At least three soldiers killed in India-China clash
At least three Indian soldiers, including a senior army officer, have been killed in a confrontation with Chinese soldiers along a disputed frontier high in the Himalayas, the Indian army said on Tuesday.
Thousands of troops on both sides have been facing off in the area for more than a month. China is thought to have also lost soldiers in the confrontation, but has not released any official figures.
The army said a “violent faceoff” took place in Galwan valley in the Ladakh region on Monday night “with casualties on both sides.”
“The loss of lives on the Indian side includes an officer and two soldiers,” it said. “Senior military officials of the two sides are currently meeting at the venue to defuse the situation.”
North Korea blows up inter-Korean liaison office near border with South
North Korea blew up an inter-Korean liaison office on its side of the border on Tuesday, after days of increasingly virulent rhetoric from Pyongyang.
The demolition came after Kim Yo Jong - the powerful sister of North Korean leader Kim Jong-un - said at the weekend the "useless north-south joint liaison office" would soon be seen "completely collapsed".
Footage of the explosion released by Seoul's presidential Blue House showed a blast rolling across several buildings just across the border in Kaesong, with a nearby tower partially collapsing as clouds of smoke rose into the sky.
Analysts say Pyongyang may be seeking to manufacture a crisis to increase pressure on Seoul while nuclear negotiations with Washington are at a standstill.
After an emergency meeting, the National Security Council said it would "react strongly" if Pyongyang "continues to take steps that aggravate the situation".
"All responsibility for repercussions stemming from this action falls squarely on the North," it added.
UN rights experts condemn Israel's annexation plan and US support
UN human rights experts said on Tuesday that Israel's plan to annex significant parts of the occupied West Bank would violate international law banning the taking of territory by force, and urged other countries to actively oppose it.
A joint statement, signed by nearly 50 independent experts, voiced dismay at US support for Prime Minister Benjamin Netanyahu's "unlawful" plan to extend sovereignty, de facto annexation of land that the Palestinians seek for a state.
"The annexation of occupied territory is a serious violation of the Charter of the United Nations and the Geneva Conventions, and contrary to the fundamental rule affirmed many times by the United Nations Security Council and General Assembly that the acquisition of territory by war or force is inadmissible," it said.
"What would be left of the West Bank after annexation of about 30 per cent would amount to a "Palestinian Bantustan", it said.
There was no immediate reaction from the government of Mr Netanyahu, who has set July 1 as the date to begin advancing his plan to annex Israel's settlements and the Jordan Valley in the occupied West Bank, hoping for a green light from Washington.
US President Donald Trump has unveiled a peace plan that includes Israel keeping its settlements and the Palestinians establishing a state under stringent conditions.
Palestinians have rejected the proposal and voiced outrage at Israel's proposed annexation.
Africa urges UN probe of US 'systemic racism' and police violence
African countries are pushing for the UN's top rights body to launch a high-level investigation into "systemic racism" and police violence in the United States and beyond, according to a draft resolution seen on Tuesday.
The text was being circulated to diplomats for consultations ahead of a so-called urgent debate on the topic at the Geneva-based United Nations Human Rights Council on Wednesday.
The debate was called for following unrest in the United States and elsewhere over George Floyd's death in police custody.
In the draft resolution, the African group strongly condemns "continuing racial discriminatory and violent practices perpetrated by law enforcement agencies against Africans and people of African descent and structural racism endemic to the criminal justice system, in the United States of America and other parts of the world recently affected."
The draft resolution, which could still be revised before it is tabled later Tuesday, calls for the establishment of an independent international commission of inquiry (COI) - one of the UN's highest-level probes, generally reserved for major crises like the Syrian conflict.
The commission, the text said, should "establish facts and circumstances related to the systemic racism, alleged violations of international human rights law and abuses against Africans and of people of African descent in the United States" and elsewhere by law enforcement agencies, especially those incidents that resulted in the deaths.
The aim, it said, should be "bringing perpetrators to justice."
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.”
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
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The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
