A nurse attends to a sailor in the port city of Trincomalee after he was injured during an aerial attack by Tamil Tigers.
A nurse attends to a sailor in the port city of Trincomalee after he was injured during an aerial attack by Tamil Tigers.
A nurse attends to a sailor in the port city of Trincomalee after he was injured during an aerial attack by Tamil Tigers.
A nurse attends to a sailor in the port city of Trincomalee after he was injured during an aerial attack by Tamil Tigers.

Fighting kills 41 in Sri Lanka


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Fierce fighting between government troops and separatist Tamil Tigers across Sri Lanka's embattled north killed 36 rebels and five soldiers, the military said today. The latest violence occurred yesterday along the front lines separating government-controlled territory and the rebels' de facto state in the north, said military spokesman Brigadier Udaya Nanayakkara. Army troops and the air force launched a joint offensive on rebel bunkers in Kilinochchi district, triggering a furious battle that killed 18 rebels and four soldiers, he said. The same fighting wounded 31 soldiers.

Scattered battles in Vavuniya killed 12 rebels and one soldier, while in Welioya region six rebels died, Mr Nanayakkara said. Rebel spokesman Rasiah Ilanthirayan could not be reached for comment today. Both sides routinely exaggerate enemy casualties and under report their own. Independent verification of the fighting is not possible because most journalists are barred from the war zone. The latest infantry clashes came a day after Tamil Tigers launched a brazen air strike on a major naval base in the island's embattled east, wounding 10 sailors.

Fighting has escalated in recent months on this war-torn Indian Ocean island, with the military capturing a series of rebel bases and large chunks of territory, and officials reiterating a pledge to crush the guerrillas by the end of the year. International aid groups say fighting has forced tens of thousands of Sri Lankan civilians to flee their homes. The rebels have fought for an independent state in the north and east since 1983, following decades of marginalisation of ethnic Tamils by governments dominated by the Sinhalese majority. More than 70,000 people have been killed in the conflict. * AP

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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War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

UAE currency: the story behind the money in your pockets
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

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The specs: 2017 Lotus Evora Sport 410

Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

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Bournemouth 0

Manchester United 2
Smalling (28'), Lukaku (70')

Final results:

Open men
Australia 94 (4) beat New Zealand 48 (0)

Plate men
England 85 (3) beat India 81 (1)

Open women
Australia 121 (4) beat South Africa 52 (0)

Under 22 men
Australia 68 (2) beat New Zealand 66 (2)

Under 22 women
Australia 92 (3) beat New Zealand 54 (1)