KARACHI // Gunmen killed at least 47 people in Pakistan's largest city after a prominent legislator was assassinated, provoking revenge attacks that paralysed the city yesterday.
Police said more than 100 people were wounded and dozens of vehicles and shops torched as mobs took to the streets after the assassination on Monday. Schools and most businesses were closed yesterday.
A city of more than 16 million, Karachi is the country's commercial and financial centre and provides 67 per cent of the total revenue of the country's exchequer. But it has a history of political, ethnic and religious violence. It has long been a hide-out for al Qa'eda and Taliban militants.
The violence followed the killing of Raza Haider, a provincial legislator. Haider, 35, and his bodyguard were killed by four motorcycle-borne gunmen.
"He had gone to attend a relative's funeral. Drive-by shooters attacked him near a mosque," Waqar Mallan, a police official, said. "It is a targeted killing."
Within hours of Haider's assassination, gangs torched buildings and gunfire erupted in several parts of the city. Many of the dead were killed in execution-style attacks, authorities said.
Thousands of angry mourners chanted slogans as Haider's coffin was brought for his funeral in central Karachi yesterday, which passed without violence.
Pakistan's prime minister, Yusuf Raza Gilani, has appealed for calm and ordered an investigation into the assassination.
Haider was a member of the Muttahida Qaumi Movement (MQM), the political party that runs the city and represents mainly descendants of Urdu-speaking migrants from India.
The MQM's main rival is the Awami National Party (ANP), a secular nationalist party whose main power centre is Pakistan's north-west and whose base is the ethnic Pashtun community living in Karachi.
For several months now, a state of tense confrontation has existed in the city between the MQM and ANP.
Both the MQM and ANP are part of the ruling government coalition under President Asif Ali Zardari.
However, in Karachi, workers of both parties have been targeted in tit-for-tat killings, also known as "target killings".
The government blamed the Taliban and the banned militant group Sipah-e-Sahaba Pakistan (SSP) for the killing. Twenty people have been arrested, the federal interior minister Rehman Malik told the Senate yesterday.
However, MQM leaders expressed dissatisfaction with Mr Malik's assertions. MQM leaders held a press briefing yesterday at their headquarters and demanded that the killers be brought to justice. They said militants and Taliban take refuge in the city's Pashtun neighbourhoods.
Aneeq Qaimkhani, a senior leader of the MQM, accused the leaders of the ANP of patronising the Taliban.
"Taliban and other militant organisations have been making inroads," Mr Qaimkhani said. ANP leaders deny the allegations.
The violence once again raised fears about Taliban militants moving to the city after army operations against their bases in the north-west.
The turmoil also could affect the economy. Karachi is home to the country's main port, the central bank and the stock exchange, which was open yesterday,although trading was minimal.
"This could be the last nail in the coffin and could be disastrous for the stock market because as it is, volume has been below average and this may lead to foreign investors exiting the market," said Sajid Bhanji, a director at Arif Habib Ltd, a brokerage.
In the face of the upheaval, government credibility is also imperilled, said Hasan Askari Rizvi, a political and security analyst.
"It is a pathetic situation and exposes the helplessness of the government to perform its basic duty towards its citizens," Mr Rizvi said.
The MQM, a coalition partner in the federal as well as the provincial Sindh government, renewed calls for a crackdown on militants after the killing.
"For the past three to four years, we have been pointing out and giving evidence about the presence of Taliban and extremists in Karachi," Wasay Jalil, a spokesman for the MQM, said.
"We were ridiculed at that time. But now everyone is admitting that the Taliban and the SSP are here."
Jameel Soomro, the spokesman for the Sindh provincial government, said the killing was a part of a broader "conspiracy".
"The country is in the grip of natural calamities and we are fighting against terrorists," he said.
Provincial authorities have already banned public political meetings in Karachi in an effort to control intermittent waves of targeted killing.
Followers of all political parties in Karachi are heavily involved in criminal activities such as protection rackets and illegal land dealings. In certain neighbourhoods, armed men linked to political parties stand guard at checkpoints.
Karachi was the main target of al Qa'eda-linked militants after the 2001 attacks on the US, when Pakistan joined the US-led campaign against militancy.
"All political forces in Karachi have their armed groups," Mr Rizvi said. "And then there are a lot of other groups - criminal, sectarian, drug mafia."
Including yesterday's death toll, officials say at least 193 people have been killed in targeted attacks since the start of the year, although political parties say the number is perhaps much higher.
Analysts say the violence has ethnic undertones.
"It's Karachi's original sin coming back to haunt it over and over and over again. There is an unresolved ethnic problem in the city between Pakhtuns and Mohajirs," said Mosharraf Zaidi, a columnist for The News, Pakistan's leading English daily newspaper.
"The violence is at the micro level," Mr Zaidi said. "There are very deep ethnic divides in this country that we never talk about."
smasood@thenational.ae
* With additional reporting by Reuters, the Associated Press, Agence France-Presse and the BBC
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
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
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 White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
