Anti-poverty campaigners had planned to float the inflatable down the River Clyde as Cop26 took place. PA
Anti-poverty campaigners had planned to float the inflatable down the River Clyde as Cop26 took place. PA
Anti-poverty campaigners had planned to float the inflatable down the River Clyde as Cop26 took place. PA
Anti-poverty campaigners had planned to float the inflatable down the River Clyde as Cop26 took place. PA

Police at Cop26 seize inflatable 'Loch Ness Debt Monster'


Jamie Prentis
  • English
  • Arabic

Police in Scotland have seized an inflatable Loch Ness monster that anti-poverty campaigners had planned to float down a Glasgow river as Cop26 took place.

Jubilee Debt Campaign said the "Loch Ness Debt Monster" represented the growing threat of climate-debt burdens for low-income countries.

“The debt crisis facing lower-income countries has been excluded from debate at Cop26 and now police have prevented the Loch Ness Debt Monster from highlighting this fundamental issue,” said Eva Watkinson of the Jubilee Debt Campaign.

“Lower-income countries’ unsustainable debt is preventing them from fighting the climate crisis. And when climate disasters hit, countries are pushed into further debt to pay for reconstruction.

“Rich, polluting countries created the climate crisis and should take responsibility by cancelling the debts of countries that need it and ensuring climate finance is given in grants, not more loans.”

  • Rishi Sunak, Britain’s Chancellor of the Exchequer, holds his green box at the Cop26 summit in Glasgow, before a meeting a group of finance ministers. PA
    Rishi Sunak, Britain’s Chancellor of the Exchequer, holds his green box at the Cop26 summit in Glasgow, before a meeting a group of finance ministers. PA
  • Indigenous leaders in ceremonial dress gather at the McLennan Arch in Glasgow Green to march to the Scottish Event Campus in Glasgow, announcing their arrival at the Cop26 summit. PA
    Indigenous leaders in ceremonial dress gather at the McLennan Arch in Glasgow Green to march to the Scottish Event Campus in Glasgow, announcing their arrival at the Cop26 summit. PA
  • Rishi Sunak delivers a speech to Cop26 delegates. Getty Images
    Rishi Sunak delivers a speech to Cop26 delegates. Getty Images
  • Police officers guarding an inflatable Loch Ness Monster at Govan Dry Dock after it was seized in a dawn raid in Glasgow. PA
    Police officers guarding an inflatable Loch Ness Monster at Govan Dry Dock after it was seized in a dawn raid in Glasgow. PA
  • Police and demonstrators at a Extinction Rebellion protest on Buchanan Street, during the Cop26 summit in Glasgow. PA
    Police and demonstrators at a Extinction Rebellion protest on Buchanan Street, during the Cop26 summit in Glasgow. PA
  • Mark Carney, the former Bank of England governor, speaks to a TV crew at the summit. PA
    Mark Carney, the former Bank of England governor, speaks to a TV crew at the summit. PA
  • A quote from a message delivered by Britain's Queen Elizabeth to the Cop26 Summit taking place in Glasgow is displayed at Piccadilly Circus in London. AFP
    A quote from a message delivered by Britain's Queen Elizabeth to the Cop26 Summit taking place in Glasgow is displayed at Piccadilly Circus in London. AFP
  • Alok Sharma, president of Cop26, makes his point. AP Photo
    Alok Sharma, president of Cop26, makes his point. AP Photo
  • Indigenous Amazon delegate Romancil Gentil Kreta wears a Cop26 branded face mask. Reuters
    Indigenous Amazon delegate Romancil Gentil Kreta wears a Cop26 branded face mask. Reuters
  • Delegates arrive for another day at the summit in Glasgow. AP Photo
    Delegates arrive for another day at the summit in Glasgow. AP Photo
  • US Treasury Secretary Janet Yellen delivers a speech at the opening of Finance Day at Cop26. AFP
    US Treasury Secretary Janet Yellen delivers a speech at the opening of Finance Day at Cop26. AFP

On Wednesday campaigners held signs that read “drop the debt monster” and “climate justice now” as finance ministers met in Glasgow.

“Officers seized a large inflatable due to be launched on the River Clyde as it breached the maritime restrictions in place to maintain public safety and security close to the Cop26 venue,” said police.

In a separate protest on Wednesday, police said they made two arrests after several officers were assaulted when they were sprayed with paint in Glasgow city centre.

"We will provide a proportionate policing response to any protest and violence will not be tolerated. Assaults on officers, who put their safety at risk every day to keep the public safe and have adopted a facilitative and rights-based approach to protest, is totally unacceptable," said Gary Ritchie of Police Scotland.

"The protests have caused some delay with travel through the city centre and officers remain on scene."

A series of protests have already taken place during Cop26, which began on Sunday, but demonstrations expected to escalate at the weekend.

As many as 100,000 people are expected to descend on Glasgow for a variety of protests.

Some 50,000 people will march through the city on Saturday as part of a Global Day of Action for Climate Justice, with similar rallies planned across the UK. Swedish activist Greta Thunberg will take part in a youth-led walk on Friday, with 8,000 people set to take part.

Road closures, traffic disruption, security concerns and long waits for delegates trying to gain entry have marked the first few days of the climate conference.

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.”

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20OneOrder%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20March%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Tamer%20Amer%20and%20Karim%20Maurice%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E82%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Series%20A%3C%2Fp%3E%0A
Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Updated: November 03, 2021, 4:04 PM