Benjamin Netanyahu was asked to try to form the next Israeli government after his centre-right nationalist party won the largest share of seats in elections on November 1. Reuters
Benjamin Netanyahu was asked to try to form the next Israeli government after his centre-right nationalist party won the largest share of seats in elections on November 1. Reuters
Benjamin Netanyahu was asked to try to form the next Israeli government after his centre-right nationalist party won the largest share of seats in elections on November 1. Reuters
Benjamin Netanyahu was asked to try to form the next Israeli government after his centre-right nationalist party won the largest share of seats in elections on November 1. Reuters

Israeli President grants Netanyahu 10-day extension to form government


  • English
  • Arabic

Israeli Prime Minister-designate Benjamin Netanyahu will have until December 21 to form a new government after receiving an extension of about 10 days on Friday.

Mr Netanyahu was asked to try to form the next Israeli government after his centre-right nationalist party won the largest share of seats in the country’s elections on November 1.

While he has already got the backing of other parties in parliament in order to reach the threshold to govern, he has yet to finalise his coalition.

Israeli election — in pictures

  • Former Israeli prime minister and leader of the Likud party Benjamin Netanyahu and his wife Sara greet supporters in Jerusalem as Israelis went to the polls on Tuesday. EPA
    Former Israeli prime minister and leader of the Likud party Benjamin Netanyahu and his wife Sara greet supporters in Jerusalem as Israelis went to the polls on Tuesday. EPA
  • Mr Netanyahu greets supporters after the end of voting for the national elections. AFP
    Mr Netanyahu greets supporters after the end of voting for the national elections. AFP
  • Prime Minister Yair Lapid addresses supporters at his campaign headquarters in Tel Aviv. EPA
    Prime Minister Yair Lapid addresses supporters at his campaign headquarters in Tel Aviv. EPA
  • The prime minister's wife Lihi Lapid, centre, cheers her husband. AFP
    The prime minister's wife Lihi Lapid, centre, cheers her husband. AFP
  • The leader of the Otzma Yehudit (Jewish Power) far-right party Itamar Ben Gvir at his party's campaign headquarters in Jerusalem. AFP
    The leader of the Otzma Yehudit (Jewish Power) far-right party Itamar Ben Gvir at his party's campaign headquarters in Jerusalem. AFP
  • Otzma Yehudit party members in upbeat mood. AFP
    Otzma Yehudit party members in upbeat mood. AFP
  • A Likud party supporter responds to favourable exit polls. Getty
    A Likud party supporter responds to favourable exit polls. Getty
  • Supporters of Mr Netanyahu react as early exit polls suggest a comeback for the former leader. EPA
    Supporters of Mr Netanyahu react as early exit polls suggest a comeback for the former leader. EPA
  • An Ultra-Orthodox Jewish Israeli selects his ballot paper on the day of Israel's general election at a polling station in Jerusalem. Reuters
    An Ultra-Orthodox Jewish Israeli selects his ballot paper on the day of Israel's general election at a polling station in Jerusalem. Reuters
  • Mr Netanyahu and his wife Sara cast their ballot at a polling station in Jerusalem in the country's fifth election in less than four years. AFP
    Mr Netanyahu and his wife Sara cast their ballot at a polling station in Jerusalem in the country's fifth election in less than four years. AFP
  • A man kisses his dog after casting his ballot in Tel Aviv during the Israeli elections. AP
    A man kisses his dog after casting his ballot in Tel Aviv during the Israeli elections. AP
  • Israeli Prime Minister Yair Lapid smiles as he casts his vote at a polling station in Israel's coastal city of Tel Aviv. Mr Lapid urged the electorate to cast their ballot after voting in an election that might lead to veteran leader Benjamin Netanyahu making a comeback alongside far-right allies. Reuters
    Israeli Prime Minister Yair Lapid smiles as he casts his vote at a polling station in Israel's coastal city of Tel Aviv. Mr Lapid urged the electorate to cast their ballot after voting in an election that might lead to veteran leader Benjamin Netanyahu making a comeback alongside far-right allies. Reuters
  • Israeli Defence Minister Benny Gantz, right, head of the new centre-right National Unity Party, and his wife Revital Gantz vote at a polling station in the city of Rosh Haayin in central Israel. AFP
    Israeli Defence Minister Benny Gantz, right, head of the new centre-right National Unity Party, and his wife Revital Gantz vote at a polling station in the city of Rosh Haayin in central Israel. AFP
  • Ultra-Orthodox Jews watch their Rabbi Israel Hager vote during Israeli elections in Bnei Brak. AP
    Ultra-Orthodox Jews watch their Rabbi Israel Hager vote during Israeli elections in Bnei Brak. AP
  • An Ultra-Orthodox Jewish man votes in Israel's parliamentary election at a polling station in Bnei Brak. AP
    An Ultra-Orthodox Jewish man votes in Israel's parliamentary election at a polling station in Bnei Brak. AP
  • An Israeli man walks with a little girl towards the ballot box to cast his vote. AP
    An Israeli man walks with a little girl towards the ballot box to cast his vote. AP
  • A little girl helps her mother cast her ballot on the day of Israel's general election at a polling station in Taibe, northern Israel. Reuters
    A little girl helps her mother cast her ballot on the day of Israel's general election at a polling station in Taibe, northern Israel. Reuters
  • Israelis queue to cast their ballots on the day of Israel's general election at a polling station in Tel Aviv. Reuters
    Israelis queue to cast their ballots on the day of Israel's general election at a polling station in Tel Aviv. Reuters
  • Ultra-Orthodox Jewish Israelis wait to cast their ballots at a polling station in Jerusalem. Reuters
    Ultra-Orthodox Jewish Israelis wait to cast their ballots at a polling station in Jerusalem. Reuters
  • An Israeli man casts his ballot at a drive-through polling station for people quarantined as a result of Covid-19 in Jerusalem. Reuters
    An Israeli man casts his ballot at a drive-through polling station for people quarantined as a result of Covid-19 in Jerusalem. Reuters

