A national police officer outside the French and Niger airbase in Niamey, the capital of Niger. AFP
A national police officer outside the French and Niger airbase in Niamey, the capital of Niger. AFP
A national police officer outside the French and Niger airbase in Niamey, the capital of Niger. AFP
A national police officer outside the French and Niger airbase in Niamey, the capital of Niger. AFP

Militants kill 12 soldiers in Niger ambush


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At least 12 Nigerien soldiers have died in a suspected extremist ambush near the northern town of Kandadji, as forces loyal to the new military junta, which took over in a coup on July 26, continue to battle extremists.

Their convoy came under attack by hundreds of militants, according to Gen Salifou Mody, Niger's defence minister. Seven wounded soldiers were taken to military hospitals, he said.

Gen Mody claimed that 100 militants died in return fire.

Militants linked to Al Qaeda and ISIS have terrorised remote areas in the Sahel for some time, putting security forces off balance in Nigeria, Niger, Mali, Burkina Faso and Chad.

While mostly arid, the vast strip of terrain between the Sahara and central Africa is dotted with forests and shrubland, as well as remote villages where militants can hide out between living off the land.

Government security forces in the region have also been accused of human rights abuses during their counter-terrorism operations.

Numerous international operations, involving French, US and British forces in the region, co-operating with militaries in the Sahel area, have also failed to stem terrorist activity. Those forces have now been largely expelled from Niger, Burkina Faso and Mali, all of which since 2021 have experienced military takeovers by pro-Russia juntas.

But insecurity in the Sahel has risen sharply during the period.

During the month after the Niger junta seized power, violence primarily linked to the extremists soared by more than 40 per cent, according to the Armed Conflict Location & Event Data Project.

Attacks against civilians quadrupled in August compared with the month before, and attacks against security forces surged in the Tillaberi region, killing at least 40 soldiers, the project reported.

Niger was considered one of the last democratic countries in the region that western nations could partner with to beat back the terrorist insurgency in the Sahel.

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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2019: Trump calls Khan a “stone cold loser” before first state visit

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2022:  Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency

July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”

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Retail gloom

Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.

It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.

The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.

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Updated: September 29, 2023, 5:58 PM