A US soldier attends to a boy who was wounded in a bomb attack in Tikrit.
A US soldier attends to a boy who was wounded in a bomb attack in Tikrit.
A US soldier attends to a boy who was wounded in a bomb attack in Tikrit.
A US soldier attends to a boy who was wounded in a bomb attack in Tikrit.

Blasts kill at least 34 in Iraq


  • English
  • Arabic

BAGHDAD // Three blasts killed at least 34 Iraqis today, most of them in a suicide car bombing that struck a group of police recruits, officials said. It was one of the highest daily casualty tolls in recent months. Two of the bombs went off in Diyala province, which has been the site of much of the recent violence and a stronghold of Sunni insurgents. In the provincial town of Jalula, an assailant drove a car toward a building where new police recruits had assembled, said Col. Ahmed Mahmoud Khalifa, the local police chief. The car approached the building but was stopped by guards. The driver then detonated the explosives, the chief said. He said 25 people were killed and 40 wounded. Local police have been forming an emergency response force in the region, with each tribal sheik allowed to send a certain number of recruits. Yesterday was the last day of recruitment, and applicants came to the police centre today to check whether they had been accepted, Col. Khalifa said. After the blast, security forces imposed a curfew on Jalula, about 125 km northeast of Baghdad. Elsewhere in Diyala, a roadside bomb struck a van carrying a Sunni family near the town of Mandali along the Iranian border, said Col. Sarchal Abdul-Karim, a spokesman of Iraqi border guards in the area. Five members of the family were killed, including two women and two children, the spokesman said. The family was on the way to a religious shrine, the colonel added. Also today, a bomb planted in a parked car killed four people and wounded six, including three policemen, in the city of Tikrit north of Baghdad. The explosion went off during morning rush hour in a central street used by local government officials to go to work, said a police official who spoke on condition of anonymity because he is not authorised to speak to the media. Tikrit is Saddam Hussein's hometown and has been a hotbed of the Sunni insurgency since the 2003 ouster of the late Iraqi leader. But it has enjoyed relative quiet since violence levels significantly dropped during the past year in much of Iraq.

*AP

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. 

RESULTS

Welterweight

Tohir Zhuraev (TJK) beat Mostafa Radi (PAL)

(Unanimous points decision)

Catchweight 75kg

Anas Siraj Mounir (MAR) beat Leandro Martins (BRA)

(Second round knockout)

Flyweight (female)

Manon Fiorot (FRA) beat Corinne Laframboise (CAN)

(RSC in third round)

Featherweight

Bogdan Kirilenko (UZB) beat Ahmed Al Darmaki

(Disqualification)

Lightweight

Izzedine Al Derabani (JOR) beat Rey Nacionales (PHI)

(Unanimous points)

Featherweight

Yousef Al Housani (UAE) beat Mohamed Fargan (IND)

(TKO first round)

Catchweight 69kg

Jung Han-gook (KOR) beat Max Lima (BRA)

(First round submission by foot-lock)

Catchweight 71kg

Usman Nurmogamedov (RUS) beat Jerry Kvarnstrom (FIN)

(TKO round 1).

Featherweight title (5 rounds)

Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)

(TKO round 1).

Lightweight title (5 rounds)

Bruno Machado (BRA) beat Mike Santiago (USA)

(RSC round 2).

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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