Boston bombings suspect identified on video, says official



BOSTON // In what could be major break in the Boston Marathon case, investigators are on the hunt for a man seen in a department store surveillance video dropping off a bag at the site of the bombings, a local politician said last night.

Separately, a law enforcement official confirmed that authorities have found an image of a potential suspect but do not know his name.

The development - less than 48 hours after the attack, which left three people dead and more than 170 wounded - marked a possible turning point in a case that has investigators analysing photos and videos frame by frame for clues to who carried out the twin bombings and why.

City Council President Stephen Murphy, who said he was briefed by Boston police, said investigators saw the image on surveillance footage they got from a department store near the finish line and matched the findings with witness descriptions of someone leaving the scene.

"I know it's very active and very fluid right now - that they are on the chase," Mr Murphy said. "They may be on the verge of arresting someone, and that's good."

The bombs were crudely fashioned from ordinary kitchen pressure cookers packed with explosives, nails and ball bearings, investigators and others close to the case said. Investigators suspect the devices were then hidden in black duffel bags and left on the ground.

As a result, they were looking for images of someone lugging a dark, heavy bag.

One department store video "has confirmed that a suspect is seen dropping a bag near the point of the second explosion and heading off," Murphy said.

A law enforcement official who was not authorised to discuss the case publicly and spoke to the Associated Press on the condition of anonymity confirmed only that investigators had an image of a potential suspect whose name was not known to them and who had not been questioned.

Several media outlets reported that a suspect had been identified from surveillance video taken at a Lord & Taylor department store between the sites of the bomb blasts.

The turn of events came with Boston in a state of high excitement over conflicting reports of a breakthrough.

A law enforcement official briefed on the investigation told the AP around midday that a suspect was in custody. The official, who was not authorised to divulge details of the investigation and spoke on the condition of anonymity, said the suspect was expected in federal court. But the FBI and the US attorney's office in Boston said no arrests had been made.

By nightfall, there was no evidence anyone was in custody. No one was taken to court. The law enforcement official, who had affirmed there was a suspect in custody even after federal officials denied it, was unable to obtain any further information or explanation.

At least 14 bombing victims, including three children, remained in critical condition. Dozens of victims have been released from hospitals, and officials at three hospitals that treated some of the most seriously injured said they expected all their remaining patients to survive. A two-year-old boy with a head injury was improving and might go home today, Boston Children's Hospital said.

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Moonfall

Director: Rolan Emmerich

Stars: Patrick Wilson, Halle Berry

Rating: 3/5

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Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
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Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
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Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

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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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