MISURATA // Forces loyal to the Libyan leader Colonel Muammar Qaddafi bombarded the rebel-held city of Misurata with mortars yesterday, as the United States said a fresh ceasefire offer from the Libyan leader's government was not credible.
The bombardment of Misurata was the heaviest for days and came as western leaders, gathering for a Group of Eight summit in the French seaside resort of Deauville, were expected to reiterate their determination to force Colonel Qaddafi out.
Rebel spokesmen in Misurata, the scene of some of the fiercest fighting in Libya's three-month-old conflict, said the mortar attack killed three rebels.
Spain said it was one of several foreign states contacted by the Libyan prime minister, al Baghdadi Ali al Mahmoudi, with an offer of an immediate ceasefire.
But the White House deputy national security adviser, Ben Rhodes, speaking in Deauville, said the United States did not see the new Libyan ceasefire offer as credible because it was not accompanied by action.
Libya was not complying with UN demands and its forces were still attacking population centres, so the United States would continue with the military campaign, he told reporters.
At a news conference in Tripoli, Mr al Mahmoudi said the offer was based on an existing African Union "road map" to resolve the conflict, which does not include any mention of Colonbel Qaddafi's own future - a crucial sticking point. "Libya is serious about a ceasefire," he said.
The rebels said they wanted any government initiative to include the Libyan leader's departure as a first step.
Mustafa Abdel Jalil, the head of the rebel Transitional National Council, said on Al Jazeera television: "We welcome any initiative which starts with the departure of Qaddafi, his sons and his regime from Libya."
Earlier yesterday African leaders gathered at a Libya-focused summit in the Ethiopian capital Addis Ababa called for an end to Nato air strikes to pave the way for a political solution conflict.
Colonel Qaddafi's security forces cracked down ferociously when thousands of Libyans rebelled against his rule. Nato missiles and warplanes have been bombing targets in Libya for two months under a UN mandate to protect civilians from attack.
Rebels now control the east of the country, around their main stronghold of Benghazi, and pockets of land in the west.
But the conflict has reached stalemate on the ground, with the rebels unable to advance towards Tripoli and Nato powers, wary of getting sucked into new conflicts after their experience in Iraq and Afghanistan, refusing to put troops on the ground.
Nevertheless, western officials say they are confident that they are gradually loosening Col Qaddafi's grip on power through a combination of sanctions and military and diplomatic pressure.
"You are wearing down a regime over time," said a defence official. "You make the elites feel uncomfortable; you get dissension in the upper ranks. It doesn't happen quickly."
"What you are trying to do is get the regime to read the writing on the wall," the official said.
Britain's defence ministry said its Typhoon and Tornado aircraft had used Paveway guided bombs to attack a military vehicle depot at Tiji, in western Libya, which was being used to support attacks on the rebel-held western mountain region.
Colonel Qaddafi denies his troops target civilians and says his security forces were forced to act to put down a rebellion by criminals and members of al Qa'eda.
Anxious to break the stalemate, some western powers are pressing for Nato to intensify its operations. France has said it will deploy attack helicopters, which are better able to pick out targets on the ground than high-altitude aircraft.
* Reuters with additional reporting by Agence France-Presse
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
BACK%20TO%20ALEXANDRIA
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
COMPANY%20PROFILE
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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.”
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
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England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
THE%20SWIMMERS
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
Signs%20of%20%20%20%20%20%20%20heat%20stroke
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ELECTION%20RESULTS
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
UAE currency: the story behind the money in your pockets
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
