(French soldiers stand guard at a checkpoint near Bangui Airport, Central African Republic. Issouf Sanogo / AFP
(French soldiers stand guard at a checkpoint near Bangui Airport, Central African Republic. Issouf Sanogo / AFP
(French soldiers stand guard at a checkpoint near Bangui Airport, Central African Republic. Issouf Sanogo / AFP
(French soldiers stand guard at a checkpoint near Bangui Airport, Central African Republic. Issouf Sanogo / AFP

France to send 1,000 troops to Central African Republic


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PARIS // France will send 1,000 troops to Central African Republic to keep growing chaos at bay, the defence minister said Tuesday, announcing his country’s second military foray into a troubled former colony this year.

The confirmation from defence minister Jean-Yves Le Drian came a day after a top UN official warned of mass atrocities and possible civil war in one of the world’s poorest countries, which has been in turmoil since rebel groups joined forces in March and overthrew the president. The rebels have been accused by rights groups of committing scores of atrocities including killings, rapes and conscription of child soldiers.

“It’s in collapse and we cannot have a country fall apart like that. There is the violence, massacres and humanitarian chaos that follow a collapse,” Le Drian told Europe 1 radio. “It will be a short mission to allow calm and stability to return.”

France has about 2,800 troops in Mali, an operation that began after rebels and Al Qaeda-linked militants moved to take over the capital last winter, but Le Drian dismissed any comparisons between the two missions.

“In Mali there was an attack of jihadists, terrorists who wanted to transform Mali into a terrorist state. This is a collapse of a country with a potential for religious clashes,” he said. “France has international responsibilities.”

France will accompany an African force of troops from neighboring countries, in a mission expected to last about six months, Le Drian said.

In a briefing Monday to the Security Council, UN deputy secretary-general Jan Eliasson said that the situation in the Central African Republic was deteriorating so rapidly – with the country becoming “a breeding ground for extremists and armed groups” and never-before-seen sectarian violence between Muslims and Christians – that a UN peacekeeping force may soon be the only option.

Associated Press

How to get there

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Rating: 4/5

Stree

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Ashes 2019 schedule

August 1-5: First Test, Edgbaston

August 14-18: Second Test, Lord's

August 22-26: Third Test, Headingley

September 4-8: Fourth Test, Old Trafford

September 12-16: Fifth Test, Oval

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Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.

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Four stars

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.”