Trump supporters storm US Capitol


Bryant Harris
  • English
  • Arabic

Supporters of President Donald Trump stormed the US Capitol on Wednesday, forcing a lockdown on the Hill as Congress debated certifying the presidential election results.

They vastly outnumbered the Capitol Hill police force, and made their way up the steps and into the building.

The Secret Service escorted Vice President Mike Pence from the Senate floor as rioters broke through security lines.

The security breach forced the House and the Senate into a recess in the middle of a debate over certifying president-elect Joe Biden’s election victory.

It was unclear whether the rioters had any immediate objective, but the breach places them close to US politicians and the vice president.

In response, the Mayor of Washington, Muriel Bowser, ordered a curfew in the nation’s capital, starting at 6pm on Wednesday. The order extends to 6am on Thursday.

The siege on Capitol Hill came after Mr Trump held a rally in front of thousands of his supporters at the Capitol, urging Mr Pence and Congress to overturn the election results.

Far-right extremist groups such as the Proud Boys have joined the throngs of pro-Trump protesters demanding that Congress overturn the election results based on his unsubstantiated claims of voter fraud.

Protesters on Capitol Hill steps waved American flags, Trump flags and the yellow Gadsden flag, which bears a coiled snake with the phrase, “Don’t tread on me.”

The Gadsden flag was designed as an anti-British symbol during the American Revolution.

It became popular in South Carolina in the lead-up to the Civil War.

In the modern US, it has become popular among conservatives and libertarians who associate it with gun rights and opposition to government restrictions.

Protesters were also waving Confederate flags.

Elaine Luria, a Democratic representative, tweeted that she had to abandon her office over reports of a pipe bomb.

In the middle of the chaos, Mr Trump tweeted an attack on Mr Pence for refusing to block the certification, something the vice president has no power to do.

Mr Trump did ask protestors to respect local law enforcement during the demonstration.

Everyone in the Capitol complex has been told to shelter in place because of internal threats as Mr Trump’s supporters roam through the building.

MATCH INFO

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Raheem Sterling 35', 49'

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The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

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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