Internally displaced Afghan families, who fled from the northern province due to battle between Taliban and Afghan security forces, sit in the courtyard of the Wazir Akbar Khan mosque in Kabul. AFP
Internally displaced Afghan families, who fled from the northern province due to battle between Taliban and Afghan security forces, sit in the courtyard of the Wazir Akbar Khan mosque in Kabul. AFP
Internally displaced Afghan families, who fled from the northern province due to battle between Taliban and Afghan security forces, sit in the courtyard of the Wazir Akbar Khan mosque in Kabul. AFP
Internally displaced Afghan families, who fled from the northern province due to battle between Taliban and Afghan security forces, sit in the courtyard of the Wazir Akbar Khan mosque in Kabul. AFP


A divided US agrees Afghanistan withdrawal is a mess


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August 15, 2021

Follow the latest updates on Afghanistan here

As we approach the formal end to the war in Afghanistan, a conflict that has lasted 20 years and cost a trillion dollars as well as thousands of lives, Americans are as divided as ever.

It probably comes as no surprise that the majority on the right have chosen to blame US President Joe Biden for “losing the war” and that most Democrats are standing by their man and vocally supporting the drawdown and ultimate exit.

The conflict, launched by former US president George W Bush in response to the events of 9/11, was supported by flag-waving conservatives, only to be called a quagmire when former president Barack Obama took office.

Former president Donald Trump declared that all troops would be home by Christmas 2020 and one month later, told reporters that he had spoken with Mullah Abdul Ghani Baradar, the co-founder of the Taliban, saying, “We've agreed there's no violence, we don't want violence, we'll see what happens. They're dealing with Afghanistan, but we'll see what happens.”

Americans agree on little these days, turned inward by a lingering pandemic and sapped by a culture war that has divided families and friends. They also are often painted with the same broad brush — that they are ethnocentric and oblivious as to what happens beyond US shores.

But many now agree the Taliban have violated the agreement made with Mr Trump, and that they have little regard for UN sanctions or peace talks.

They also are fearful for the futures of the Afghans the US is leaving behind, many of whom served alongside American troops.

“No one is ever going to trust us again because people like me looked [the Afghans] in the eye and made them a promise,” former CIA analyst Matt Zeller told MSNBC.

“The only reason why I am here is because my interpreter shot two people during a battle that were about to kill me and he believed that Americans were honourable people who kept their word.”

Molly Montgomery, deputy assistant secretary of state in the Bureau of European and Eurasian Affairs, worked in Afghanistan and expressed deep concern for the girls who remain behind.

“I woke up with a heavy heart thinking about the Afghan women and girls I worked with during my time in Kabul. They were the beneficiaries of many of the gains we made and now they stand to lose everything. We empowered them to lead and now we are powerless to protect them,” she said in a tweet she subsequently deleted.



MISSION: IMPOSSIBLE – FINAL RECKONING

Director: Christopher McQuarrie

Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

RESULTS
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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.”

Scores in brief:

Boost Defenders 205-5 in 20 overs
(Colin Ingram 84 not out, Cameron Delport 36, William Somerville 2-28)
bt Auckland Aces 170 for 5 in 20 overs
(Rob O’Donnell 67 not out, Kyle Abbott 3-21).

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

Updated: August 17, 2021, 7:43 AM