Sunday was the original deadline to form the government or another candidate may have been asked to try to form a coalition. Failing that, Israelis would have been sent back to the polls yet again to break the deadlock.

While Mr Netanyahu sought the maximum two-week extension allowed by law, President Isaac Herzog, whose job as head of state is largely ceremonial, gave him an extra 10 days.

Coalition talks have dragged on longer than expected since Mr Netanyahu from the outset had support from right-wing and religious parties that control 64 of the Knesset's 120 seats.

A major sticking point has been who gets which ministerial post and the distribution of power between them, Israeli media has reported.

The centrist opposition had urged Mr Herzog not to grant an extension, accusing Mr Netanyahu of buying time to pass divisive legislation.

One such bill would enable a senior partner of Mr Netanyahu to serve in the cabinet despite a criminal record.

On Thursday, Mr Netanyahu reached a coalition deal with the ultra-Orthodox Shas party led by longtime Likud ally Aryeh Deri, who was convicted of tax offences as part of a plea deal and placed on probation.

Under the latest deal, the Shas party will hold senior posts in ministries for religious services, social affairs, education and interior affairs.

Deri will serve half a term as the minister of health and interior affairs, before becoming finance minister. He will also hold the post of deputy prime minister.

The legal manoeuvre has drawn criticism that it undermines Israel’s democratic institutions. It “makes a mockery of this criminal procedure,” said Amir Fuchs, senior researcher at the Israeli Democracy Institute, a Jerusalem think tank.

A prolonged political stalemate has led to five elections in less than four years. An outgoing caretaker government remains in office.

“These are complex days for Israeli society when disputes over fundamental issues threaten to tear apart and ignite violence and hatred,” Mr Herzog said in a letter to Mr Netanyahu that his office made public.

He called for the formation of a government that represents the entire country and for a coalition that maintains a respectful dialogue between the branches of government.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Blonde
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAndrew%20Dominik%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAna%20de%20Armas%2C%20Adrien%20Brody%2C%20Bobby%20Cannavale%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3C%2Fp%3E%0A
Voy!%20Voy!%20Voy!
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Omar%20Hilal%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Muhammad%20Farrag%2C%20Bayoumi%20Fouad%2C%20Nelly%20Karim%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
LUKA CHUPPI

Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A

Founder: Ayman Badawi

Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

Sector: Software

Size: Seven employees

Funding: $170,000 in angel investment

Funders: friends

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.”

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

UAE currency: the story behind the money in your pockets
ROUTE%20TO%20TITLE
%3Cp%3E%3Cstrong%3ERound%201%3A%3C%2Fstrong%3E%20Beat%20Leolia%20Jeanjean%206-1%2C%206-2%3Cbr%3E%3Cstrong%3ERound%202%3A%20%3C%2Fstrong%3EBeat%20Naomi%20Osaka%207-6%2C%201-6%2C%207-5%3Cbr%3E%3Cstrong%3ERound%203%3A%20%3C%2Fstrong%3EBeat%20Marie%20Bouzkova%206-4%2C%206-2%3Cbr%3E%3Cstrong%3ERound%204%3A%3C%2Fstrong%3E%20Beat%20Anastasia%20Potapova%206-0%2C%206-0%3Cbr%3E%3Cstrong%3EQuarter-final%3A%20%3C%2Fstrong%3EBeat%20Marketa%20Vondrousova%206-0%2C%206-2%3Cbr%3E%3Cstrong%3ESemi-final%3A%20%3C%2Fstrong%3EBeat%20Coco%20Gauff%206-2%2C%206-4%3Cbr%3E%3Cstrong%3EFinal%3A%3C%2Fstrong%3E%20Beat%20Jasmine%20Paolini%206-2%2C%206-2%3C%2Fp%3E%0A
Updated: December 09, 2022, 3:13 PM