From Pompeo's Israel visit to ISIS investigations: non-coronavirus news you may have missed


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Pompeo Israel visit: US Secretary of State lands for talks

US Secretary of State Mike Pompeo landed in Israel on Wednesday morning for talks on regional security and the country's controversial plans to annex parts of the occupied West Bank.

In a rare foreign trip during the coronavirus pandemic, Mr Pompeo is to meet Prime Minister Benjamin Netanyahu and incoming defence minister Benny Gantz, a day before a unity government is scheduled to be sworn in.

Ahead of the meeting, Mr Pompeo, speaking from Jerusalem, slammed Iran for "using the ayatollah regime's resources to foment terror across the world" even as its people face the Middle East's deadliest coronavirus outbreak.

ISIS war crimes investigators in Iraq get boost from mobile phone data

Mobile phone records have given UN investigators looking at ISIS war crimes in Iraq a major boost, the body’s annual report to the security council said this week.

Authored by Karim Asad Ahmad Khan, the team’s fourth annual report said that “there has been “significant progress in the identification and the recovery of new evidence”. Presented to the security council on Monday and seen by AFP news agency on Tuesday, Mr Khan’s team attributed the gains to increased co-operation with Iraqi authorities in its mission to “obtain recordings of call data” of mobile phones from Iraqi companies.

The collaboration enabled the collection of data from mobile phones, SIM cards and electronic storage used by ISIS, said the UN team leader.

Pompeo urges Kabul and Taliban co-operation after 'appalling' attack

US Secretary of State Mike Pompeo on Tuesday urged the Afghan government and Taliban to co-operate after deadly attacks on a maternity hospital and a funeral hurt prospects of ending the war.

Mr Pompeo called the twin assaults appalling but said the Taliban, who signed a February 29 accord with the US in his presence in Qatar, denied carrying them out.

“The United States condemns in the strongest terms the two horrific terrorist attacks in Afghanistan today,” he said. “During the holy month of Ramadan and amid the threat of Covid-19, these dual attacks are particularly appalling."

Russia and China boycott UN Security Council meeting on Syria

Russia and China on Tuesday boycotted what Moscow called an "unacceptable" closed-door video conference of the UN Security Council on chemical weapons in Syria.

Russia's UN ambassador, Vassily Nebenzia, later said Moscow wanted the discussion to be open.

"Regrettably, our western partners and their allies insisted on holding this meeting behind closed doors in an informal setting, despite the slogans of openness and transparency of the Security Council," Mr Nebenzia 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.”

UAE currency: the story behind the money in your pockets
Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

COMPANY%20PROFILE
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Silent Hill f

Publisher: Konami

Platforms: PlayStation 5, Xbox Series X/S, PC

Rating: 4.5/5