Twin blasts in Manila kill at least two


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Manila // Two explosions in the Philippine capital on Saturday night killed two people and injured six others.

The blasts came just more than a week after another explosion in the same area.

An initial blast occurred around 6pm local time on Saturday near a mosque in Quiapo, one of the older parts of Manila where there are big slums, city police chief Oscar Albayalde said.

The explosion killed two and injured four others, he said. A second blast occurred in the same area around 8.30pm.

Two policemen who were inspecting the area after the first blast were injured by the second explosion, Mr Albayalde said.

The blasts occurred along a narrow street crammed with stalls selling clothes and homeware.

They were just outside an Islamic community centre and about a hundred metres from the Quiapo Golden Mosque.

The first blast damaged part of the Islamic centre and shattered windows in nearby buildings.

“It was very powerful,” said Omar Yahya, 22, who was at the Islamic centre when the first explosion occurred. “Windows were broken and the wooden part of the building collapsed”.

Police chief Albayalde said the first blast appeared to have come from a package that was being delivered by a man on a motorcycle.

“The man on the motorcycle who delivered the package was killed. The other killed was the person who received the package,” he said.

Mr Albayalde said there was no signs that the blasts were terrorist attacks.

“We do not want to speculate but it’s possible this is a gang war,” he said. “We do not see any indication that this is a terror attack.”

The other explosion in Quiapo just over a week ago, which occurred as Southeast Asian leaders were meeting for a summit a few kilometres away, injured 14 people.

ISIL said it had carried out the April 28 explosion, but police insisted it was not a terrorist attack, nor was it related in any way to the gathering of political leaders.

Police said the April explosion involved a home-made pipe bomb and was carried out by people involved in a private grievance. They said one person had been arrested over that attack.

Militants who have pledged allegiance to ISIL are based in the southern Philippines. The Abu Sayyaf group, which is most infamous for kidnapping foreigners and killing them if ransoms are not paid, was blamed for the bombing of a ferry in Manila Bay in 2004 that killed more than 116 people.

*Agence France-Presse

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Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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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2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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