Taliban militants raid Pakistan navy dockyard



KARACHI// Taliban militants attacked a Karachi naval dockyard in a weekend raid which killed a Pakistani officer and two insurgents.

An officer and six sailors were also wounded in the attack early Saturday on the high security facility, a navy spokesman said.

Four attackers were captured alive.

After interrogating the suspects, the navy said that intelligence agencies had carried out raids to arrest suspected collaborators and accomplices and had recovered “a large quantity of arms and ammunition”.

The Pakistani Taliban claimed responsibility for the attack and said they had inside help.

“We claim responsibility for the attack on the navy in Karachi,” spokesman Shahidullah Shahid said.

“We had support from inside the naval force for this attack. This operation was successful because of this support. We will continue targeting security forces like this in future also.”

The Taliban have already threatened a bloody response to a military offensive against insurgents in the North Waziristan tribal region on the Afghan border.

Pakistan's military launched the offensive in mid-June shortly after a brazen attack on Karachi airport that killed dozens of people and extinguished a largely fruitless peace process with the Tehrik-e-Taliban (TTP).

The weekend raid was the latest in a series of high-profile attacks on key installations by the Taliban in recent years, including an 2011 assault on a naval base, also in Karachi, and on the military’s headquarters in 2009.

North Waziristan has become a major base for the TTP, which rose up against the state in 2007.

The United States has long called for action in the area against militant groups targeting Nato forces in Afghanistan.

Pakistan’s army says it has killed more than 900 militants and lost 82 soldiers since the start of the operation.

* Agence France-Presse

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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.”

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

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