AMSTERDAM // A wildly disparate protest movement, fuelled mainly by anger at the world financial system, the unequal burdens of austerity and various other social, political and environmental grievances, is gearing up for a global day of protest on October 15.
In Brussels, international activists will start arriving this weekend for a week-long rally at the heart of the Eurozone crisis.
From Spain's indignados ("angry ones"), who took over the central square in Madrid in May to the current Occupy Wall Street action in New York, many of the mostly young protesters say that they have been inspired by the Arab spring popular uprisings that have so far swept dictators from power in Tunisia, Egypt and Libya.
But rather than aiming at the overthrow of the political system, the immediate goal of the action in Brussels and the global day of protest was "to stop the austerity measures that are being taken because of the financial world", said an organiser of the planned Brussels protest, who only gave his name as Damien.
He emphasised the global reach of the movements, despite their widely varying goals and backgrounds. "We went global from the start. I would actually describe the start not being in Europe, the start was in Tunisia," said Damien, who emphasised that nobody spoke for the movements, which he described as "leaderless".
As indicated by the Occupy Wall Street action, the unifying theme of the movements was outrage at the world financial system, he said. "The spirit of what is pushing hundreds of thousands of people to go in the street is exactly the same - whether in Cairo, in Madrid, or in Athens - and that is that people are tired of being victimised by the financial system."
The European protest movements started in the spring of this year mainly as a response to biting austerity measures in Spain and Greece as those countries grappled with a spiralling debt crisis.
The action of occupying the Plaza del Puerta del Sol in central Madrid, under the banner of a "Take Back the Square" movement echoed Egypt's revolution in Tahrir Square, although many Spanish participants did not draw that parallel at the time.
With the debt crisis continuing and austerity spreading, activists spent the summer setting up groups, or assemblies as they call them, across Europe and elsewhere.
Riots rocked London and other cities in Britain in August against a partially similar social and economic backdrop. But the peaceful protests envisaged by many activists largely failed to take root or draw in more than a handful of people, until the Occupy Wall Street movement sprang up about three weeks ago in New York.
The action in lower Manhattan initially did not draw a lot of attention but that changed after the authorities arrested about 700 people trying to cross Brooklyn Bridge to join the protest last Saturday. The activists now say that the protests have spread to dozens of cities in the US.
Even though the movements themselves eschew a hierarchy and were leaderless, they did manage to coordinate to a degree, said Damien. The European movement communicated with groups across the world, including in New York, he said. And such coordination may be growing.
"We are in close contact with them through the internet and so on. There is a reflection on starting an international network or at least some kind of online tool in which contact between some of these world movement can take place or at least they can meet online."
The activists pride themselves on their non-hierarchical approach, the loose ties that bind them and the differences that allow each local group to tailor its actions to local circumstances. One activist from Spain who is now in New York - "mostly as an observer" - said that he and his colleagues had not briefed the US protesters but that he was struck by the similarities. He called the progression of the protests "viral".
"It is similar, yet very different, reactions to similar problems. In the circumstances, it is only logical the evolution followed this geographical order. We are now getting close to the root of the problem, we're only three or four blocks away from that here," said the Spanish activist who wished to remain unnamed.
Many of the protesters are irked by the observation that they lack a clearly defined programme or even some well-articulated political goals. One of the purposes of the pan-European meeting in Brussels was to crystallise some of the thinking.
But a deliberate vagueness and an openness to let people fill in the goals locally, is also a strength, said the Spanish protester in New York. "There is a lot of unity, there is a lot of solidarity that's the emotional force of these movements and it's a worldwide solidarity. What there is not is a clearly defined discourse that everybody reproduces from the beginning."
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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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Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
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