Merkel attends memorial for 21 Love Parade victims



DUISBURG, GERMANY // Chancellor Angela Merkel attended a memorial service today for the 21 people killed in a stampede at the Love Parade techno music festival as pressure grew on the local mayor, her party ally, to resign. "The love parade turned into a dance of death," Nikolaus Schneider, head of the Protestant church in Germany, told 550 mourners in the Salvator Church at the emotional memorial which was broadcast live on four national television networks.

Twenty-one people were killed and more than 500 injured when hordes of young people pushed through a tunnel into the techno festival area at a former freight rail yard in Duisburg, an impoverished western German city of 500,000. Mrs Merkel interrupted her summer holiday to attend the service but criticism of mayor Adolf Sauerland over Saturday's disaster has grown so intense that he opted to stay away.

Mr Sauerland, a leader in Mrs Merkel's Christian Democrats, has been assailed for ignoring warnings from city planning agencies, police and fire officials. They had warned Duisburg was too small to host the event with a crowd of up to a million people. The mayor said he would not resign and was not to blame. "The pressure on me and my family has been enormous," Mr Sauerland told N24 television in an interview. His family has required police protection.

"I'm terribly sorry about what happened. After an event like this it's easy to come out and demand someone's head. "There were mistakes made but I'm sure I can help clear up what happened if I stay in office. Answers will be coming." Flags across Germany were lowered to half-mast on government buildings. At the ceremony rescuers lit candles for the victims. That such death and chaos could break out in a country like Germany, with its rules and reputation for organisational skills, has prompted national soul-searching and led to angry finger-pointing in Duisburg.

Police said local officials were to blame for ignoring warnings while organisers blamed police for letting too many people into the railyard. Some political analysts have warned Sauerland's refusal to step down could hurt Merkel's CDU because it raises questions about the conservatives' credibility on security issues - ordinarily considered one of their strengths. Mrs Merkel did not speak at the memorial. Hannelore Kraft, state premier of North Rhine-Westphalia and a leader in the centre-left Social Democrats (SPD), said there were many unresolved issues about what went wrong.

"There are too many questions and not enough answers," said Ms Kraft, fighting back tears. Her teenage son was at the Love Parade but not hurt. "How could this happen, who is to blame and who is responsible? These are questions that we have to answer." Mr Schneider, the Protestant church leader, and Ruhr bishop Franz-Josef Overbeck also spoke critically about the lack of clarity over what happened.

"There were all these young and dynamic people in a party mood and completely confident it would be great evening," said Mr Overbeck. "But then there was chaos, death and injury. It caused pain that will last for a long time." * Reuters

If you go

 

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as  Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
The specs

The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
 

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

UAE currency: the story behind the money in your pockets

The Intruder

Director: Deon Taylor

Starring: Dennis Quaid, Michael Ealy, Meagan Good

One star

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 rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Fitness problems in men's tennis

Andy Murray - hip

Novak Djokovic - elbow

Roger Federer - back

Stan Wawrinka - knee

Kei Nishikori - wrist

Marin Cilic - adductor

Maestro
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