Barack Obama addresses a news conference in the Brady Press Briefing Room of the White House.
Barack Obama addresses a news conference in the Brady Press Briefing Room of the White House.

US appalled at Iran violence



WASHINGTON // The US president, Barack Obama, declared the United States and the entire world "appalled and outraged" by Iran's violent efforts to crush dissent, a clear toughening of his rhetoric as Republican critics at home pound him as being too passive. Speaking today Mr Obama condemned the "threats, beatings and imprisonments of the last few days." "I strongly condemn these unjust actions," Mr Obama said in a news conference at the White House. Mr Obama said his message has been consistent, and he shot back at Republican critics who are calling him timid: "Only I'm the president of the United States." In Tehran, chaotic images of riot police beating and shooting protesters have seized the world's attention and heightened pressure on Mr Obama to act - or at least speak out more strongly. At least 17 people have been killed in protests since the election last week. Protesters in Iran have demanded that the government there cancel and rerun the elections that ended with a declaration of overwhelming victory for hard-line president Mahmoud Ahmadinejad. Reformist presidential candidate Mir Hossein Mousavi says he won and has claimed widespread fraud. "I have made it clear that the United States respects the sovereignty of the Islamic Republic of Iran, and is not interfering in Iran's affairs," Mr Obama said. "But we must also bear witness to the courage and dignity of the Iranian people, and to a remarkable opening within Iranian society. And we deplore violence against innocent civilians anywhere that it takes place." Mr Obama noted the killing of a young woman, Neda Agha Soltan, whose apparent shooting death was captured on video and circulated worldwide. "We have seen courageous women stand up to brutality and threats, and we have experienced the searing image of a woman bleeding to death on the streets," he said. "While this loss is raw and painful, we also know this: Those who stand up for justice are always on the right side of history." Asked if Iran will face consequences for how it has acted, Mr Obama said the world is watching and Iran's handling of dissent "will help shape the tone not only for Iran's future but also its relationship to other countries." Five months into his presidency, Mr Obama also pushed lawmakers to deliver on ambitious overhauls of health care and energy. His appearance came as his approval rating - while still high, and a little above average for new presidents - was slipping according to recent polls. The president took the podium after a troublesome week for the new administration. He's seeking to frame the Washington debate on his own terms after a stretch in which he saw fellow Democrats fretting about the jaw-dropping cost estimates of reforming health care, a series of polls underscoring deep unease among independents and moderates over the soaring deficit, and Republicans challenging him to be stronger in his response to the postelection turmoil in Iran. Mr Obama didn't rule out shifting US strategy on Iran, which now calls for an opening of dialogue. "We are going to monitor and see how this plays itself out before we make any adjustments about how we proceed," the president said. Mr Obama said the United States has provided a path for Iran to reach out to the international community and engage with global powers. "It is up to them to make a decision about whether they choose that path," he said. He added that the outlook "obviously is not encouraging in terms of the path that this regime may choose to take." He forcefully countered the idea that he's been slow to forcefully respond to Iran's violent crackdown on dissent. "I don't think that's accurate," he said. "Track what I've been saying." The president said he quickly responded after the election results and after violence broke out in the streets of Tehran, and that the United States has frequently condemned infringements on the freedom of assembly and speech for Iranians. "We've been entirely consistent," he said. * 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.”

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The specs: 2018 Chevrolet Trailblazer

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Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Getting there

The flights

Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.

The stay

Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.

Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com