Yassin, a 27-year-old ice cream vendor in the French city of Annecy, did not make any sales on Friday. Instead, he decided to stay home for a few days with his family in Cluses, about 60km east of Annecy.
For the past four years, he has worked close to a playground in a park where four toddlers and two elderly men were stabbed by a Syrian refugee on Thursday.
He now fears a racist backlash, after calls for violence circulated on social media following the gruesome incident that has shocked France.
Screenshots of the purported messages, viewed by The National, called for “spilling blood”. No incidents of violence have been reported so far.
Right-wing politicians have also tried to seize the moment to spark a fresh debate on immigration in a country that is sharply divided over the matter.
“Even walking in the street, I’m going to keep my eyes down,” said Yassin, a French citizen of Tunisian heritage. “I’m French, but I have a beard and I look Arab.”
He declined to give his surname out of fears for his safety.
Compounding Yassin’s concern is a recent night-time torch-light march organised last month.
In a video posted on Twitter, a dozen men and women wearing black and chanting nationalist slogans appear to be walking through Annecy.
“Blue, white, red, France for the French!” they chanted, in reference to the colours of the French flag.
The organiser of the protest was summoned to appear in court in September. French media described its participants as members of an “ultra-right” group.
Yet Yassin’s fears shocked his colleague Jacky, who, dressed in a pink and blue outfit, also sells ice cream by Annecy’s Lake on an electric bicycle.
“I’m surprised – I never thought he’d be afraid like this,” he said. “I told him to come to work and that nothing would happen to him, but he would not listen.”
Disbelief and sorrow
The police was heavy in Annecy following the attack on Thursday and the situation remained calm a day later as locals gathered to lay flowers, candles and toys at the playground where the incident occurred.
The most commonly expressed feelings were stunned disbelief and sorrow for the children’s suffering. The wounded toddlers are aged between 22 months and three years old.
Most people The National spoke to said they believed that the attacker must be mentally unwell. None connected the attack to immigration.
“I don’t know if the incident should be politicised,” said Alain Demare, a 54-year-old fruit vendor. “Maybe he’s just a madman who lost his mind. It depends on how you see it.”
Photos circulated earlier online of a cardboard placard held by a woman dressed in white standing in the playground that read “opening borders means closing coffins”.
The placard was nowhere to be seen when The National visited.
The suspect, Abdelmasih Hanoun, is a 31-year-old Syrian from the north-eastern town of Al Hasakeh. He obtained asylum in Sweden 10 years ago.
Swedish media reported that he had been convicted for illegally claiming benefits in the country.
Late last year, Mr Hanoun entered France legally. He was reportedly estranged from his wife and child and was sleeping rough.
He told police after his arrest that he is Christian. A video of the attack shows him wielding a knife and shouting “in the name of Jesus Christ”.
The attack came three days after his third request for Swedish citizenship was denied, according to local broadcaster BFM TV.
His wife, who is also Syrian, obtained Swedish citizenship in June 2021.
Police have reportedly struggled to interrogate Mr Hanoun as he does not speak French and refuses to answer questions or allow them access to his phone.
Policemen tried to take him out of his cell on Thursday to bring him to the scene of the crime but he refused and rolled around on the ground, according to BFM TV.
They called a psychiatrist, who stated that he was depressed and anxious.
So far, the French judiciary does not consider the incident to be a terrorist attack.
'They put us in danger'
Yet far-right politicians quickly tried to drum up fears.
Far-right National Rally figurehead Marine Le Pen told French radio that France should “regain sovereignty” on immigration.
Eric Zemmour, a far-right politician who scored 7 per cent in the latest presidential election in France, tweeted that people had the right to be angry.
“They will try to hold your anger against you,” he wrote, in apparent reference to the government. “They put us in danger.”
The government has tried to quell the swelling debate, with Prime Minister Elisabeth Borne warning during a visit to Annecy to not “get all worked up” about immigration issues and wait for the investigation to move forward.
French President Emmanuel Macron on Friday visited four victims in two separate hospitals.
A 70-year-old man who was accidentally shot by a policeman after he was stabbed is currently in hospital in Annecy.
A second man aged 78 sustained a light knife wound and was not admitted to hospital.
Three of the children, including two French cousins, are being cared for in the nearby city of Grenoble.
The President said that they were “heading in the right direction”.
One of the victims, a three-year-old British girl named Ettie, was awake and watching television, according to Mr Macron.
The fourth child, a Dutch citizen, is in a Swiss hospital over the border in Geneva. She is “out of danger,” according to the Dutch government.
Mr Macron and his wife Brigitte also met Henri, a 24-year-old pilgrim who has been hailed as a hero for chasing the attacker with his backpack.
“I have one request: to attend the inauguration of Notre-Dame,” asked Henri, referring to Paris’s famed cathedral that is under reconstruction after a devastating fire in 2019.
“I’ll look after that myself,” answered Mr Macron.
Syrians living in France have strongly condemned the attack and rejected attempts by politicians to blame asylum seekers.
“What happened was horrible. I don’t know what kind of monster can do that to kids,” said Maria, a 26-year-old student of Syrian heritage who moved to Grenoble in 2015.
She said she had appreciated shows of support for the Syrian community in France when it was hit by racist killings in the past. She added that it was important for Syrians to reciprocate.
“I hope it makes people feel better. I’m with them as a Syrian,” she said.
Only 36,000 Syrians have obtained asylum in France since the start of a civil war in their country in 2011, said Michel Morziere, who heads an NGO that supports Syrian refugees.
“We are not surprised by the reaction of certain right-wing and far-right-wing politicians,” he said. The NGO issued a statement on Thursday afternoon warning against stigmatising refugees in France following the attack.
Mr Morziere said that he believed that political reactions “would have been worse if the attacker had entered France illegally”.
Back in Annecy, a city famed for its stunning natural surroundings and historic quarter, tourists continued flocking to the scenic park where the attack took place.
An Emirati visitor, Ibrahim Al Darmaki, 29, was taking a stroll with his wife and two young children by Annecy Lake, situated at the foot of the French Alps.
He told The National that he felt safe due to the high number of police in the city.
But he also felt that some people were “staring” at him and his family. This might be possibly linked to fears caused by Thursday's attack, according to him.
“They see Arabs and mix everyone together, and that’s not right,” he said.
Yet he said he was unbothered.
“I'm here as a tourist and leaving soon, so it's not really important,” he said. “Hopefully, everything will be fine.”
Mr Hamoud's actions do not reflect Arabs as a whole, stressed Mr Al Darmaki.
“Whatever his motivations are, he only represents himself.”
HOW DO SIM CARD SCAMS WORK?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards, often by claiming their phone has been lost or stolen
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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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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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Brief scores:
Barcelona 3
Pique 38', Messi 51 (pen), Suarez 82'
Rayo Vallecano 1
De Tomas Gomez 24'
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.