Rebels attack second city in southern Philippines



ZAMBOANGA, Philippines // Philippine troops battled against Muslim rebels on two fronts yesterday, after about 100 extremists attacked a second city near the southern port where guerrillas have been holding scores of residents hostage in a four-day standoff with government forces.
The latest attack was led by Abu Sayyaf gunmen and other militants, officials said. They planned to set fire to a village and a wharf on the rural outskirts of predominantly Christian Lamitan city on Basilan island.
The attack was repulsed by government forces in an hour-long clash that left a government militiaman and an unspecified number of militants dead, and two soldiers wounded, said army col Carlito Galvez.
Basilan is a boat journey away from Zamboanga city, where Moro National Liberation Front fighters have been holding more than 100 hostages since Monday, when government troops fought off their attempt to erect a rebel flag at the city hall.
The Moro rebels joined the Abu Sayyaf in yesterday's attack. Col Galvez said that the Abu Sayyaf, which is a violent faction of the Muslim separatist rebellion, was trying to take advantage of the hostage standoff in Zamboanga "to try to improve its influence and mass base support".
Another government militiaman was missing and troops were pursuing the attackers, who were led by the wanted Abu Sayyaf commanders Isnilon Hapilon and Puruji Indama, Col Galvez said.
Thousands of army troops and police had been on full alert this week to thwart plans by Abu Sayyaf to stir up trouble in Basilan as the standoff in Zamboanga drags on, according to Col Galvez.
The regional governor, Mujiv Hataman, said that authorities had discovered plans for the assault in Basilan, allowing them to monitor rebel movements and evacuate residents as early as Wednesday.
In Zamboanga, government troops, backed by armoured troop carriers, exchanged gunfire with the rebels in Santa Catalina village, where the insurgents were holding some of their hostages, igniting a blaze that gutted about 30 houses. Two helicopters hovered as smoke billowed from the rebel-held coastal community.
The four-day crisis has virtually paralysed Zamboanga, a lively trading city of nearly a million people, with most flights and ferry services suspended. Areas near the clashes resembled a war zone, with armoured troop carriers lining streets, troops massing at a school and snipers taking positions on top of buildings. A mosque and its minaret were pockmarked with bullet holes.
More than 15,000 villagers have fled the fighting and many took shelter in schools and a grandstand in a seaside sports complex. Troops were under orders to prevent the rebels from straying beyond the communities they seized, or getting reinforcements, said Mar Roxas, the interior secretary.
The Moro rebels signed a peace deal in 1996, but their faction leader accuses the government of reneging on a promise to develop the impoverished and unsettled region.
The rebel leader, Nur Misuari, isolated himself when he voiced opposition to the continuing peace talks between the Philippines and the currently-dominant rebel movement, the Moro Islamic Liberation Front.
* Associated Press

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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MATCH INFO

Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')

Olympiakos 2 (El-Arabi 06', Semedo')

Company Profile 

Founder: Omar Onsi

Launched: 2018

Employees: 35

Financing stage: Seed round ($12 million)

Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

Results

6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).

7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.

7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.

8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.

8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Western Clubs Champions League:

  • Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
  • Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
  • Friday, Sep 22 – Kandy v Bahrain
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million