John Bolton, US National Security Adviser, is to travel to Turkey for discussions on a series of issues. AFP
John Bolton, US National Security Adviser, is to travel to Turkey for discussions on a series of issues. AFP

John Bolton to make Turkey trip amid Kurdish 'slaughter' controversy



United States President Donald Trump’s National Security Adviser John Bolton is to travel to Turkey in coming days, as Ankara expressed anger at comments made by Secretary of State Mike Pompeo that Washington was looking to avert a Turkish slaughter of Kurds after the US pullout of northern Syria.

"Bolton will travel to Israel and Turkey to discuss the withdrawal of US forces from Syria, and how the US will work with allies and partners to prevent the resurgence of ISIS, stand fast with those who fought with us against ISIS, and counter Iranian malign behavior in the region," Garrett Marquis, a spokesman for the National Security Council, said.

Mr Bolton also will focus on Syria and "how the US will work with allies and partners to prevent the resurgence of ISIS, stand fast with those who fought with us against ISIS, and counter Iranian malign behaviour in the region," according to National Security Council spokesman Garrett Marquis.

The State Department announced Friday that veteran diplomat Jim Jeffrey, who has been serving since August as the special representative for Syrian engagement, would assume Brett McGurk's anti-ISIS duties after he resigned last month.

Mr Bolton was scheduled to meet with Israeli Prime Minister Benjamin Netanyahu before being joined in Turkey by Jeffrey and the chairman of the Joint Chiefs of Staff, Gen Joseph Dunford. They are expected to pressure Turkish officials not to launch an offensive targeting Kurdish fights in Syria.

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But his trip has been overshadowed by a new row between Washington and Ankara after comments made by Mr Pompeo.

Turkey criticised him for saying that Washington wants to prevent Turkey from “slaughtering” Kurds after the exit of American troops.

Turkey has long promised a new military operation in northern Syria against the Kurds but said it would delay the plans after the US withdrawal.

Turkey considers the Kurdish People's Protection Units, or YPG, a terrorist group linked to an insurgency within its own borders. It says they are an extension of the group that has been outlawed by the US and EU as a terrorist organisation and has carried out numerous deadly attacks on Turkish soil.

A Turkish Foreign Ministry statement released on Friday said that Mr Pompeo had displayed “a worrying lack of information” about the situation by equating the YPG as synonymous with the Kurdish population at large in northern Syria.

The withdrawal has prompted concerns that ISIS will be able to regroup and use territory ceded by US troops to launch attacks against Kurdish forces, giving it another foothold just months after losing the majority of its territory in both Iraq and Syria.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Results
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Checks continue

A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.

Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.

Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
How to protect yourself when air quality drops

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The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

Business Insights
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Points classification after Stage 4

1. Arnaud Demare (France / FDJ) 124

2. Marcel Kittel (Germany / Quick-Step) 81

3. Michael Matthews (Australia / Sunweb) 66

4. Andre Greipel (Germany / Lotto) 63

5. Alexander Kristoff (Norway / Katusha) 43

Company%C2%A0profile
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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.”

Company%20Profile
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Champion%20v%20Champion%20(PFL%20v%20Bellator)
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Isle of Dogs

Director: Wes Anderson

Starring: Bryan Cranston, Liev Schreiber, Ed Norton, Greta Gerwig, Bill Murray, Jeff Goldblum, Scarlett Johansson

Three stars

MATCH INFO

Manchester United 2
(Martial 30', McTominay 90 6')

Manchester City 0

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1

UAE currency: the story behind the money in your pockets
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Company%20Profile
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UAE currency: the story behind the money in your pockets
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