The United States has designated the Pakistani Hizbul Mujahideen, a Pakistan-based group, as a foreign terrorist organisation, bringing it into a network of sanctions that freezes any assets it holds in the US.
The move will be particularly welcome in India, where Hizbul Mujahideen — or “Group of Holy Warriors” — has perpetrated militant attacks in Kashmir for nearly three decades, aiming to overthrow Indian rule in the region.
The group is thought to be behind a spree of violence in Kashmir over the past year, after one of its most popular commanders, Burhan Wani, was killed by Indian security forces in July 2016.
Amid more widespread protests by civilians, Hizbul Mujahideen is thought to have carried out specific targeted attacks. Most recently, seven Hindu pilgrims were killed in July when they were caught in crossfire between militants and Indian troops. The very next day security forces carried out an operation against Hizbul Mujahideen in the village of Budgam during which three militants were killed, although Indian officials never confirmed their affiliation.
Pakistan called the American decision “saddening”.
"Declaring organisations or groups supporting the freedom struggle in Kashmir as terrorist outfits is completely unjustified," foreign office spokesman Nafees Zakaria said.
The US move, announced on Wednesday, comes less than two months after it placed the leader of Hizbul Mujahideen, Syed Salahuddin, on its list of designated global terrorists.
Salahuddin, 71, was in Pakistani-controlled Kashmir at the time.
“We will not end this fight without liberating Kashmir from India,” he said.
The blacklisting of Salahaddin was announced just hours before Indian prime minister Narendra Modi met president Donald Trump for the first time in Washington. The latest decision came two days after the leaders spoke on the phone, when Mr Trump called Mr Modi to greet him on the 70th anniversary of India’s independence.
The US state department said its designation of Hizbul Mujahideen as a terrorist organisation was to deny it “the resources it needs to carry out terrorist attacks. Among other consequences, all of [the group’s] property and interests in property subject to US jurisdiction are blocked, and US persons are generally prohibited from engaging in any transactions with the group”.
India has pressed the US to blacklist Hizbul Mujahideen throughout Mr Modi's three-year tenure as prime minister, and has shared documents and evidence collected by security agencies and the police in Kashmir with the US state department.
The group has claimed numerous attacks over the years in Kashmir. Among the deadliest was when a landmine blew up a convoy of Indian troops in 2004. The convoy included a bus in which soldiers and their family members were travelling from Srinagar to Jammu on vacation. Seventeen soldiers, as well as three women, four children and two other civilians were killed in that attack.
The issue acquired further urgency as unrest spiralled in Kashmir after the death of Wani.
A curfew imposed last summer in the Kashmir valley lasted nearly two months and there have been other periods of curfew since then. Clashes between troops and protesters have been bloody, with more than 100 deaths and thousands injured.
The region continues to be volatile. On Sunday, two Indian soldiers and three civilians died in a firefight after troops encircled a group of suspected militants in a village near Srinagar.
Hizbul Mujahideen joins two other Pakistan-based groups on the US list. Jaish-e-Mohammad and Lashkar-e-Taiba were placed on the list on December 26, 2001, barely two weeks after a squad of terrorists from these groups attacked India’s parliament.
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
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.”
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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BUNDESLIGA FIXTURES
Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)
Saturday RB Leipzig v Hertha Berlin (5.30pm)
Mainz v Borussia Monchengladbach (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Union Berlin v SC Freiburg (5.30pm)
Borussia Dortmund v Schalke (5.30pm)
Sunday Wolfsburg v Arminia (6.30pm)
Werder Bremen v Hoffenheim (9pm)
Bayer Leverkusen v Augsburg (11.30pm)
Selected fixtures
All times UAE
Wednesday
Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
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.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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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
