Boris Johnson switches on the Christmas tree lights outside 10 Downing Street in London, December 1. EPA
Boris Johnson switches on the Christmas tree lights outside 10 Downing Street in London, December 1. EPA
Boris Johnson switches on the Christmas tree lights outside 10 Downing Street in London, December 1. EPA
Boris Johnson switches on the Christmas tree lights outside 10 Downing Street in London, December 1. EPA


How high a price will Boris Johnson pay for 'partygate'?


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December 13, 2021

Can Boris Johnson survive as Britain’s prime minister? If I could reliably predict the future I’d be making a living on horse racing, but I will try to answer that question in a moment. Clearly 2021 is ending disastrously for Mr Johnson. Until now, he has been Britain’s Teflon prime minister. Nothing sticks – not his policy failures, nor what British people have seen of his deceptions and the numerous allegations of dodgy dealings about money, cronyism and patronage. But Teflon Boris has worn thin. So has his comic persona in such serious times, with another wave of coronavirus upon us. One successful prediction that I did make about Mr Johnson was published in The National in October 2020. I wrote that 2019 had been Johnson’s year of great successes in becoming prime minister, leading his party to an 80-seat majority, but by 2021 he would hit the hard brick wall of reality. There would be a series of failures and broken promises. And so it has proved.

More than 146,000 British people have now died with the coronavirus. The Johnson government was slow to react and remains conflicted on what to do. There is a backlash within his own Conservative party against his announcement of new Covid-19 restrictions, despite fears that the National Health Service is near to being overwhelmed.

Then there is Brexit, which despite his boasts, is not “done”. Far from it. Mr Johnson is trying to unpick the deal he negotiated, in a way that has irritated Ireland and much of the EU, and ultimately has ensured that his much-promoted idea of a US-UK trade deal is unlikely to happen with the Biden administration.

A protester by the Houses of Parliament, in London, Wednesday, December 8. AP
A protester by the Houses of Parliament, in London, Wednesday, December 8. AP

He is also at loggerheads with France over asylum seekers. Then there is the botched withdrawal from Afghanistan. The incompetence of the Johnson government has cost the lives of Afghans who tried to help the British against the Taliban. The British economy is under-performing, thanks to Brexit. Taxes are going up. So is inflation. GDP is predicted to underperform by 4 per cent. Promises about building 40 new hospitals and a new high-speed trainline connecting northern English cities have proved to be questionable salesmanship. And almost daily the Johnson administration is mired in allegations of sleaze and lying.

What was not predictable, however, was that the one scandal which would cut through to British voters would involve a Christmas quiz hosted by Johnson at Downing Street. At the informal party, the staff drank alcohol while the rest of the country was under severe coronavirus restrictions, and ordinary citizens who held parties were fined for committing a criminal offence. The recording of Johnson’s staff laughing and joking as they rehearsed how to handle this potential scandal nicknamed “Partygate,” became a worldwide viral sensation. It came as British families mourned their coronavirus dead or restricted their behaviour to obey Mr Johnson’s own government rules.

A protester holds a placard on the edge of Parliament Square across the street from the Houses of Parliament, in London, December 8. AP
A protester holds a placard on the edge of Parliament Square across the street from the Houses of Parliament, in London, December 8. AP

As a classics scholar, Mr Johnson will know the observation of the ancient Greek philosopher Heraclitus: “character is destiny”. That is both Johnson’s strength and his likely downfall. He has been able to change his policies, break his promises, promote fantastic schemes for bridges, airports and new hospitals that never get built, and still be popular with voters who never much believed him anyway.

They immediately saw his character as that of a shambolic personality who could break the mould of politics-as-usual, and that was attractive to some. But the other part of Mr Johnson’s character is of someone who sees rules as only for the little people, not for himself, combined with the British Labour party leader Kier Starmer’s characterisation of Mr Johnson as a “trivial” man, incapable of being truly serious in serious times.

Mr Johnson, therefore, looks to be in the twilight of his political career. A special by-election takes place on Thursday in North Shropshire, a rock solid Conservative seat, one of the safest in England. If the Conservatives were to lose there, then Mr Johnson’s key attraction to his party – being a vote winner – will have gone, and so, soon, could he. But assuming his party does retain this North Shropshire seat, Boris Johnson will likely stagger on into 2022, distrusted, and plagued by scandals which will multiply. His Downing Street staff are unlikely to be loyal to a leader who seems to regard those around him as a human shield, to be sacked to save his own career.

If this prediction is correct, then 2022 will begin with Mr Johnson in office but not really in power, wounded and weakened. That may suit Mr Johnson’s opponents in the Labour party, who have been revitalised in recent weeks and who scent blood. A new Conservative leader, a new prime minister, someone more competent and hardworking than Boris Johnson, could quite possibly revive the Conservative party’s fortunes. If Mr Johnson cares about his country or his party then he will go. If he cares only about himself, he will stay. His character suggests he will stay, twisting in the wind.

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.”

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
What is Diwali?

The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.

According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.

In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.  

 

How to volunteer

The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.

Alita: Battle Angel

Director: Robert Rodriguez

Stars: Rosa Salazar, Christoph Waltz, Keean Johnson

Four stars

Juvenile arthritis

Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.

Updated: December 13, 2021, 2:00 PM