UN Secretary-General Antonio Guterres speaks as the Security Council holds a meeting to discuss the violence in Myanmar at the United Nations in New York on September 28, 2017. AFP PHOTO / TIMOTHY A. CLARY
UN Secretary-General Antonio Guterres speaks as the Security Council holds a meeting to discuss the violence in Myanmar at the United Nations in New York on September 28, 2017. AFP PHOTO / TIMOTHY A. CLARY
UN Secretary-General Antonio Guterres speaks as the Security Council holds a meeting to discuss the violence in Myanmar at the United Nations in New York on September 28, 2017. AFP PHOTO / TIMOTHY A. CLARY
UN Secretary-General Antonio Guterres speaks as the Security Council holds a meeting to discuss the violence in Myanmar at the United Nations in New York on September 28, 2017. AFP PHOTO / TIMOTHY A.

UN chief urges Myanmar to halt military operations


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UN Secretary General Antonio Guterres decried the humanitarian "nightmare" faced by Myanmar's Rohingya on Thursday and demanded that the government end military operations and open humanitarian access to its conflict-wracked western region.

"The situation has spiraled into the world's fastest developing refugee emergency, a humanitarian and human rights nightmare," Guterres said in a speech to the UN Security Council.

More than 500,000 Rohingya refugees have flooded into neighbouring Bangladesh. The exodus came after attacks by Rohingya militants on security posts prompted a Myanmar military crackdown last month.

The UN has received "bone-chilling accounts" of refugees being subject to "excessive violence and serious violations of human rights, including indiscriminate firing of weapons, the use of landmines against civilians and sexual violence," Guterres told the public session of the council.

"This is unacceptable and must end immediately," he added.

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Myanmar's military has been accused of ethnic cleansing against Rohingya Muslims.

Guterres called on Myanmar to halt military operations, allow "unfettered access" for humanitarian aid, and the "safe, voluntary, dignified and sustainable return of the refugees to their areas of origin."

"The reality on the ground demands action -- swift action -- to protect people, alleviate suffering, prevent further instability, address the roots of the situation and forge, at long last, a durable solution," he said.

The UN chief noted that the "systemic violence" could cause unrest to spill into the central part of Myanmar's Rakhine state, threatening 250,000 Muslims with displacement.

Guterres said a donors' conference would be held on October 9, without specifying the location.

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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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Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.

Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.

She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.

She is the youngest of three children, and has a brother and sister.

Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring  the natural world.

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Europe’s rearming plan
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