UK warship carries out 'lion's share' of anti-ISIS operations in Iraq


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UK military commanders said Britain's newest aircraft carrier, HMS Queen Elizabeth, has taken on the "lion's share" of operations against ISIS in Iraq.

In the first posting of the 65,000-tonne carrier, commanders said the ship attracted the interest of Russian warplanes.

“At the moment, we’re taking on the lion’s share of that operation over Iraq, which is a fantastic feather in our cap," said Commodore Steve Moorhouse, aboard carrier in the Eastern Mediterranean Sea.

Cdre Moorhouse said the Eastern Mediterranean had become more “congested and contested” because of Russia’s military presence in Syria.

“We’re rubbing up against Russian activity, not in a dangerous or aggressive manner, but you’ve just got other people out here playing in what is a fixed piece of water and airspace,” he said.

Cdre Moorhouse said a Russian warship came within 10 kilometres of the carrier.

He said Russian, British and US pilots had a “healthy respect for one another” and their conduct had been “absolutely professional” since the aircraft carrier started anti-ISIS operations on June 18.

"But there is a reality when you buy yourself a fifth-generation aircraft carrier and you take it around the world," Cdre Moorhouse said. "People are interested in it."
Capt James Blackmore, who commands the eight F-35 jets and 10 helicopters on the vessel, said British and Russian pilots had come within visual distance of each other.

“It’s that cat-and-mouse posturing. It’s what we expect in this region of world,” Capt Blackmore said.

HMS Queen Elizabeth is seen in the Mediterranean Sea. AP Photo
HMS Queen Elizabeth is seen in the Mediterranean Sea. AP Photo

He said it was the first time F-35s were used in the Eastern Mediterranean.

“So, of course Russia wants to look at what they’re like," Capt Blackmore said. "They want to look at what our carriers are like."

Meanwhile, UK Foreign Secretary Dominic Raab arrived in South-East Asia for a three-day visit to Vietnam, Cambodia and Singapore for talks on trade, defence and security.

The Foreign Office said Mr Raab's visit came "at a time of growing defence and security co-operation with the region".
"The UK is committed to strengthening our friendship across the Indo-Pacific," Mr Raab said.

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.”

How Alia's experiment will help humans get to Mars

Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.

Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.

After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.

Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.

It also means that the first DNA experiments using human genomes can now be carried out on the ISS.

 

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