It’s a cold spring afternoon on Toronto’s bustling Bloor Street West, a 25km road that cuts through Canada’s most populous city, from the Don river in the east to neighbouring Mississauga.
At the intersection of Avenue Road, tourists queue for the city’s Royal Ontario Museum, while students pop in and out of a local franchise of Tim Hortons, a Canadian coffee staple in the city.
Tucked into the scene is the University of Toronto’s Munk School of Global Affairs and Public Policy, a relatively new addition to the centuries-old institution, established through a donation from the late Hungarian-Canadian philanthropist Peter Munk.
The school will next year welcome a new member to its faculty – the American philosopher Jason Stanley, who, worried the current US political climate is putting the country at risk of fascism, is relocating his spouse and children to Canada this summer.
Dr Stanley, who has been a professor at Yale University since 2013, has written extensively about authoritarian regimes and was the author of the 2018 book How Fascism Works: The Politics of Us and Them.
“I understand why Jason is as concerned as he is,” Dr Janice Stein, founding director of the Munk School, tells The National. “It’s very alarming.”
“We are seeing arrests of students, visas on campus that are expired with very little notice and unprecedented budget cuts to [US universities’] core science and research enterprise.”
On the hiring of Dr Stanley, Dr Stein says the university had a position open with a focus on the US. They advertised the role and reviewed applications, choosing the best candidate in the school’s view.
Writing to the Daily Nous, Dr Stanley said he accepted the job offer after US President Donald Trump’s treatment of New York’s Columbia University, which for months faced campus protests against Israel amid the war in Gaza.
Angered by the demonstrations, the Trump administration withheld $400 million in federal funding for Columbia until it submitted to a series of demands, which included banning face masks on campus and taking control of the department that offers courses on the Middle East from its faculty.
“When Columbia folded,” Dr Stanley said in an interview with PBS, “I thought, OK, I’m just going to look at the probabilities of our democratic institutions folding. I think the probabilities are not in favour of US democracy.”
The Trump administration has defended its actions against Columbia and other universities by saying it is fighting anti-Semitism on campuses.
That argument has been rejected by Dr Stanley, who is Jewish and the son of Holocaust survivors – highlighting the Jewish groups and students that have joined the demonstrations.
Dr Stanley did not respond to a request to be interviewed for this story.
As part of the continuing clampdown, US immigration agents have targeted foreign-born students associated with pro-Palestine issues, at times grabbing them off the street in an effort to deport them.
The best-known case is that of Mahmoud Khalil, a Syrian-born Palestinian student at Columbia and legal US resident who was arrested in March in front of his pregnant wife in Manhattan, without being accused of any crime.
He has since been detained in Louisiana, as a legal battle ensues over the administration’s attempt to remove him from the US, sparking more unrest at the Ivy League school.
“This is a clear violation of the rule of law,” Dr Stein says. “Without the rule of law there is no protection, that’s when states become authoritarian … it is a threat against everybody.”
Also watching with concern is Dr Tyeshia Redden, a US academic who works as an assistant professor in the University of Toronto’s geography department, specialising in urban planning.
“I can’t imagine what it’s like to be walking home and a group of masked people encircle and restrain you,” she says. "It's horrifying ... but I can't say that I'm surprised, because I understand how tyranny works.
"I know how this story ends ... and I think there is a degree of helplessness that I feel."
Dr Redden, who has been living in Canada for about two years after receiving a doctorate in Mr Trump's home state of Florida, tells The National that attacks on education in the US predate the current administration.
She highlights Florida’s Stop Woke Act, a 2022 state law prohibiting professors from expressing certain viewpoints while teaching topics the government deems unfavourable, such as racial discrimination or injustice.
“We’ve been seeing the beginnings of this for quite some time and we are now seeing it under the auspices of an administration that is bragging about it”, she says. “I’ve been warned by professional organisations to limit my visits to the US … I’m not making leisure trips at this point."
Dr Stanley will not be alone in his new venture. The academic will be joined by historians Timothy Snyder and Marci Shore, who are also leaving Yale for the Munk School in the next academic year.
“This could be devastating for the academic community in the US,” Dr Stein says. “You can’t nurture that community if there isn’t confidence in the rule of law.”
HAJJAN
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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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.”
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
Sholto Byrnes on Myanmar politics
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey