President-elect Donald Trump on Wednesday announced the nomination of Matthew Whitaker as the next US ambassador to Nato.
Mr Trump described Mr Whitaker as “a strong warrior and loyal patriot, who will ensure the United States' interests are advanced and defended”, adding that Mr Whitaker would “strengthen relationships with our Nato allies, and stand firm in the face of threats to peace and stability”.
Mr Whitaker served in the first Trump administration as acting attorney general from November 2018 to February 2019 after the resignation of Jeff Sessions. In choosing Mr Whitaker, who was serving as Mr Session's chief of staff at the time, Mr Trump bypassed the deputy attorney general.
During his time in the role, Mr Whitaker assumed oversight of the Mueller investigation, which was focused on Mr Trump's campaign and its alleged collusion with Russia during the 2016 presidential elections. Before becoming acting attorney general, Mr Whitaker had been highly critical of the investigation saying it was “going too far” and “a lynch mob”.
Before working at the White House, Mr Whitaker served as the US attorney for the Southern District of Iowa during the George W Bush and Barack Obama administrations. He has been actively involved with the America First Policy Institute, a right-leaning think tank that has been working closely with the Trump campaign to shape the agenda for the president-elect's second term.
Mr Whitaker will probably face a series of challenges as ambassador to Nato as the Russia-Ukraine war continues. It is unclear what Mr Whitaker's position on the alliance is, but US relations with Nato were strained during Mr Trump's first term in office, with the former president criticising the alliance and accusing European members of spending too little on defence.
Nato's 31 members have agreed on an aim of spending at least 2 per cent of gross domestic product on defence. Mr Trump said that he would not protect a fellow Nato member who was “delinquent” in paying. Under Article 5 of the alliance's treaty, if any member nation is attacked, it would oblige allied nations to come to its aid.
The nomination comes after the US reportedly gave Ukraine the green light to use American-made long-range missiles to attack targets inside Russia.
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Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
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The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Barings, one of Britain’s oldest investment banks, was
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Barings Bank collapsed in February 1995 following colossal
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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.”
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
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