Former US president Barack Obama has told allies that Joe Biden's path to victory has greatly diminished and that the President needs to consider the viability of his candidacy, The Washington Post reported on Thursday.
It is the latest of mounting reports, quoting unidentified sources, indicating that Democratic support for Mr Biden's candidacy is crumbling after a disastrous Atlanta debate.
Mr Biden served as vice president to Mr Obama, who initially voiced support for the President after the June debate against Republican Donald Trump.
During the debate, Mr Biden appeared frail and hoarse, and often failed to finish his sentences – none of which helped to convince his fellow Democrats that he was up to the task of taking on Mr Trump.
Mr Obama has spoken to Mr Biden only once since the debate, The Washington Post reported, and in conversations with others, he has been clear that the future of Mr Biden's candidacy is a decision only the President can make.
The Post also reported that Nancy Pelosi, the former speaker of the House of Representatives, had told some Democrats she believed Mr Biden could be convinced fairly soon to exit the race.
Meanwhile, The New York Times reported that several people close to Mr Biden believe he has begun to accept the idea that he may not be able to win in November and may have to drop out of the race.
Almost 20 members of Congress and several high-profile Democrats urged him to end his race to stay in the White House.
The news comes after Mr Biden began isolation after being diagnosed with Covid-19, cancelling campaign appearances and retreating to his family home in Delaware.
Polling this week from FiveThirtyEight showed he is trailing behind his Republican opponent by four points, 42-46.
The poll also shows that Vice President Kamala Harris, who many Democrats have promoted as a replacement for Mr Biden on the ticket, is “tied” with Mr Trump, at 44-44.
Several Democrats told Axios that congressional leaders and close friends will try to persuade Mr Biden to end his campaign as soon as this weekend.
ABC News reported this week that Democrats close to the campaign have said Mr Biden “is going to see the whole house of cards come down soon”.
Mr Biden is reportedly being told that if he continues the race, Mr Trump could secure a landslide win in November and wipe away the President's legacy.
This week, Congressman Adam Schiff became one of the highest-profile Democrats to call on the President to step down from his candidacy in the November elections.
In a statement, he voiced “serious concerns about whether the President can defeat Donald Trump in November”, adding: “I believe it is time for him to pass the torch.”
And a letter from Representative Jamie Raskin, dated July 6, said: "Everything we believe in is on the line in the next four and a half months."
"We have an overriding obligation to defeat the forces of resurgent monarchy and oppression," Mr Raskin wrote, adding that there was "no shame" in bowing out.
Growing concerns about the Democratic ticket also come as Mr Trump on Thursday prepared to speak during the Republican National Convention.
His speech follows an assassination attempt during a rally in Pennsylvania on Saturday, which left one person and the gunman dead.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
