Jamaican prime minister tells Prince William and Kate that island will seek independence


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Jamaican Prime Minister Andrew Holness told Britain's Prince William and Kate on Wednesday that the British Commonwealth island nation intends to become fully independent.

The unexpected announcement came as other countries are considering cutting ties with the monarchy.

Greeting the royals in front of a media scrum, Mr Holness spoke of “unresolved” issues, AP reported.

“We are moving on,” he said. “We intend to … fulfil our true ambitions and destiny as an independent, developed, prosperous country.”

The former British colony would become only the second Caribbean island to sever relations with Queen Elizabeth II in recent years after Barbados did so in November.

The royal couple, who flanked Mr Holness as he made the announcement, did not immediately respond except for only a couple of brief head nods.

The announcement surprised many on the island of nearly 3 million people and unleashed a flurry of text messages and phone calls.

  • Prince William and Catherine, the Duchess of Cambridge, meet Jamaica's National bobsleigh team in Trench Town, Jamaica, on day four of the Platinum Jubilee Royal Tour of the Caribbean. Reuters
    Prince William and Catherine, the Duchess of Cambridge, meet Jamaica's National bobsleigh team in Trench Town, Jamaica, on day four of the Platinum Jubilee Royal Tour of the Caribbean. Reuters
  • A worker checks the electric wires to hang lanterns for Buddha's birthday celebrations on May 8 at Jogye temple in Seoul, South Korea. AP
    A worker checks the electric wires to hang lanterns for Buddha's birthday celebrations on May 8 at Jogye temple in Seoul, South Korea. AP
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    A woman walks through a destroyed home following a tornado in Round Rock, Texas, US. Reuters
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    Residents fill water containers and wash their clothes from municipal water pipes alongside a polluted water channel at a slum in Kolkata, India. Reuters
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    Director of Mykolaiv Zoo, Volodymyr Topchyi, poses with an exploded Russian rocket that landed in his backyard in Mykolaiv, southern Ukraine. AFP
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    Girls arrive at school in Kabul. The reopening of secondary schools for girls across Afghanistan on March 23 prompted joy and apprehension among students. AFP
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    A firefighter works at a residential district in Kyiv, Ukraine, that was damaged by shelling, as Russia's invasion of Ukraine continues. Reuters
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    A Delhi police officer tries to stop an opposition Congress party supporter during a protest against rising inflation and price hikes of essential commodities in New Delhi, India. AP
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    Pictures lie amid the rubble of former teacher Natalia's house in Kyiv, which was hit in a military strike, amid Russia's invasion of Ukraine. Reuters
  • The moon sets behind the Great Giewont peak in the Tatra Mountains, Zakopane, southern Poland. EPA
    The moon sets behind the Great Giewont peak in the Tatra Mountains, Zakopane, southern Poland. EPA
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    A resident twirls a dragon-shaped ribbon near a barricaded coronavirus testing site outside the Drum Tower in Beijing, China. AP

“I did not know that the prime minister was going to say what he said today,” said Carla Gullota, director of Stand Up for Jamaica, a non-profit human rights organisation that joined dozens of other groups and leaders in signing a recently published letter demanding an apology and reparations from Britain. “It is a very important step forward,”

On Tuesday, Ms Gullota and others joined a protest held hours before the royal couple arrived in Jamaica as part of a week-long tour of Central America and the Caribbean organised at the behest of the queen to coincide with the 70th anniversary of her coronation.

Veteran politician Mike Henry said he worries that demands for an apology and slavery reparations will not be addressed if Jamaica chooses to become independent.

Britain ruled Jamaica for more than 300 years, forcing hundreds of thousands of African slaves to toil the land under brutal conditions.

Jamaica gained its independence in August 1962 but remained within the British Commonwealth.

RESULT

Esperance de Tunis 1 Guadalajara 1 
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’

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.”

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Company%20Profile
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COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

MATCH INFO

Jersey 147 (20 overs) 

UAE 112 (19.2 overs)

Jersey win by 35 runs

Updated: March 24, 2022, 10:09 AM