Shops are boarded up in New Jersey with a message for the imminent Hurricane Sandy.
Shops are boarded up in New Jersey with a message for the imminent Hurricane Sandy.
Shops are boarded up in New Jersey with a message for the imminent Hurricane Sandy.
Shops are boarded up in New Jersey with a message for the imminent Hurricane Sandy.

'Serious and big' Hurricane Sandy creeps over US


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WASHINGTON // President Barack Obama said that the storm taking aim at the eastern coast of the United States is a "serious and big storm" that will be slow-moving and might take time to clear up. The government would "respond big and respond fast" after it hits, he said.

Mr Obama met with federal emergency officials for an update on the storm's path and the danger it poses to the Middle Atlantic States and New England.

"My main message to everybody involved is that we have to take this seriously," Obama said. He urged people to "listen to your local officials."

The president said emergency officials were confident that staging for the storm was in place.

All New York subways, buses and regional trains have already been halted ahead of the arrival of Hurricane Sandy, officials said.

Hurricane Sandy was expected to hit the East Coast earlier this morning, then combine with two winter weather systems as it moves inland, creating a hybrid superstorm. At least four states are likely to be hit: New Hampshire, North Carolina, Ohio and Virginia.

Mr Obama travelled nearly three miles from the White House to the Federal Emergency Management Agency's headquarters in his motorcade. He made the comments after a briefing by agency officials that was led by FEMA Administrator Craig Fugate.

The group participated in a conference call with governors in states in the storm's path, including Virginia, Delaware, Maryland, Pennsylvania and New York. The president also spoke with mayors from Washington, Newark, Baltimore and Philadelphia.

Hurricane Sandy is pictured off the east coast of the United States in a Nasa handout photograph

As part of the briefing, the president also met with FEMA workers and thanked them.

"My message to the governors as well as to the mayors is anything they need, we will be there, and we will cut through red tape. We are not going to get bogged down with a lot of rules," he said.

"We want to make sure we are anticipating and leaning forward into making sure that we have the best possible response to what is going to be a big and messy system.

Later yesterday the president headed to Florida, where he's campaigning today.

"My first priority has to be making sure that everything is in place" to help those affected by the storm, Mr Obama told campaign workers in Orlando. He said the storm meant he would "not be able to campaign quite as much over the next few days."

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Director: Rupert Wyatt

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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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JAPAN SQUAD

Goalkeepers: Masaaki Higashiguchi, Shuichi Gonda, Daniel Schmidt
Defenders: Yuto Nagatomo, Tomoaki Makino, Maya Yoshida, Sho Sasaki, Hiroki Sakai, Sei Muroya, Genta Miura, Takehiro Tomiyasu
Midfielders: Toshihiro Aoyama, Genki Haraguchi, Gaku Shibasaki, Wataru Endo, Junya Ito, Shoya Nakajima, Takumi Minamino, Hidemasa Morita, Ritsu Doan
Forwards: Yuya Osako, Takuma Asano, Koya Kitagawa

LA LIGA FIXTURES

Saturday  (UAE kick-off times)

Leganes v Getafe (12am)​​​​​​​​​​​​​​

Levante v Alaves (4pm)

Real Madrid v Sevilla (7pm)

Osasuna v Valladolid (9.30pm)

Sunday

Eibar v Atletico Madrid (12am)

Mallorca v Valencia (3pm)

Real Betis v Real Sociedad (5pm)

Villarreal v Espanyol (7pm)

Athletic Bilbao v Celta Vigo (9.30pm)

Monday

Barcelona v Granada (12am)

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.