Emergency response services inspect the site of an explosion in Islamabad on Oct 9 2008.
Emergency response services inspect the site of an explosion in Islamabad on Oct 9 2008.

Pakistan bombings kill eight, wound four



ISLAMABAD // Bombings killed eight people and wounded at least four in Pakistan today, including an attack at a police complex in the capital the same day lawmakers huddled for a private briefing on the militant threat facing the country. The deaths occurred in the nation's volatile northwest, where al Qa'eda and Taliban militants have established bases near the Afghan border. Three children, two police and three prisoners died when a roadside bomb exploded under a prison vehicle and caught a school bus in its wake in the Dir region, the government official Habib Rehman said. Meanwhile in Islamabad, an apparent suicide car bombing severely damaged an anti-terror squad building and wounded at least four police in the heavily guarded Police Lines neighbourhood. The explosion occurred just moments after a man delivered sweets to the facility, and police were examining whether the events were linked. In recent weeks militants have stepped up attacks on security, government and Western targets in Pakistan, reaching well beyond the northwest border areas. A September 20 suicide truck bombing in Islamabad killed 54 and severely damaged the Marriott Hotel. The latest incident in Islamabad occurred amid tight security for the lawmakers' briefing at Parliament. No one immediately took responsibility for the attack. Ambulances streamed into the smoke-filled police complex after the blast. The front section of the three-storey, red-brick building was destroyed and a staircase had collapsed. Shoes were strewn among the rubble. The Islamabad police chief Asghar Gardaizi said at least four people were hurt; others put the wounded toll as high as nine. The police commando Gulshan Iqbal said he was sitting at a nearby barrack when a "Suzuki car hit the anti-terror squad barrack and exploded with a big bang". He said the main building was largely empty because many officers were guarding Parliament and other areas of Islamabad. "About 10 people were inside at the time, and we saw six or seven injured," he said. Mr Gardaizi said a man in a green car had driven up to the building, entered and handed the boxes of sweets to a person inside. He later left the building, and within moments, the explosion occurred, Mr Gardaizi said. It was unclear what happened to the delivery man. He added that authorities would probe why a civilian vehicle was allowed in the area.

Pakistan's military says suicide attacks have killed nearly 1,200 people since July 2007, most of them civilians. The statistics also said 1,368 security force personnel had been killed since late 2001, when Pakistan's former military ruler, then-president Pervez Musharraf, allied the country with Washington in its war on terror. The young civilian government called the joint Parliament session in an effort to build a national consensus on the Muslim nation's role in the US-led war on terror. Many in Pakistan believe the alliance with the US has increased violence in their nuclear-armed country. *AP

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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.”

Venom

Director: Ruben Fleischer

Cast: Tom Hardy, Michelle Williams, Riz Ahmed

Rating: 1.5/5

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