Beppe Grillo once dismissed concerns about the Morandi bridge collapsing as a "fairytale" but has made a hasty retreat. Ansa via AP
Beppe Grillo once dismissed concerns about the Morandi bridge collapsing as a "fairytale" but has made a hasty retreat. Ansa via AP

There is populist posturing – and then there are those who take responsibility



In the age of populism, political accountability is the baby that has been thrown out with the bathwater.

Politicians who govern from the gut have somehow found the formula that detaches them from responsibility.

When a landmark highway bridge in Italy crashed to the ground last week, the country's own government seized on the tragedy as a political opportunity.

One of the main parties in Rome's governing coalition has long put the Morandi bridge at the heart of its agenda. The founder of the Five Star Movement party, Beppe Grillo, had rejected warnings about the safety of the structure as a "fairytale". In the wake of the collapse, however, Five Star and its partner in the Italian government have joined the outcry about official failures.

The blame game unfolding in Italy is real. So angered are the families of the dead that many refused to join the state funeral. "My son has not just died, he was killed," said a father at the first burial on Friday. "Now part of me has died."

The swirl of emotions is fertile ground for the newly empowered national leadership. Matteo Salvini, the rabble-rousing deputy prime minister, has sought to turn the disaster into an indictment of the EU's post-2008 austerity programme. Meanwhile Luigi di Maio, the Five Star leader and Mr Salvini's political partner as fellow deputy prime minister, has turned his guns on the Autostrade company that operated the bridge. Mr Di Maio declared that the business did not "pay for my election campaign" and said he was therefore free to revoke its contract.

The two amici are hardly alone in displaying blithe disregard for the normal rules of political exchange.

US President Donald Trump suffers stinging blows, from resignations to revelations of outrageous behaviour, on an almost daily basis.

Apparent disasters are often greeted as a vindication of his view that the entire Washington card table must be overturned. Alternatively he makes outrageous attempts to counter the calamities with distractions.

Meanwhile in Britain, the populists who rode the wave of the 2016 referendum to leave the EU rose to high levels of government. Some were in charge of overseeing the process. It has been ignominious. David Davis, the Brexit minister who quit this summer, always acknowledged he wasn't up to the job. He held the post so that no one more competent could do it.

Emmanuel Macron, the French president, has moderate political positions but is a populist as well. The Macron bandwagon in France rolls on, even though his reforms have not shifted the economic dial. Unemployment remains at nine per cent. A scandal over his bodyguard beating up street protesters has barely dented the mystique.

Watching an old video clip of John McCain in the US Senate provided the perfect example of the difference between taking responsibility and mere posturing. Mr McCain was for years the outlier in US politics. He was the quintessential political maverick.

In the clip, Mr McCain was introducing a draft treaty to bring Montenegro into Nato. The Arizona senator, who is now cancer-stricken, dared any senator to lodge an objection, a procedure that under Senate rules would delay the whole process.

The clip dated from March 2017. Sure enough, the populist Rand Paul, a libertarian senator, stood up and issued a one-sentence objection. Mr McCain got back to his feet and called out his colleague. Mr Paul was working for Vladimir Putin, who was opposed to the Nato project, he charged. As the other senator walked away, Mr McCain said Mr Paul's failure to justify his veto spoke volumes for the bankruptcy of his position.

Mavericks like Mr McCain are vanishing characters in public life, who offer a corrective to the populists.

That’s why a promise by the British minister in charge of the prison system last week caught my eye.

Rory Stewart is an aristocratic former diplomat who made his reputation walking across Afghanistan in late 2001. A newspaper reporter caught wind of his journey and wrote up his travels.

Mr Stewart went on to serve as a minor functionary in the post-Saddam Hussein administration headed by Paul Bremer. Switching back to Afghanistan, he worked with Hamid Karzai and Prince Charles, the heir to the British throne, to set up the Blue Mountain heritage foundation in Kabul.

Now a member of parliament and a minister, he has made a striking pledge. A series of measures he promotes is designed to cut drug-fuelled violence in 10 British prisons.

If his reforms do not work, he promises to resign within a year. He has even given a figure to measure his promise. If there is not a 25 per cent reduction in violent assaults as a result of his work, he will quit his job.

No such targets are ever forthcoming from the populists.

Instead they unleash animus against the system and that is sufficient to their cause.

UAE currency: the story behind the money in your pockets
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
UAE%20SQUAD
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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
GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Zodi%20%26%20Tehu%3A%20Princes%20Of%20The%20Desert
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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.”

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Company%20Profile
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A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

THE SPECS

Engine: 4.4-litre V8

Transmission: Automatic

Power: 530bhp 

Torque: 750Nm 

Price: Dh535,000

On sale: Now

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

The specs: 2018 Nissan Patrol Nismo

Price: base / as tested: Dh382,000

Engine: 5.6-litre V8

Gearbox: Seven-speed automatic

Power: 428hp @ 5,800rpm

Torque: 560Nm @ 3,600rpm

Fuel economy, combined: 12.7L / 100km

COMPANY%20PROFILE
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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5