Joe Manchin, a senator from deeply Republican and pro-coal West Virginia, has left the Democratic Party after years of opposition to its move towards a clean energy transition.
The long-time senator announced that he was changing his registration from Democrat to Independent, citing the “partisan extremism” plaguing the legislative branch.
“The brands have gotten so bad that if you have a D by your name, a Democrat, you're supposed to hate Republicans,” Mr Manchin said in a video statement.
“If you have an R by your name [Republican], you're supposed to hate Democrats. I don't hate either one and they're not our enemies.”
He had announced in November that he would not seek re-election to the Senate, a move that paved the way for Republicans to pick up a seat in their bid to retake the majority next year.
Mr Manchin was a rare parliamentarian to consistently cross party lines on Capitol Hill, elevating his importance in a Senate with razor-thin margins of control.
The West Virginian, who heads the Energy and Natural Resources Committee, has faced increasing pressure – and at times direct confrontation – from progressives over his track record of protecting the fossil fuel industry and blocking “green” policies in Congress.
According to Open Secrets, he is among the top recipients of donations from the oil and gas industry, totalling $1,238,116 in contributions.
His hard-won support of the landmark Inflation Reduction Act (IRA) ultimately allowed for the success of the bill aimed at tackling the climate crisis, after he derailed the political process on an earlier version.
The IRA was celebrated as “the biggest investment to combat climate change ever”, aiming to reduce carbon emissions by about 40 per cent by 2030 – though Mr Manchin's demands contributed to it packing a softer punch.
It had “some big fossil fuel wins, such as mandating some oil and natural gas lease sales, and in combination with the bipartisan infrastructure law, Manchin secured major programmes to boost hydrogen energy”, according to analysis from Environment and Energy Publishing.
Mr Manchin was also able to get President Joe Biden and other Democrats to promise him support for easing environmental regulations on energy permits.
He has been among the Biden administration's harshest critics over its ambitious climate agenda and implementation of the IRA.
This month, he joined Republicans in the Senate to introduce legislation disapproving of recent electric and clean vehicle credit rules.
“The Inflation Reduction Act was written specifically to bring our energy and manufacturing supply chains back to the United States and eliminate our dependency on foreign adversaries, especially China,” Mr Manchin said in a statement last week.
“This administration continues to ignore the law that Congress agreed upon and implement a bill that they did not pass that allows China to gain control of our nation’s auto industry.”
Progressive Democrats critical of Mr Manchin had foreshadowed his transition away from the party:
Representative Alexandria Ocasio Cortez told New York Magazine in 2022 that US “politics has fundamentally changed – whether it’s for better or for worse is for people’s determination – but I was never under the illusion that we can bring Manchin along”.
Mr Manchin's political future currently remains unclear, as he did not indicate if he plans to run for office again, after denying rumours in February that he would run as a third-party presidential candidate against Mr Biden.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Global state-owned investor ranking by size
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China
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UAE
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Japan
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The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
More from Neighbourhood Watch:
Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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The%20specs
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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.”