US President Joe Biden during a campaign event in Raleigh, North Carolina. Bloomberg
US President Joe Biden during a campaign event in Raleigh, North Carolina. Bloomberg
US President Joe Biden during a campaign event in Raleigh, North Carolina. Bloomberg
US President Joe Biden during a campaign event in Raleigh, North Carolina. Bloomberg

Top Democrats rule out replacing Biden as candidate despite feeble debate performance


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Democratic leaders on Sunday ruled out the idea of replacing US President Joe Biden as their nominee despite his feeble debate performance last week.

House of Representatives Democratic leader Hakeem Jeffries acknowledged that Mr Biden suffered a setback in his debate with Donald Trump, but said “a setback is nothing more than a set-up for a comeback”.

“So the moment that we're in right now is a comeback moment, and it's going to require all of us to lean in, articulate a forward-looking message as to why the Democratic platform is best equipped to deal with the challenges facing the American people,” Mr Jeffries told MSNBC.

Mr Biden's performance in the debate against Trump last Thursday caused a wave of panic to ripple through the Democratic Party, with commentators tearing into him as soon as the event ended.

During the debate, a hoarse-sounding Mr Biden – who later said he had a cold – delivered a shaky, halting performance in which he stumbled over his words.

AP reported that after the debate, Democratic donors across New York, Southern California and Silicon Valley privately expressed deep concerns about the viability of Mr Biden’s campaign and, in a series of text message chains and private conversations, discussed possible replacements.

The President's meandering answers and struggles to respond to Trump prompted The New York Times editorial board to declare on Friday that he should leave the race and that staying would be a “reckless gamble”.

The Atlanta Journal-Constitution joined the call, saying he should withdraw “for the good of the nation he has served so admirably for half a century”.

But asked whether or not he thought Mr Biden should drop out of the race, Georgia Democratic Senator Raphael Warnock, one of several Democrats regarded as a possible replacement, said: “Absolutely not.”

Mr Warnock told NBC that “bad debates happen” and that he is “with Joe Biden, and it's our assignment to make sure that he gets over the finish line come November”.

Representative James Clyburn of South Carolina agreed that Mr Biden should keep fighting.

“He should stay in this race. He should demonstrate it going forward his capacity to lead the country,” Mr Clyburn told CNN, blaming “preparation overload” and not advanced age for Mr Biden's lacklustre performance.

And former House speaker Nancy Pelosi insisted that “it's not about performance in a debate, it's about performance during a presidency”, highlighting Mr Biden's achievements in job creation, the environment and the economy.

But calls for Mr Biden to step aside have continued, and a post-debate CBS poll showed a 10-point jump in the number of Democrats who believe he should not be running for president, to 46 per cent from 36 per cent in February.

Demonstrators hold signs outside a fundraiser for US President Joe Biden in East Hampton, New York. Bloomberg
Demonstrators hold signs outside a fundraiser for US President Joe Biden in East Hampton, New York. Bloomberg
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.

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

DSC Eagles 23 Dubai Hurricanes 36

Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3

Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3

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.”

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Section 375

Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat

Director: Ajay Bahl

Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL

Rating: 3.5/5

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If you go

The flights

Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.

The car

Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.

Parks and accommodation

For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.

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Updated: June 30, 2024, 8:17 PM