Occupiers evicted but message still resonates



They were met by about two dozen protesters. For about 20 minutes, the two groups shadowed each other around the outskirts of the 100 or so tents erected in the park, a short walk from the White House.

A police officer found it hard to suppress a smile while one person incessantly banged a drum, another strummed a guitar and others chanted "show us your warrant".

As standoffs go, it was good natured and it ended without incident after 20 minutes.

But members of the Occupy DC movement were concerned.

Tuesday's police inspection, to check sanitary conditions, was the second in two days, said Brian Grimes, who pitched a tent at McPherson two days after the first protesters arrived on October 1.

"They are possibly trying to provoke a reaction," said Mr Grimes, 34, who used to work in automotive sales but who has been unemployed for nearly a year. "We don't consent to the search but we don't stop them. People are not happy though and there are some concerns."

Since Sunday, authorities in Oregon, California and New York have cleared public squares of their respective Occupy movements.

Police moved at an hour chosen specifically to ensure the least number of bystanders - at Occupy DC, people would say witnesses - as well as protesters.

In Portland, Oregon, the eviction took place on Sunday, just before noon. Citing a growing concentration of drug users and thieves, municipal authorities said the camp had grown unsanitary and was a threat to public health and safety. Police arrested 50 people.

In Oakland, California, the shooting death last week of a young man in the camp - though not of the camp - provided the trigger for police to evict protesters early on Monday under cover of darkness.

Dozens were arrested but the eviction was less violent than clashes there three weeks ago, when police used tear gas to disperse the crowds and several protesters ended up in hospital. In New York, the eviction took about five hours on Tuesday. More than 100 people were arrested as police cleared Zuccotti Park.

The New York mayor, Michael Bloomberg, reasoned that public health and safety had to come before any First Amendment right to free speech.

The eviction was a strike at the very heart of the Occupy movement.

The New York camp was where it all started in mid-September, targeting Wall Street, the symbol of the one per cent of America that owns the bulk of the country's wealth - a one per cent that Mr Bloomberg, the 12th richest man in America according to Forbes magazine, belongs to.

Calling themselves the 99 per cent, protesters were first dismissed as a flash in the pan. But the movement - borrowing tactics from the Arab Spring - inspired others around the country and then around the world with their staying power.

The clearing of Zuccotti Park has raised questions about the ability of the movement to survive elsewhere and what its legacy might be.

The coming of winter will also test the protesters' commitment.

The amorphous nature of the protests has meant that a jumble of issues have been raised by the mixture of anti-war activists and social justice movements that make up the more organised elements of the demonstrators.

One message has bounded across the country and was likely to keep resonating, said Richard Eskow, a senior fellow with the Campaign for America's Future, a Washington-based lobbying group. "The movement has profoundly altered the national debate toward the topic of economic fairness and away from austerity economics," he said. "It has altered the president's rhetoric, if not his actions, and it has pulled the political centre of gravity away from exclusively electoral politics."

In Washington, protesters remain determined to stay the course.

On Tuesday, in Freedom Square, the second site of Washington's protests, a freelance boat painter, Mariel Escobar, 55, was handing out a free newspaper, The Occupied Washington Post, to passersby.

"This is our park. It's a public park. We will resist [any attempt at evicting us]," she said. "I am sure we will be here this time next year.

Like Ms Escobar, Mr Grimes suggested it would be the height of hypocrisy should the municipal authorities in America's capital - where authorities are sworn to protect the American constitution - move to evict protesters.

They also dismissed Mr Bloomberg's reasoning for clearing the New York protests.

"That statement [about public health and safety] could be true in the case of some extreme pandemic. But to clear the park of marijuana? In New York? Seriously?" said Mr Grimes. He added that the evictions were likely to have a galvanising, even a "martyring" effect on the movement.

"People are upset. It's not right. It's a sign that the powers that be are not concerned with the interests and the will of the people," he added.

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
LA LIGA FIXTURES

Friday (UAE kick-off times)

Levante v Real Mallorca (12am)

Leganes v Barcelona (4pm)

Real Betis v Valencia (7pm)

Granada v Atletico Madrid (9.30pm)

Sunday

Real Madrid v Real Sociedad (12am)

Espanyol v Getafe (3pm)

Osasuna v Athletic Bilbao (5pm)

Eibar v Alaves (7pm)

Villarreal v Celta Vigo (9.30pm)

Monday

Real Valladolid v Sevilla (12am)

 

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham v Ajax, Tuesday, 11pm (UAE).

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Games on BeIN Sports

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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.”

Primera Liga fixtures (all times UAE: 4 GMT)

Friday
Real Sociedad v Villarreal (10.15pm)
Real Betis v Celta Vigo (midnight)
Saturday
Alaves v Barcelona (8.15pm)
Levante v Deportivo La Coruna (10.15pm)
Girona v Malaga (10.15pm)
Las Palmas v Atletico Madrid (12.15am)
Sunday
Espanyol v Leganes (8.15pm)
Eibar v Athletic Bilbao (8.15pm)
Getafe v Sevilla (10.15pm)
Real Madrid v Valencia (10.15pm)

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

Winners: Dubai Exiles

Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

Winners: Barrelhouse

Runners up: RAK Rugby

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If you go...

Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.

Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.

The five types of long-term residential visas

Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:

Investors:

A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.

Entrepreneurs:

A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.  

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

Outstanding students:

A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university. 

Retirees:

Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.

The biog

Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates

Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.

Favourite pastime: travelling and experiencing different cultures across the globe.

Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.

Favourite Movie: Mona Lisa Smile 

Favourite Author: Kahlil Gibran

Favourite Artist: Meryl Streep

UAE SQUAD

Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri