Spain's Telecinco television channel revealed a series of mobile phone messages written by Mr Puigdemont in which he says it's likely all over for him. AFP/LLUIS GENE
Spain's Telecinco television channel revealed a series of mobile phone messages written by Mr Puigdemont in which he says it's likely all over for him. AFP/LLUIS GENE
Spain's Telecinco television channel revealed a series of mobile phone messages written by Mr Puigdemont in which he says it's likely all over for him. AFP/LLUIS GENE
Spain's Telecinco television channel revealed a series of mobile phone messages written by Mr Puigdemont in which he says it's likely all over for him. AFP/LLUIS GENE

Puigdemont denies he’s giving up after phone message leak


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Fugitive former Catalan leader Carles Puigdemont denied Monday he was giving up the fight for re-election as regional president following the publication of text messages in which he reportedly said the Spanish government had won the battle in Catalonia.

In a tweet on Wednesday, Mr Puigdemont, who fled to Belgium months ago and faces arrest should he return to Catalonia or Spain, said he was “human and there are times that I also doubt.” But he added that he was president “and I won’t cower or step back”, adding “We continue!”

He was apparently reacting to a Spanish television channel’s publication of images showing private phone messages he allegedly sent Tuesday to a fellow fugitive lawmaker, Toni Comin, saying the battle was over and that he had been sacrificed by his allies.

On Tuesday, the Catalan parliament postponed indefinitely a session in which Mr Puigdemont was due to be re-elected president of the region.

The postponement left the pro-Catalan independence camp in disarray and the appointment of a president and formation of a new regional government uncertain.

The Spanish government seized control of the Catalonia region in late October, and called new Catalan elections in a bid to quell the region’s illegal independence drive.

Mr Puigdemont was re-elected as lawmaker in December. Spain's top court ruled recently that he could only be re-elected as president if physically present in the Parliament in Barcelona and must first obtain court permission.

Spain’s Telecinco published the phone text messages Wednesday, saying they were obtained when Mr Comin was seen checking his phone during the filming of an event.

In his tweet, Mr Puigdemont did not mention the messages but wrote: “I am a journalist and I have always understood that there are limits, such as privacy, which should never be violated.”

Spanish Deputy Prime Minister Soraya Saenz de Santamaria said “the time had come to accept publicly what is said privately”. She called on the Catalan Parliament Speaker to start contacts with regional parties to choose a new candidate.

Mr Comin, one of four ex-Catalan ministers who fled to Brussels with Mr Puigdemont, warned on Twitter he may take legal action over the publication of the messages, adding that “any message devoid of its context always loses its meaning.”

The text messages appear to have been sent around the same time on Tuesday that Mr Puigdemont’s camp aired a video of him reacting to the Parliament postponement. He said he was standing firm and called on pro-independence lawmakers to remain unified in re-electing him.

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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Price: expected to start at Dh1,432,000

MATCH INFO

Schalke 0

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Man of the match Leonardo Bittencourt (Werder Bremen)

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching

MATCH INFO

Uefa Champions League last-16, second leg:

Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')

Ajax win 5-3 on aggregate

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An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.

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Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

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Entrance is free

Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.