Troops deployed in Kashmir to tackle protests by separatists


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SRINAGAR // Thousands of police and paramilitary troops in riot gear deployed across Indian Kashmir yesterday to head off planned protests by Muslim separatists against the celebration of the anniversary of the day Indian troops took control of the Himalayan region in 1947. Police put up barricades and blocked roads leading to the offices of United Nations Military Observer Group for India and Pakistan (UNMOGIP) along Srinagar's posh Gupkar avenue.

Mirwaiz Omar Farooq, the chief Muslim cleric and leader of the separatist Hurriyat (Freedom) Conference alliance, had said he would lead a protest to the UNMOGIP to demand independence for the region from India. He was placed under house arrest earlier in the day in what police officials said was a preventive measure. The UNMOGIP was deployed in the disputed region in Jan 1949 to supervise a ceasefire between India and Pakistan, who have since fought two wars - at least one of which has been over Kashmir.

Kashmiris often show up at the Srinagar headquarters of the UNMOGIP to vent their anger on New Delhi's rule. The region is split between India and Pakistan but claimed in its entirety by both. Separatist groups are calling either for independence or merger with Muslim Pakistan. India has said it sent troops to Srinagar on Oct 27 1947 at the request of Hari Singh, Kashmir's then Hindu maharaja, to fight Pakistan tribal raiders who were against his signing of an accession agreement to join India, following the partition of the subcontinent.

However, Islamabad and Kashmiri separatists dispute New Delhi's claim and say the maharaja was coerced into accession with India and question it on "ethical" and "legal" grounds. Security forces were also out en masse in Lal Chowk, where Kashmiri lawyers had planned to form a human chain to protest against the presence of Indian troops in the region there. Police raided the houses of prominent lawyers overnight and placed senior functionaries of the Kashmir bar council under house arrest to prevent them from protesting in Lal Chowk. Mr Farooq said it was ridiculous that even a human chain was seen by India as a threat.

"This was supposed to be a symbolic protest reminding the world that India has militarily occupied Kashmir," he said in a statement issued on his behalf by the Hurriyat Conference. While yesterday's strike called by a co-ordination committee set up by separatists has crippled life in the Kashmir valley, and some predominantly Muslim parts of the state's Jammu region, the Indian army went ahead with a series of events to celebrate the day with "traditional reverence and solemnity".

Several civil and military dignitaries paid tributes to the "brave martyrs" who fought tribal raiders in 1947-48, an Indian army spokesman said. "The Indian army celebrates October 27 each year as Infantry Day. On this historic day, 61 years ago, troops of 1 SIKH landed at the Srinagar airfield and protected the capital city from falling into the hands of Kabaili [tribal] infiltrators," he said. Speaking at one such function, Lt Gen Mukesh Sabarwal, the commander of Srinagar-based 15 Corps, said there had been a considerable drop in the number of attempts by militants crossing the Line of Control (LoC), the de facto border separating India and Pakistan-ruled Kashmir.

"The sustained efforts of army and other forces deployed along the LoC have been fruitful and infiltration attempts have fallen. Despite desperate efforts by Pakistan to pump in militants to this side of the de facto border, our troops have made every effort a failure," he said. Yesterday, the army killed three militants who were attempting to cross the border in Kupwara district, he said. Another six militants belonging to Hizb ul Mujahideen, a local separatist group, were shot dead during a gun battle in eastern Kishtwar district, officials said.

Meanwhile, huge curfew-defying crowds held protests in Baramulla, a town 58km north-west of Srinagar, where the previous day a university student was killed and four were wounded when police fired on a crowd hurling stones at them. Police fired tear gas and rubber bullets to suppress the protest, witnesses said. Baramulla, the gateway to Kashmir valley from the west, was the scene of widespread killings and destruction during the first Kashmir war of 1947-48.

* The National

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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Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

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Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

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Term life insurance: this is the cheapest and most-popular form of life cover. You pay a regular monthly premium for a pre-agreed period, typically anything between five and 25 years, or possibly longer. If you die within that time, the policy will pay a cash lump sum, which is typically tax-free even outside the UAE. If you die after the policy ends, you do not get anything in return. There is no cash-in value at any time. Once you stop paying premiums, cover stops.

Whole-of-life insurance: as its name suggests, this type of life cover is designed to run for the rest of your life. You pay regular monthly premiums and in return, get a guaranteed cash lump sum whenever you die. As a result, premiums are typically much higher than one term life insurance, although they do not usually increase with age. In some cases, you have to keep up premiums for as long as you live, although there may be a cut-off period, say, at age 80 but it can go as high as 95. There are penalties if you don’t last the course and you may get a lot less than you paid in.

Critical illness cover: this pays a cash lump sum if you suffer from a serious illness such as cancer, heart disease or stroke. Some policies cover as many as 50 different illnesses, although cancer triggers by far the most claims. The payout is designed to cover major financial responsibilities such as a mortgage or children’s education fees if you fall ill and are unable to work. It is cost effective to combine it with life insurance, with the policy paying out once if you either die or suffer a serious illness.

Income protection: this pays a replacement income if you fall ill and are unable to continue working. On the best policies, this will continue either until you recover, or reach retirement age. Unlike critical illness cover, policies will typically pay out for stress and musculoskeletal problems such as back trouble.

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Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

* Nada El Sawy

What is the Supreme Petroleum Council?

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Anti-semitic attacks
The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.

It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.

The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media. 

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