These liberties inlcude free speech and the right to protest. Dale De La Rey/AFP Photo
These liberties inlcude free speech and the right to protest. Dale De La Rey/AFP Photo

Hong Kong protesters demand ‘real democracy’ from China



HONG KONG // Hundreds of thousands of protesters, some waving colonial-era flags and chanting anti-Beijing slogans, staged a pro-democracy march in rain-soaked Hong Kong on Tuesday.
Organisers say this could be the largest demonstration since the city was handed back to China in 1997.
The scale of the turnout reflects surging discontent over Beijing's insistence that it vet candidates before a vote in 2017 for the semi-autonomous city's next leader.
It comes after nearly 800,000 people voted in an informal referendum to demand a free electoral mechanism that allows voters to nominate candidates.
The poll irked Beijing, which slammed it as "illegal and invalid".
The route from the city's Victoria Park to the Central business district was a sea of umbrellas and banners such as "We want real democracy" and "We stand united against China".
Johnson Yeung, a rally organiser, said at least 300,000 protesters had joined the march by 7.45 pm local time.
Organisers expected a final attendance of over half a million, which would be a record for July 1 protests.
Police estimated 92,000 took part as of 7.30 pm but did not count protesters joining the march midway.
"There is a strong desire for genuine democracy that offers choice and competition without (political) vetting," said Anson Chan, a former official in Hong Kong who is now a pro-democracy activist.
The chairman of the Hong Kong post office union, who marched in the sweltering and muggy weather, said the city's government was kowtowing to Beijing.
"This march is not for us, it's for our children. Without universal suffrage there's no way to monitor the government," said Ip Kam-fu.
The city's Chief Executive Leung Chun-ying sought to strike a conciliatory note, saying his government would do its utmost to forge an agreement on implementing universal suffrage.
He offered no details on the 2017 election when he spoke at a flag-raising ceremony earlier Tuesday marking the 17th anniversary of the city's handover from Britain to China.
A handful of marchers pushed against police barricades but the rally was largely peaceful and a carnival atmosphere prevailed in several sections.
July 1 is a traditional day of protest in Hong Kong.
It marks the handover of the British colony to China in 1997 under a "One country, two systems" agreement which allows residents liberties not seen on the mainland – including free speech and the right to protest.
But there are heightened fears that those freedoms are being eroded.
Among other worries, there has been a series of attacks on media workers in recent months – including the stabbing of a liberal former newspaper editor – while pro-democracy media have complained of massive cyber-attacks.
Concerns increased in June when Beijing published a controversial "white paper" on Hong Kong's future that was widely seen as a warning to the city not to overstep the bounds.
A march on July 1, 2003, saw 500,000 people protest against a proposed national security bill, forcing the government to shelve it.
* Agence France-Presse

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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The biog

Name: Abeer Al Shahi

Emirate: Sharjah – Khor Fakkan

Education: Master’s degree in special education, preparing for a PhD in philosophy.

Favourite activities: Bungee jumping

Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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 to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
The specs

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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills