswells of hope, ardor, and optimism at home and in Europe. But at the start of his closely watched trip to the Middle East, the all-but-certain Democratic nominee is little known in the Arab world, and has yet to generate widespread interest or enthusiasm," The Christian Science Monitor noted. "From Baghdad to Beirut, people said in recent interviews that they are unfamiliar with his policies, except for his plan to move quickly to pull US troops out of Iraq. "In general, they said they prefer Obama over the likely Republican nominee, Sen John McCain, whom they view as unsympathetic to Arabs. "But even those who like Obama's personality are not expecting him to initiate major turnabouts on US Middle East policies, particularly on the most contentious one of all, the Israeli-Palestinian conflict." Bloomberg News said: "many Muslims around the world doubt the 46-year-old Illinois senator will advance their interests much and expect Obama to leave largely unchanged a US foreign policy they perceive as unfairly tilted toward Israel. "Obama's comment on Jerusalem, in a speech to the American Israel Public Affairs Committee, was a 'radical rupture with the Arab public,' said Habib Samarkandi, a professor at the University of Toulouse in France who edits a journal about North African culture. 'We discovered our support was based on illusions rather than the reality of the person.' "Obama sought to clarify his position the day after his speech, saying on CNN that 'obviously, it's going to be up to the parties to negotiate a range of these issues. And Jerusalem will be part of those negotiations.' "'The damage is done,' Samarkandi said, discounting the explanation." The Financial Times said: "just as questions have been mounting in the US about his credentials to be commander-in-chief, so too is he coming under greater scrutiny among Arabs, with queries about his ability to deal with the crises in their region. "'Basically mistrust,' says Mustafa Alani, an analyst at the Dubai-based Gulf Research Centre, when asked of the Arab view towards Mr Obama. "Mr Alani's concern is that the 46-year-old, first-term senator lacks experience and will be so intent to prove wrong critics who have questioned his background and tried to portray him as too pro-Muslim and soft on extremists, that it will push him to be too close to Israel." In Cairo, The Christian Science Monitor spoke to Fathy Tantawy, who said: "When they look at the Middle East they all have the same thoughts, whether it's Obama or Clinton's wife or Bush or ... who is that other guy on TV?" He pauses to think. "Oh yeah, McCain."

MATCH INFO

Karnatake Tuskers 114-1 (10 ovs)

Charles 57, Amla 47

Bangla Tigers 117-5 (8.5 ovs)

Fletcher 40, Moores 28 no, Lamichhane 2-9

Bangla Tiger win by five wickets

Walls

Louis Tomlinson

3 out of 5 stars

(Syco Music/Arista Records)

PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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Three stars

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.”

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.