Activists from the Communist Party of India-Marxist chant slogans during a rally in Hyderabad on Oct 4 2008. Protesters opposed the visit of US Secretary of State Condoleezza Rice to India.
Activists from the Communist Party of India-Marxist chant slogans during a rally in Hyderabad on Oct 4 2008. Protesters opposed the visit of US Secretary of State Condoleezza Rice to India.
Activists from the Communist Party of India-Marxist chant slogans during a rally in Hyderabad on Oct 4 2008. Protesters opposed the visit of US Secretary of State Condoleezza Rice to India.
Activists from the Communist Party of India-Marxist chant slogans during a rally in Hyderabad on Oct 4 2008. Protesters opposed the visit of US Secretary of State Condoleezza Rice to India.

Rice to discuss nuclear deal


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RAMSTEIN AIR BASE, GERMANY // While opponents say a deal to open up US nuclear trade with India undermines international efforts to limit the spread of nuclear weapons, US Secretary of State Condoleezza Rice maintains it should trigger an across-the-board improvement in US relations with the Asian giant. Speaking to reporters aboard her plane to Delhi, Ms Rice said it was not certain whether she would sign the agreement during her one-day visit to New Delhi because "there are a lot of administrative details left to be worked out."

Legislation authorising the controversial deal won final congressional approval on Wednesday. Ms Rice said US president George W Bush looked forward to signing the bill, but that is not a precondition for her discussions in India. The agreement on civil nuclear co-operation allows American businesses to begin selling nuclear fuel, technology and reactors to India in exchange for safeguards and UN inspections at India's civilian - but not military - nuclear plants.

Critics in India argue the constraints compromise their country's right to conduct nuclear bomb tests. Whether a signing ceremony is held or not, "I'm going to draw a line under this" deal "one way or another because it's time to put the historic agreement - to say that that's done and move on to what else we can do" to strengthen and broaden the relationship, she added. The Bush administration considers the deal a crowning achievement of the president's second term in office. It could, however, turn out to be the last major diplomatic achievement of a presidency that is struggling in its final months on a number of other fronts, including a setback in relations with Russia after its invasion of Georgia and the prospect of a breakdown in a nuclear agreement with North Korea.

Ms Rice said she spoke with the administration's chief nuclear envoy to North Korea, Christopher Hill, who was in Pyongyang this week to try to persuade the North Koreans to resume dismantling their nuclear problem in exchange for energy aid. She said she and Mr Hill did not discuss what progress he may have made. The pair intends to meet in Washington on Monday. In the on-board interview, Ms Rice stressed that she saw the importance of her visit to New Delhi as focusing on the future, rather than celebrating the completion of the civil nuclear agreement. "This is a relationship that has now a firm foundation to reach its full potential," she said. "It removes for India a barrier to full integration on a whole range of technologies," and it opens the way for closer US-India co-operation in other areas such as defence, agriculture and education.

India built its nuclear bombs outside the Nuclear Non-Proliferation Treaty, which it refuses to sign. It has faced a nuclear trade ban since its first atomic test in 1974; its most recent nuclear test blast was in 1998. Throughout the Cold War, relations between India and the United States were chilly. In the past decade, however, ties have grown closer in a range of areas, including trade, energy and security. The United States is now India's largest trading partner. US opponents of the nuclear agreement say legislators rushed consideration of a complicated deal that could spark a nuclear arms race in Asia.

* AP

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New Zealand 57-0 South Africa

Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

A Prayer Before Dawn

Director: Jean-Stephane Sauvaire

Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai

Three stars

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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.”

MATCH INFO

Austria 2
Hinteregger (53'), Schopf (69')

Germany 1
Ozil (11')

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Warlight,
Michael Ondaatje, Knopf 

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Health Valley

Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further