Turkey's president Recep Tayyip Erdogan addresses the 69th United Nations General Assembly at the UN headquarters in New York on September 24. Lucas Jackson / Reuters
Turkey's president Recep Tayyip Erdogan addresses the 69th United Nations General Assembly at the UN headquarters in New York on September 24. Lucas Jackson / Reuters

Turkey’s policies changing as ISIL closes in on Kurds



KARACA, Turkey // ISIL fighters edged towards a strategic town on northern Syria's border with Turkey on Friday, battling Kurdish forces and sending at least two shells into Turkish territory, witnesses said.
ISIL launched an offensive to try to capture the border town of Kobani more than a week ago, besieging it from three sides. More than 160,000 Kurds have fled the town and surrounding villages over the past week, crossing into Turkey.
Turkish president Recep Tayyip Erdogan said the country has changed its stance on its involvement in the campaign against ISIL militants following the release of Turkish hostages held in Iraq.
"Now the position has changed. What follows will be much different," Mr Erdogan told reporters after flying back to Istanbul from a trip to the United States, heralding a more active Turkish role in the US-led fight against ISIL.
He said that "necessary steps" would be taken by parliament on October 2, without specifying the exact nature of these measures.
Turkey's prime minister Ahmet Davutoglu said on Friday that the country was prepared to take any measure that ensures its own security in the fight against ISIL, keeping Ankara's options open amid growing pressure from its Western allies for concrete action.
Ankara has for months frustrated the West with its distinctly low-key role in the campaign against ISIL but there have been signs over the last days it is shifting its approach.
"If any military operation or a solution carries the perspective of bringing peace and stability to the region, we will support it," Mr Davutoglu said.
"We will take whatever measures our national security requires," he said.
ISIL appeared to have taken control of a hill from where fighters of the YPG, the main Kurdish armed group in northern Syria, had been attacking them in recent days, 10 kilometres west of Kobani.
Booms of artillery and bursts of machine-gun fire echoed across the border, and at least two shells hit a vineyard on the Turkish side. There were no immediate reports of casualties in Turkey and paramilitary police arrived to inspect the site.
"We're afraid. We're taking the car and leaving today," said vineyard owner Huseyin Turkmen, 60, as small arms fire rang out in the Syrian hills just to the south.
Kurdish forces said on Thursday they had pushed back the advance on Kobani, also known as Ayn Al Arab, by ISIL but appealed for US-led air strikes to target the insurgents' tanks and heavy armaments.
"The clashes are moving between east, west and south of Kobani ... The three sides are active," Idris Nassan, deputy foreign minister for the Kobani canton, said by phone from the centre of the town.
"They are trying hard to reach Kobani. There is resistance here by YPG, by Kobani and some volunteers from north Kurdistan — Turkish Kurds — who are coming to share in the efforts of Kobani. They have made a strong response," he said.
Kobani's strategic location has been blocking ISIL fighters from consolidating their gains in northern Syria. The group tried to take the town in July but was repulsed by local forces backed by Kurdish fighters from Turkey.
"If they did come inside Kobani, everyone here is armed, they are armed and resisting. Even me, I am the deputy foreign minister here in Kobani canton but I am an armed man too. I am ready to defend Kobani," Mr Nassan said.
"Every girl, every young man, every man who is able to fight, to carry a gun, they armed and they are ready to defend and fight."
Turkey has been slow to respond to calls for a coalition to fight ISIL in Syria, worried in part about links between Syrian Kurds and the Kurdistan Workers Party (PKK), a militant group which waged a three-decade campaign against the Turkish state for greater Kurdish rights.
The PKK has called on Turkey's Kurds to join the fight to defend Kobani and accused Ankara of supporting ISIL. Residents in the border area say hundreds of youths have done so, although Turkish security forces have been trying to keep them from crossing the frontier.
Turkey strongly denies it has given any form of support to the Islamist militants but Western countries say its open borders during Syria's three-year-old civil war allowed ISIL and other radical groups to grow in power.
The Turkish military has in the past fired back when shells from Syria's civil war strayed into Turkish territory, and the intensifying battle for Kobani is heightening pressure on Ankara to take a more robust stance against the insurgents.
* Reuters and Agence France-Presse

BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

COMPANY%20PROFILE
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The%20specs
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COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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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.”

The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg