US President Joe Biden finds himself squeezed between competing imperatives in the run-up to the November presidential election.
Neither he nor his presumptive Republican opponent, former president Donald Trump, have yet assembled a working coalition that can produce an electoral college majority, delivering either candidate a second presidential term. Mr Biden is in a far more advantageous position, but he faces a potent conundrum about how best to expand his current base: moving to the right and embracing former Trump voters or tacking to the left and trying to shore up the liberal coalition that secured him victory in 2020.
Conventional wisdom would suggest that Mr Biden has little to lose by making a concerted push to win over alienated Republicans. But such a move could be very risky.
The Gaza war has cast a huge shadow over Biden’s credibility with progressive left-wing groups
Traditional assumptions hold that Mr Biden’s former voters are unlikely to end up supporting Mr Trump, whose racist, violent and extreme rhetoric is far more radical now than in 2020 or 2016. The overwhelming majority, the thinking goes, will eventually come back to Mr Biden – even holding their noses – or, at the very least, will stay home.
But how many will really be won over by the current, highly radicalised, version of Mr Trump currently on offer? Apparently more than most Democrats would have anticipated.
Current polling suggests that Mr Trump is doing much better among Latinos and non-college-educated African Americans and other minorities, once bastions of the Democratic voter base and core parts of Mr Biden’s 2020 coalition, than many liberals would’ve thought possible.
Democrats have long suffered from an evident and lazy complacency, with the assumption that Latinos would be impelled by a mixture of immigration and economics, and African Americans by resentment of Republican racism and their own class concerns, to always return to their fold.
Many Latinos are socially conservative, religious Catholics or other Christians, and are therefore responsive to the traditionalist and even reactionary Republican agenda, especially on abortion. Immigration does not trump everything else, and Latinos are by no means united in wanting the US to be more welcoming at the border. Indeed, many working-class Latinos are as resentful of recent migrants using the asylum system to try to bypass formal immigration processes as other Americans.
Non-college-educated African-American men have proved to be particularly receptive to Mr Trump’s appeals in recent months. The extent to which they are aware of his new rhetoric about immigrants from Asia and Africa “poisoning the bloodstream” of the US population, or if they would care, is unclear. But his populist message, designed to appeal rhetorically to blue-collar constituents outside of the traditional unions, does seem to resonate with many young black men.
Both groups also appear to be receptive to his hyper-nationalism and isolationist rhetoric, wrongly assuming, along with many of their white rural counterparts, that international engagement and leadership are simply a burden on the American people and a boondoggle for wealthy corporations. Finally, both seem responsive to Mr Trump’s persona as a strongman outsider who can supposedly cut through traditional power structures and impose better and fairer policies on a corrupt and parasitical elite.
So, Mr Biden needs to be attentive to the drift of these groups away from his constituency, which in some cases could mean tacking to the populist left in order to counteract the populist right.
Moreover, the Gaza war has cast a huge shadow over Mr Biden’s credibility with progressive left-wing groups, many of them African-American social justice and religious constituencies, who are deeply angered about the carte blanche given to Israel in attacking not just Hamas but the whole of Gazan society. On the US left, there is a conviction that Israel has engaged in an exterminationist, even genocidal, war in Gaza with the strong backing of the President and his administration, and that this has been shameful and morally unacceptable.
Mr Biden needs to distance himself from this war, and therefore needs an end to major fighting in Gaza before campaigning gets fully under way by the early summer. But there is little sign that Israel views the timeline in a similar manner. Pushback from the progressive left is a key reason that the administration has been slowly ratcheting up pressure on Israel to ease the humanitarian crisis and prepare to end the war in the coming weeks.
But if Mr Biden attends to these groups, it could be at the expense of the most significant “gettable” group of voters, in addition to the suburban constituencies in swing states that are likely to determine the outcome. While Mr Biden has his Democratic critics, Mr Trump goes into the election with a striking number of Republicans who clearly don’t want him as their nominee. Former South Carolina governor Nikki Haley consistently got between 20-40 per cent of primary votes, and there is ample additional evidence that more Republicans than ever are fed up with his extremism and shenanigans.
Mr Biden has already attempted to reach out to these voters by embracing what amounts to a Republican agenda on border security in legislation that was killed by Republican House members, precisely to thwart such outreach. But there is much more he can and should do to make it clear to disaffected conservatives, especially those who once supported Mr Trump but no longer can, that he represents an acceptable, even desirable, alternative.
Mr Trump’s upcoming legal tribulations, especially the trial on hush money payments to an adult film star that is due to start next week, could well offer the President a devastating weapon. A felony conviction could provide a decisive opening to convince former Trump voters and other Republicans to at least stay home in November.
Mr Biden wouldn’t have to tack very hard to the right to win over many of them, but he’s going to have to do more than he already has. The problem is that if he reaches out to disaffected parts of his 2020 coalition among minorities and on the left, he may lose the opportunity to steal or silence decisive numbers of Republican votes.
Mr Biden’s conundrum is that he quite possibly cannot have both or simply rely on one group or the other coming back to him in November in despair. He’s probably going to have to choose between these outreach agendas. And, given what’s at stake in the 2024 election, that’s going to be a momentous strategic decision indeed.
SUE%20GRAY'S%20FINDINGS
%3Cp%3E%22Whatever%20the%20initial%20intent%2C%20what%20took%20place%20at%20many%20of%20these%20gatherings%20and%20the%3Cbr%3Eway%20in%20which%20they%20developed%20was%20not%20in%20line%20with%20Covid%20guidance%20at%20the%20time.%3C%2Fp%3E%0A%3Cp%3E%22Many%20of%20these%20events%20should%20not%20have%20been%20allowed%20to%20happen.%20It%20is%20also%20the%20case%20that%20some%20of%20the%3Cbr%3Emore%20junior%20civil%20servants%20believed%20that%20their%20involvement%20in%20some%20of%20these%20events%20was%20permitted%20given%20the%20attendance%20of%20senior%20leaders.%C2%A0%3C%2Fp%3E%0A%3Cp%3E%22The%20senior%20leadership%20at%20the%20centre%2C%20both%20political%20and%20official%2C%20must%20bear%20responsibility%20for%20this%20culture.%C2%A0%3C%2Fp%3E%0A%3Cp%3E%22I%20found%20that%20some%20staff%20had%20witnessed%20or%20been%20subjected%20to%20behaviours%20at%20work%20which%20they%20had%20felt%20concerned%20about%20but%20at%20times%20felt%20unable%20to%20raise%20properly.%3C%2Fp%3E%0A%3Cp%3E%22I%20was%20made%20aware%20of%20multiple%20examples%20of%20a%20lack%20of%20respect%20and%20poor%20treatment%20of%20security%20and%20cleaning%20staff.%20This%20was%20unacceptable.%22%C2%A0%3C%2Fp%3E%0A
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
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.”
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
COMPANY%20PROFILE%20
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
JOKE'S%20ON%20YOU
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m