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UN Secretary General Antonio Guterres said on Wednesday that Gazans are experiencing an “epic” humanitarian crisis, as calls for a lasting ceasefire grow during the temporary truce between Israel and Hamas.
“The people of Gaza are in the midst of an epic humanitarian catastrophe before the eyes of the world,” said Mr Guterres. “We must not look away.”
The word body has scaled up the delivery of humanitarian aid to Gaza during the truce, but the UN chief said the level of aid “remains completely inadequate to meet the huge needs”.
Mr Guterres welcomed the two-day truce extension arrangement reached by Israel and Hamas with the assistance of the governments of Qatar, Egypt and the US.
“Intense negotiations are taking place to prolong the truce which we strongly welcome but we believe we need a true humanitarian ceasefire,” he said at a UN Security Council meeting led by Chinese Foreign Minister Wang Yi.
The truce has brought a temporary halt to fighting that began on October 7, when Hamas militants poured over the border into Israel, killing 1,200 people, mostly civilians, and kidnapping about 240. Israel's ensuing air and ground campaign in Gaza has killed more than 15,000 people, according to Hamas authorities.
Meanwhile, said Mr Guterres, an estimated 45 per cent of all homes in Gaza have been damaged or destroyed and 80 per cent of civilians in Gaza have been displaced.
Palestinian Foreign Minister Riyad Al Maliki said his people are facing an “existential threat” amid the conflict.
“The massacres cannot be allowed to resume,” he told the UN Security Council. “This is not a war. This is a carnage that nothing and no one can justify.”
He emphasised the importance of enabling the Palestinian people to return to their homes and start the process of rebuilding their lives, while also calling for the lifting of the Israeli-imposed siege.
Mr Wang reiterated his country’s opposition to the collective punishment of people in Gaza as well as the forced transfer and attacking of Palestinian civilians.
He called for increased international and regional diplomatic efforts and the revitalising the political prospects of the two-state solution, adding that the resumption of fighting in the northern enclave could turn into a “calamity that devours the whole region”.
Saudi Foreign Minister Prince Faisal bin Farhan, along with his counterparts from Egypt, Qatar, Jordan, Turkey, Indonesia and Malaysia, called the pause a “small glimmer of hope” which has resulted in much needed aid entering Gaza and the release of some of the hostages.
But, he stressed, the aid that is entering is by “far less than is needed”.
“The danger is if this truce expires … we will return to the killing at the scale that we have seen, which is unbearable,” he said.
The US ambassador to the UN Linda Thomas-Greenfield urged Israel to take “every possible measure to prevent civilian casualties as it exercises right to safeguard its people from acts of terror”.
“We know Hamas continues to use civilians as human shields purposefully cruelly putting Palestinian civilians in harm's way,” she said. “But this does not lessen Israel's responsibility to protect civilians, consistent with international humanitarian law.”
Washington, she added, would like to see “this humanitarian pause extended”.
“Israel has been very clear that it is prepared to continue the pause and fighting for every day that Hamas releases an additional 10 hostages. The ball is now in Hamas’s court, and if Hamas decides not to extend this deal, the responsibility will rest squarely on its shoulders,” she noted.
Khalifa Al Marar, UAE Minister of State, condemned Israel’s collective punishment policies against the Palestinian people, as well as the attempts to displace them.
“The future and the governance of Gaza must remain in the hands of the Palestinian people. Any presumptions or plans that seek to separate the leather strip from the state of Palestine are unacceptable,” the minister told the UN Security Council.
He also stressed the need for the international community to adopt unified rules condemning breaches of international humanitarian law, including the indiscriminate bombing of civilians and UN facilities.
The UAE minister accused Israel of continuing to build and expand its settlement activities, further dividing Palestinian land and violating international law and Security Council resolutions.
“These illegal practices must stop now.”
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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Tour de France
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds