Students protesters at a demonstration in Madrid. The students are protesting government cuts in education. The main banner reads, "Education system: They privatize it to trick us".
Students protesters at a demonstration in Madrid. The students are protesting government cuts in education. The main banner reads, "Education system: They privatize it to trick us".
Students protesters at a demonstration in Madrid. The students are protesting government cuts in education. The main banner reads, "Education system: They privatize it to trick us".
Students protesters at a demonstration in Madrid. The students are protesting government cuts in education. The main banner reads, "Education system: They privatize it to trick us".

Spain's 'indignant' youth take to the streets in austerity protest


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MADRID // Spain's "indignants" take to the streets in 80 cities and towns Saturday to decry economic injustice in a show of strength one year after their birth shook the political establishment.

But the authorities have vowed to stop them camping in Madrid's central Puerta del Sol, the cradle of their popular movement against spending cuts, inequality, bankers and sky-high unemployment.

The marches on Saturday will launch a four-day protest that will end on May 15, the anniversary of the movement's birth -- a date that led them to being dubbed 15-M.

The movement, which relies heavily on online social networks to campaign and organise, has inspired similar protests from London to the United States' Occupy Wall Street.

This time, Spaniards have even more to protest: a recession, unemployment at 24.4 percent, and 52 percent for the young, and more than 30 billion euros ($39 billion) in austerity measures so far this year.

In Madrid, several columns of protesters plan to march separately on the city centre from all directions and then converge on Puerta del Sol.

The conservative government has issued a permit for the "indignants" to use the Puerta del Sol for a five-hour assembly Saturday and for 10 hours on each of the following three days.

The permit says they must wrap up their activities in the square on Saturday by 10:00 pm (2000 GMT).

But the activists' plans published online call for a minute of silence at midnight, and afterwards for the waving of "white handkerchiefs for the end of economic violence and wars."

Deputy Prime Minister Soraya Saenz de Santamaria said the government would ensure that the hours are respected.

"To stay in the square beyond those hours would be a violation of the law and of the rights of other citizens, and this government will ensure the law is respected," she told reporters after a weekly cabinet meeting.

Authorities insist they will not allow a repeat of last year's month-long sprawling encampment in Puerta del Sol that included everything from a canteen to a kindergarten and a library.

There will be enough police to enforce the law, the government's delegate in Madrid, Cristinia Cifuentes, said Saturday.

"They will ensure there are no encampments because those are illegal activities, you cannot camp in the centre of the city, and I am going to ensure the law is carried out," she told Europa Press news agency.

The "indignants" have staged overwhelmingly peaceful protests and neighbourhood assemblies since their camp at Puerta del Sol was dismantled on June 12 last year, but interest has tapered off.

"The movement has mutated, it is still there. What has happened is that it is not on the streets, it is online and in social networks," said Noelia Moreno, a former spokeswoman for the movement in Madrid.

"This is a long-distance race, no one can change an entire political system in one day or one year, it takes time," the 30-year-old unemployed video producer added.

Critics charge that beyond staging rallies, the movement has had little impact.

Antonio Alaminos, sociology professor at Alicante University, said the "indignants" had failed to organise and were left expressing a discontent born from social and economic malaise without a concrete idiology.

"The result: lots of small relatively disconnected groups that no longer form a social movement," he said.

Fermin Bouza, sociology professor at Madrid's Complutense University, said the movement "oscillates between two extremes, the utopian and pragmatic," and should "agree to form a solid movement, capable of regaining some popularity and be useful to all."

"As it is not a political party, they don't have limits to their dreams, but this is a double-edged sword," he added.

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
India squad

Virat Kohli (captain), Rohit Sharma, Mayank Agarwal, K.L. Rahul, Shreyas Iyer, Manish Pandey, Rishabh Pant, Shivam Dube, Kedar Jadhav, Ravindra Jadeja, Yuzvendra Chahal, Kuldeep Yadav, Deepak Chahar, Mohammed Shami, Shardul Thakur.

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.”

The Freedom Artist

By Ben Okri (Head of Zeus)

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5