A concrete barrier separates the West Bank from Jerusalem at Beit Hanina in Israeli-annexed East Jerusalem.
A concrete barrier separates the West Bank from Jerusalem at Beit Hanina in Israeli-annexed East Jerusalem.
A concrete barrier separates the West Bank from Jerusalem at Beit Hanina in Israeli-annexed East Jerusalem.
A concrete barrier separates the West Bank from Jerusalem at Beit Hanina in Israeli-annexed East Jerusalem.

'Lieberman plan' to cut future Palestine state by half


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TEL AVIV // The chief Palestinian peace negotiator yesterday rejected a proposal by Israel's ultranationalist foreign minister for a provisional Palestinian state that would leave nearly all Israeli settlements in the occupied West Bank intact.

Avigdor Lieberman has drafted a map of a Palestinian state with temporary borders that would essentially "freeze the existing situation in the territories, with minor changes", the Haaretz newspaper reported yesterday. The report, which cited an unidentified senior foreign ministry official, said the Palestinian state would include 45 to 50 per cent of West Bank land, far below Palestinian demands.

Such a plan would in effect allow Israel to avoid evacuating most of the more than 120 Jewish settlements, home to more than 300,000 Israelis, in the West Bank and transfer only part of the territory to Palestinian sovereignty. Palestinians want the entire West Bank along with the Gaza Strip and East Jerusalem to form their future state, with minor territorial swaps, and view the settlements in the West Bank as the greatest impediment to the creation of a viable state.

The Palestinians, who in past months have rejected anything short of a final peace pact, dismissed Mr Lieberman's plan. The reported scheme is "an unserious invention and a joke", said Saeb Erekat, the Palestinian negotiator to peace talks with Israel, in an interview with an Israeli radio station. Mr Erekat added that the creation of a Palestinian state in the West Bank is unavoidable "and there is nothing the Israelis could do to stop that".

Haaretz said Mr Lieberman's map aims to show that Israel does not reject peace talks with the Palestinians and wants to take the diplomatic initiative in finding a solution. The map includes a network of roads that would connect Palestinian towns while crossing Israeli-controlled areas.

The foreign minister also hopes the plan would hamper Palestinian efforts to win international recognition of a Palestinian state throughout the entire West Bank, captured by Israel in the 1967 Arab-Israeli war. A spokesman for the foreign ministry declined to confirm the Haaretz report and said that currently there were several moves being weighed as part of a bid to renew peace talks.

Palestinian officials have in recent months stepped up a campaign to garner the support of as many countries as possible for the creation of a state within the pre-1967 borders. They have already drawn backing from at least seven Latin American countries. The recognitions came shortly after US-mediated direct peace talks were suspended after Israel refused to extend a temporary freeze on West Bank settlement construction, a condition Palestinians demanded.

The Haaretz report quoted the foreign ministry official as saying: "After a Palestinian state has been established within provisional borders, it would be possible to resume diplomatic negotiations and maybe reach agreements on transferring additional territory to the Palestinian state."

Mr Lieberman has already informed the Israeli prime minister, Benjamin Netanyahu, about the plan but has not yet shown him the map, the report added.

While it remains unclear whether Mr Netanyahu would support such a plan, the Israeli prime minister has indicated in recent months that he may not rule out an interim pact in case the two sides fail to agree on the conflict's most sensitive issues.

In December, Mr Lieberman said he was finalising a "Plan B" for a long-term deal because there was no possibility for Israel's mostly pro-settler, right-wing government to meet Palestinian demands for territorial concessions.

Mr Netanyahu has not publicly endorsed any of Mr Lieberman's statements on the peace process, but is also not likely to easily dismiss them since the foreign minister's far-right Yisrael Beiteinu party is the second-biggest in the governing coalition.

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Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

LA LIGA FIXTURES

Friday Celta Vigo v Villarreal (midnight kick-off UAE)

Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)

Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)

Monday Huesca v Real Betis (midnight)

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.”

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

The past winners

2009 - Sebastian Vettel (Red Bull)

2010 - Sebastian Vettel (Red Bull)

2011 - Lewis Hamilton (McLaren)

2012 - Kimi Raikkonen (Lotus)

2013 - Sebastian Vettel (Red Bull)

2014 - Lewis Hamilton (Mercedes)

2015 - Nico Rosberg (Mercedes)

2016 - Lewis Hamilton (Mercedes)

2017 - Valtteri Bottas (Mercedes)

About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

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The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5