German Chancellor Olaf Scholz addresses the 'Summit of the Future' in the General Assembly Hall at the UN in New York. Reuters
German Chancellor Olaf Scholz addresses the 'Summit of the Future' in the General Assembly Hall at the UN in New York. Reuters
German Chancellor Olaf Scholz addresses the 'Summit of the Future' in the General Assembly Hall at the UN in New York. Reuters
German Chancellor Olaf Scholz addresses the 'Summit of the Future' in the General Assembly Hall at the UN in New York. Reuters

Olaf Scholz's SPD narrowly sees off far-right AfD in Brandenburg state election


Soraya Ebrahimi
  • English
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German Chancellor Olaf Scholz's party vowed to take the fight to the far right on Monday after scoring a narrow win over the nationalist Alternative for Germany (AfD) in a state election in Brandenburg.

The AfD was denied a second landmark election victory but proclaimed itself the “party of the future” after exit polls showed it coming first among voters aged under 25.

The result gives a lift to Mr Scholz's Social Democrats (SPD) after a string of setbacks and could dampen talk of replacing him on the ticket at Germany's next general election next year, even as polls show support at rock bottom for the governing three-party coalition in Berlin.

“When the SPD takes the fight to the AfD, with a clear stance, we have a chance of finishing in first place,” said SPD chairman Lars Klingbeil. He said the a focus on bread-and-butter social issues had won support from voters in Brandenburg, even as migration and asylum dominate the political agenda in Berlin.

The SPD's candidate in Brandenburg, Dietmar Woidke, had distanced himself from Mr Scholz's government, and some MPs on the left and right warned the party not to get its hopes up despite coming from behind in the polls to beat AfD.

The SPD has governed the state surrounding Berlin since reunification in 1990. Provisional results showed it taking 30.9 per cent of the vote in Sunday's election, with the AfD on 29.1 per cent. The centre-right Christian Democratic Union, the main opposition to Mr Scholz, came a disappointing fourth.

The election was the third this month in the former East, the heartland of the AfD, whose victory in Thuringia on September 1 was the most significant far-right victory in Germany since the Nazi era. The party is under intelligence surveillance because of suspected extremist leanings.

German President Frank-Walter Steinmeier made a plea for unity on Monday at a meeting with survivors of political violence, including a racist shooting at shisha bars in Hanau in 2020 and an Islamist Christmas market attack in Berlin in 2016.

“When our language becomes coarser, when people feel less inhibited spreading hatred in millions of posts and likes online, when there is only black and white, when people cannot reconcile from conflicts, when certain people or groups are devalued and democratic institutions held in contempt, the erosion of democracy begins,” Mr Steinmeier said.

SPD challenges

The SPD is polling about 15 per cent at a national level, down from the 25.7 per cent it scored in the 2021 federal election. That is behind the AfD at about 20 per cent and opposition conservatives at 32 per cent. The three parties in Mr Scholz's left-liberal coalition are polling at about a combined 30 per cent.

The coalition has come under fire for its infighting and handling of immigration. In the formerly communist East, many voters are also critical of its delivery of weapons to Ukraine to help it fend off Russia's full-scale invasion.

Three-quarters of those who voted for the SPD did not do so out of conviction, but to fend off the AfD, according to an exit poll by broadcaster ARD. Turnout rose to 73 per cent from 61 per cent five years ago.

“Dietmar Woidke and his Brandenburg SPD have made a furious comeback in recent weeks,” said Mr Kuehnert. “For us in the federal SPD … the problems that lie ahead of us will not have got any bigger. But they have not got any smaller either,” he said.

Social Democratic Party (SPD) top candidate and Brandenburg State Premier Dietmar Woidke after the first projections in the regional state parliament election in Brandenburg. EPA
Social Democratic Party (SPD) top candidate and Brandenburg State Premier Dietmar Woidke after the first projections in the regional state parliament election in Brandenburg. EPA

The vote in Brandenburg comes three weeks after the Russia-friendly AfD topped the poll in Thuringia and also performed strongly in neighbouring Saxony, coming hot on the heels of the conservatives in second place.

Mr Woidke warned against complacency, noting the AfD was still gaining momentum. The ZDF poll suggested it had gained 5.7 percentage points since the last Brandenburg election in 2019.

AfD co-leader Tino Chrupalla noted the party had made strong gains among young voters – a trend that was reflected for far-right parties across Europe in the EU elections in June.

Co-leader of the far-right Alternative for Germany (AfD) party Tino Chrupalla after the publication of the exit polls of the Brandenburg state elections in Potsdam, eastern Germany. AFP
Co-leader of the far-right Alternative for Germany (AfD) party Tino Chrupalla after the publication of the exit polls of the Brandenburg state elections in Potsdam, eastern Germany. AFP

The new left-wing party Alliance Sahra Wagenknecht was on track to come in third place, at 12 per cent according to the poll, before the CDU at 11.6 per cent, underscoring the continuing upheavals in Germany's political landscape making predictions tricky.

The Greens, one of the junior partners in Mr Scholz's coalition at the federal level, came in at 4.7 per cent, just below the 5 per cent threshold to automatically enter state parliament.

The result achieved by the other junior coalition partner, the Free Democrats (FDP), was too insignificant to be reflected in the poll.

Green ambitions
  • Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
  • Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
  • Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
  • Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water 
Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat

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.”

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

UAE currency: the story behind the money in your pockets

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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EA Sports FC 25
Madrid Open schedule

Men's semi-finals

Novak Djokovic (1) v Dominic Thiem (5) from 6pm

Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm

Women's final

Simona Halep (3) v Kiki Bertens (7) from 8.30pm

Results

1. Mathieu van der Poel (NED) Alpecin-Fenix - 3:45:47

2. David Dekker (NED) Jumbo-Visma - same time

3. Michael Morkov (DEN) Deceuninck-QuickStep   

4. Emils Liepins (LAT) Trek-Segafredo

5. Elia Viviani (ITA) Cofidis

6. Tadej Pogacar (SLO UAE Team Emirates

7. Anthony Roux (FRA) Groupama-FDJ

8. Chris Harper (AUS) Jumbo-Visma - 0:00:03

9. Joao Almeida (POR) Deceuninck-QuickStep         

10. Fausto Masnada (ITA) Deceuninck-QuickStep

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

'Top Gun: Maverick'

Rating: 4/5

 

Directed by: Joseph Kosinski

 

Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris

 
COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Men's football draw

Group A: UAE, Spain, South Africa, Jamaica

Group B: Bangladesh, Serbia, Korea

Group C: Bharat, Denmark, Kenya, USA

Group D: Oman, Austria, Rwanda

Updated: September 23, 2024, 12:13 PM