As Americans process yet another school shooting, the debate over gun control and the Second Amendment is once again raging in the US.
On Tuesday, a teenage gunman killed 19 young children and two teachers at a Texas primary school, prompting US President Joe Biden to denounce the country's gun lobby and vow to end the cycle of mass shootings.
But despite the tens of thousands of people killed by guns every year, many in the US see gun ownership as a constitutional right, protected by the Second Amendment.
What is the Second Amendment?
The Second Amendment to the US Constitution, ratified in 1791, states: “A well-regulated militia, being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed.”
The amendment was based on English common law as well as the English Bill of Rights of 1689, which allowed for the possession of weapons for use in self-defence and resistance to oppression.
This concept carried over to the American colonies in the form of the militia, a group made up of able-bodied men obligated to defend a specific territory. Militias became integral during the American Revolution.
Due to fears of a foreign power attempting to invade the young country or that the government would eventually come to oppress its citizens, the Second Amendment was added to the constitution.
The modern application of the amendment has caused a great deal of debate: some Americans believe it gives all citizens the right to own almost any weapon they choose for the purpose of self-defence.
Others say it is antiquated and only applies to those in a “militia” — now the National Guard and other formal military organisations.
Why is the US gun lobby so powerful?
Every year, the US gun lobby spends millions of dollars supporting various politicians at the local, state and federal levels.
The most prominent group within the lobby is the NRA, the National Rifle Association, which bills itself as the country's “oldest civil rights organisation”.
Previously operating more like a club promoting gun ownership for sport, in the 1970s, the NRA became increasingly aligned with the Republican Party after the passing of the Gun Control Act of 1968, which mandated that gun dealers be federally licensed and established restrictions on particular types of firearms.
Over the past several decades, the NRA has poured money into lobbying efforts, backing conservative politicians and fighting against stricter gun control in Congress.
The organisation spent nearly $5 million on lobbying in 2021, website Open Secrets reported.
But the NRA is far from some shadowy organisation funded by big business: while some of the NRA's lobbying money comes from big corporations, including weapons manufacturers, the majority of its funds come from everyday Americans.
Since 2005, the NRA Political Victory Fund, the organisation's political action committee, has received nearly $85m in contributions from individual donors, according to CNNMoney.
The man who killed 19 children and two teachers in Texas bought his guns legally days before the attack, purchasing two rifles from a federally licensed dealer along with 375 rounds of ammunition, AP reported.
The NRA issued a statement about the shooting, saying its "deepest sympathies are with the families and victims involved in this horrific and evil crime".
The organisation also claimed the massacre was "the act of a lone, deranged criminal".
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UK
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Germany
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Italy
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Canada
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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.”
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
How Beautiful this world is!
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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Messi at the Copa America
2007 – lost 3-0 to Brazil in the final
2011 – lost to Uruguay on penalties in the quarter-finals
2015 – lost to Chile on penalties in the final
2016 – lost to Chile on penalties in the final
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.