US celebrates Osama bin Laden death at White House



WASHINGTON // With car horns blaring down Pennsylvania Avenue and loud shouts of "USA! USA!" filling the air, thousands of people, mostly area university students, converged on the White House to celebrate the death of Osama bin Laden.

Osama bin Laden: Complete coverage of the killing of the world's most wanted terrorist.

Last Updated: May 3, 2010

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The usually stern police that guard the US president's residence looked on early yesterday as revellers hung to the black iron fence that borders the White House grounds, clambered high into the trees across the street in Lafayette Park and bounced around on pogo shoes, clad in American flags.

Many of those who gathered around the executive mansion were old enough only to have the barest of memories of the September 11, 2001, attacks on New York and Washington that bin Laden masterminded. For a few, those memories were especially vivid.

"Almost 10 years ago I looked out my school window and saw the [World Trade Centre] towers fall. Today, I have closure," said Jimik Patel, a 22-year-old student at nearby George Washington University, grasping an American flag.

While few in the mostly youthful crowd had recollections as stark as Mr Patel's, theirs is a generation that has been irrevocably shaped by the events of September 11, as well as the wars and often toxic politics they spawned.

"It's interesting to see it after 10 years. All the political events of our lives have been the result of 9/11", said Alex Tan, a 20-year-old student at George Washington.

There will be some in the Middle East and elsewhere in the world who will undoubtedly grieve at the news of bin Laden's death. To them, he was an anti-imperialist symbol, a defiant jihadist who insisted violence was a necessary tool for dealing with Islam's foes.

For Hector Santini, however, the hastily scrawled cardboard sign he held aloft at the site of the former World Trade Centre offered a sharply contrasting message: "Obama 1-Osama 0".

The 27-year-old, a United States naval officer, was joined by hundreds of New Yorkers after President Obama announced that bin Laden had been killed in a raid on his compound in northern Pakistan.

"I'm a fellow New Yorker, like all these people here, so there's a great sense of relief. For the families that suffered and whatever drama they went through on 9/11, this was a big relief," Mr Santini said as the crowd waved American flags and shouted "USA, USA".

"Hopefully this will clear a lot of ghosts for people and so they can feel more settled and that their family members will be able to rest in peace and they can move on. That maybe this will close a chapter in their life that has been open for 10 years."

Bob Horan, 63, a folk singer, had a particular reason to stroll a few blocks south of his apartment and visit the place now called ground zero, where almost 10 years ago, two commercial airlines piloted by hijackers crashed into two skyscrapers and killed more than 2,700 people.

"My daughter was almost killed at her school, which was only a few hundred yards south of ground zero and I spent about an hour and half trying to find her," said Mr Horan. "And we're here today because we're glad that the person who tried to murder her has been taken out of action.

His daughter, Megan Horan, now a 23-year-old jazz singer, had more complicated emotions following news of bin Laden's death.

"It's not great - it's weird. I don't believe in celebrating anyone's death," said Ms Horan. "It's an important moment although it's not as important as 9/11 itself. It feels surreal. It doesn't feel like something to be celebrated."

For one resident of Washington who packed her neighbour's children into her car and fled the city nearly 10 years ago as an airliner slammed into the Pentagon, bin Laden's death was cause for contemplation. "It is a very proud moment, but a tragedy at the same time. How can you celebrate a death? I can't celebrate his death. I feel sad about anyone dying," said Jackie, who asked that her last name not be used.

Not far away, a youth with a megaphone was heard chanting, "We got him! We got him!"

Michael Hernandez reported from Washington, James Reinl from New York

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Bayern:
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Frankfurt: Hinteregger (52', 55')

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Surianah's top five jazz artists

Billie Holliday: for the burn and also the way she told stories.  

Thelonius Monk: for his earnestness.

Duke Ellington: for his edge and spirituality.

Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.

Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.

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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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