A body bag lies on a beach in Zwara, western Libya, where bodies of migrants begn washing up on June 2, 2016. Officials said on June 3 that the number of bodies found had reached 117. Mohame Ben Khalifa / EPA
A body bag lies on a beach in Zwara, western Libya, where bodies of migrants begn washing up on June 2, 2016. Officials said on June 3 that the number of bodies found had reached 117. Mohame Ben KhaliShow more

Bodies of more than 110 migrants found off Libyan coast



ATHENS // More than 110 bodies of migrants were pulled from the sea off Libya on Friday, while nine others drowned and 340 were rescued after a boat carrying illegal migrants sank south of Crete.

The Libyan Red Crescent said at least 117 bodies – 75 women, six children and 36 men – were recovered near the western city of Zwara and the death toll was expected to rise.

All but a few were from African countries, said spokesman Mohammed Al Mosrati.

Authorities are still not certain when or how the people died. Col Ayoub Gassim of the Libyan navy said coast guards found an empty boat drifting on Thursday, adding it was possible the vessel had capsized a day earlier.

Mr Al Mosrati said the bodies were not “decomposed and therefore have drowned within the past 48 hours”. He said the boat that was found might have been the one carrying the victims. But strong winds and currents can push bodies from one place to the other, he said, making it difficult for authorities to determine where the tragedy occurred.

Meanhile, Greek authorities said a roughly 25-metre vessel resembling a large fishing boat was spotted half-sunk about 75 nautical miles south of Crete in international waters, triggering a massive search-and-rescue operation involving helicopters, aircraft, patrol boats and passing merchant ships.

Most of the survivors were picked up by the Norwegian-flagged Clipper Hebe tanker and were being taken to the Sicilian port of Augusta in Italy. Others were to be taken to Egypt and Malta. The Greek coast guard said the operation was continuing to search for any missing passengers.

“The information we have on the number of people on board the vessel is still unclear – we’ve heard that there were 400 or 500 people on board, but we cannot confirm that number,” said spokesman Nikos Lagadianos said. “There is a huge rescue effort under way.”

The sinking is the latest known disaster to strike for refugees and migrants hoping to find better lives in Europe, and comes after more than 1,000 people drowned since May 25 while attempting the perilous journey across the sea from North Africa to Europe’s southern shores.

As traffickers take advantage of the improving weather, officials say it is impossible to know how many unseaworthy boats are being launching daily from Libya to Europe – and how many never reach their target. A host of naval operations in the southern Mediterranean, coordinated by Italy, have been stretched just responding to the disasters they do hear about.

Aid officials say the last two weeks have been especially deadly because smugglers are using riskier tactics, bigger boats and even less-seaworthy vessels than ever before.

Frederico Soda, who heads International Organisation for Migration’s Mediterranean office in Rome, said the increase in those making the deadly crossing was due “in part, to better weather, and in part to the use of bigger wooden boats that can carry more people than the rubber boats” used last year.

William Spindler, a spokesman for the UN refugee agency, noted new and far riskier tactics being used by traffickers. He said until last week he had never heard of smugglers using an overloaded boat carrying hundreds of people to tow another vessel packed with hundreds more that lacked an engine. In the incident on May 26, the second boat capsized, drowning what his agency estimated was around 550 migrants.

* Associated Press

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

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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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One in four Americans don't plan to retire

Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.

Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.

According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.

According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.

For many, money has a lot to do with the decision to keep working.

"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."

When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared. 

"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.

She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.