FBI agent Jacqueline Maguire called it 'a rare privilege' to be part of the ceremony marking the return of the stolen items. AP
FBI agent Jacqueline Maguire called it 'a rare privilege' to be part of the ceremony marking the return of the stolen items. AP
FBI agent Jacqueline Maguire called it 'a rare privilege' to be part of the ceremony marking the return of the stolen items. AP
FBI agent Jacqueline Maguire called it 'a rare privilege' to be part of the ceremony marking the return of the stolen items. AP

Fifty stolen artefacts returned to museums in five states


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Federal authorities have said dozens of artefacts stolen in the 1970s from museums in several states and dating back as far as the French and Indian War have been returned to the institutions.

The FBI announced at a ceremony at the Museum of the American Revolution in Philadelphia that 50 items had been repatriated to 17 establishments in five states.

The artefacts returned included an 1847 rifle stolen from a Mississippi museum, a Second World War battlefield pistol belonging to Gen Omar Bradley, stolen from the US Army War College Museum, and 19th century guns stolen from Pennsylvania museums, officials said.

Authorities said Michael Corbett of Newark, Delaware, was indicted in December 2021 for possession of items stolen from museums in the 1970s. In August, he pleaded guilty to possession of stolen items transported interstate and turned over additional stolen goods.

Recovered stolen artefacts at the Iran national museum - in pictures

Officials said the items recovered and now returned to their proper owners included:

  • a Colt Whitneyville Walker revolver stolen from the Connecticut State Library
  • an Omar Bradley presentation pistol stolen from the US Army War College Museum
  • a French and Indian War-era powder horn stolen from a museum in Belchertown, Massachusetts
  • a number of 18th century English and Scottish pistols stolen from the Valley Forge Historical Society Museum.

Jacqueline Maguire, FBI special agent in charge of the Philadelphia office, called it “a rare privilege” to be part of the ceremony returning the stolen items.

“These are artefacts that helped write our national story, with some even predating the country’s birth, and their long absence from public view — hidden away where no one could see or learn from them — was a loss both to society and the historic record,” Ms Maguire said.

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Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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.”

Results
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The specs

Engine: 4.0-litre V8

Power: 503hp at 6,000rpm

Torque: 685Nm at 2,000rpm

Transmission: 8-speed auto

Price: from Dh850,000

On sale: now

UAE currency: the story behind the money in your pockets
Updated: March 14, 2023, 1:20 PM