India lifts gag order at New Delhi gang-rape trial



NEW DELHI // A court ruled today that Indian media will now be allowed to cover the trial of four men accused in the gang-rape and fatal beating of a woman on a New Delhi bus in December, a defence lawyer in the case said.

Journalists had been barred by a court order from entering the courtroom or reporting details of the trial, which is already under way in a special fast-track court in the capital.

But the Delhi High Court lifted the gag order, allowing local media to cover one of the most high-profile trials in the country, according to defence lawyer VK Anand.

The ruling by Justice Rajiv Shakdher said one representative from national Indian daily newspapers and one from local wire services would be allowed into the courtroom and then will be expected to brief reporters outside the court, according to the Press Trust of India. The journalists will still be barred from naming the victim, her family and witnesses called in the case, the ruling said, according to PTI.

The decision to open the trial to reporters was likely to lead to a new wave of media coverage of the crime, which sparked protests across India demanding stronger protection for women.

Police say the 23-year-old student and a male friend were attacked when they boarded a private bus they thought was taking them home after seeing a movie at an upscale shopping mall on December 16. Six attackers beat the man and raped the woman, inflicting massive internal injuries with a metal bar, police said. The victims were dumped on the roadside, and the woman died two weeks later in a Singapore hospital.

After the attack, a special fast-track court was set up in New Delhi to deal with sexual violence cases, beginning with the gang rape trial. Five men were originally on trial, but one was found dead in his prison cell earlier this month in an incident authorities said was a suicide. A sixth suspect is being tried as a juvenile.

The court ruling came just a day after Parliament passed a sweeping new law to protect women against sexual violence in response to the rape.

The law, which moved with lightning speed through a usually slow-paced legislature, makes stalking, voyeurism and sexual harassment a crime. It also provides for the death penalty for repeat offenders or for rape attacks that lead to the victim's death.

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Name: HyperSpace
 
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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.

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“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.

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“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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