Pakistan condemns suspected US missile strike



ISLAMABAD, PAKISTAN // Pakistan condemned a suspected US missile strike that killed 13 people near the Afghan border and indicated that American's new general for the region is pressing on with attacks on Taliban and al Qa'eda targets in Pakistani territory. A surge in US cross-border attacks since August has angered Pakistani officials who say the raids are violating the nuclear-armed country's sovereignty and undermining its own anti-terror war in the border region.

"The US administration's reluctance to consider the repercussions of such operations is damaging the whole purpose of global efforts to combat terrorism," the Pakistani information minister Sherry Rehman said. Ms Rehman said in a statement yesterday that the Pakistani president Asif Ali Zardari was urging Washington to halt the attacks. It was unclear if Mr Zardari raised the matter in an overnight telephone call with the US President-elect Barack Obama.

Repairing strained ties while keeping pressure on militants hiding in the lawless frontier area will be a key challenge for Mr Obama when he takes office in January. Yesterday's attack by an unmanned plane took place in Kam Sam village in the North Waziristan region, a stronghold of militants blamed for killing US troops in Afghanistan and suicide blasts within Pakistan. A Pakistani intelligence official said an agent who visited the village reported that 13 suspected militants had died. The official said the targeted house belonged to a local Taliban commander and that authorities were still trying to determine who exactly was killed. A government representative in the region also put the toll at 13.

The officials spoke on condition of anonymity because they were not authorised to speak to the media. It was the first suspected American attack since the installation of Gen David Petraeus as head of the US Central Command on Oct 31, giving him overall command of the wars in both Iraq and Afghanistan. He visited Pakistan and Afghanistan this past week. In an interview close to the Afghan capital on Thursday, Gen Petraeus said the border strikes had killed three "extremist leaders" in recent months and weeks. He did not identify the men.

The rugged, mountainous region where the government has never had much control is considered a likely hiding place for Osama bin Laden and his deputy Ayman al Zawahri. At least 18 missile strikes have hit Pakistan since August, more than three times as many as in 2007, apparently reflecting US frustration at insufficient action by Islamabad against extremists along the border. Pakistan leaders said they told Gen Petraeus to call an immediate halt to the strikes, which they said were angering locals, making it more difficult to get their co-operation in ongoing military offensives there.

Gen Petraeus said he would "take on board" what they said, but Pakistani officials said he gave them no promise the attacks would stop. Pakistan's recently elected leaders have little leverage with the United States to force it to stop the strikes because they desperately need Washington's help to get the country out of a crushing economic crisis. *AP

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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: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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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 

THE%20SPECS
%3Cp%3EEngine%3A%204.4-litre%20twin-turbo%20V8%20hybrid%0D%3Cbr%3EPower%3A%20653hp%20at%205%2C400rpm%0D%3Cbr%3ETorque%3A%20800Nm%20at%201%2C600-5%2C000rpm%0D%3Cbr%3ETransmission%3A%208-speed%20auto%0D%3Cbr%3E0-100kph%20in%204.3sec%0D%3Cbr%3ETop%20speed%20250kph%0D%3Cbr%3EFuel%20consumption%3A%20NA%0D%3Cbr%3EOn%20sale%3A%20Q2%202023%0D%3Cbr%3EPrice%3A%20From%20Dh750%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
The biog

Marital status: Separated with two young daughters

Education: Master's degree from American Univeristy of Cairo

Favourite book: That Is How They Defeat Despair by Salwa Aladian

Favourite Motto: Their happiness is your happiness

Goal: For Nefsy to become his legacy long after he is gon

The years Ramadan fell in May

1987

1954

1921

1888

MEDIEVIL%20(1998)
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Volvo ES90 Specs

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Power: 333hp, 449hp, 680hp

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Price: Exact regional pricing TBA