Top Shiite cleric urges quick decision on Iraq leadership



BAGHDAD // Iraq’s top Shiite cleric stepped up pressure on deeply divided political blocs on Friday, calling on them to agree on the next prime minister before the newly elected parliament convenes next week.

Grand Ayatollah Ali Al Sistani appeal adds to calls for the creation of inclusive government that can defuse the crisis created by the seizure of large parts of the country by Sunni militants.

The current prime minister Nouri Al Maliki, whose sectarian policies have been blamed for triggering the current situation, is fighting to keep his job, with his former Shiite allies and even key patron Iran exploring alternatives.

The conflict has drawn the Americans back to Iraq with special forces being deployed to advise Iraqi troops. The US also has started flying armed drones over Baghdad to protect US interests in the Iraqi capital, a Pentagon official said on Friday.

Mr Al Maliki, who has governed the country since 2006, needs support from other parties after his State of Law bloc won the most seats in the elections but failed to gain the majority needed to govern alone. That set the stage for potentially months of coalition negotiations. But now a new government is wanted urgently to face the lightning advance across the north and west of the country by the Al Qaeda breakaway Islamic State of Iraq and the Levant.

The stunning gains were made possible in large part because Iraqi security forces melted away in the face of the onslaught.

Iraqi forces have since started fighting back, sending troops into a strategic university campus in Tikrit and bombarding the city in an effort to retake it from the ISIL-led insurgents.

The home town of executed dictator Saddam Hussein was siezed by the Sunni militants on June 11, two days after they launched their offensive in Mosul, Iraq’s second-largest city.

A senior army officer said Iraqi forces were targeting militants in Tikrit with air strikes to protect forces at the university and prepare for an assault on the city.

In further fallout from the crisis, the president of Iraq’s autonomous Kurdish region declared on Friday that there was no going back on Kurdish self-rule in disputed territory, including ethnically divided northern oil city Kirkuk, now defended against the militants by Kurdish fighters.

The Iraqi Kurdish leader Massud Barzani said Baghdad could no longer object to Kurdish self-rule in Kirkuk and other towns from which federal forces withdrew in the face of the militant advance.

“Now, this [issue] ... is achieved,” he said, referring to a constitutional article meant to address the Kurds’ decades-old ambition to incorporate the territory in their autonomous region in the north over the objections of successive governments in Baghdad.

Speaking at a joint news conference with visiting British foreign secretary, William Hague, Mr Barzani said: “We have been patient for 10 years with the federal government to solve the problems of these [disputed] areas.

“There were Iraqi forces in these areas, and then there was a security vacuum, and [Kurdish] peshmerga forces went to fill this vacuum.”

International agencies meanwhile raised alarm bells over the humanitarian consequences of the fighting, with up to 10,000 people having fled a northern Christian town in recent days and 1.2 million displaced by unrest in Iraq this year.

* Associated Press and Agence France-Presse

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Company%20profile
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COMPANY%20PROFILE
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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

The five pillars of Islam
Arrogate's winning run

1. Maiden Special Weight, Santa Anita Park, June 5, 2016

2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016

3. Allowance Optional Claiming, Del Mar, August 4, 2016

4. Travers Stakes, Saratoga, August 27, 2016

5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016

6. Pegasus World Cup, Gulfstream Park, January 28, 2017

7. Dubai World Cup, Meydan Racecourse, March 25, 2017

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

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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.”

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

COMPANY%20PROFILE
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Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

Turkish Ladies

Various artists, Sony Music Turkey 

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

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Six pitfalls to avoid when trading company stocks

Following fashion

Investing is cyclical, buying last year's winners often means holding this year's losers.

Losing your balance

You end up with too much exposure to an individual company or sector that has taken your fancy.

Being over active

If you chop and change your portfolio too often, dealing charges will eat up your gains.

Running your losers

Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.

Selling in a panic

If you sell up when the market drops, you have locked yourself out of the recovery.

Timing the market

Even the best investor in the world cannot consistently call market movements.

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MATCH INFO

Uefa Nations League

League A, Group 4
Spain v England, 10.45pm (UAE)

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