UK Prime Minister Boris Johnson, pictured when he was foreign minister in 2017, loading aid supplies in Somalia. AFP
UK Prime Minister Boris Johnson, pictured when he was foreign minister in 2017, loading aid supplies in Somalia. AFP
UK Prime Minister Boris Johnson, pictured when he was foreign minister in 2017, loading aid supplies in Somalia. AFP
UK Prime Minister Boris Johnson, pictured when he was foreign minister in 2017, loading aid supplies in Somalia. AFP

Foreign aid ranks well below Marks & Spencer closures for British Conservatives


  • English
  • Arabic

Three years ago, I was asked if I would chair a public Q&A for Putney Conservatives in south-west London with Justine Greening.

She was the Tory member of parliament for the constituency and had just resigned from the Cabinet.

Ms Greening was a leading figure on the left of the Conservative Party – there was talk of her standing as a candidate for mayor of London.

Before we got going, she made a short speech emphasising her belief in “social mobility”. Every child, she said, regardless of their background, ethnicity and location, deserved the same chances in life.

I then interviewed Ms Greening about her career. She’d been economic secretary to the Treasury, transport secretary, international development secretary, minister for women and equalities and education secretary. Of that line-up she said the job that gave her the most satisfaction was in international development, “helping children in Africa to read and write”.

We took questions from the floor. Hands shot up. I pointed at one man near the front. He stood up. He was wearing a red V-neck jumper and yellow cords. As he prepared to ask his question he looked around and behind him. He was smiling. Clearly, he’d got something he thought was crowd-pleasing to say.

“Justine, we heard you talk about social mobility. I want to read you a list.” He then trotted out a roll call of British towns and places. The final one was Putney.

“Do you know what links them, Justine? They’ve all lost their branches of Marks & Spencer. That’s what the people of Putney care about, Marks & Spencer, not social mobility.”

The audience cheered. Ms Greening looked uncomfortable and said she understood but stressed the importance of equal opportunity for all. Cue much chuntering.

Next came a man who said: “Justine, we’ve heard you tell Chris about children in Africa but what about the children in Putney, what about helping them?” At this, the hall erupted in roars of approval.

Poor Ms Greening again had to give a waffly answer. Subsequently, Ms Greening announced she would not be standing as a Conservative in the next general election and left full-time politics.

Politicians in Britain attempted to stop the aid cuts in Parliament. AFP.
Politicians in Britain attempted to stop the aid cuts in Parliament. AFP.

Ms Greening is credited with inventing the phrase “levelling up”. She was explaining to her mother in her native Yorkshire what “social mobility” meant and how it definitely did not mean getting around in wheelchairs.

Her mother looked nonplussed, so she came up with the expression and began using “levelling up” in her departmental literature, speeches and articles.

It was later adopted by British Prime Minister Boris Johnson – she says that of all the senior Tories he was the only one to grasp its importance.

While Ms Greening approves of the way “levelling up” has become Mr Johnson’s mantra and delivered him erstwhile Labour seats in the North and Midlands of England – how can she not? – it is now a catch-all, used to defend all sorts of policies.

Among them, ironically, is cutting Ms Greening's beloved international aid budget. Mr Johnson wants to be seen to be putting Britain's needs first. Neither does he have much money to play with, so the very funding that was devoted to assisting those children in Africa is to be slashed.

That is infuriating many in his party who see it as a derogation of moral duty and damaging to Britain's standing in the world.

Mr Johnson, seemingly, is not concerned. He knows what he is proposing plays to the kind of Tories who were in Putney that evening, as it does to a broad swathe of the electorate.

Opinion polls may show that Britons believe in “fairness” and “doing the right thing”. But he is also aware that his party’s private polling, the scoring that determines how Tory voters are thinking and measures its prioritising, puts foreign aid way down the list.

It’s this that drives him and Tory backbenchers. What must they do to retain their jobs, to win again at the next election? In that context, “levelling up” matters greatly but levelling up across Britain, not with other parts of the world.

That's why Mr Johnson is so unmoved by the revolt by Tory MPs against the overseas aid cut.

Behind him, he’s got the mass of the party and his new supporters; those who were so fed up with Labour for ignoring them, for devoting millions to the inhabitants of far-flung lands and for not paying enough attention to those closer to home that they switched to the right.

As Johnson hosts the leaders of the G7, it's been suggested he will be embarrassed by the controversy

The only aspect of the row that may cause Mr Johnson to pause is if the reduction genuinely does harm the UK’s international standing.

Since 2015, under UK law, the country must give at least 0.7 per cent of Gross National Income to lower and middle-income countries to assist their development. Mr Johnson wants to go down to 0.5 per cent of GNI, despite a UN target of 0.7 per cent.

