DENVER // Gun sales are surging in the wake of the Colorado cinema massacre as buyers express fears that politicians may use the shootings as a reason to restrict the owning of weapons.
In Colorado, the site of Friday's shooting in which 12 died and dozens of others were injured, gun sales jumped in the next three days
Background checks on 2,887 people who wanted to buy a firearm were 25 per cent up on the average Friday to Sunday period in 2012 and 43 per cent on the previous week.
Dick Rutan, owner of Gunners Den in Arvada, near Denver, said requests for concealed-weapon training "are off the hook." Interest in his four-hour course in gun safety, required for certification for a concealed-weapons permit in Colorado, has doubled since Friday.
"What they're saying is: They want to have a chance. They want to have the ability to protect themselves and their families if they are in a situation like what happened in the movie theatre," Mr Rutan said.
Day-to-day gun sales often fluctuate, but the numbers also look to be up outside of Colorado, too.
Seattle's King county saw nearly twice as many requests for concealed pistol licences than the same period a year ago. Florida recorded 2,386 background checks on Friday, up 14 per cent from the week before. Oregon sales on Friday and Saturday were up 11 per cent over the previous month.
During the past decade, June and July have consistently been the slowest months for gun sales, according to FBI data.
Jay Wallace, who owns Adventure Outdoors in Smyrna, Georgia, found that his sales on Saturday were up 300 per cent from the same day a year ago - making it one of the best Saturdays his business has ever had. He said customers are often afraid when there's a gun-related tragedy that an anti-gun agenda may follow.
"We shouldn't let one sick individual lose sight of freedoms in this country," Mr Wallace said.
Officials have said that the suspected Colorado gunman, James Holmes, methodically stockpiled weapons and explosives at work and home in recent months. He bought thousands of rounds of ammunition and a shotgun, a semi-automatic rifle and two Glock pistols.
On Friday, clad head-to-toe in combat gear, he burst into a midnight showing of The Dark Knight Rises, tossed gas canisters into the crowd and opened fire.
Police in the Denver suburb of Aurora say Mr Holmes also booby-trapped his apartment. He is now in solitary confinement at a local jail.
The rise in gun sales reflects but one of the anxieties created by the shootings. Since the massacre, there have been reports of chaos at cinemas, apparently sparked by misunderstandings or careless words.
A confrontation with a drunk man in an Arizona theatre led to about 50 people fleeing, officials said.
A southern California man was arrested after he referred to the Aurora massacre after the film didn't start on time. In New Jersey, a showing of Batman was cancelled after someone stood up during the movie, opened an emergency exit and then returned to their seat.
Nationally, the shootings have triggered a fierce debate over gun control and whether government has a role in reining in the ownership of firearms.
Gun sales often fluctuate based on news events, especially whenever people think the passage of more restrictive gun laws is imminent. Sales rose after the election of Barack Obama, the US president, when weapons enthusiasts expressed fear that the Democrat might curtail gun rights. FBI figures also show background checks for handgun sales jumped in Arizona after the shooting of US congresswoman Gabrielle Giffords in 2011.
"It's not uncommon for us to see spikes in requests for concealed pistol licences when there's a significant gun-related tragedy," said Sgt. Cindi West of the King County sheriff's office in Washington state.
Some Democrats in Congress cited the shooting as evidence of the need for tougher gun control laws - particularly a ban on high-capacity ammunition magazines. Congress, however, hasn't passed strict gun laws in more than a decade.
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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Kalra's feat
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- Becomes second Indian to score century in U19 final after Unmukt Chand in 2012
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Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
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Rating:**
