Clinton says US will increase aid to Yemen



WASHINGTON // The Obama administration will provide more counterterror and development aid to embattled Yemen, but the country must show results for assistance to continue to flow, Secretary of State Hillary Rodham Clinton said yesterday. After meeting with Yemeni Foreign Minister Abu Bakr al Qirbi at the State Department, Ms Clinton told reporters the United States was pleased with actions the Yemeni government was taking to combat violent extremists, including al Qa'eda in the Arabian Peninsula.

That group has claimed responsibility for the attempted Christmas Day bombing of a Detroit-bound American airliner. Yemen is emerging as a central focus in the fight against violent extremists, and the United States has ramped up both military and civilian aid to the country over the past year. Ms Clinton's remarks reflect the administration's rising worry about the crisis facing the impoverished country and a US decision to raise Yemen as a priority on its foreign policy agenda.

"To combat this growing threat, the United States will intensify its co-operation with Yemen on both security and development," Ms Clinton said. "Yemen has demonstrated a willingness and a capacity to take action against al-Qaida and other extremist groups, and the United States commends these actions." She did not detail the enhanced assistance but noted the United States currently has a three-year, US$121 million (Dh444.43m) development and economic aid programme with Yemen.

Separately, the US administration is providing nearly $70 million in military aid this year. Ms Clinton's comments come ahead of an international conference on Yemen next week in London at which new aid could be announced. But she made clear that without Yemeni government changes, the United States and other donors would balk at sending aid despite internal unrest facing San'a apart from the extremists.

"The success of this investment depends on Yemen's ability to make the tough choices necessary to improve the capacity to govern, to reform its economy, to protect human rights, to combat corruption and to create a better environment for business and investment," she said. Yemen's government is weak, and its authority does not extend far outside the capital, but it has stepped up military strikes against al Qa'eda in the Arabian Peninsula, a strengthening terror offshoot formed a year ago by Yemen and Saudi militant factions.

Ms Clinton stressed that the fight against extremists could not be waged solely by military means. She said it must be accompanied by improvements in people's lives that will make them less prone to turn to violence. "Our relationship cannot be just about the terrorists," she said. "As critical as that is to our security and our future and to the stability and unity of Yemen, the best way to really get at some of these underlying problems that exist is through an effective development strategy."

Mr al Qirbi reaffirmed his government's commitment to fighting terror and said reforms were coming. He blamed the lack of reform thus far to a lack of resources and expressed hope that donors at the London conference would "realise the importance of the stability of Yemen." He also praised President Barack Obama and his national security team for having a "greater understanding of the challenges faced by Yemen" than previous administrations.

* AP

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Dos

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  • Always ask for the dress code if you don’t know
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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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1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47

2. David Dekker (NED) Jumbo-Visma - same time

3. Michael Morkov (DEN) Deceuninck-QuickStep   

4. Emils Liepins (LAT) Trek-Segafredo

5. Elia Viviani (ITA) Cofidis

6. Tadej Pogacar (SLO UAE Team Emirates

7. Anthony Roux (FRA) Groupama-FDJ

8. Chris Harper (AUS) Jumbo-Visma - 0:00:03

9. Joao Almeida (POR) Deceuninck-QuickStep         

10. Fausto Masnada (ITA) Deceuninck-QuickStep

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Power: 217hp at 5,750rpm

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Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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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

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. 

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
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Engine: 3.7-litre V6
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​​​​​​​Fuel consumption, combined: 10.5L / 100km

MATCH INFO

RB Leipzig 2 (Klostermann 24', Schick 68')

Hertha Berlin 2 (Grujic 9', Piatek 82' pen)

Man of the match Matheus Cunha (Hertha Berlin