The Algerian military sends troops into mountains east of Algiers on Wednesday in a failed bid to find a Frenchman who was kidnapped and later beheaded by militants. Reuters
The Algerian military sends troops into mountains east of Algiers on Wednesday in a failed bid to find a Frenchman who was kidnapped and later beheaded by militants. Reuters

Algerian militants ‘behead’ French hiker



ALGIERS // Militants linked to ISILclaimed to have beheaded a Frenchman abducted in Algeria in a video posted online on Wednesday, after Paris rejected their demand to halt strikes in Iraq.

Herve Gourdel, 55, was kidnapped on Sunday by Jund Al Khilifa, or “Soldiers of the Caliphate,” while hiking in a national park that was once a major draw for tourists but became a sanctuary for Islamists.

It follows a call by ISIL for Muslims to kill Westerners whose nations have joined a campaign to battle the group in Iraq and Syria.

The video, entitled “A Message with Blood to the French Government”, was posted on militant websites.

It begins with a clip of French president Francois Hollande before showing Gourdel on his knees with his hands behind his back, surrounded by four armed militants whose faces were covered.

One of the militants reads a speech in which he denounces the intervention of the “French criminal crusaders” against Muslims in Algeria, Mali and Iraq.

It came a day after Hollande vowed not to give in to the militants’ 24-hour deadline to end air raids in Iraq.

“As grave as this situation is, we will not give in to any blackmail, any pressure, any ultimatum, no matter how odious, how despicable,” he said on the sidelines of an official trip to New York.

France has ruled out joining military operations in Syria, where a US-led coalition began strikes against IS on Tuesday.

* Associated Press

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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.”

Liverpool’s fixtures until end of 2019

Saturday, November 30, Brighton (h)

Wednesday, December 4, Everton (h)

Saturday, December 7, Bournemouth (a)

Tuesday, December 10, Salzburg (a) CL

Saturday, December 14, Watford (h)

Tuesday, December 17, Aston Villa (a) League Cup

Wednesday, December 18, Club World Cup in Qatar

Saturday, December 21, Club World Cup in Qatar

Thursday, December 26, Leicester (a)

Sunday, December 29, Wolves (h)

The biog

Name: Marie Byrne

Nationality: Irish

Favourite film: The Shawshank Redemption

Book: Seagull by Jonathan Livingston

Life lesson: A person is not old until regret takes the place of their dreams

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Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

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The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
​​​​​​​Princeton

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Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

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Brief scoreline:

Tottenham 1

Son 78'

Manchester City 0

First Person
Richard Flanagan
Chatto & Windus 

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

THURSDAY'S ORDER OF PLAY

Centre Court

Starting at 10am:

Lucrezia Stefanini v Elena Rybakina (6)

Aryna Sabalenka (4) v Polona Hercog

Sofia Kenin (1) v Zhaoxuan Yan

Kristina Mladenovic v Garbine Muguruza (5)

Sorana Cirstea v Karolina Pliskova (3)

Jessica Pegula v Elina Svitolina (2)

Court 1

Starting at 10am:

Sara Sorribes Tormo v Nadia Podoroska

Marketa Vondrousova v Su-Wei Hsieh

Elise Mertens (7) v Alize Cornet

Tamara Zidansek v Jennifer Brady (11)

Heather Watson v Jodie Burrage

Vera Zvonareva v Amandine Hesse

Court 2

Starting at 10am:

Arantxa Rus v Xiyu Wang

Maria Kostyuk v Lucie Hradecka

Karolina Muchova v Danka Kovinic

Cori Gauff v Ulrikke Eikeri

Mona Barthel v Anastasia Gasanova

Court 3

Starting at 10am:

Kateryna Bondarenko v Yafan Wang

Aliaksandra Sasnovich v Anna Bondar

Bianca Turati v Yaroslava Shvedova

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Trolls World Tour

Directed by: Walt Dohrn, David Smith

Starring: Anna Kendrick, Justin Timberlake

Rating: 4 stars

Profile box

Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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MATCH INFO

Sheffield United 2 Bournemouth 1
United: Sharp (45 2'), Lundstram (84')
Bournemouth: C Wilson (13')

Man of the Match: Jack O’Connell (Sheffield United)