US Vice President Kamala Harris has joined President Joe Biden in expressing concern about the political situation in Israel despite Prime Minister Benjamin Netanyahu's claim that he was confident of finding a compromise over controversial judicial reforms.
Speaking during a tour of several African states on Wednesday, Ms Harris said “we are watching” the situation in Israel after Mr Netanyahu on Monday shelved plans to reform the judiciary in the face of mass demonstrations and a general strike.
While the pause eased tensions and slowed the demonstrations, the Prime Minister plans to bring the bill back in the summer session that starts in April. The proposed reforms would bar the Supreme Court from striking down government and parliament-approved legislation and give cabinet powers to appoint and dismiss judges.
Critics argue that the move would erode democratic checks and balances in Israel and allow Mr Netanyahu, who is facing corruption charges, undue power over his own legal proceedings. The Prime Minister, however, insists the changes are proportional, justified and needed.
“We have a long and enduring relationship, the US and Israel based on a number of factors that include an intertwined history, but also that relate to shared principles in terms of the importance of democracy,” Ms Harris said when asked about the situation.
Her comments came a day after President Biden said Israel “can't continue down this road.”
US news site AXIOS reported that Mr Biden’s cautious public message had been preceded by a franker private note to Mr Netanyahu urging him to halt the reforms.
Mr Netanyahu on Wednesday pushed back on the Biden administration. “Israel is a sovereign country [that] makes its decisions by the will of its people and not based on pressures from abroad, including from the best of friends,” he said.
While Ms Harris’ comments echoed Mr Biden's stand, the public criticism and Mr Netanyahu’s pushback contrasted the positive tone on relations given by US Ambassador to Israel Tom Nides in interviews on Israeli networks before the US President’s comments earlier this week.
While Mr Nides on Tuesday said that Mr Netanyahu might soon be invited to the White House after acceding to the compromise talks, when asked by reporters about such a move Mr Biden said “No, not in the near term”.
Israel's centrist opposition leader, Yair Lapid, tweeted: “For decades Israel was the closest of US allies. The country's most extreme government ever ruined that in three months.”
Mr Biden has urged Mr Netanyahu to stop trying to fast-track the legislation and make changes to the proposal based on dialogue with all political factions.
Opposition and groups in the coalition government have begun consultations but few details have yet emerged.
Addressing the US-led Summit for Democracy, Mr Netanyahu said the negotiators will “try to achieve a broad national consensus to achieve both goals. And I believe this is possible. We're now engaged in exactly this conversation”.
In another signal of business as usual, Defence Minister Yoav Gallant — whose dissent on the pace of the judicial overhaul prompted Mr Netanyahu to fire him on Sunday, sparking a surge in the demonstrations and foreign alarm — oversaw the launch of a new Israeli spy satellite on Wednesday.
Mr Gallant then posted a picture of himself hosting the Foreign Minister of Azerbaijan, a major defence partner of Israel.
Aides say Mr Gallant never got a formal dismissal letter from Mr Netanyahu and several members of the ruling coalition are reportedly lobbying for the Prime Minister to reinstate the Defence Minister.
Israeli media reported that he was open to apologising publicly for the timing of his comments over the reforms on Saturday while not walking back on the substance of his warning.
However, The Times of Israel reported that Mr Netanyahu had also met technology tycoon and former Jerusalem mayor Nir Barkat, who serves as Economy Minister but is seen as a potential replacement for Mr Gallant.
An aide to Mr Barkat said after the meeting that the tycoon would “take what the prime minister bestows upon him,” the report said.
Mr Gallant's dismissal and the fury it caused underlined the concern among many in Israel that the crisis around the judicial reforms was opening up social divisions that were posing a serious risk to the country's future.
While the reforms are paused, there is still growing criticism from within the Israeli establishment.
At a conference on Wednesday, former chief of Israel's Mossad intelligence agency Tamir Pardo said the government was “acting irrationally”. Ambiguity around Gallant's status exposed the country to “serious harm”, he added.
About 500 Israelis protested in Tel Aviv on Wednesday evening against an announcement to form a national guard under far-right National Security Minister Itamar Ben-Gvir, who was previously convicted of anti-Arab incitement and backing a group considered by Israel and the US to be a terrorist organisation.
The national guard was launched last year under former prime minister Naftali Bennett. But Mr Ben-Gvir this week said he had agreed to support Mr Netanyahu's pause of the judicial overhaul if the force is formed under his ministry — a move opponents criticise as giving him his own militia.
“We don't trust the government and certainly not the prime minister and his gang,” said 75-year-old Chanoch Lipperman in Tel Aviv.
“We have to keep on protesting.”
Now in his sixth term, Mr Netanyahu straddles a religious-nationalist coalition whose far-right members have stirred worry in the West for the future of long-stalled peacemaking with the Palestinians and the ability to co-ordinate strategies on Iran. - Additional reporting by Reuters
COMPANY PROFILE
Name: Akeed
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The five pillars of Islam
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
Jawan
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Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack
match info
Southampton 0
Arsenal 2 (Nketiah 20', Willock 87')
Red card: Jack Stephens (Southampton)
Man of the match: Rob Holding (Arsenal)
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
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.”
Third Test
Day 3, stumps
India 443-7 (d) & 54-5 (27 ov)
Australia 151
India lead by 346 runs with 5 wickets remaining
Netherlands v UAE, Twenty20 International series
Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen
Tuesday, August 6 – Third T20i, Voorburg
Thursday, August 8 – Fourth T20i, Vooryburg
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Coal Black Mornings
Brett Anderson
Little Brown Book Group