US President Joe Biden used Sunday's Armenian remembrance day to describe past mass atrocities by Ottomans as genocide, repeating his description from a year ago when he ended decades of American equivocation.
Mr Biden, who earlier this month said Russia's atrocities committed during its invasion of Ukraine amounted to genocide, again used the same term to describe the massacres of Armenians during the First World War.
"On April 24, 1915, Ottoman authorities arrested Armenian intellectuals and community leaders in Constantinople. Thus began the Armenian genocide —one of the worst mass atrocities of the 20th century," the president said in a statement.
"Today, we remember the one-and-a half million Armenians who were deported, massacred, or marched to their deaths in a campaign of extermination, and mourn the tragic loss of so many lives."
Mr Biden angered Ankara a year ago when he became the first sitting US president to describe the massacres as genocide.
Turkey had called Biden's use of the word "genocide" for the killings of Armenians during the First World War the "greatest betrayal to peace and justice". The Turkish President Tayyip Erdogan denounced the genocide recognition as "groundless" and "destructive."
Former Republican senator Jeff Flake, before becoming the next US ambassador to Turkey, officially recognised the mass atrocities perpetrated against Armenians by the Ottoman Empire as genocide, reversing his earlier positions.
Mr Flake answered with a resounding “yes” when the chairman of the Senate Foreign Relations Committee, Bob Menendez, asked if he has changed his stance and is ready to “join this body and the administration in reaffirming the Armenian genocide".
The strained relations between the US and Turkey had gradually improved. When the two leaders met last June, Mr Erdogan hailed it as a "new era" of constructive ties with Washington.
Turkey, which became a secular republic from the ashes of the Ottoman Empire, acknowledges that 300,000 Armenians may have died but strongly rejects that it was genocide.
Last month, Armenia said it was ready to establish diplomatic relations and open its border with Turkey, Foreign Minister Ararat Mirzoyan told the Turkish state-run Anadolu news agency.
Turkish Foreign Minister Mevlut Cavusoglu has said earlier that he had held "productive and constructive" talks with Mr Mirzoyan in an effort to mend ties after decades of animosity.
Turkey has had no diplomatic or commercial ties with Armenia since the 1990s.
As many as 1.5 million Armenians are estimated to have been killed from 1915 to 1917 during the waning days of the Ottoman Empire, which suspected the Christian minority of conspiring with Russia in the First World War.
Agencies continued to this report.
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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.”
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The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
Emergency phone numbers in the UAE
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