American Jews in Brooklyn discuss the Israeli offensive against Hamas.
American Jews in Brooklyn discuss the Israeli offensive against Hamas.
American Jews in Brooklyn discuss the Israeli offensive against Hamas.
American Jews in Brooklyn discuss the Israeli offensive against Hamas.

American Jews rally around flag


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NEW YORK // Abraham Fayzakov, a street vendor in the Jewish neighbourhood of Borough Park in Brooklyn, knew exactly who to blame for the carnage in the Gaza Strip. "The Arabs started this by throwing all the rockets, and the Jews have to fight back. Israel is no bigger than New Jersey, so what should we do? It's our land," said the 18-year-old who is from Uzbekistan. A small crowd of ultra-Orthodox Jews, dressed in distinct black suits and hats, soon gathered around Mr Fayzakov's stall, where he sells batteries and mobile phone chargers. No one else expressed agreement with his views on Arabs, but they all said the Israeli bombing of the Gaza Strip was justified by the need to protect its Jewish population from rockets launched by Hamas. They also said they believed the majority of the Palestinians killed were Hamas fighters and that Israel was doing all it could to prevent civilian deaths. "It's very stupid to send rockets instead of talking. This [operation] isn't against all the Arabs, especially now when it's Hanukkah," said Eliezer Kint, referring to the Jewish Festival of Lights that ended yesterday. "The Israelis are smart enough and have the intelligence to get at the terrorists." "We love everyone, but we've got to protect ourselves," said Yaacov Shurin, an Israeli who was visiting New York. "We're fighting against terrorism." Mr Shurin belongs to the Satmar movement, which, like Naturei Karta, another ultra-Orthodox community, is anti-Zionist and perceives Israel to have been born in sin. Other ultra-Orthodox movements are more accommodating with Israeli institutions, but all believe only the Messiah, not man, can create a state of Israel. The ultra-Orthodox rarely follow politics and those who live in Israel are exempt from army conscription. Regardless of their religious differences, Jews in New York and elsewhere quickly unite when they think their brethren are in danger, Mr Fayzakov said. "The rabbi in the synagogue next door made a special prayer to help Jews in Israel," he said. About two million Jews live in New York City, making it the biggest Jewish city in the world. Tel Aviv and Jerusalem are much smaller. New York did not see any big pro-Palestinian demonstrations such as those in London and Paris last weekend. Although opinion polls show that American Jews make up one of the most liberal communities in the United States, few are comfortable with public criticism of Israel, particularly when it is perceived to be in trouble. J Street, a liberal lobbying group in Washington, was one of the few US Jewish groups to call on Israel to stop its military operations in Gaza. "American politicians are already hearing from those who see only one side," Isaac Luria, J Street's online director, said in an appeal for US Jews to sign a petition calling for a ceasefire in Gaza. "We know that many policy makers agree with us privately, but hesitate to express their views publicly because they hear only from the partisan extremes. This is our moment to show that there is real political support for shedding a narrow us-versus-them approach to the Middle East." In the Arab-American neighbourhood of Astoria in Queens, people were following the events in Gaza with more animation but also a sense of resignation. Few expected the United States or United Nations to stop Israel and many deplored a lack of Arab unity. "Arab countries only make excuses. They say they support the Palestinians, but only talk and do nothing," said Pierre Vartabedian, an Armenian who grew up in Syria and Lebanon. "Here in the US, the media is one-sided and if you say anything against Israel, they call it anti-Semitism." His friend, Nabil Ibrahim, who is Lebanese and the manager of the Layali Beirut coffee shop, pointed out that Tzipi Livni, the Israeli foreign minister and leader of the ruling Kadima party, went to Cairo last week to meet Hosni Mubarak, the Egyptian president, just before the Gaza operation began. "Livni told Egypt, Saudi Arabia and the US what was going to happen," he said. "On the other side, it wasn't good to send the rockets. All that's happening will damage both sides. They will end up in pieces, not peace." Few Arab-Americans in Astoria expressed any support for Hamas and its tactics, but those interviewed said Israel was acting disproportionately with little regard for civilian casualties. "Israel is doing what we call terrorism by the state and will kill everybody, women, babies, old people," said Azeddine Sbai, who is from Morocco. "I want to go there and do something, but violence only brings more violence and I don't know what I would do. I feel the UN is not being fair about what is happening over there. I think the Arab states should resign from the UN." The UN Security Council issued a unanimous statement on Sunday expressing serious concern at the escalation of the situation in Gaza and called for an immediate halt to all violence. But the statement issued after a closed meeting in New York made no specific reference to Hamas rocket attacks or to the Israeli bombing. Meanwhile, the Arab League postponed an emergency meeting that was to have worked out a common response to Israel's actions. "If the Arabs were united, Israel wouldn't be able to do anything," said Osama Abdullah, who is from Egypt, which is one of only two Arab countries to have signed a peace treaty with Israel. "I'm not against the peace treaty, but if we Arab people united, then Israel would have to stop." sdevi@thenational.ae

War and the virus
The Details

Kabir Singh

Produced by: Cinestaan Studios, T-Series

Directed by: Sandeep Reddy Vanga

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa

Rating: 2.5/5 

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.”

The specs

AT4 Ultimate, as tested

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Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
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  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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