Charles and Camilla honour Canadian war dead in Ottawa ceremony

The Prince of Wales and the Duchess of Cornwall honoured Canada’s war dead in a poignant wreath-laying ceremony on Wednesday on the second day of their tour of the Commonwealth country.

Charles and Camilla are in Canada as Queen Elizabeth II celebrates seven decades on the throne during her platinum jubilee year.

The couple solemn wreath-laying event at the National War Memorial in the capital Ottawa.

In brilliant sunshine, the couple stood motionless as a bugler played the last post. Before them was the imposing memorial, symbolising the sacrifice of all Canadian military in the cause of freedom in all conflicts.

Charles’s grandfather, King George VI, unveiled the memorial in May 1939 and the Tomb of the Unknown Soldier was added in 2000, the resting place of a Canadian serviceman from a war cemetery near Vimy Ridge, a First World War battle site in France.

At each corner of the tomb a member of the Armed Forces stood on guard facing outwards, head bowed with their arms resting on a rifle.

Charles laid a wreath of poppies while Camilla left a bouquet. Both floral tributes featured handwritten cards from the couple with the words “in grateful remembrance“.

Earlier, Charles was invested as an Extraordinary Commander of the Order of Military Merit by the Governor General of Canada, Mary Simon.

The prince holds several honorary appointments and ranks with the Canadian military and the order recognises exceptional service by the men and women of the Canadian Armed Forces.

The couple are on a three-day tour with stops in Newfoundland and Labrador, Ottawa and the Northwest Territories.

Clarence House said the purpose of the tour was to learn and hear from indigenous Canadians as the country continues to deal with the discovery of unmarked graves at the sites of former residential schools across the country.

It also comes as support for the monarchy appears to be on the wane.

A recent online poll by the Angus Reid Institute shows that half of Canadians feel the royal family is no longer relevant to them.

And while most Canadians view the Queen in high regard, the same is not true for the rest of her family.

Fifty-one per cent of those surveyed want Canada to become a republic, something Barbados achieved in November.

"It's the 21st century and there's no reason why we should still be sharing our head of state with the United Kingdom," said Tom Freda, national director of Citizens for a Canadian Republic.

PA contributed to this report

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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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Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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