Philippine leader blasts US, allies over terror alert


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YOKOHAMA // The Philippine president lashed out at the United States and five other western allies on Friday for issuing what he said were unverified warnings of a possible terrorist attack in the South East Asian nation at a time when it is trying to bolster its lacklustre tourism industry.

President Benigno Aquino III said the Western nations issued the travel warnings last week without consulting his government. The warnings came less than two weeks before the launch of a new government tourism campaign, Aquino told a business conference on the sidelines of an annual Pacific Rim economic summit in the Japanese port city of Yokohama.

The US, Britain, Australia, France, Canada and New Zealand issued similar alerts last week that expanded previous travel warnings for the volatile southern Philippines, where Muslim rebels and al-Qa'eda militants are active, to include Manila, the capital.

Australia, citing unspecified but what it described as reliable reports, said an attack in Manila may be imminent.

"Coming on top of the fact that we will be launching our new tourism logo on November 15, one has to suspect the sincerity of some of our allies," Aquino said in response to a question from the audience.

"We have made our displeasure known to their ambassadors," Aquino said, adding a new procedure has been put in place to allow more co-ordination between his government and any country that plans to issue such terror warnings.

The Philippine government was kept in the dark about the alleged threat, except for an official from one country who sent a text message to a Filipino security officer about the impending warnings, he said.

Philippine defence secretary Voltaire Gazmin has said the military and police have not uncovered any specific threat. Still, government forces in Manila have been put on the highest state of readiness.

Security has been stepped up at malls and airports, where police increased their visibility with bomb-sniffing dogs and baggage inspections.

A Philippine official said on Wednesday the warnings may have come from a confidential terrorist threat assessment by western security officials indicating Muslim extremists may attack a popular Manila mall, a trade centre and political figures, including two Manila-based Asian diplomats. The official, who monitors security threats, spoke on condition of anonymity because of a lack of authority to talk to the media.

Aquino said the information may not have been verified.

The Philippines, including its capital, has been hit by deadly terrorist attacks in the past.

Despite years of battle setbacks, Muslim militants, including those from the al-Qa'eda-linked Abu Sayyaf, continue to plot attacks, at times collaborating with Indonesian militants, according to the military.

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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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Directors: Raj & DK

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T20 World Cup Qualifier

Final: Netherlands beat PNG by seven wickets

Qualified teams

1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman

T20 World Cup 2020, Australia

Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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1 tbsp Spirulina powder
1 banana
1 cup unsweetened coconut milk (full fat preferable)
1 tbsp fresh turmeric or turmeric powder
½ cup fresh spinach leaves
½ cup vegan broth
2 crushed ice cubes (optional)

Method
Blend all the ingredients together on high in a high-speed blender until smooth and creamy. 

UAE currency: the story behind the money in your pockets
Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Fund-raising tips for start-ups

Develop an innovative business concept

Have the ability to differentiate yourself from competitors

Put in place a business continuity plan after Covid-19

Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.) 

Have enough cash to stay afloat for the next 12 to 18 months

Be creative and innovative to reduce expenses

Be prepared to use Covid-19 as an opportunity for your business

* Tips from Jassim Al Marzooqi and Walid Hanna

W.
Wael Kfoury
(Rotana)

MATCH INFO

Newcastle United 3
Gayle (23'), Perez (59', 63')

Chelsea 0

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