As Mr Johnson hosts the leaders of the G7 wealthy democracies in Cornwall this weekend, it’s been suggested he will be embarrassed by the controversy, that they will think less of him and the UK.

Will they really? According to the most recent figures, of the G7 nations only Germany at 0.73 per cent gives more than the UK. At 0.5 per cent, Britain would slip behind France but still remain ahead of Canada, Japan, Italy and the US.

More pertinent perhaps is Britain’s right to be in the G7 at all. In terms of economic size, the UK may claim to be the fifth largest economy in the world. But based on GDP per capita, it would come 11th in the EU, if it were still a member, and is positioned 17th in the Organisation for Economic Co-operation and Development.

That shows a lack of productivity and to go with it, prosperity. All the more reason, then, for focusing on raising the economy domestically, at boosting public spending in less-advantaged parts of the UK.

Mr Johnson may not be entitled to chair the meeting but it will not detain him. He knows how to give a good shindig, particularly one attended by premiers and presidents and he’s completely aware of what’s important, where he is heading and what his followers desire.

%3Cp%3EThe%20Department%20of%20Culture%20and%20Tourism%20-%20Abu%20Dhabi%E2%80%99s%20Arabic%20Language%20Centre%20will%20mark%20International%20Women%E2%80%99s%20Day%20at%20the%20Bologna%20Children's%20Book%20Fair%20with%20the%20Abu%20Dhabi%20Translation%20Conference.%20Prolific%20Emirati%20author%20Noora%20Al%20Shammari%2C%20who%20has%20written%20eight%20books%20that%20%20feature%20in%20the%20Ministry%20of%20Education's%20curriculum%2C%20will%20appear%20in%20a%20session%20on%20Wednesday%20to%20discuss%20the%20challenges%20women%20face%20in%20getting%20their%20works%20translated.%3C%2Fp%3E%0A
Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

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

Available: Now

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20JustClean%3Cbr%3E%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20with%20offices%20in%20other%20GCC%20countries%3Cbr%3E%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202016%3Cbr%3E%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20160%2B%20with%2021%20nationalities%20in%20eight%20cities%3Cbr%3E%3Cstrong%3E%3Cbr%3ESector%3A%3C%2Fstrong%3E%20online%20laundry%20and%20cleaning%20services%3Cbr%3E%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%2430m%20from%20Kuwait-based%20Faith%20Capital%20Holding%20and%20Gulf%20Investment%20Corporation%3C%2Fp%3E%0A
The bio:

Favourite film:

Declan: It was The Commitments but now it’s Bohemian Rhapsody.

Heidi: The Long Kiss Goodnight.

Favourite holiday destination:

Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.

Heidi: Australia but my dream destination would be to go to Cuba.

Favourite pastime:

Declan: I love brunching and socializing. Just basically having the craic.

Heidi: Paddleboarding and swimming.

Personal motto:

Declan: Take chances.

Heidi: Live, love, laugh and have no regrets.

 

Tenet

Director: Christopher Nolan

Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh 

Rating: 5/5

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.”

LIVERPOOL%20TOP%20SCORERS
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

Company%20profile
%3Cp%3E%3Cbr%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Khodar%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Cairo%20and%20Alexandria%2C%20in%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ayman%20Hamza%2C%20Yasser%20Eidrous%20and%20Amr%20El%20Sheikh%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20agriculture%20technology%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24500%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Saudi%20Arabia%E2%80%99s%20Revival%20Lab%20and%20others%3Cbr%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%2035%3C%2Fp%3E%0A
West Indies v India - Third ODI

India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)

India won by 93 runs

RESULTS

6.30pm Al Maktoum Challenge Round-2 – Group 1 (PA) $49,000 (Dirt) 1,900m

Winner RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)

7.05pm Al Bastakiya Trial – Conditions (TB) $50,000 (D) 1,900m

Winner El Patriota, Vagner Leal, Antonio Cintra

7.40pm Zabeel Turf – Listed (TB) $88,000 (Turf) 2,000m

Winner Ya Hayati, Mickael Barzalona, Charlie Appleby

8.15pm Cape Verdi – Group 2 (TB) $163,000 (T) 1,600m

Winner Althiqa, James Doyle, Charlie Appleby

8.50pm UAE 1000 Guineas – Listed (TB) $125,000 (D) 1,600m

Winner Soft Whisper, Frankie Dettori, Saeed bin Suroor

9.25pm Handicap (TB) $68,000 (T) 1,600m

Winner Bedouin’s Story, Frankie Dettori, Saeed bin Suroor

CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

UAE currency: the story behind the money in your pockets
What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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