When Dominic Raab quit as UK deputy prime minister on Friday he was a very angry man, indeed — ironic, considering he was being forced out over bullying allegations.
The nearly 24 hours between the report that damned him and his decision to go must surely have been intense for Mr Raab. Too intense for him to have noticed one of the greatest global meltdowns shared by notable people across time zones.
I refer, of course, to Twitter’s decision to kill the authenticating blue tick that has sat for years on “notable” individuals’ handles as a mark of their accomplishments. In hindsight, Mr Raab may get to reflect on the good timing of his decision to quit. At the time of writing, Mr Raab’s tick was still there, albeit shaded grey as an affiliate of government or multilateral organisation.
Many others, including yours truly, have had their handles stripped of the little button that accompanied so many tweets. Like others, I acknowledged it immediately.
In my case, that tweet broke a months-long Twitter ban that was self-imposed. From the moment of Twitter’s takeover by billionaire entrepreneur Elon Musk, I have sat out the volatile changes the platform has undergone since. I think the demise of the blue tick is enough to end the purdah. The events of the last months have reset Twitter in the minds of users and the wider world. I am happy to return to the new caveated space that everyone now recognises as changed and not for the better.
The digital meaning of Mr Musk’s decision to shift the blue tick to a subscription model will have a deep impact on the visibility of tweets
So many others took the development deeply personally, it is unfair to single them out. There was a raft of people in mourning for the legacy Twitter that had taken up so much of their time. Alexander Stubb, the former Finnish prime minister, posted a series of tweets on the meme “I’m still here”.
“I am not longer verified, but I hereby verify that it is still me,” he wrote.
Some of it felt reminiscent of those people who have woken up to find an obituary of themselves in the newspaper.
Others attempted to reassert that identity. By cropping pictures of the old mark and their name, they could somehow declare their own legitimacy and the right they felt to display something was gained by their efforts. Engaged in this way, they could project their own credentials. My own portrait was replaced by an image with the old tick.
Toomas Hendrik Ilves, the former Estonian leader, tried to add the word “verified” to his profile. He tweeted the effort went wrong and the most he could write was “verif”. He is now proudly an “ex-verif” in his handle.
All sorts of hashtags on the theme of defiance have been devised and tweeted.
This is a false comfort. The digital meaning of Mr Musk’s decision to shift the blue tick to a subscription model will have a deep impact on the visibility of tweets. The very use of Twitter is about the intensity and impact of the tweet and the playing field has now been skewed against basic users.
There were those who tried to put distance between themselves and the development. The Beano comic pointed out that dogs have blue ticks too and that one could be shared by their character Gnasher. Some sent photos of an actual blue tick and tag lines about its blood-sucking properties. Some just outright said they lost their blue tick because they were too principled or “smart” to fall for the new rules brought in by Twitter’s owner.
The issue of identity in a digital world goes far beyond this narrow spectrum of outrage. We all have our names, backgrounds, legal status and self-image. Twitter’s decision has cut into all of those areas.
It would be perhaps better to ask how we can own our identity. Some countries are better than others at creating a digital profile for their residents and citizens. But that is not the same as a digital identity.
I’m not even talking about an avatar that resembles and can act as a proxy digital presence. Engineering a single, always available official digital marker remains beyond the frame of reference for most states.
Yet it is vital. Not least because the states are most likely to provide a secure identity that is most trusted. And if it is attached to your citizenship then it becomes a right that cannot be stripped in the way that Mr Musk has removed so many people from their own space.
Spurring a debate on how this can happen and how far it should go is clearly vital. It is not just who you are and how real is your image. What about the development of new dimensions. If the metaverse had incorporated your real world property, should you have some rights to assert over that land grab across the virtual divide?
In the months ahead it will be clear that Mr Musk has not done his dash with ringing the changes in his prized public square. Hopefully I return as one less intense about the vagaries of the commentary. More willing to use it again as the equivalent of a window over that square. I shall open that window regularly and shout out loud into the void. For the stripped back those excluded from Twitter’s algorithm boosts, it is a perspective that can keep the tweeting experience real. Just about.
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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.”
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
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RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)