Madeleine Albright: Former US secretary of state dies aged 84


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Madeleine Albright, the first woman to serve as US secretary of state, has died of cancer at age 84, her family said on Wednesday.

“We have lost a loving mother, grandmother, sister, aunt and friend,” her family said.

Former president Bill Clinton and former secretary of state Hillary Clinton remembered her as an “extraordinary human being”.

“Few leaders have been so perfectly suited for the times in which they serve,” the Clintons said in a joint statement. “Madeleine's passing is an immense loss to the world in a time when we need to learn the lessons of her life the most.”

Born in Prague in what is now the Czech Republic in 1937, she came to the US as a refugee in 1948 and became a naturalised citizen in 1957.

She first pursued an academic career, joining the academic staff at Georgetown University with a focus on Eastern European studies. She also became involved in politics, working as a foreign policy adviser for two Democratic vice presidential candidates.

Albright became the US ambassador to the UN in 1993 and pressed for a tougher line against the Serbians in Bosnia during the Yugoslav Wars.

Linda Thomas-Greenfield, the current US envoy to the UN, called Albright a “trailblazer and a luminary” in remarks on the General Assembly shortly after news of her death was announced.

Mr Clinton chose Albright as his secretary of state and following her confirmation in 1997, she served in that role until the end of his administration in 2001.

At the time, she was the highest-ranking woman in the history of US government. She was not in the line of succession for the presidency, however, because she was a naturalised citizen.

Albright was known for her direct and plain-speaking manner as well as for her simple attire, which she often accessorised with brooches or decorative pins.

Former president Barack Obama awarded Albright the Presidential Medal of Freedom in 2012, the highest US civilian honour.

“It's people of people like Madeline that the story of America is, ultimately, one of hope — an upwards journey,” he said in a statement.

State Department spokesman Ned Price said that Albright, as the first woman secretary of state, “quite literally opened doors for a large element of our workforce".

“Madeline Albright was a force. Hers were the hands that turned the tide of history,” President Joe Biden said in a statement released by the White House.

“Madeleine was always a force for goodness, grace, and decency — and for freedom,” he added. "[First lady] Jill [Biden] and I will miss her dearly and send our love and prayers.”

Former president George W Bush and former first lady Laura Bush shared a statement that read: “Laura and I are heartbroken by the news of Madeline Albright's death. She lived out the American dream and helped others realise it".

Mr Bush also revealed a painting piece he had created of Albright.

Many in the Middle East, however, do not have such fond memories of Albright, specifically for a statement she made during a 60 Minutes interview with Lesley Stahl regarding sanctions placed on the country following the 1991 Gulf War.

“We have heard that half a million [Iraqi] children have died. I mean, that is more children than died in Hiroshima,” Stahl said. “And, you know, is the price worth it?”

“I think that is a very hard choice,” Albright answered, “but the price, we think, the price is worth it.”

Albright later wrote in her memoir, Madame Secretary, that she regretted making that statement.

“As soon as I had spoken, I wished for the power to freeze time and take back those words,” she wrote.

“My reply had been a terrible mistake, hasty, clumsy and wrong. Nothing matters more than the lives of innocent people. I had fallen into the trap and said something I simply did not mean. That was no one's fault but my own.”

Agencies contributed to this report

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The major Hashd factions linked to Iran:

Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.

Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.

Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.

Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.

Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.

Saraya Al Khorasani:  The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.

(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)

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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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  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Updated: April 27, 2022, 3:38 PM