Japanese Prime Minister Fumio Kishida resumed campaigning on Saturday after being evacuated unharmed from the scene of an apparent "smoke bomb" blast.
The incident in western Japan's Wakayama came less than a year after the assassination of former prime minister Shinzo Abe, which traumatised the country and forced a security shake-up for public officials.
Mr Kishida was in the city to deliver remarks in support of a ruling party candidate and had just finished sampling fish at a local port when a disturbance rippled through the crowd gathered to hear him speak.
Footage from national broadcaster NHK showed the prime minister turning to look backwards as a person was detained by security and people moved away, some shrieking.
Seconds later, a blast was heard and white smoke filled the air.
Local media reports showed a silver, pipe-like object on the ground, but it was not immediately clear whether it had caused the blast and smoke.
NHK said a man had been arrested at the scene on suspicion of obstruction of business.
A man at the scene told the broadcaster that "when we all stopped in front of the podium, someone started saying 'culprit!' or something, or 'an explosive was thrown,' so everyone started dispersing fast."
"And then, about 10 seconds after the culprit was captured, there was a blast," he said.
Mr Kishida was unharmed, and soon resumed campaigning, including a stop at a local train station.
"There was a loud blast sound at the previous speech venue. Police are investigating details, but I'd like to apologise for worrying many people and causing them trouble," Mr Kishida said.
"An election that's important to our country is taking place, and we must work together and follow through on it."
He was also due to visit Chiba, east of Tokyo, later on Saturday.
"That something like this happened in the middle of an election campaign that constitutes the foundation of democracy is regrettable. It's an unforgivable atrocity," Hiroshi Moriyama, the ruling Liberal Democratic Party's election strategy chairman, told NHK.
Security at local campaign events in Japan can be relatively relaxed, in a country with little violent crime and strict gun laws.
But the country bolstered security around politicians after the assassination of Mr Abe, who was shot and killed while speaking at a campaign event in July 2022.
His alleged assassin, Tetsuya Yamagami, reportedly targeted him over his links to the Unification Church, and the incident sparked revelations about the connection between the sect and political figures in Japan.
Yamagami was reportedly angry at the sect over large donations his mother made to the group that left the family bankrupt.
The head of Japan's National Police Agency, and the local police chief, resigned after an investigation confirmed "shortcomings" in Mr Abe's security.
The investigation criticised a system under which local police were given responsibility for the security of visiting senior officials.
With proper security, "it is deemed highly probable that this incident could have been prevented", the report concluded.
Saturday's incident comes as Group of Seven climate and energy ministers meet in the northern city of Sapporo, and a day before G7 foreign ministers arrive in Karuizawa in Nagano for talks.
Japan will host the G7 leaders' summit next month in Hiroshima.
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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.”
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.