Politics is always about real ideas and policies, but it can also simply be just about personal animosities and feuds. The trick is to know the difference. The Trump-Musk feud dominates news coverage worldwide. There’s plenty of froth but underneath there are also serious questions about the direction of the Trump administration’s economic and tariff policies.
In Britain, too, there are signs of huge political changes under way along with froth-filled personal animosities and rivalries. Nigel Farage, in his latest incarnation as leader of the Reform party, has seriously undermined support for the Conservative party.
Mr Farage boasts of being the real opposition to the Labour government. But as with US President Donald Trump, his political history is full of personality clashes and internal rows. The latest came when Reform party chairman Zia Yusuf suddenly quit last week raising further questions about the Farage leadership style.
Mr Yusuf is a successful businessman, a British Muslim of Sri Lankan heritage and a significant cash donor to Reform. He recently claimed the party could win 400 MPs and make Nigel Farage prime minister. Well, possibly. But Mr Yusuf then suddenly announced: “I no longer believe working to get a Reform government elected is a good use of my time, and hereby resign” as party chairman.
Splits, internal feuds and unpleasant battles with donors and others have for years dogged Mr Farage’s many political reincarnations. British news organisations list rows and breaks with once prominent party names including Godfrey Bloom, Suzanne Evans, Ben Habib, Douglas Carswell, Diane James, Patrick O'Flynn and more recently Rupert Lowe and then Zia Yusuf. Rupert Lowe is still an MP but quit Reform and is in parliament as an independent. Zia Yusuf quit as chairman but then two days later is suddenly back in a new role. He blamed overwork and exhaustion for the temporary split, but that’s only part of the Reform party story.
Splits, internal feuds and unpleasant battles with donors and others have for years doggedFarage’s many political reincarnations
Mr Farage has considerable personal charisma. He is a media favourite. One of the BBC’s most popular political programmes, Question Time, has featured Mr Farage an estimated 38 times causing opponents to criticise the BBC for pandering to populism. And now Mr Farage claims – and some fear – a significant Reform breakthrough.
The party did well in recent English local elections. The opinion polls are looking good. Reform won an English by-election giving the party their fifth MP, Sarah Pochin. A former Conservative government adviser, Dominic Cummings, recently (perhaps mischievously) suggests Mr Farage could become prime minister at the next election. Anything is possible, but that would require Reform to add more than 320 new MPs to the current five, and a general election may not happen for four years.
Yet, beyond the boasts, Mr Yusuf’s resignation and surprising return is very revealing. He is one of the most prominent Muslim figures in British political life in a party that has very few notable Muslim members. Mr Farage has often built his appeal on opposing migration and trumpeting supposedly “traditional patriotic” white Christian and working class “British” values.
Significantly Mr Yusuf resigned after the first parliamentary question by Ms Pochin, the new Reform MP. She asked British Prime Minister Keir Starmer if he would “in the interests of public safety - follow the lead of France, Denmark, Belgium and others, and ban the burqa?”
Even discussing a burqa ban is not high on the political agenda of most current MPs or the government, but the question was in the true Farage insurgent mould. It’s potentially a very divisive issue affecting a tiny minority of Britain’s very diverse Muslim communities.
To some commentators, Ms Pochin’s burqa question therefore sounded like an attempt to exploit cultural divisions, a headline-grabbing example of the old Farage style, potentially creating problems for the new Farage image. Mr Starmer ignored the question and instead made a political joke at Ms Pochin’s expense.
The Reform party later insisted that banning the burqa is not even their own party policy - so why raise the question? Critics often see the burqa question as “dog whistle” politics, trying to exploit potential divisions for political gain.
Mr Yusuf’s resignation followed immediately after the question was asked. He bluntly pointed out that banning the burqa is not even Reform party policy, and so "I do think it's dumb for a party to ask the Prime Minister if they would do something the party itself wouldn't do.” Dumb, yes. Divisive, certainly. Damaging? Undoubtedly. And now reversed.
Mr Yusuf is back in a slightly different role and it is clear that Mr Farage is trying to widen support beyond England. He undoubtedly recognises that the burqa row may energise a few existing Reform voters but probably turns off many potential converts to the party.
Either way, Reform picked up a good showing (it came third) in a Scottish parliament election last week. Mr Farage is now campaigning hard in Wales. His previous political parties made headlines, attracted protest voters and were full of internal rows and divisions. He needs to change and widen his appeal. There is froth but Mr Farage is also very serious now about seeking power. Keeping Mr Yusuf in the party proves it.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
SPECS
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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
The%20specs%3A%202024%20Mercedes%20E200
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Sholto Byrnes on Myanmar politics
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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.”
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
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