Justin Trudeau resigns as Canada's Prime Minister after decade in power


Willy Lowry
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Canadian Prime Minister Justin Trudeau announced on Monday that he is resigning as leader of the Liberal Party after nearly a decade in power.

Support for Mr Trudeau has plummeted in recent months and the longtime leader has come under increasing scrutiny from former allies as Canada struggles with soaring living costs and high levels of immigration. He said he would stay on until a successor Prime Minister is picked.

“I intend to resign as party leader and Prime Minister, after the party selects its next leader through a robust nationwide competitive process,” Mr Trudeau said in a press conference. “This country deserves a real choice in the next election, and it has become clear to me that if I'm having to fight internal battles, I cannot be the best option in that election.”

Mr Trudeau, 53, came to power in 2015 after 10 years of Conservative Party rule. He enjoyed early popularity and was credited for putting Canada on a more liberal track.

He proudly championed women’s rights and helped re-establish Canada’s image on the world’s stage, including by welcoming Syrian refugees, but Mr Trudeau's popularity collapsed in recent years. In December, his longtime deputy, Chrystia Freeland, broke ranks and resigned from his cabinet.

  • Justin Trudeau, Canada’s Prime Minister, speaking at Rideau Cottage in Ottawa, Ontario, announcing his resignation after more than nine years leading Canada. Bloomberg
    Justin Trudeau, Canada’s Prime Minister, speaking at Rideau Cottage in Ottawa, Ontario, announcing his resignation after more than nine years leading Canada. Bloomberg
  • Canadian prime minister Pierre Trudeau with sons Justin, left, Sacha, right, and Michel after returning home to Ottawa from an overseas trip in 1983. Reuters
    Canadian prime minister Pierre Trudeau with sons Justin, left, Sacha, right, and Michel after returning home to Ottawa from an overseas trip in 1983. Reuters
  • Sacha and Justin Trudeau watch the coffin of their father Pierre Trudeau being carried from Parliament Hill in Ottawa, Canada, on October 2, 2000. Pierre Trudeau died of prostate cancer at the age of 80. Reuters
    Sacha and Justin Trudeau watch the coffin of their father Pierre Trudeau being carried from Parliament Hill in Ottawa, Canada, on October 2, 2000. Pierre Trudeau died of prostate cancer at the age of 80. Reuters
  • Justin Trudeau and Sophie Gregoire after their wedding ceremony in Pierre Trudeau's 1959 Mercedes 300SL in Montreal on May 28, 2005. Reuters
    Justin Trudeau and Sophie Gregoire after their wedding ceremony in Pierre Trudeau's 1959 Mercedes 300SL in Montreal on May 28, 2005. Reuters
  • Canadian Liberal MP Justin Trudeau with son Xavier and Sophie Gregoire Trudeau with their daughter Ella-Grace after Mr Trudeau announces he will seek the leadership of the party on October 2, 2012, in Montreal. AP
    Canadian Liberal MP Justin Trudeau with son Xavier and Sophie Gregoire Trudeau with their daughter Ella-Grace after Mr Trudeau announces he will seek the leadership of the party on October 2, 2012, in Montreal. AP
  • Canadian Prime Minister Justin Trudeau with former US President Barack Obama at a restaurant during Mr Obama's visit to address the Montreal Chamber of Commerce, in Montreal, Quebec, on June 5, 2017. Reuters
    Canadian Prime Minister Justin Trudeau with former US President Barack Obama at a restaurant during Mr Obama's visit to address the Montreal Chamber of Commerce, in Montreal, Quebec, on June 5, 2017. Reuters
  • Canada’s Prime Minister Justin Trudeau talks to reporters about the death of Tragically Hip singer Gord Downie from brain cancer in Ottawa on October 18, 2017. Reuters
    Canada’s Prime Minister Justin Trudeau talks to reporters about the death of Tragically Hip singer Gord Downie from brain cancer in Ottawa on October 18, 2017. Reuters
  • Justin Trudeau with minister of justice and attorney general of Canada Jody Wilson-Raybould after delivering a speech on the recognition and implementation of Indigenous rights in in the House of Commons on Parliament Hill in Ottawa, Canada. AP
    Justin Trudeau with minister of justice and attorney general of Canada Jody Wilson-Raybould after delivering a speech on the recognition and implementation of Indigenous rights in in the House of Commons on Parliament Hill in Ottawa, Canada. AP
  • British prime minister Boris Johnson greets Canadian counterpart Justin Trudeau during the G7 summit in Carbis Bay, Cornwall, England, on June 11, 2021. Reuters
    British prime minister Boris Johnson greets Canadian counterpart Justin Trudeau during the G7 summit in Carbis Bay, Cornwall, England, on June 11, 2021. Reuters
  • Prime Minister Justin Trudeau greets the Rahimi family - Ayat, Arezoo, Hawa and Obaidullah - who had resettled in Canada from Afghanistan, in Ottawa on October 9, 2021. Reuters
    Prime Minister Justin Trudeau greets the Rahimi family - Ayat, Arezoo, Hawa and Obaidullah - who had resettled in Canada from Afghanistan, in Ottawa on October 9, 2021. Reuters
  • Pope Francis is greeted by Prime Minister Justin Trudeau as he arrives in Edmonton, Alberta, on July 24, 2022. His visit to Canada was aimed at reconciliation with Indigenous people for the Catholic Church's role in residential schools. AP
    Pope Francis is greeted by Prime Minister Justin Trudeau as he arrives in Edmonton, Alberta, on July 24, 2022. His visit to Canada was aimed at reconciliation with Indigenous people for the Catholic Church's role in residential schools. AP
  • US President Joe Biden, left, Mexican president Andres Manuel Lopez Obrador, centre, and Canadian Prime Minister Justin Trudeau meet at the conclusion of the North American Leaders' Summit in Mexico City, Mexico, on January 10, 2023. Reuters
    US President Joe Biden, left, Mexican president Andres Manuel Lopez Obrador, centre, and Canadian Prime Minister Justin Trudeau meet at the conclusion of the North American Leaders' Summit in Mexico City, Mexico, on January 10, 2023. Reuters

