Gunmen kill 15 and wound dozens near Tahrir Square


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Iraq's top Shiite cleric said that a new prime minister must be chosen without foreign interference in an apparent nod to Iranian influence as gunmen killed at least 15 people near a Baghdad protest site on Friday.

Security and medical officials say at least two of the dead were policeman, killed when unidentified assailants opened fire on crowds of protesters from inside vehicles.

Iraqi officials said more than 60 others were wounded in the shooting in Baghdad’s Khilani Square, near the capital's main protest camp in Tahrir Square, a week after Iraqi prime minister Adel Abdul Mahdi said he would resign following two months of anti-government protests.

Grand Ayatollah Ali Al Sistani's comments followed reports that a senior Iranian commander had been in Baghdad this week to rally support for a new government that would continue to serve Shi'ite Iran's interests.

The influential cleric has repeatedly condemned the killing of unarmed protesters and has also urged demonstrators to remain peaceful and stop saboteurs turning their opposition violent.

Mr Al Sistani urged political leaders to abandon partisan politics in choosing a new head of government and said he would have no involvement in efforts to replace Mr Abdul Mahdi.

"We hope a new head of government and its members will be chosen within the constitutional deadline" of 15 days since the resignation was formalised in parliament on Sunday, Mr Al Sistani said in his Friday sermon read out by his representative in the city of Karbala.

"It must also take place without any foreign interference," he said.

Mr Abdul Mahdi pledged to step down last Friday after Mr Al Sistani urged parliament to reconsider their support for the government following two months of anti-establishment protests during which security forces have killed more than 400 demonstrators.

Iraq's two main allies, the United States and Iran, have acted as power brokers in the country since the 2003 US invasion that toppled Saddam Hussein, although Tehran's allies have mostly dominated state institutions since then.

Iranian officials including the powerful commander of its Revolutionary Guards' elite Quds Force, Qassem Suleimani, stepped in to prevent Mr Abdul Mahdi's resignation in October.

Mr Suleimani was reported to be in Baghdad again this week.

The protest movement poses a challenge to Iran's influence over Iraq with their call for an end to outside influence on Iraqi politics. Iran in particular wields tremendous sway among Iraqi political and military figures, especially the Hashed Al Shaabi paramilitary force.

But the protesters on the streets have publicly rejected what they say is Iran's overreach and have vented their anger against its diplomatic missions.

On Thursday, supporters of Iraqi political parties and the Hashed Al Shaabi briefly entered Tahrir Square.

Iraq's main political blocs have been debating candidates for the premiership but have yet to name anyone. Gen Suleimani has attended the talks along with Mohammad Kawtharany, a power-broker from Lebanon's Iran-backed Hezbollah movement, a senior political source told Agence France-Presse.

Iraq has close ties close to both Iran and the US and has tried to avoid being caught in up in the escalating tension between the two since the Washington pulled out of a landmark nuclear agreement with Tehran last year and reimposed crippling sanctions. The US has forces based in Iraq as part of a global coalition to fight ISIS.

Late on Thursday, two rockets hit the Al Balad air base north of Baghdad, Iraqi security forces said, the latest in a flurry of attacks on bases hosting US troops.

Thursday's attack with Katyusha rockets did not cause any casualties or material damage but "came close", a US official told AFP.

Washington has been concerned by a recent spate of attacks on Iraqi bases where some 5,200 US troops are deployed to help Iraqi forces ensure ISIS militants do not regroup.

The attacks, targeting either bases or the US embassy in Baghdad, have averaged more than one per week over the past six weeks.

"There is a spike in rocket attacks," a second US official said, adding that although they had caused no US casualties and little damage, they were increasingly worrying.

Five rockets hit Al Asad air base on December 3, just four days after US Vice President Mike Pence visited troops there.

Security sources said they believed Kataeb Hezbollah, a powerful Shiite faction close to Tehran and blacklisted by Washington, was responsible.

More than a dozen rockets hit the Qayyarah air base in northern Iraq last month, one of the largest attacks in recent months to hit an area where US troops are based.

There has been no claim of responsibility for the attacks and Washington has not blamed any particular faction.

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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.”

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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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When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
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The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.