Qaddafi blames 'colonialists' and al Qa'eda for conflict



TRIPOLI // Muammar Qaddafi stood firm on Wednesday, accusing the West of plotting to seize his country's oil and the insurgents of being traitors backed by al Qa'eda, as his forces pounded rebel-held areas.

"The colonialist countries are hatching a plot to humiliate the Libyan people, reduce them to slavery and control the oil," he said on state television.

Col Qaddafi addressed his remarks to the people of Zintan, 120 kilometres south-west of Tripoli, which is in rebel hands but surrounded by his own troops.

He again said al Qa'eda was behind the insurrection that began on February 15 and called on the inhabitants of Benghazi, the rebels' main base, to "liberate" the eastern city.

Col Qaddafi made similar accusations against western countries, especially France, in an interview aired by the French LCI television channel on Wednesday.

He had made a late-night appearance at a hotel used by many foreign correspondents in the Libyan capital.

Britain and France have made the most aggressive calls among western powers for a no-fly zone to stop Qaddafi's troops attacking opposition forces, and a senior UN official in New York said the Security Council had discussed the matter.

The United States says any such move would need to have full United Nations backing, which is far from assured.

Paris has also praised the national council set up by the rebels, two of whose members addressed the European Union's parliament on Tuesday asking for world recognition and a no-fly zone.

Barack Obama, the US president, and David Cameron, the British prime minister, said they would plan a "full spectrum" of action against Col Qaddafi while US officials met opposition members seeking to topple the veteran leader.

On the front line, lightly armed rebel fighters came up against fierce shelling and air attacks as they tried to advance in the east, while in the western rebel-held town of Zawiya a former official said Col Qaddafi's forces had launched a "final onslaught".

The rebels' goal of marching to Tripoli has stalled since the weekend when they failed to get past Bin Jawad, a hamlet 30 kilometres west of the oil port of Ras Lanuf, and numbers at the front appear to have decreased.

From Zawiya, just west of Tripoli, Murad Hemayma said Col Qaddafi wanted to take control of the city by Wednesday after days of siege which has seen many civilian casualties.

"Round every corner there are people shooting," he said. "The international community must do something."

'The Woman in the House Across the Street from the Girl in the Window'

Director:Michael Lehmann

Stars:Kristen Bell

Rating: 1/5

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Emergency phone numbers in the UAE

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The Written World: How Literature Shaped History
Martin Puchner
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RESULTS

Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
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The full list of 2020 Brit Award nominees (winners in bold):

British group

Coldplay

Foals

Bring me the Horizon

D-Block Europe

Bastille

British Female

Mabel

Freya Ridings

FKA Twigs

Charli xcx

Mahalia​

British male

Harry Styles

Lewis Capaldi

Dave

Michael Kiwanuka

Stormzy​

Best new artist

Aitch

Lewis Capaldi

Dave

Mabel

Sam Fender

Best song

Ed Sheeran and Justin Bieber - I Don’t Care

Mabel - Don’t Call Me Up

Calvin Harrison and Rag’n’Bone Man - Giant

Dave - Location

Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart

AJ Tracey - Ladbroke Grove

Lewis Capaldi - Someone you Loved

Tom Walker - Just You and I

Sam Smith and Normani - Dancing with a Stranger

Stormzy - Vossi Bop

International female

Ariana Grande

Billie Eilish

Camila Cabello

Lana Del Rey

Lizzo

International male

Bruce Springsteen

Burna Boy

Tyler, The Creator

Dermot Kennedy

Post Malone

Best album

Stormzy - Heavy is the Head

Michael Kiwanuka - Kiwanuka

Lewis Capaldi - Divinely Uninspired to a Hellish Extent

Dave - Psychodrama

Harry Styles - Fine Line

Rising star

Celeste

Joy Crookes

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Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

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.”