Former chief strategist Steve Bannon, left, and Jared Kushner, right, at a meeting with US president Donald Trump shortly before Mr Bannon left the White House under a cloud / Reuters
Former chief strategist Steve Bannon, left, and Jared Kushner, right, at a meeting with US president Donald Trump shortly before Mr Bannon left the White House under a cloud / Reuters

Trump's fire and fury reaction in trying to block an explosive new book is unprecedented



It's been a long time since any work has shaken Washington as powerfully as Michael Wolff's new bombshell book Fire and Fury.

This disturbing profile of the first six chaotic months of the Donald Trump administration isn't going to be culturally transformative in the manner of Thomas Paine's 1776 pamphlet Common Sense, which defined the ethos of the American Revolution, or on a par with Harriet Beecher Stowe's 1851 novel Uncle Tom's Cabin, which made the moral case against slavery and laid the groundwork for the Civil War.

But its immediate impact has already redrawn the American political landscape. The alarming revelations could reverberate through the upcoming midterm elections and potentially haunt the White House well beyond them.

Mr Trump denounced the book as "phony" and "full of lies, misrepresentations and sources that don't exist". His tweets are no longer shocking. What is unprecedented, however, is that Mr Trump, through his lawyers, demanded the publisher Henry Holt and Co "cease and desist" from publishing the book or any excerpts or summaries and issue "a full and complete retraction and apology". It is unheard of for a US president to attempt to suppress a book he dislikes.

Clearly Mr Trump is deeply disturbed by its contents. That is understandable.

The book portrays Mr Trump as unfit for office, ignorant and incompetent, deeply neurotic and surrounded by friends and family who all recognise this and unanimously describe him as a "child". According to Mr Wolff, not only did Mr Trump not expect to win the presidency, he didn't really want to. And those around him, especially his wife, were horrified when he did win. As the election results poured in, however, his narcissism kicked in and he became convinced he was the ideal man for the job.

Statements by Mr Trump's former chief strategist Steve Bannon are particularly damning and relations between them appear irreparable. Indeed, Mr Bannon's viability as a political activist has probably been destroyed, especially since he has also been publicly and bitterly repudiated by his main financial patrons, the Mercer family.

With his political alliance with Mr Trump and bankrolling by the Mercers angrily withdrawn, Mr Bannon appears to be heading back to his former role as a fringe white nationalist agitator. Those traditional conservative Republican leaders such as Mitch McConnell, whom Mr Bannon had vowed to oust, must be cackling. The civil war in the Republican party, which was already being won by the establishment, may well have just ended in crushing defeat for the white nationalists.

A few surviving white nationalist types in the administration like Stephen Miller retain some influence on limited issues, primarily immigration. But the alt-right faction might never fully recover from the downfall of their champion.

Mr Trump seems most enraged that Mr Bannon used the words "treasonous" and "unpatriotic" to describe the infamous June 2016 meeting at which his son Don Junior, son-in-law Jared Kushner and then-campaign chairman Paul Manafort attempted to acquire damaging information on Hillary Clinton from Russian operatives.

Mr Bannon suggests that special counsel Robert Mueller's investigation will uncover evidence of Russian money laundering involving Mr Trump's closest associates. In the United States, commercial property is often used to launder dirty dollars because of relatively lax disclosure requirements regarding such purchases. Indeed, Mr Manafort and his associate Richard Gates have both already been indicted by the Justice Department for money laundering.

Mr Bannon specifically points to Mr Kushner's "greasy" dealings – especially with Deutsche Bank, from which he borrowed US$285 million to buy a building. According to the Guardian, this notoriously unwise investment was purchased from "a Soviet-born oligarch whose company was named in a high-profile New York money laundering case".

Mr Bannon told Mr Wolff: "They're going to roll those two guys up and say play me or trade me. They’re going to crack Don Junior like an egg on national TV." The implications of his prediction are unmistakable: that Mr Mueller will use mounting evidence of money laundering and serious criminal charges to "flip" Mr Kushner and Mr Trump's son, just as he has already done with Mr Trump's former national security advisor Michael Flynn.

The only way Mr Bannon's statement makes sense is if Mr Kushner and Mr Trump's son can be implicated in criminal money laundering deals with Russians; that Mr Trump himself is also legally vulnerable to various substantiated charges; and crucially, that his son and son-in-law have information that could lead to the president’s criminal indictment or, at the very least, political downfall.

Mr Trump and his coterie have recently been working overtime to undermine Mr Mueller and his investigation and impugn his motives. Mr Bannon's statements, which seem to confirm the worst suspicions about Mr Trump and his inner circle, and predict his forthcoming downfall – at the hands of his own son, no less – certainly account for the president's rage and declaration that his former strategist has "lost his mind".

Meanwhile, Mr Bannon doesn’t deny anything in the book, yet professes undying loyalty to Mr Trump, calling him “a great man” and insisting that “I support him day in and day out”. It is, after all, necessary to get behind someone before you can stab them in the back.

Famous left-handers

- Marie Curie

- Jimi Hendrix

- Leonardo Di Vinci

- David Bowie

- Paul McCartney

- Albert Einstein

- Jack the Ripper

- Barack Obama

- Helen Keller

- Joan of Arc

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
MATCH INFO

Uefa Champions League quarter-final second leg:

Juventus 1 Ajax 2

Ajax advance 3-2 on aggregate

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Book%20Details
%3Cp%3E%3Cem%3EThree%20Centuries%20of%20Travel%20Writing%20by%20Muslim%20Women%3C%2Fem%3E%3Cbr%3E%3Cstrong%3EEditors%3A%20%3C%2Fstrong%3ESiobhan%20Lambert-Hurley%2C%20Daniel%20Majchrowicz%2C%20Sunil%20Sharma%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EIndiana%20University%20Press%3B%20532%20pages%3Cbr%3E%3C%2Fp%3E%0A
Biog:

Age: 34

Favourite superhero: Batman

Favourite sport: anything extreme

Favourite person: Muhammad Ali 

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
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 
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Score

New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs 

New Zealand win by 47 runs

New Zealand lead three-match ODI series 1-0

Next match: Zayed Cricket Stadium, Abu Dhabi, Friday

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.”

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nag%20Ashwin%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EPrabhas%2C%20Saswata%20Chatterjee%2C%20Deepika%20Padukone%2C%20Amitabh%20Bachchan%2C%20Shobhana%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E%E2%98%85%E2%98%85%E2%98%85%E2%98%85%3C%2Fp%3E%0A
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.