A UAE ship the Swift, was attacked by Houthi rebels. The high-speed vessel was designed by Australia for use as a passenger and cargo ferry. Injured civilians were being transported from Yemen to receive medical help when the ship was fired on. Marco Garcia / Getty Images
A UAE ship the Swift, was attacked by Houthi rebels. The high-speed vessel was designed by Australia for use as a passenger and cargo ferry. Injured civilians were being transported from Yemen to receive medical help when the ship was fired on. Marco Garcia / Getty Images
A UAE ship the Swift, was attacked by Houthi rebels. The high-speed vessel was designed by Australia for use as a passenger and cargo ferry. Injured civilians were being transported from Yemen to receive medical help when the ship was fired on. Marco Garcia / Getty Images
A UAE ship the Swift, was attacked by Houthi rebels. The high-speed vessel was designed by Australia for use as a passenger and cargo ferry. Injured civilians were being transported from Yemen to rece

UAE civilian ship hit by Houthis in ‘terror act’


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ABU DHABI // The attack on a UAE civilian ship by Houthi militias has been described as a “terrorist act” by Yemeni authorities.

The Yemeni government denounced the attack on the Swift, which was taking injured civilians from Yemen for medical treatment elsewhere, calling it "a terrorist attack that violates international laws" and a threat to international security.

“It is also a clear violation of humanity and a flagrant aggression against life,” it said.

The ship, which is owned by the UAE’s National Marine Dredging Company, was attacked as it sailed through the Bab Al Mandeb Strait.

The Strait connects the Red Sea to the Gulf of Aden, between Yemen on the Arabian Peninsula, and Djibouti and Eritrea in the Horn of Africa.

All aboard the ship were rescued, state news agency Wam reported.

The attack was condemned by the command of the Coalition Forces Supporting Legitimacy in Yemen.

“This comes as a serious indicator to confirm the orientation of these militias to carry out terrorist operations targeting the international navigation and relief ships in Bab Al Mandeb Strait,” it said.

On Sunday, the secretary general of the Arab League, Ahmed Abul Ghait, condemned the Houthi militia for the attack, describing it as “unacceptable and violating international laws.”

Mahmoud Afifi, the Arab League’s spokesman, said the attack gave a serious indication of threats facing civilian and commercial ships crossing one of the world’s most vital waterways.

The UAE’s forces are involved in the Saudi-led Arab coalition’s Operation Restoring Hope, which backs the legitimate government in Yemen.

The UAE is also supporting its coalition role by providing humanitarian assistance for the Yemenis who are caught in the middle of the conflict.

The Yemeni government thanked the Arab coalition for its contributions towards a series of charitable, development and reconstruction projects in Yemen, including work in education, health, housing and public utilities.

It also hailed the efforts spent by the coalition to restore the legitimacy and stability across the country.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

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Who is Mohammed Al Halbousi?

The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

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