India’s northern Punjab state has been put on security alert after Sikh separatist groups called for protests to mark the anniversary of a military operation at the Golden Temple — the religion's most sacred shrine.
Thousands of additional police and paramilitary troops have been stationed in the holy city of Amritsar to deter a proposed march on Sunday, a day ahead of a general strike call to mark the 38th anniversary of Operation Blue Star, in which the Indian Army raided the holy site.
Patrols have been increased at vulnerable places, including tourist spots and religious shrines, according to police officer Arun Pal Singh.
Several teams of Punjab anti-riot police and the Special Operation Group, a counterterrorism unit, have also been deployed, he said.
Dal Khalsa, a Sikh separatist group demanding an independent Sikh state of Khalistan and two other groups said in a statement that a “freedom march” will be organised in the city to commemorate the week-long battle in 1984 that culminated with the shelling of the religious monument on June 6.
“We have called for protests against the Indian Army’s attack on our fighters inside the temple. We want to pay tributes to our martyrs,” Kanwar Pal Singh, a Dal Khalsa leader, told The National.
In recent years tensions ran high at the time of the anniversary, with dozens of people injured after two Sikh groups attacked each other with swords in 2014 in the Golden Temple over the raising of pro-independence slogans.
Operation Blue Star
Hundreds of heavily armed Sikh militants, including the leader, Jarnail Singh Bhindranwale, were holed up in the temple after the Indian Army raided the premises on June 1. The raid followed days of gunfights and artillery shelling by the army, leading to severe damage to the shrine ― described by many Sikhs as a desecration of their holiest place.
Accounts of the final death toll vary but about 700 militants and soldiers were killed, including Bhindranwale ― who is an iconic figure for many Sikhs demanding an independent country ― despite armed militancy almost disappearing from the state since the mid-1990s.
But several violent incidents recently, including the bombing last month of a police office, have caused concern over a possible revival of armed militancy.
A group of right-wing Hindus were attacked by Sikhs in April after raising anti-Khalistan slogans.
The state is already on alert after the murder of well-known singer Sidhu Moosewala, a killing reportedly linked to rivalry between two criminal gangs.
Moosewala, 28, whose real name was Shubhdeep Singh Sidhu, was shot dead by unidentified gunmen on Sunday.
An autopsy report found more than two dozen bullets in his body, including one in his skull.
Moosewala was a popular singer among Punjabis in India as well as in the UK and Canada, but had courted controversy after promoting guns and violence.
One of his popular songs released in 2020 praised Bhindranwale and his aides and called for retribution against New Delhi for its handling of Punjab.
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Company%20profile
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The specs
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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.”
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.