Palestinians wait on Monday to board a the new Israeli bus line that is for Palestinians only. Uriel Sinai / Getty Images
Palestinians wait on Monday to board a the new Israeli bus line that is for Palestinians only. Uriel Sinai / Getty Images
Palestinians wait on Monday to board a the new Israeli bus line that is for Palestinians only. Uriel Sinai / Getty Images
Palestinians wait on Monday to board a the new Israeli bus line that is for Palestinians only. Uriel Sinai / Getty Images

Arson attempt on second day of Israel's segregated bus programme


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JERUSALEM // A day after Israel began running separate West Bank bus lines for Palestinian workers, vandals tried to set fire to several of the vehicles overnight, police said today.

"Two buses were apparently set on fire but we are looking into all possibilities," police spokeswoman Luba Samri said, adding the incident took place in the Arab-Israeli town of Kfar Qassem which is close to the Green Line.

Police sources quoted by army radio said the buses had been torched as a protest against the new transportation system which came into effect on Monday.

The incident took place just hours after Israel began running separate bus lines for Palestinian workers and Jewish settlers, in a move which was bluntly denounced by an Israeli rights group as "segregation" and "simple racism".

But Israel's transport ministry denied the accusations, saying Palestinians with a permit to work in Israel were allowed to travel "on all public transport lines".

The controversy over the separate bus lines continued to draw sharp criticism from Palestinian officials today.

"This is a racist policy of segregation," the deputy labour minister, Assef Said, said.

His remarks were echoed by the Palestinian Workers' Union which also denounced it as "a racist measure" and said the buses would become an easy target for attacks by settler extremists.

The new bus route ferries Palestinian workers from the Eyal checkpoint just north of the West Bank city of Qalqilya to several cities in Israel where they have permits to work.

The transport ministry says the new lines are to serve Palestinian workers entering Israel in a bid "to replace the pirate operators who transport the workers at inflated fares".

But Israeli media reports said the service was launched after Jewish settlers complained that forcing them to share public transport with Palestinians was a security risk.

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

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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