Migrants sleep on the road near the Moria refugee camp on the north-eastern island of Lesbos, Greece, on September 10, 2020 after a fire destroyed their dwellings. AP Photo
Migrants sleep on the road near the Moria refugee camp on the north-eastern island of Lesbos, Greece, on September 10, 2020 after a fire destroyed their dwellings. AP Photo
Migrants sleep on the road near the Moria refugee camp on the north-eastern island of Lesbos, Greece, on September 10, 2020 after a fire destroyed their dwellings. AP Photo
Migrants sleep on the road near the Moria refugee camp on the north-eastern island of Lesbos, Greece, on September 10, 2020 after a fire destroyed their dwellings. AP Photo

Thousands without shelter after fire guts Greece migrant camp


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Thousands of migrants slept rough on the Greek island of Lesbos on Thursday after a blaze razed their makeshift camp to the ground, sending them fleeing but with nowhere to go.

Families slept on roadsides and in supermarket parking lots and fields across the island, which was at the forefront of the European migrant crisis in 2015-2016.

There had been about 12,500 people in the camp. Tuesday night's inferno at Moria sent thousands fleeing, reducing a camp notorious for its poor living conditions to a mass of smouldering steel and melted tent tarpaulin.

A second fire broke out on Wednesday night, destroying whatever was left. Police reinforcements were brought in to prevent migrants from reaching the island's main town of Mytilene, confining them to fields and roadsides.

Eight-year-old Congolese girl Valencia, who was barefoot, gestured to a Reuters reporter that she was hungry and asked for a biscuit. "Our home burned, my shoes burned, we don't have food, no water."

Both she and her mother Natzy Malala, 30, who has a newborn infant, slept on the side of the road.

"There is no food, no milk for the baby," Ms Malala said.

The migration ministry said it would take "all necessary steps" to ensure that vulnerable groups and families had shelter, but these were expected to be met with stiff resistance from locals.

Authorities were already at loggerheads with locals over plans to replace Moria with a closed reception centre, which Lesbos residents fear would mean thousands of asylum seekers remaining their permanently.

Municipalities were at odds over the handling of the situation, said Costas Moutzouris, governor of the Northern Aegean. "There is no decision. It's up in the air," he told Reuters.

A government official who declined to be named said that sheltering migrants on boats was not a safe solution and was sending the wrong message to migrants who would want to leave Lesbos.

Authorities are investigating whether Tuesday night's fires were started deliberately after COVID-19 tests led to the isolation of 35 refugees.

All about the Sevens

Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales

HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia

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 LOWDOWN

Romeo Akbar Walter

Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher 

Profile of Tamatem

Date started: March 2013

Founder: Hussam Hammo

Based: Amman, Jordan

Employees: 55

Funding: $6m

Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media

Spec%20sheet
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EU Russia

The EU imports 90 per cent  of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil. 

Results:

CSIL 2-star 145cm One Round with Jump-Off

1.           Alice Debany Clero (USA) on Amareusa S 38.83 seconds

2.           Anikka Sande (NOR) For Cash 2 39.09

3.           Georgia Tame (GBR) Cash Up 39.42

4.           Nadia Taryam (UAE) Askaria 3 39.63

5.           Miriam Schneider (GER) Fidelius G 47.74

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Mobile phone packages comparison
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Company%20profile
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