Ms Freeland said the two allies were at “odds about the best path forward for Canada” in her resignation letter and cited a need to stand up to president-elect Donald Trump, who has threatened 25 per cent tariffs against Canada.

“Our country today faces a grave challenge. The incoming administration in the United States is pursuing a policy of aggressive economic nationalism, including a threat of 25 per cent tariffs. We need to take that threat extremely seriously,” Ms Freeland said.

Shortly after, Jagmeet Singh, leader of the New Democratic Party, who's alliance with the Liberals helped prop up Mr Trudeau's government, announced that he planned to introduce a motion in parliament to oust the besieged Prime Minister.

All of this came as support for the Conservatives and leader Pierre Poilievre increased, creating a sense that Mr Trudeau's days were numbered.

Speaking outside Rideau Cottage, his makeshift home for much of the last decade, as the Prime Minister's official residence is in need of renovations, Mr Trudeau took aim at the Conservative leader's vision for Canada.

“Pierre Poilievre's vision for this country is not the right one for Canadians,” Mr Trudeau said. “Stopping the fight against climate change doesn't make sense. Backing off on the values and strength and diversity that Canada has always, always worked to pull itself together on is not the right path for the country.”

Mr Trudeau added that he believed whoever succeeds him as leader of the Liberal Party can defeat the Conservatives despite the right's surging popularity. “We need an ambitious optimistic view of the future, and Pierre Poilievre is not offering that.”

US President Joe Biden paid tribute to Mr Trudeau, saying he had led Canada with "commitment, optimism and strategic vision."

"The US-Canada alliance is stronger because of him. The American and Canadian people are safer because of him. And the world is better off because of him," Mr Biden said in a statement.

The scion of a wealthy political family, Mr Trudeau grew up in the halls of Parliament, while his father Pierre Elliott Trudeau served as Prime Minister from 1968 to 1979 and again from 1980-1984.

Mr Trudeau first rose to prominence in Canada in 2000 after he gave a moving eulogy at his father's funeral in Montreal. In 2008, he was election a member of parliament for Papineau, a multicultural riding that in no way was a liberal strong hold, perhaps the first real sign of his political chops.

In 2013, he was elected leader of the Liberal party and in 2015, he defeated incumbent conservative leader Stephen Harper and won a surprise majority government. It would be his first and last. In 2019, he managed only a narrow minority and again in 2021. The next federal election was set for fall 2025, but that will likely be expedited now.

He said he was most proud of how his government fought for the middle class and how it helped “reduce poverty” in Canada. But in the end, political infighting made it clear that he was no longer the right person to lead the party.

“Recognising that removing me from the equation as the leader who will fight the next election for the Liberal Party should also decrease the level of polarisation that we're seeing right now in the house and in Canadian politics and allow people to actually focus on serving Canadians in this house, and with their work, the way Canadians deserve,” he said.

Justin Trudeau, Canada’s prime minister, departs following a news conference at Rideau Cottage in Ottawa, Ontario, Canada, on Monday. Bloomberg
Justin Trudeau, Canada’s prime minister, departs following a news conference at Rideau Cottage in Ottawa, Ontario, Canada, on Monday. Bloomberg
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes. 

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Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes. 

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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.”

On the menu

First course

▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water  

▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle

Second course

▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo

▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa

Third course

▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro

▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis

Dessert

▶ Lumi Black lemon ice cream, pistachio, pomegranate

▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
 

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

Updated: January 07, 2025, 4:14 PM