Amman // US Secretary of State John Kerry made a last-minute detour to Jordan to meet with Palestinian Authority President Mahmoud Abbas, in a bid to avert a breakdown in his peacemaking efforts as an April 29 deadline nears.
A dispute over a scheduled Israeli release of Palestinian prisoners jeopardises Mr Kerry’s bid to produce a blueprint for an Israeli-Palestinian peace accord. Israel’s chief negotiator, Justice Minister Tzipi Livni, said March 18 that freeing prisoners at the end of the month depends on whether the Palestinians are prepared to continue serious negotiations. Mr Abbas has threatened to walk out of talks if the prisoners, convicted in attacks on Israelis, aren’t freed.
Mr Kerry called Israeli prime minister Benjamin Netanyahu during the flight to Amman and plans to speak with him after his talks with the Palestinian leader, according to State Department spokeswoman Jen Psaki. The secretary met briefly with Jordan’s King Abdullah shortly after landing.
Mr Kerry has been trying for three months to craft a framework to keep negotiations going beyond the nine months they agreed to in July. Mr Abbas and Mr Netanyahu have set conditions for such a document that the other has deemed unacceptable.
“It’s clear we will not see anything like an agreement or a document,” said Yoram Meital, a political-science professor at Ben-Gurion University of the Negev in Beersheba. “The US efforts in Amman, which will probably continue in Jerusalem, are all aimed now at keeping the channels open and trying to bridge disagreements so this round of talks isn’t perceived as a failure.”
Mr Netanyahu has said he wants the Palestinians to recognise Israel as a Jewish state, to ensure a peace deal will end any claims they have on Israel. Palestinians say that’s tantamount to renouncing their national heritage and the rights of Palestinian refugees and their descendants who lost homes in present-day Israel during fighting over its 1948 independence.
A senior Israeli official accused Mr Abbas of rejectionism and undermining Mr Kerry’s efforts by refusing to discuss recognising the Jewish state. The official spoke on condition of anonymity because he wasn’t authorised to discuss the matter with the media.
Mr Abbas has said he won’t continue the talks after April unless Israel freezes settlement construction and releases the last of the 104 prisoners it agreed to free before Palestinians would resume negotiations. Mr Netanyahu has rejected a settlement freeze, and changing that position would provoke strong opposition from members of his ruling coalition and probably lead to a realignment of his government.
The Palestinians have called for Israeli Arab security prisoners to be included in next week’s release, a stance Mr Netanyahu rejects on the ground they are his country’s citizens.
Israel’s Army Radio said today that US officials have raised the possibility of freeing Jonathan Pollard, the US Navy analyst convicted of passing secrets to Israel, if Mr Netanyahu agrees to free the Israeli Arab prisoners, as an inducement to keep Palestinians at the negotiating table.
“There are currently no plans to release Jonathan Pollard,” Ms Psaki said today. Israeli Economy Minister Naftali Bennett told Army Radio he hadn’t “heard anything like that from the prime minister.”
Palestinian officials have said that if the peace talks break off or end with no progress, and Israel continues to build in settlements, they will resume their pursuit of statehood goals at world bodies, such as the International Criminal Court, something Israel and the US oppose.
If the talks stumble now and lose whatever momentum they had, Mr Meital said, it’s unlikely that an Obama administration preoccupied by its conflict with Russia over Crimea, and concerned over deteriorating relations with other regional allies such as Egypt, Saudi Arabia and the Gulf States, will be able to maintain a strong focus on Israeli-Palestinian peacemaking.
“While they certainly don’t want to announce any halt in trying to revive talks between Israel and the Palestinians, it would probably not remain the top priority that Kerry has made of it during the past year,” he said.
* Bloomberg
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 Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
GOLF’S RAHMBO
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- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Paatal Lok season two
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Results
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
T20 WORLD CUP QUALIFIER
Results
UAE beat Nigeria by five wickets
Hong Kong beat Canada by 32 runs
Friday fixtures
10am, Tolerance Oval, Abu Dhabi – Ireland v Jersey
7.30pm, Zayed Cricket Stadium, Abu Dhabi – Canada v Oman
Blackpink World Tour [Born Pink] In Cinemas
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Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
JAPANESE GRAND PRIX INFO
Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday
Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD
AL%20BOOM
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