The National's poll has found that more than half of respondents (52%) are not confident new British Prime Minister Liz Truss will be an effective world leader. PA
The National's poll has found that more than half of respondents (52%) are not confident new British Prime Minister Liz Truss will be an effective world leader. PA
The National's poll has found that more than half of respondents (52%) are not confident new British Prime Minister Liz Truss will be an effective world leader. PA
The National's poll has found that more than half of respondents (52%) are not confident new British Prime Minister Liz Truss will be an effective world leader. PA

Liz Truss faces tough task to rescue Conservatives from Boris Johnson's doldrums


Chris Blackhurst
  • English
  • Arabic

The British public are getting to know Liz Truss, but they are nowhere near knowing her and forming a proper opinion of the new prime minister.

That's one conclusion to be drawn from the finding in The National poll that more than half, 52 per cent, of respondents are not confident Truss will be an effective world leader. Another is that they believe she will be a failure.

The latter will point to the plunge in the pound as being caused by her unfunded tax cuts. Her supporters will say it is as much down to the strength of the dollar as her policies. They maintain that after a decade and more of UK economic stagnation, something had to change — and she will be proved audacious and spectacularly right, and currency speculators cynical and hopelessly wrong.

The truth, surely, is that it is too early to tell. Truss comes to the role having held numerous senior jobs in government, including latterly at the Foreign Office. In none of them, though, did she leave her mark; and not to a degree that would make her an instantly recognisable figure, one about whom it was possible to provide a knowledgeable assessment.

As foreign secretary, she was not in the job for a year. And besides, there are few opportunities to gain a reputation on the global stage. Major summits and gatherings are the domain of leaders, not foreign ministers. Similarly, it is the prime minister who fills the world’s newspaper column inches and photographs ― and whose visits, speeches and asides are faithfully reported.

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Truss attracted the wrong sort of coverage for her decision to pose in an army tank like Margaret Thatcher. It was a mistake, but one that may well have fuelled answers when these pollsters asked their questions.

Similarly, Truss invited national and international ridicule when she said the “jury is out” on whether France’s Emmanuel Macron is a “friend or foe” to Britain. To her credit, she quickly pulled back on this statement. Macron’s warm reaction after Queen Elizabeth II's death and the choice of France as the first foreign destination for a visit by King Charles III suggests there is little harm done.

In this respect, Truss appears more astute than her predecessor. Boris Johnson frequently blundered and then would compound the error with either no attempt at an apology or something that was totally half-hearted and entirely unbelievable.

This, in a nutshell, is her problem and probably best explains the pessimism regarding her likely overseas standing. Truss, by dint of having little track record of her own, comes to the premiership on the back of Johnson. She inherits his baggage, which did not win him many admirers.

That 52 per cent also think that recent events in UK politics have damaged the UK’s standing in the world and, again, 52 per cent believe that having Johnson in charge damaged the UK’s global standing, suggests this is the exact same 52 per cent on each occasion.

Johnson’s support for Ukraine, which he exploited mercilessly, was a notable foreign success. The embattled Ukrainian President Volodymyr Zelenskyy held the mantle of being Johnson’s one world leader friend.

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With Ukraine, too, Truss perhaps in trying to emulate Johnson, displayed a reckless side. She cited Vladimir Putin as a “rogue operator” and risked inflaming Russian hostility. With Putin’s escalation of the conflict and his threat to use nuclear weapons, Truss’s comment now seems well-judged. It does, however, leave the UK very much in the Russian president’s sights; although to be fair, Johnson’s belligerence made that a certainty.

The challenge to Truss is that having served in Johnson’s administration, having been elected by the same party that chose him, having backed the manifesto that saw the Conservatives win a thumping majority, she now has to put distance between herself and the past. Until she achieves that, Truss will be judged on what went before.

On the economy, she is moving at lightning speed ― too fast for even some of her fellow Tories. Domestically, Truss is able to do that ― as prime minister, she has control of the levers that direct internal policies. Abroad, it is much more problematic. She is unable to dictate events, not in the same fashion; there are not the set pieces and when there are, things do not usually move so quickly, and she must take account of other nations’ feelings and interests.

Truss received an education in this when she had to strike trade deals post-Brexit. She concluded some, but the main one, the prize that Johnson boasted would occur with the US, has not materialised. Neither is it likely to, not anytime soon.

