Claudia Romo Edelman is an advocate for the Hispanic community in the US and the founder of the We Are All Human Foundation. Courtesy photo
Claudia Romo Edelman is an advocate for the Hispanic community in the US and the founder of the We Are All Human Foundation. Courtesy photo

The advocate championing the Hispanic contribution to the US economy



Claudia Romo Edelman is an advocate for inclusion, equity and representation and the founder of the We Are All Human Foundation, which is committed to advancing diversity. Ms Edelman is also the co-host of Global GoalsCast, a podcast highlighting global progress on the UN’s Sustainable Development Goals. The Mexican-Swiss former diplomat has advised Unicef, the World Economic Forum and the United Nations High Commissioner for Refugees. Married with two children, she speaks six languages. Here she tells Mustafa Alrawi about her latest initiative.

You describe yourself as an advocate for the Hispanic community in the United States. Why does the community need an advocate at this time?

Why advocate now for US Hispanics? Latinos in America have never been stronger. We amount for more than 20 per cent of this country, more than 12 per cent of the gross domestic product, more than 80 per cent of every new job created since the great recession and we will be 30 million voters by 2020. We are the youngest majority minority in America. And the reason why the community has to work now is two folded- firstly because the American economy is very strong right now and there is the opportunity to consolidate, secondly because our young people - meaning the Latinos under 25 - are getting disillusioned, losing faith in the American dream. And that should be prevented if we want a strong American middle-class.

Traditionally it is young people that are the optimists in every country. It could be dangerous if 20 per cent of young people in America are pessimistic. Also we need to look forward to the elections in 2020, not only to have more representation on politically, but also to have a better turn out in the elections.

The purpose of advocating for unification of Hispanics, to create a sense of community would be for Latinos in America to be able to exercise the potential power we have. Close to 80 per cent of Latinos have no idea of our own strength and power; 77 per cent have not realised our own contributions to this country. We need Hispanics to talk to Hispanics about our own strength - we need leaders to step forward and speak about not focusing on our differences but on our similarities to win this battle. But I am confident we can, that is why I left my job at the United Nations to take a year off and focus on the unification of Latinos.

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Listen:

Business Extra podcast: The one thing you need to know about the US economy

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A career in diplomacy came before your current media profile. How did that shape your thinking and approach to issues like diversity and the environment?

Diplomats have the advantage of seeing the whole picture. I learned that a lack of a joint agenda is often the very issue that stops progress towards objectives. Diplomacy helped me understand that ambitious goals cannot be achieved by one single sector of society and have to be worked through a variety of stakeholders. In many instances of my professional life I have used these lessons to create platforms for different groups of society to create a shared agenda. That is what I would like to achieve over the next year, use my experience and neutral platform to galvanise Hispanic leaders to get together and create a common dream.

You are a co-founder of the Global GoalsCast podcast about the UN Sustainable Development Goals. Why do SDGs matter? 

The sustainable development goals are the master plan for the future of the people on the planet. They are a perfect framework for anyone willing to do social good in the world. I decided to create a podcast in January 2018 to talk about progress of the champions making a difference towards the global goals. The issues contained in the development goals are complex and require business, government and media to work together on them. They have to be explained in an intimate, genuine way and in the right channel to engage millennials and Gen Z to take action. Private sector and business are the two main players to advance their goals faster. Public trust is on brands who they expect to have leverage, which they’re not going to get from the government. Companies need to do better as well. But also they have to communicate their progress, through alternative channels that allow them to be genuine and direct.

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Read more:

New financial apps demystify stocks and bonds for American Hispanics

Financial literacy test finds the world is not ready for retirement

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This year you attended the Bloomberg New Economy Forum in Singapore and will be in Davos for the World Economic Forum annual meeting. Both initiatives are working on a new vision for globalisation that is more inclusive and fair. What are your thoughts?

Globalisation has not yet fully happened. There are certain issues that have been totally globalised like trade, music and in some instances food. But we have to globalise the rights that belong to every person on the planet. We have to globalise the right for education and health. While we cannot stop globalisation, we certainly can improve it.

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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.”

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  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
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  • 600-seat auditorium
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  • Specialist robotics and science laboratories
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  • Disruption Lab and Research Centre for developing entrepreneurial skills
How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
Stage 2

1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30

2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06

3.  Primoz Roglic (SLV) Jumbo-Visma 0:00:06

4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06

5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million