A woman sits in shock at a make-shift hospital in Kafr Batna following Syrian government bombardments on the besieged Eastern Ghouta rebel enclave on the outskirts of the capital Damascus. Ammar Suleiman / AFP Photo

UN security council to vote on Syria ceasefire



The UN security council is expected to vote on a draft resolution demanding a 30-day ceasefire in Syria to allow deliveries of humanitarian aid and medical evacuations, diplomats said.

Sweden and Kuwait, the countries which drafted the measure, requested the vote "as soon as possible" and which could be Tuesday, the Swedish mission said on Wednesday.

It remained unclear whether Russia would resort to its veto to block the draft resolution. Syrian government forces supported by Russian aircraft have shown no signs of letting up their aerial and artillery assault on eastern Ghouta since they stepped up strikes late Sunday as part of a new, determined push to recapture the rebel-held territory.

The push for a vote came after UN Secretary-General Antonio Guterres called for a halt of the “war activities” in the area.

As the death toll from the airstrikes escalated sharply, Guterres said life for the 400,000 civilians of Ghouta had become “hell on earth”.

Russia has called for an urgent council meeting to discuss the crisis which ambassador Vassily Nebenzia described as a "complex situation."

“There are terrorists there who the Syrian army is fighting and the terrorists are shelling Damascus,” Nebenzia said.

“It’s a complex situation and not just a one-way street,” he said, according to remarks released by the Russian mission.

The draft resolution calls for the truce to go into effect 72 hours after the adoption of the measure and for aid deliveries and medical evacuations to begin 48 hours after that.

It demands the immediate lifting of all sieges including in eastern Ghouta, Yarmouk, Foua and Kefraya and orders all sides to “cease depriving civilians of food and medicine indispensable to their survival.”

In a concession to Russia, the draft was amended during toughgoing negotiations last week to specify that the ceasefire does not apply to Isil or Al Qaeda.

That would allow the Syrian government offensive to continue against Al Qaeda-linked jihadists in Idlib, the last province in Syria outside the control of Damascus.

Some diplomats said they were hoping that Russia abstain, if it is unwilling to back the ceasefire.

Asked whether there was a consensus on the draft text, Swedish ambassador Olof Skoog said: “That, I don’t know yet.”

Sweden and Kuwait presented the measure to the council on February 9, but negotiations have dragged on as Syrian forces backed by Russia escalated their fierce offensive.

The UN human rights office said in on Wednesday that at least 346 people had been killed since February 4. At least 92 of those deaths occurred in a 13-hour period on Monday, it said, adding that the toll was far from comprehensive, documented in the midst of chaos and destruction.

Another 878 people have been wounded, mostly in airstrikes hitting residential areas.

The Britain-based Syrian Observatory for Human Rights, which closely monitors the fighting through activists on the ground, said at least 300 people have been killed since Sunday night alone. The dead included 10 people killed in a new wave of strikes Wednesday on the town of Kafr Batna.

The opposition’s Syrian Civil Defence search-and-rescue group, also known as the White Helmets, reported similar numbers, saying government forces targeted the town with airstrikes, artillery fire and barrel bombs.

Photos and video posted by the White Helmets showed scenes resembling the aftermath of an earthquake in Kafr Batna and rescuers searching the rubble for survivors.

In one video, workers were seen carrying away a man, his hair and clothes covered in dust and debris, blood running down his face. Sirens wailed in the background and people screamed in panic. Photos showed children being treated for wounds at a hospital and bodies shrouded in white lined up alongside makeshift graves.

A doctor in Saqba, another affected area, said he had returned home Tuesday to rest after two back-to-back days of treating the wounded when a barrage of rockets landed in his neighbourhood, shaking his apartment and breaking the windows.

Minutes later, the airstrikes began. The first one hit his house, the doctor said, adding that he could not see anything through the dust as he called out to his pregnant wife and two young children, ages 2 and 1. Neighbours came to their rescue and helped them evacuate to the basement, where they spent the night. They suffered only superficial wounds.

“I’m one of the fortunate ones. I know that not everyone in my place in Ghouta would have been so lucky,” he told the Associated Press.

The UN’s regional humanitarian coordinator for Syria, Panos Moumtzis, said he was “alarmed” by the very high number of casualties.

“Ghouta is a 10-mile drive from the hospitals in Damascus and it’s heartbreaking to think of children, women, and elderly who are in need, unable to be evacuated, and in a situation of fear, hiding in basements and not being able to go out,” he told the Associated Press by phone from Amman, Jordan.

More than 340,000 people have been killed and millions driven from the homes in the war, which next month enters its eighth year with no end in sight.

More than 13.1 million Syrians are in need of humanitarian aid, of whom 2.9 million live in besieged and hard-to-reach areas.

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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.”

Sreesanth's India bowling career

Tests 27, Wickets 87, Average 37.59, Best 5-40

ODIs 53, Wickets 75, Average 33.44, Best 6-55

T20Is 10, Wickets 7, Average 41.14, Best 2-12