Joe Biden’s disregard for her overtures for a trade deal and his insistence on an acceptable solution to the riddle of Northern Ireland’s post-Brexit status does not augur well for Truss’s global standing. There again, if she was able to reach an accord, it would improve immeasurably ― and not least because Johnson appeared so disinterested. If she wants to earn plaudits everywhere, at home and overseas, Truss would be advised to grasp the Ulster cross-border trading nettle and to not let go until a widely approved answer is achieved.

Biden’s condemnation of “trickle-down” economics, exemplified by British Chancellor Kwasi Kwarteng’s shock mini-budget, however, show how much work the prime minister has to do to win over the White House.

Another foreign affairs mandate is contained in the poll, with those in favour of closer ties with the EU heavily outweighing those who believe the focus should be outside the bloc. More than half, 56 per cent, wish to see the UK have a stronger relationship with the EU than at present. This is more than double the proportion who think the aim should be to preserve the current relationship. It is also eight times the proportion, 7 per cent, who think the UK should be aiming for a weaker relationship with the EU than at present.

Put this alongside the answer to the Brexit question ― that a majority believe it was a bad thing that the UK left the EU, with a large number, 46 per cent, maintaining Brexit has gone worse than expected, versus the only 19 per cent who feel it has gone better ― and Truss is in a bind.

Telling the prime minister to cosy up to the EU is one thing. However, this is a PM who received the endorsement of the Brexit-supporting wing of her party, MPs included, the very faction that put Johnson into office. That is the Brexit, too, with one eye on a coming general election, that a hefty slice of the British public is so unimpressed by.

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Truss has to walk a fine line, of charming the EU while not being seen to disavow Brexit. The UK has departed the EU so in that sense, Brexit is over, there is no going back. What Truss must do is to find harmony with the EU, while not getting too close, resolving a stand-off in such a way that Britain benefits economically. She can begin by earning the EU leaders’ respect, something that Johnson singularly failed to do.

Truss coveted the succession. That does not mean it would ever be easy, not overseas, not following Johnson. How difficult, she is only now beginning to discover.

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

Predictions

Predicted winners for final round of games before play-offs:

  • Friday: Delhi v Chennai - Chennai
  • Saturday: Rajasthan v Bangalore - Bangalore
  • Saturday: Hyderabad v Kolkata - Hyderabad
  • Sunday: Delhi v Mumbai - Mumbai
  • Sunday - Chennai v Punjab - Chennai

Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore

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Dubai World Cup factbox

Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)

Most wins by a jockey: Jerry Bailey(4)

Most wins by an owner: Godolphin(9)

Most wins by a horse: Godolphin’s Thunder Snow(2)

Squads

India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.

Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.

The%20specs
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COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Race card

1.45pm: Maiden Dh75,000 1,200m.

2.15pm: Maiden Dh75,000 1,200m.

2.45pm: Handicap Dh95,000 1,200m.

3.15pm: Handicap Dh120,000 1,400m.

3.45pm: Handicap Dh80,000 1,400m.

4.15pm: Handicap Dh90,000 1,800m.

4.45pm: Handicap Dh80,000 1,950m.

The National selections:

1.45pm: Galaxy Road – So Hi Speed

2.15pm: Majestic Thunder – Daltrey

2.45pm: Call To War – Taamol

3.15pm: Eqtiraan - Bochart

3.45pm: Kidd Malibu – Initial

4.15pm: Arroway – Arch Gold

4.35pm: Compliance - Muqaatil

Stuck in a job without a pay rise? Here's what to do

Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.

“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”

Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.

Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.

“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”

For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.

“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”

 

The bio

His favourite book - 1984 by George Orwell

His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard

Favourite place to travel to - Peloponnese, Southern Greece

Favourite movie - The Last Emperor

Favourite personality from history - Alexander the Great

Role Model - My father, Yiannis Davos

 

 

Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31 

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Dubai World Cup nominations

UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer

USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.

Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.

The Uefa Awards winners

Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)

Uefa Women's Player of the Year: Lucy Bronze (Lyon)

Best players of the 2018/19 Uefa Champions League

Goalkeeper: Alisson (Liverpool)

Defender: Virgil van Dijk (Liverpool)

Midfielder: Frenkie de Jong (Ajax)

Forward: Lionel Messi (Barcelona)

Uefa President's Award: Eric Cantona

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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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Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

Easter%20Sunday
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Tentative schedule of 2017/18 Ashes series

1st Test November 23-27, The Gabba, Brisbane

2nd Test December 2-6, Adelaide Oval, Adelaide

3rd Test Dcember 14-18, Waca, Perth

4th Test December 26-30, Melbourne Cricket Ground, Melbourne

5th Test January 4-8, Sydney Cricket Ground, Sydney

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Updated: September 26, 2022, 11:24 AM