Laurent Gbagbo may see reasons to stay, but he needs to go


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Ivory Coast's president has made it clear he will leave office only with his boots on, which illustrates a fundamental problem that has bedevilled Africa since the end of colonialism: when politics is the only vehicle for a man of ambition, he will not leave his job quietly.

Laurent Gbagbo says any attempt to remove him from power by force could start a war in West Africa. This is in spite of his losing the recent presidential election to his rival, Allassane Ouattara, who is being backed as the winner by the international community.

In economically advanced societies, politics is but one option open to its captains of society. In the UK, the unloved Gordon Brown reluctantly slunk out of Number 10 with the reasonable assurance of a peaceful, and lucrative, retirement on the talk circuit.

It would be simplistic, of course, to blame the continent's penchant for coups solely on economics. Ethnic conflict, power-hungry despots and outside meddling have also played their part. But Africa is almost unique as a continent where few options for advancement exist outside power politics.

Take Mr Gbagbo. A man of humble birth who became a schoolteacher, he was also physically brave. He has been imprisoned as an opposition leader and survived civil war. Now, after almost 10 years of leading the West African country, he is faced with the unappealing choice of giving up his office.

It's not hard to see why he is so reluctant. African leaders and their acolytes grow wealthy while their opponents are frequently forced to live like bandits, on the run and in fear for their lives.

The presidency, on the other hand, is the channel for World Bank loans, some US$800 million [Dh2.93 billion] this year in the case of Ivory Coast, and has a hand in mining, farming and other profitable ventures.

A growing oil and gas industry, worth more than $1bn a year, has also raised the economic stakes in the country.

It is likely therefore that Mr Gbagbo is not only thinking of his own welfare, but also of that of his vast army of hangers-on - the generals, officials and functionaries who depend on his patronage for access to this wealth. With a new boss comes sweeping management changes.

Fortunately, a new generation of African leaders seems aware of the problem. Most of them have condemned Mr Ggabo's actions. Nigeria's Goodluck Jonathan has reportedly offered him a "dignified retirement", and the African Union has insisted a handover of power must take place.

Inspired perhaps by South Africa, which has had three peaceful presidential changes since apartheid ended in 1994, African leaders are now quicker to speak out against power grabs and coups. Indeed, South Africa has a number of former presidential contenders, such as Cyril Ramaphosa, who turned to business once their political aspirations were crushed.

Once seen as a serious rival of former president Thabo Mbeki, and backed by business and the trade unions, Mr Ramaphosa was eventually outmanoeuvred and sidelined in the race for South Africa's leadership.

As a former union activist himself, he could easily have used his street cred to foment unrest against the government.

Instead, he has moved on to become a billionaire businessman and seems content to spend his time in boardrooms instead of manning barricades.

As for Mr Mbeki, he was voted out by his own party in 2007 and is now running a suitably obscure foundation where he can do what he always did best - promote African causes.

So it is possible to give the great and good something to occupy themselves with, other than revolution. But in order to do so, free economic activity is needed.

While South Africa has a diversified economy, Ivory Coast does not. It is still heavily dependent on agriculture, in spite of the efforts of Mr Ggabo himself to diversify the economy. Still, the international community should not back down on insisting he pack his bags.

Only when Ivory Coast becomes safe again for investors will its economy be able to resume growing.

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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 has lived at The Bishops Avenue?
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  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
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Top tips to avoid cyber fraud

Microsoft’s ‘hacker-in-chief’ David Weston, creator of the tech company’s Windows Red Team, advises simple steps to help people avoid falling victim to cyber fraud:

1. Always get the latest operating system on your smartphone or desktop, as it will have the latest innovations. An outdated OS can erode away all investments made in securing your device or system.

2. After installing the latest OS version, keep it patched; this means repairing system vulnerabilities which are discovered after the infrastructure components are released in the market. The vast majority of attacks are based on out of date components – there are missing patches.

3. Multi-factor authentication is required. Move away from passwords as fast as possible, particularly for anything financial. Cybercriminals are targeting money through compromising the users’ identity – his username and password. So, get on the next level of security using fingertips or facial recognition.

4. Move your personal as well as professional data to the cloud, which has advanced threat detection mechanisms and analytics to spot any attempt. Even if you are hit by some ransomware, the chances of restoring the stolen data are higher because everything is backed up.

5. Make the right hardware selection and always refresh it. We are in a time where a number of security improvement processes are reliant on new processors and chip sets that come with embedded security features. Buy a new personal computer with a trusted computing module that has fingerprint or biometric cameras as additional measures of protection.

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