In this file photo taken on June 12, 2020 a barricade with the word "Free" painted on it is pictured in an area being called the Capitol Hill Autonomous Zone (CHAZ) located on streets reopened to pedestrians after the Seattle Police Department's East Precinct was vacated. AFP
In this file photo taken on June 12, 2020 a barricade with the word "Free" painted on it is pictured in an area being called the Capitol Hill Autonomous Zone (CHAZ) located on streets reopened to pedestrians after the Seattle Police Department's East Precinct was vacated. AFP
In this file photo taken on June 12, 2020 a barricade with the word "Free" painted on it is pictured in an area being called the Capitol Hill Autonomous Zone (CHAZ) located on streets reopened to pedestrians after the Seattle Police Department's East Precinct was vacated. AFP
In this file photo taken on June 12, 2020 a barricade with the word "Free" painted on it is pictured in an area being called the Capitol Hill Autonomous Zone (CHAZ) located on streets reopened to pede

One dead at Seattle shooting in police-free protest zone


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A man was shot dead and another seriously injured on Saturday in a police-free autonomous zone created by protesters in the US city of Seattle, where officers were prevented from accessing the victims, officials said.

The area, set up as part of the nationwide protest movement following the death of unarmed African American George Floyd at the hands of a white police officer, has been a frequent target of Donald Trump.

The US president has called it a "disaster" and said people there are anarchists from the "radical left."

For nearly two weeks, protesters and activists have occupied the western city's Capitol Hill neighbourhood, establishing an area described as a "no cop" zone – an urban experiment mostly carried out with a festival-like atmosphere.

"Officers attempted to locate a shooting victim but were met by a violent crowd that prevented officers safe access to the victims," the Seattle Police Department said in a statement.

Police, who arrived at the scene around 2:30 am, were later told that the pair had been transported to the hospital by the zone's "medics," where one of the victims, a 19-year-old, was declared dead.

The other victim, also a male "remains in the hospital with life-threatening injuries," the police department said.

Police said the shooter or shooters remained at large and that they had no description of a potential suspect. The Seattle Times reported that the shooting was not believed to be connected to the protest.

Officers' body cam footage showed the police being confronted by the protesters who kept them from entering the area.

Seattle Mayor Jenny Durkan defended the zone on Thursday after President Trump threatened to intervene, while Governor Jay Inslee told the president that a "man who is totally incapable of governing should stay out of Washington state's business."

At a rally late on Saturday in Oklahoma, Mr Trump referenced the episode again telling supporters: "I have an offer out. I said anytime you want we'll come in, we'll straighten it out in one hour or less."

"Now I may be wrong but it's probably better for us to just watch that disaster," Trump said.

Officials in Seattle have denied reports that left-wing activists are behind the setting up of the autonomous zone.

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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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Lexus LX700h specs

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