A vigil in Texas for the father and daughter who drowned in each other's arms last week. Joel Martinez /The Monitor via AP
A vigil in Texas for the father and daughter who drowned in each other's arms last week. Joel Martinez /The Monitor via AP

Little Valeria Ramirez and her father are a symptom of a much bigger problem



Migrants, it seems, are never out of the news. The numbers are difficult to process but the UN Department of Economic and Social Affairs has a revealing migration map. It shows, as you might expect, that the massive population movements are from poor to wealthier countries. Europe, the US and Russia see people coming in; Africa and South America see people going out. The numbers are mindblowing. In its most recent international migration report, the UN said there were an estimated 258 million people living in a country other than their place of birth – an increase of 49 per cent since 2000. Numbers are faceless and so it falls on the stories of children, or the shocking image of a single human tragedy, to strike a chord. In 2015, it was a little Kurdish Syrian boy, Aylan Kurdi. He was three years old when he drowned at sea and his body was washed up on a foreign shore. The incident tugged the heartstrings – for a while, until the numbers became faceless once more, provoking a political backlash stretching from Italy to the US.

This week it was the turn of Valeria Ramirez, a month shy of her second birthday, to put a name and a face to mass migration. Valeria drowned with her father, Oscar Alberto Martinez Ramirez. They were found face down, the little girl's arm wrapped round her father's neck, washed up on the mudbanks of the Rio Grande river after trying to cross the border from Mexico into the US. Mr Martinez and his family were fleeing El Salvador, a poor Central American country terrorised by an estimated 25,000 gang members, with another 9,000 in prison. The "maras", as the gangs are called, are among the most violent and sadistic in the criminal underworld. El Salvador is said to have the highest murder rate in the world for men under the age of 19. You can see why Mr Martinez wanted to get out and reach the US, despite the unwelcoming face presented by US President Donald Trump's core election slogan "build the wall" to keep Latino migrants out.

Mr Trump blamed his political opponents, Democrats in Congress, for the deaths. “The Democrats refuse to change the loopholes,” he claimed. “They refuse to change the asylum. In one hour we could have it done. They want to have open borders and open borders mean crime. And open borders mean people drowning in the rivers and it's a very dangerous thing.”

Mr Trump's words found a surprising echo from Russia's president Vladimir Putin who told the Financial Times that German Chancellor Angela Merkel's immigration policy, accepting nearly one million refugees, including more than half a million Syrians, was "a cardinal mistake" and that "the liberal idea has become obsolete". Mr Putin, who drew no apparent distinction between migrants and refugees, said: "This liberal idea presupposes that nothing needs to be done. That migrants can kill, plunder and rape with impunity because their rights as migrants have to be protected."

Mr Putin suggested that populism of the type endorsed by Italy's interior minister Matteo Salvini, Brexit Party leader Nigel Farage in the UK, and other politicians, mostly on the far-right in Europe, was now the consensus. Donald Tusk, president of the European Council, responded pointedly that what was obsolete was "authoritarianism, personality cults and the rule of oligarchs".

Uncontrolled and uncontrollable migration is undoubtedly a destabilising force in democracies across the world. Only a heart of stone could fail to be moved by pictures like those of Valeria, her arm in a final embrace around her father. But such suffering and the miseries of mass migration are likely to increase. Climate change and desertification render swathes of land unfit for farming or human habitation. In the past few days, some European countries have experienced record-breaking temperatures. Add conflict, disease, famine, crime such as that committed in El Salvador, and the wish of most citizens from most countries to seek a better life creates the noxious cocktail that makes migration the story of our times. Beyond the political slanging match, what are we going to do to minimise human suffering and also to prevent the rise of authoritarian populists, who use a legitimate concern as a political rallying cry?

Gavin Esler is a journalist, author and television presenter

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Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

The biog

From: Ras Al Khaimah

Age: 50

Profession: Electronic engineer, worked with Etisalat for the past 20 years

Hobbies: 'Anything that involves exploration, hunting, fishing, mountaineering, the sea, hiking, scuba diving, and adventure sports'

Favourite quote: 'Life is so simple, enjoy it'

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

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.”

The Sand Castle

Director: Matty Brown

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

Rating: 2.5/5

Result

UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')

Normcore explained

Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”