New Yorkers release paper lanterns outside Madiba, a restaurant in Brooklyn named in honour of Nelson Mandela, after hearing of the South African anti-apartheid hero's death on Thursday. Carlo Allegri / Reuters
New Yorkers release paper lanterns outside Madiba, a restaurant in Brooklyn named in honour of Nelson Mandela, after hearing of the South African anti-apartheid hero's death on Thursday. Carlo AllegriShow more

A landmark visit for Mandela and New York



NEW YORK // Months after Nelson Mandela was released from prison, 750,000 New Yorkers lined the streets in June 1990 to catch a glimpse of South Africa’s anti-apartheid hero, or flocked to City Hall to hear him speak during his first stop on a landmark tour of the United States.

Fifty thousand alone thronged Kennedy airport, where his motorcade through the city began, culminating in a ticker-tape parade down Broadway, attended by 400,000. But it was perhaps in the majority black neighbourhoods of central Brooklyn where the joy was most visceral.

Cheering residents lined the streets, holding anti-apartheid banners and raising clenched fists as Mandela slowly made his way to the historically black Boys and Girls High School, the first stop on his tour.

People chanted “Mandela! Mandela” as he addressed the adulatory crowd of about 3,000. “We in South Africa have always known that we have loyal friends among the people of New York, but we have no idea that we were perceived with such love and warmth,” Mandela said from a makeshift stage, according to a report of the event in the New York Times.

After news of his death on Thursday, makeshift memorials were set up in historically African-American neighbourhoods across the city, and the flags at city hall flew at half staff. The mayor announced that a new high school, the Nelson Mandela School for Social Justice, would be housed at Boys and Girls.

Stan Kinard, 45, a teacher at the school then and now an administrator, said seeing Mandela in person was surreal and “produced a real sense of pride that we were living this historical moment that was taking place right before our very eyes”.

“It was probably greater than Obama being elected president,” he said. “It was the first time we’d laid eyes on him, because there weren’t a lot of pictures of him during his incarceration.”

For Mr Kinard, like many Americans who came of age in the 1970s and 80s, the anti-apartheid movement had been the defining political issue of his college years. “To have spent so many years fighting for the liberation of South Africa, some of us were just shocked that he got out of prison; we were in awe.”

As Mandela’s motorcade pulled away, hundreds of teenagers ran alongside the cars, cheering him on.

At all of the eight cities Mandela visited on his 11-day tour of the US, African Americans turned out in huge numbers to see him. The trip was intended to pressure Congress and the administration of president George H W Bush to keep sanctions on the South African government while Mandela’s ANC party negotiated a political transition, and to raise funds for the party.

But the tour came at a time of increasing racial tensions in the US, and growing anger among African Americans that the promises of the civil-rights movement of the 1960s were still unfulfilled. Mandela’s presence in the country inspired many blacks in a way their own leaders could not.

“There was a symbiotic relationship between the civil-rights movement in the US and the anti-apartheid movement, they fed off of each other during the 1980s and so there was a lot of enthusiasm here,” said Princeton Lyman, who was the US ambassador to South Africa during the run-up to the historic 1994 elections that brought Mandela to power.

During the Cold War, white minority-ruled South Africa was a close ally of the West, and Margaret Thatcher and Ronald Reagan both called Mandela and the ANC terrorists. Reagan even vetoed sanctions against the regime that passed Congress.

Though the Cold War had ended, Mr Bush and his fellow Republicans were still sceptical of Mandela, and had signalled their desire to lift sanctions after Mandela’s release.

The outpouring of international support allowed Mandela to stick to his principles, including his support for Palestinians. Before his address to Congress, Mandela sat for a town-hall style interview with ABC’s Ted Koppel and took pointed questions from prominent Jewish-American leaders, who said his support for the PLO was amoral and “hypocritical”.

Mandela told Koppel that Yasser Arafat was a “comrade in arms” because he had supported the ANC when the US and other Western countries had not.

Though he lost some support, Mandela’s transfixing charisma and moral standing allowed him to score an important strategic victory nonetheless, after Mr Bush relented and promised that sanctions would remain.

The US trip “strengthened his position in South Africa vis-a-vis negotiations because it demonstrated very clearly the degree of support he had, not only in the US but also in the international community”, Mr Lyman said.

The South African government’s resistance to negotiating with the ANC “melted away after his coming here and the enormous outpouring – it was very clear the ANC would be in the driver’s seat”, he said.

Anthony Marx, now the president of New York Public Library, was an academic working on a book on South Africa at the time, and had just returned from living there during emergency rule, one of the few Americans to have done so.

“Nineteen-ninety was an amazing moment where all of the dreams and possibilities seemed to come together,” Mr Marx said. “You dared not believe it would come to be and then it hits, and it’s no longer an idea of living martyrdom, he’s a human being bringing the country together rather than tearing itself apart.

“His visit to New York was the global icing on the cake. I’ve been a New Yorker my whole life and I’ve never seen anything like it,” he said. “And I’m not sure I will see anything like it again.”

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- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

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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.”

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.