Donald Trump delivered a victory speech to supporters in West Palm Beach, Florida, on Wednesday. AP
Donald Trump delivered a victory speech to supporters in West Palm Beach, Florida, on Wednesday. AP
Donald Trump delivered a victory speech to supporters in West Palm Beach, Florida, on Wednesday. AP
Donald Trump delivered a victory speech to supporters in West Palm Beach, Florida, on Wednesday. AP


Trump's stunning victory shows, actually, Americans do want to go back


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November 06, 2024

Donald Trump’s resounding victory in the US election is a stunning testimony about the attitudes of the American public and the state of US political culture.

Mr Trump would appear to be a singularly unappealing candidate by the historical standards of American politics – the first convicted felon to win the presidency, who ran what appeared to be an undisciplined and chaotic campaign.

Indeed, in the closing rally of his campaign, guest speakers spewed racist invective directed at Puerto Ricans, African Americans and other minorities. By all accounts, the Republican ground game in several swing states was virtually non-existent, while Democrats were knocking on doors across the country.

None of it has seemed to matter, because Americans have overwhelmingly embraced Mr Trump’s agenda. He has threatened to prosecute and persecute some of his political opponents and jail them. He promises “retribution” and has assembled a group of wealthy supporters led by Elon Musk.

Elon Musk was a prominent campaigner for Donald Trump in the election's final stretch. Reuters
Elon Musk was a prominent campaigner for Donald Trump in the election's final stretch. Reuters

He has threatened to round up millions of undocumented migrants and carry out “bloody” mass deportations. He has also promised to base the US economy around tariffs that would constitute the largest and most aggressive tax increase in modern American history, increasing prices both for consumers at stores such as Target and Walmart and for manufacturers requiring everything from steel to semiconductor chips.

Mr Trump is less likely to be surrounded by outside experts, military officers and government professionals than he was in his first administration. Instead, this time his administration is almost certain to be packed with personal loyalists and ideologues, including many who could be determined to carry out the most extreme elements of his campaign rhetoric. Whether he relies on “Project 2025” prepared by the Heritage Foundation or his own “Agenda 47”, the very similar plan propagated on his campaign website, he can be expected to replace much of America’s apolitical administrative bureaucracy with loyalists from around the country.

Internationally, the biggest losers are surely the Ukrainians, who are likely to receive virtually no support from a second Trump administration. Indeed, Mr Trump has vowed to end the war in Ukraine the day after his election, which he probably won’t be able to do. But he has hinted at forcing Kyiv to accept highly disadvantageous terms for a ceasefire.

The Palestinians, too, have much to fear. When Mr Trump was in power, he cut all aid to, and relationships with, Palestinians, and might be expected to assist Israel in the dismantling of UNRWA, the UN agency charged with caring for Palestinian refugees. Moreover, Israeli Prime Minister Benjamin Netanyahu and his extremist allies – some of the biggest winners outside the US from this outcome – may well try to move forward with large-scale annexation in the West Bank, as suggested by Mr Trump’s 2020 “Peace to Prosperity” proposal.

Americans were well aware of all of this when they went to the polls. None of it was underhand or remotely veiled. All of it was advertised in blinding political neon.

The only conclusion from the outcome is that much of the broad American public is enthusiastic about Mr Trump’s brand of populist politics. They are not issuing a cry of despair, or repudiating national institutions that are fundamentally failing. Their choice is an outcome forged in a time of relative peace and prosperity. There is chaos in certain parts of the world, but the US is not involved in a direct war anywhere. And while many Americans complain about the economy and cost of living has indeed been an issue for certain segments of society, it is the envy of the world and the consumer spending habits of the general public belie any sense of desperation or widespread impoverishment.

It is, however, certainly a stunning repudiation of American political traditions and political system. Mr Trump has made his hostility to parts of the Constitution and certain aspects of the rule of law crystal clear. Indeed, his victory will also constitute his literal get-out-of-jail-free card, since he was facing a long list of legal issues, especially for the purloined top secret documents case still pending in Florida.

The willingness of so much of the American polity to embrace this version of Mr Trump, and the new and more brutal vision he is proposing, will have a lasting and profoundly corrosive effect on US society and its place in the wider world.

“We won't go back,” Ms Harris declared. But American voters apparently do want to “go back”. Mr Trump would lose, Democrats insisted, because “that's just not us, we're not like that”. Well, American voters strongly disagreed. They had sent a clear message: “No, actually, that is us. We are exactly like that.”

Much of that broader world, including a number of traditional US partners, may now question the reliability and even fundamental seriousness of US society, political culture, global leadership and traditional central role in the international community.

Latest updates: Follow our full coverage on the US election

What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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COMPANY%20PROFILE
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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.”

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

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

FIRST TEST SCORES

England 458
South Africa 361 & 119 (36.4 overs)

England won by 211 runs and lead series 1-0

Player of the match: Moeen Ali (England)

 

MEYDAN CARD

6.30pm Maiden Dh165,000 (Dirt) 1,600m

7.05pm Conditions Dh240,000 (D) 1,600m

7.40pm Handicap Dh190,000 (D) 2,000m

8.15pm Handicap Dh170,000 (D) 2,200m

8.50pm The Entisar Listed Dh265,000 (D) 2,000m

9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m

10pm Handicap Dh185,000 (D) 1,400m

 

The National selections

6.30pm Majestic Thunder

7.05pm Commanding

7.40pm Mark Of Approval

8.15pm Mulfit

8.50pm Gronkowski

9.25pm Walking Thunder

10pm Midnight Sands

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

STAGE%201%20RESULTS
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Updated: November 07, 2024, 1:08 PM