BELGRADE // The US secretary of state said on Thursday that ISIL can be defeated within “months” of a ceasefire between Syria’s government and moderate rebels.
Speaking in Belgrade at a security event, John Kerry urged the world to come together behind a peace strategy recently hashed out by the United States, Russia and other countries.
Meanwhile, the UK became more involved in the fight against ISIL yesterday, with British warplanes hitting oilfields in eastern Syria used to fund the extremist group. The strikes came hours after British lawmakers voted 397 to 223 to support prime minister David Cameron’s plan to extend air strikes from Iraq to Syria.
“There are plenty more of these targets throughout eastern, northern Syria which we hope to be striking in the next few days and weeks,” defence secretary Michael Fallon said.
The British contribution forms only a tiny part of US-led “Operation Inherent Resolve”, which has been bombing ISIL targets in both Iraq and Syria for more than a year with hundreds of aircraft. The strikes have so far failed to dislodge the militants from a swathe of territory they have captured, although Washington and its allies say they have helped halt the fighters’ advance.
Although the British vote adds negligible new military capability to the coalition – a total of 16 UK warplanes will be available to bomb ISIL in Syria – it has taken on disproportionate political and diplomatic significance after gunmen and bombers killed 130 people last month in Paris. Following the attacks, France called for solidarity from Europe’s other main military power in expanding military action.
Britain will bring extra precision firepower to the Syria air campaign but its participation will be no game-changer, according to experts.
“It will not make a big operational difference,” said Malcolm Chalmers, research director at the Royal United Services Institute (Rusi), a think tank.
Julian Lewis, the Conservative chairman of the Commons defence select committee, said: “The difference the UK can make by joining the bombing effort to the challenge of eliminating IS will be highly marginal”.
Before the vote, the UK’s Akrotiri base in Cyprus had eight Tornado jets and 10 MQ-9 Reaper drones, two of which took part in a one-off mission to kill two British militants in Syria in September.
This force was bolstered on Thursday by two additional Tornado jets and six newer-built Typhoon fighters.
Nevertheless, this does not make a large difference to the combined firepower of the anti-ISIL coalition, according to Justin Bronk, a research analyst in military sciences at Rusi.
“Extending the current British combat air power contingent committed against Daesh in Iraq to cover Syria too will not make a very significant difference to the coalition,” Mr Bronk said.
Mr Kerry said air power alone won’t be enough to defeat the extremists. The campaign will require ground forces, too, he said at the meeting in Belgrade of the Organisation for Security and Cooperation in Europe (OSCE). He later specified that those would be local Syrian and Arab boots on the ground, not Western troops.
The US secretary of state has been spearheading international efforts to broker an end to fighting between Syrian president Bashar Al Assad’s government and moderate opposition forces, and a political transition process involving elements of each side. The thinking is that peace between the government and moderates would allow the international community to focus military efforts exclusively on defeating ISIL, Al Qaeda’s Syria affiliate and other extremist groups.
Iran and Saudi Arabia have endorsed the process. Iran, along with Russia, is Mr Al Assad’s biggest backer. Saudi Arabia and other Arabian Gulf countries have provided much of the assistance to the rebels.
Diplomats hope to start direct discussions between Syria’s government and the opposition in the next few weeks. Mr Kerry said a political transition would be a boon for everyone, allowing ISIL to be “eliminated within a matter of months.”
A new round of international talks on ending the war will be held in New York, UN scretary-general Ban Ki-moon said on Thursday. Diplomats said the talks were likely to be held on December 18.
The four-year-old civil war in Syria has killed 250,000 people and driven 11 million from their homes.
Also on Thursday, ISIL posted online a gruesome video showing six of its child soldiers killing Syrian security forces held captive by the extremists.
Titled “To the Sons of Jews,” the slickly-produced video shows dozens of boys, who appeared to be about 10 years old, studying religious texts and learning hand-to-hand combat.
Six of the boys are chosen by their instructor to “send a message” to ISIL’s opponents by executing security forces held by the group.
The group’s “Cubs of the Caliphate” programme provides military and religious training to children in the areas of Syria under its control.
* Agencies
ENGLAND SQUAD
Goalkeepers Pickford (Everton), Pope (Burnley), Henderson (Manchester United)
Defenders Alexander-Arnold (Liverpool), Chilwell (Chelsea), Coady (Wolves), Dier (Tottenham), Gomez (Liverpool), James (Chelsea), Keane (Everton), Maguire (Manchester United), Maitland-Niles (Arsenal), Mings (Aston Villa), Saka (Arsenal), Trippier (Atletico Madrid), Walker (Manchester City)
Midfielders: Foden (Manchester City), Henderson (Liverpool), Grealish (Aston Villa), Mount (Chelsea), Rice (West Ham), Ward-Prowse (Southampton), Winks (Tottenham)
Forwards: Abraham (Chelsea), Calvert-Lewin (Everton), Kane (Tottenham), Rashford (Manchester United), Sancho (Borussia Dortmund), Sterling (Manchester City)
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
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.”
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The White Lotus: Season three
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Rating: 4.5/5
Company%20Profile
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Monday's results
- UAE beat Bahrain by 51 runs
- Qatar beat Maldives by 44 runs
- Saudi Arabia beat Kuwait by seven wickets
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