MADRID // About 35 African migrants, including at least one rescued at sea from an overcrowded wooden boat, are among the top prize winners of Spain’s Christmas lottery, according to the owner of the lottery agency that sold more than 1,000 tickets that shelled out 400,000 euros each.
The winners who bought the tickets in the southern coastal city of Roquetas de Mar included migrants from Senegal, Mali and Morocco, agency owner Jose Martin told La Voz de Almeria newspaper in a story published Thursday.
Among them was a Senegalese man named Ngame who told Spanish media that he and his wife were rescued by Spain’s coastguard in 2007 when their boat with about 65 people aboard was travelling from Africa’s western coast toward Spain’s Canary Islands.
Outside the lottery agency, Ngame was in tears as he clutched a photo-copy of his winning ticket with the number 79,140. He thanked Spain for saving his life and giving him the chance to play the country’s world famous lottery.
“Today I thank the Spanish government, the Spaniards too,” Ngame told Ondacero radio. “They saved us when we were in the middle of the sea.”
Roquetas de Mar is in Almeria province, where many migrants toil in greenhouses as vegetable and fruit labourers. The area also relies heavily on tourism, but unemployment is 31 one per cent — much higher than the already sky-high national rate of 21 per cent.
Ngame did not give his last name to reporters but said life has been difficult for him and his wife since they arrived in Almeria. They had not decided how they would use the jackpot.
“I’m not sure,” he said. “It’s too soon to decide. We have to talk and see.”
Agency owner Mr Martin said some of the migrants weren’t sure how they could collect their winnings, so he accompanied them to their bank branches to explain to them what to do.
Though other lotteries offer larger top prizes, Spain’s El Gordo (The Fat One) is the world’s richest. It unites the country because almost everyone takes part.
There are 24 million prizes in all for the country with a population of 47 million — and players in droves form pools with friends, family and colleagues to buy the 20-euro tickets.
A big difference with other lotteries is that people don’t pick their own numbers, so if they want a certain one they have to go online to find out first of all if it exists and then who’s selling it.
Across Spain, people stay glued to the television as lower level winning numbers are announced until the El Gordo number is drawn. Then a tradition kicks in, with people who purchased winning tickets on their own or in groups showing up outside the lottery agency that sold them the tickets and uncorking bottles of sparkling wine in gleeful street fiestas.
The lottery has always been immensely popular but has taken on special importance in recent years as Spain struggled through the bursting of a real estate bubble and the European debt crisis. While lottery winners used to buy apartments or new cars during Spain’s boom years, many winners now pay off debts.
Schoolchildren also featured heavily this year — nearly half the winning tickets were bought at the Roquetas de Mar agency by a high school in the nearby town of Laujar de Andarax, population of 1,600. Students then resold the tickets to raise money for a school trip, meaning the town was flush with winners.
* Associated Press
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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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Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
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2016 Lewis Hamilton (Mercedes-GP)
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2014 Lewis Hamilton (Mercedes-GP)
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2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
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He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
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