A member of the Kurdish People's Protection Units (YPG) mans a mounted machine gun in the Al Nashwa neighbourhood in the northeastern Syrian province of Hasakah on July 26. AFP Photo
A member of the Kurdish People's Protection Units (YPG) mans a mounted machine gun in the Al Nashwa neighbourhood in the northeastern Syrian province of Hasakah on July 26. AFP Photo

Turkey denies targetting Kurds in Syria after strikes



ANKARA // The Turkish military are not targeting Syrian Kurds after Kurdish forces and a monitoring group said tanks shelled Kurdish-held villages in northern Syria, a Turkish government official said on Monday.

“The ongoing military operation seeks to neutralise imminent threats to Turkey’s national security and continues to target ISIS in Syria and the PKK in Iraq,” the official said, referring to ISIL and the outlawed Kurdistan Workers’ Party.

He said the Syrian Kurdish “PYD, along with others, remains outside the scope of the current military effort.”

In a statement, the Kurdish People’s Protection Units (YPG) said Turkish tanks hit its positions and those of allied Arab rebels in the village of Zur Maghar in Aleppo province.

The “heavy tank fire” wounded four members of the allied rebel force and several villagers, the YPG said.

It said there was a second, later round of shelling against Zur Maghar and another village in the same area.

The Turkish official, speaking on condition of anonymity, also said: “We are investigating claims that the Turkish military engaged positions held by forces other than ISIS.”

Turkey has launched a two-pronged “antiterror” cross-border offensive against ISIL and the PKK militants after a wave of violence in the country, pounding their positions with air strikes and artillery.

Early on Monday, Turkish police detained 15 people with suspected links to the ISIL in the Hacibayram district of the capital Ankara, the state-run Anatolia news agency reported.

Eleven of the 15 detainees were foreigners, Anatolia said, adding that the operation was backed by around 500 police officers who raided several addresses.

The Turkish official said the operations against ISIL and PKK were continuing, adding that a total of 900 people had been detained so far with links to the ISIL, PKK and other leftist organisations.

“We are fighting against all terrorist organisations,” said the official.

* Agence France-Presse

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

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

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May 9, v Malaysia
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May 20, final

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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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Janet Yellen's Firsts

  • In 2014, she became the first woman to lead the US Federal Reserve 
  • In 1999, she became the first female chair of the White House Council of Economic Advisers 
Where to buy

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