France will on Tuesday send Britain its proposals to tackle the English Channel migrant crisis, after rejecting the UK's initial approaches as "double speak".
Prime Minister Jean Castex will write to his British counterpart Boris Johnson, with Paris signalling it is ready to discuss a post-Brexit migration deal between Britain and the EU.
Mr Johnson proposed a bilateral pact between London and Paris to return migrants to the European mainland, a move which he said would deter perilous boat crossings.
But France, which favours a UK-EU agreement, described Mr Johnson's open letter as a wrong way to negotiate and banished Britain from emergency talks on migration.
Interior Minister Gerald Darmanin said France was "ready to resume discussions with Great Britain very quickly" once there is "no more double speak and we can discuss in a serious spirit".
"Whatever our disagreements with the United Kingdom, we cannot change geography," he said. "Therefore we must get along with our British friends and allies."
Any deal with the EU "cannot be a simple agreement, as the British government sometimes says, to readmit all the migrants on European soil", Mr Darmanin said.
As well as a returns agreement, Mr Johnson called for joint patrols on France's northern beaches but French politicians have previously baulked at such as suggestion.
Mr Darmanin said the proposals by Mr Castex could include ways to open legal routes to the UK for asylum seekers and to allow unaccompanied minors to join relatives in Britain.
But he said France could not accept the practice of turning back boats at sea: “This is a red line for the French government."
Fernand Gontier, the director of France's border police, said people smugglers were launching boats from a 150-kilometre stretch of the coast.
He described an international smuggling route through which some migrants arrived via Italy and others via Belarus. Equipment was stored by traffickers in Germany before they send people on journeys to Britain.
One of the two survivors of last Wednesday's disaster, an Iraqi man, is believed to have entered the EU through Belarus, a route pushed open in recent months, before heading to northern France.
The disaster was the worst on record in the English Channel, with the loss of at least 27 lives.
The other survivor, from Somalia, claimed in an account to Iraqi media outlet Rudaw that the passengers had tried to call for help from Britain but received none.
"They said 'send us location' but we did not have time and the phones fell into the water and people started dying," Mohammed Isa Omar said. "They could hear us, we were crying for help and we called twice, not just once."
He said the boat had deflated about three hours after it left the French shoreline, before filling with water.
Mr Johnson is this week due to hold talks online with another of the key European players, Belgian Prime Minister Alexander De Croo.
Downing Street continues to insist that a returns agreement, as set out by Mr Johnson in his letter, would be the “single biggest deterrent” to migrants trying to cross the Channel.
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.”
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
FROM%20THE%20ASHES
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
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