People displaced by gang war violence live inside a classroom at Darius Denis school, which transformed into a shelter where people live in poor conditions, in Port-au-Prince, Haiti May 5, 2024.  Nearly half of the country’s population is struggling to feed themselves due to the conflict, unable to work, the families depend on food rations and hygiene kits brought in by non-governmental organizations.  "We can't do anything - there's no money, no trade," said Mirriam Auge, 45, a mother who was forced out of her home three months ago.  "We lost everything in our homes, I cried while everyone was sleeping. "REUTERS/Ricardo Arduengo           SEARCH "ARDUENGO VALTIERRA HAITI HUNGER" FOR THIS STORY.  SEARCH "WIDER IMAGE" FOR ALL STORIES.            TPX IMAGES OF THE DAY

Photo Essay: Gang violence and hunger in Haiti



Majorie Edoi sells food from a stand in Haiti's capital Port-au-Prince, or she used to, until a conflict with armed gangs cut off the city from suppliers, paralysed trade routes and pushed the Caribbean country to its highest levels of hunger on record.

The 30-year-old mother of three now sells food out of one of the many makeshift camps for displaced people set up in the city's schools. But with goods harder to come by, opportunities to provide for her young children are shrinking fast. "We can't buy anything. We can't eat. We can't drink," she said. "I'd like there to be a legitimate government to establish security so we can move around and sell goods, so the children can go to school."

Some five million people in Haiti, nearly half its population, are struggling to feed themselves due to the conflict, according to the Integrated Food Security Phase Classification (IPC), an international benchmark used to assess hunger.

Since the 2021 assassination of Haiti's last president, armed gangs have expanded their power and influence, taking over most of the capital and expanding to nearby farmlands. Their land grabs have brought lootings, arson, mass rapes and indiscriminate killings. In June, the first contingent of a long-delayed UN-backed force of mostly African troops arrived in Haiti to bolster its under-resourced security services, and Kenyan police began patrolling the capital. Residents have responded with cautious optimism, although it remains unclear when the majority of the force will arrive.

For mothers like Edoi and Mirriam Auge, 45, change cannot come fast enough. "We can't do anything - there's no money, no trade," said Auge, who was forced out of her home three months ago. Since then, she has been sharing a chair to sleep on with her two daughters and five others in a makeshift school-shelter crammed with tents. "We lost everything in our homes," she said.

"I cried while everyone was sleeping." Unable to work, the families depend on food rations and hygiene kits brought in by non-governmental organisations, whose delivery drivers brave stray bullets along Port-au-Prince's ever-changing battle-lines.

Mobile phone packages comparison
RESULT

Valencia 3

Kevin Gameiro 21', 51'

Ferran Torres 67'

Atlanta 4

Josip Llicic 3' (P), 43' (P), 71', 82'

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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Honeymoonish
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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.”

UAE - India ties

The UAE is India’s third-largest trade partner after the US and China

Annual bilateral trade between India and the UAE has crossed US$ 60 billion

The UAE is the fourth-largest exporter of crude oil for India

Indians comprise the largest community with 3.3 million residents in the UAE

Indian Prime Minister Narendra Modi first visited the UAE in August 2015

His visit on August 23-24 will be the third in four years

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016

Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017

Modi will visit Bahrain on August 24-25

ALRAWABI%20SCHOOL%20FOR%20GIRLS
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The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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England Test squad

Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.

COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

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Updated: July 20, 2024, 5:36 AM