Egypt's weak president poses no problem - yet - for the US


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If Mohammed Morsi were really going to be the president of Egypt, Barack Obama's administration might be a tad more alarmed than it actually is over the changes in Cairo.

The cruel truth, however, is that while the Supreme Council of the Armed Forces (Scaf) will allow Mr Morsi the title and symbolic accoutrements of the presidency, the executive powers of that office have been usurped by the generals.

Mr Morsi will have no control of the budget, foreign policy, the armed forces, defence matters or national security. Not only has the junta claimed those powers for itself, it has also dissolved the democratically elected parliament and, effectively, the assembly tasked with writing a new constitution, claiming their powers.

The generals could opt to curtail Mr Morsi's term once a new constitution has been tabled, while their allies in the judiciary might even pull the rug out from under him by reviving the old regime's ban on the Muslim Brotherhood. In any case, Mr Morsi's authority will be largely restricted to domestic matters, such as the economy, education and social policy - the subjects usually overseen, in a presidential system, by a prime minister.

The Obama administration publicly presses the generals to hand power to elected civilians, but that may be a largely pro-forma objection to the arrangements put in place by Scaf. Consider, after all, that the US response to the uprising that saw Hosni Mubarak forced out in February 2011 was to back a transfer of authority to General Omar Suleiman, the intelligence chief. What they have with Scaf is not that different, at least not on core US concerns: that Egypt maintain the Camp David peace deal with Israel, and that it support, or at least not obstruct, US regional policy.

The electorate has signalled that the Muslim Brotherhood is Egypt's most popular political force, and the US finds the movement's centre-right economic outlook appealing. So Washington thinks that the Islamists may be a good bet for restoring stability, if handed the reins of limited government under the tutelage of the military. So what if Mr Morsi is sceptical that Al Qaeda was responsible for the September 11 attacks? That's a common view in Egypt, and anyway he'll be kept on a short leash; the decisions that count will remain in the hands of generals long aligned with Washington's regional strategy.

Talk of the US using the $1.3 billion (Dh4.8 billion) stipend it pays to the Egyptian military every year as a lever to press for more democracy misses the point that the current arrangement may actually suit Washington. That money buys geopolitical loyalty, not democracy promotion. Even when the junta shut down US democracy-promotion groups in Egypt, and put Americans on trial, the aid was not withdrawn.

Washington would certainly prefer a democratic Egypt that would uphold US interests. But if the electorate is going to return Islamists opposed to US regional strategy, a democracy "managed" by the military could be rationalised as a step forward that maintains the regional balance of power. Besides, the US has become painfully aware of the limits of its influence.

The West, writes the International Crisis Group: "Has been caught between the need to support a democratic transition and the enormous suspicions that continue to taint its actions due to a chequered history of excessive interference and support for authoritarian rule. Achieving a proper balance [of] pressuring the Scaf without triggering widespread hostility will not be easy, especially at a time of heightened xenophobia and mistrust of anything coming from the outside."

Washington is not calling the shots for Scaf, but it's a safe bet that the US supported the junta's decision to refrain from manipulating the election to hand the presidency to former Mubarak prime minister Ahmed Shafiq, representing an unapologetically resurgent old regime. Coming on the heels of the dissolution of parliament and the constitutional assembly, and the restoration of martial law, a Shafiq victory would have symbolised completion of the counter-revolution. And that would have obliged both the Islamists and the secular opposition to take to the streets.

Giving the Brotherhood a limited stake in a new order controlled by America's allies in the junta may be a smart way to demobilise the opposition, or at least create a more manageable political process.

A power-sharing arrangement between the generals and Islamists - an idea many liberal and secular opposition activists fear - may, in fact, be the US's preferred outcome. If that is what's happening, it may be because Scaf has reached the same conclusion.

The junta's guiding principle since the spring of 2011 has been stability, and having the Brotherhood as a junior partner offers a chance for both stability and a modicum of popular legitimacy for the new arrangements, even as they safeguard US interests.

The problem, however, is that just as the crowds on Tahrir Square in February 2011 were not willing to accept Gen Suleiman as their ruler, so too will the Muslim Brotherhood continue to push for greater civilian political control. The crucial question may be whether the Islamists can match the political flexibility of the generals by making common cause with many of the secular opposition groups they have alienated since Hosni Mubarak's ouster, by seeking to monopolise political power.

If they can reposition themselves to lead a broader movement for civilian rule based on democratic consensus, rather than narrow Islamism, they could put the generals on the wrong foot - and pose new dilemmas for the US.

Curiously, though, creating a broad unity government - which would inevitably challenge the military - is exactly what Washington is urging Mr Morsi to do. The US, like other stakeholders in the Egyptian drama, is caught between competing impulses.

Tony Karon is a New-York based analyst

On Twitter @TonyKaron

Managing the separation process

  • Choose your nursery carefully in the first place
  • Relax – and hopefully your child will follow suit
  • Inform the staff in advance of your child’s likes and dislikes.
  • If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
  • The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
  • Be patient. Your child might love it one day and hate it the next
  • Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.  
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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
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Company profile

Name: Dukkantek 

Started: January 2021 

Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani 

Based: UAE 

Number of employees: 140 

Sector: B2B Vertical SaaS(software as a service) 

Investment: $5.2 million 

Funding stage: Seed round 

Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office  

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

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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.”

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

MATCH INFO

Uefa Champions League last-16, second leg:

Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')

Ajax win 5-3 on aggregate

Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
Joe Root's Test record

Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27

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10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

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