SNP and Conservative MPs walk out of the Commons chamber in the House of Commons in London. PA Wire
SNP and Conservative MPs walk out of the Commons chamber in the House of Commons in London. PA Wire
SNP and Conservative MPs walk out of the Commons chamber in the House of Commons in London. PA Wire
SNP and Conservative MPs walk out of the Commons chamber in the House of Commons in London. PA Wire


The UK Parliament is no longer acting as a tribune of the people


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February 26, 2024

It is easy to look at the way British MPs behaved over calls for a Gaza ceasefire last week and weep.

Faced with the urgent question of how to end the Israel-Gaza war and all its spill-over consequences, there was universal agreement that the fighting must stop. There the unity stopped.

Opposition group the Scottish National Party threw down a challenge to the bigger parties with a motion calling for an immediate ceasefire. What happened next was a meltdown of epic proportions in the 650-member UK Parliament.

The events are still unfolding. But these are not in relation to Gaza where the suffering goes on, nor in relation to diplomatic efforts to bring the Israeli military campaign, launched in the wake of the October 7 Hamas assault, to a halt. What is happening in London is a demonstration that Parliament is dangerously detached from the public.

I take seriously the point that individual MPs feel threatened by hostility from parts of the community. The global point to take, though, is that Parliament is at a juncture where it has failed to represent public opinion.

It is no longer acting as a tribune of the people. Its place in the nation, as the forum where issues of the day are given an airing, has disappeared into a black hole. The working out of common understandings on the most divisive issues should be its foremost task. Now the House of Commons has reached the juncture of not being able to give the opposing sides a full hearing so that the will of the chamber can be expressed.

The events are still unfolding. But these are not in relation to Gaza where the suffering goes on

It is something unprecedented – a failing that cannot be allowed to pass. To those outside the country scratching their heads that Speaker Lindsay Hoyle is under pressure to resign over Gaza, the explanation lies in this collapse of authority for the mother of parliaments.

At the outset, it is true that almost all MPs and leaders desperately want the war to end.

The government has said that it is pursuing a humanitarian pause to get aid to the trapped population. It also wants the hostages returned and insists that Hamas cannot be left in control. The opposition Labour party is also committed to a policy of an immediate humanitarian ceasefire, predicated on the return of the hostages.

Labour MPs are worried about the effect of the policy on their support base. Not just Muslim voters but many others are outraged. A crowd of demonstrators was outside Parliament on Wednesday to peacefully make this point.

Inside the building, the pressure on Labour went into overdrive. Brutal politics then kicked into gear. Shabana Mahmood, the shadow justice secretary and the only Muslim in Labour’s top leadership, warned that there would be frontbench resignations if MPs were not able to vote for a ceasefire that night.

Labour leader Keir Starmer’s office set its sights on its own wording that would give more qualification than the Scottish National Party’s version. But it was the SNP’s opposition day. Suddenly the third party found itself relegated to the end of the debate. Uproar ensued. This turned into chaos when the government announced that it would abandon its own motion, too, because Mr Hoyle had allowed Labour to leapfrog the rule book.

Mr Hoyle has apologised. The look that he was working at Mr Starmer’s behest was not a good one. About 70 MPs – more than 10 per cent of the body – are now backing a no-confidence vote against the Speaker and his removal.

His former colleague Lord Walney has produced a report warning that MPs are in danger as a result of the tensions surrounding UK politics. He has described experiences of “aggressive intimidation” that he says should not be allowed as a measure of protection for the politicians. He wants the government to produce new guidance to police forces to break up the protests, not just outside Parliament, but at other gatherings too.

Lindsay Hoyle is facing pressure to step down as Commons Speaker after almost 70 MPs called for him to go. PA Wire
Lindsay Hoyle is facing pressure to step down as Commons Speaker after almost 70 MPs called for him to go. PA Wire

“And I think we ought to be looking at those sites that are crucial to the functioning of democracy on a national or local level, like MPs’ offices, like local council chambers, like Parliament itself,” he said. “[I want] an easier and a faster process that, where those areas are being encircled by the kind of angry aggressive protests that have that implied sense of threat, as we are seeing, to give the police the ability to disperse them more quickly, which is clearly not happening at the moment.”

Yet the bigger picture is not getting much of a look in. Tell Mama, an organisation that measures anti-Muslim hate, recorded 2,010 cases of abuse between October 7, 2023 and February 7 this year – a more than tripling of incidents. Two thirds of those targeted were Muslim women. Almost half of all hate crimes were directed at Muslims.

The timing of the Westminster farrago for Mr Starmer could not be worse because a new challenge to his position as opposition leader is just over the horizon next week.

Former MP George Galloway, who has made serial comebacks on the back of his long history of campaigning on Palestinian issues, is reportedly a frontrunner for the vacant seat of Rochdale. The bombastic, hat-wearing street fighter will have to overcome Azhar Ali, the Labour’s official candidate but for whom the party recently withdrew its support after his controversial remarks about Israel.

He remains on the ballot but if his zombie campaign fails, Mr Starmer will have to endure yet another maiden speech by Mr Galloway playing to the galleries of protest.

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

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The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

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

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

Under 19 World Cup

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

 

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE currency: the story behind the money in your pockets

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.”

500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

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Updated: February 26, 2024, 7:54 AM