The changing of the guard at the top of the European Union, with a new line-up of top officials set to be approved by the European parliament, could well result in increased tensions in the western alliance, as Brussels intensifies its efforts to create a European superstate.
And the emergence of a new EU leadership that is preoccupied with pursuing its own, federalist agenda, could have a profound bearing on its approach to global issues, especially in the Middle East, where its insistence on sticking to the controversial nuclear deal with Iran could increase tensions in the region.
That is certainly the conclusion being reached by many western diplomats following 27 hours of intense summit negotiations in Brussels earlier this week that resulted in the nominations for the EU’s most important posts for the next five years.
Foremost among those to emerge victorious from the brutal power-brokering between Germany and France over who should hold these key positions was Ursula von der Leyen, a close ally of German Chancellor Angela Merkel and a committed European federalist.
Mrs von der Leyen, who for the past 11 years has served as Germany’s first female defence minister, has impeccable European credentials. The daughter of a prominent German politician, Ernst Albrecht, she studied in London before pursuing her own politician career. A fluent French speaker, she has established strong ties with French politicians. Indeed, it was her Francophone outlook that persuaded French President Emmanuel Macron to back her for the top job.
But her emergence as the leading candidate to replace Jean-Claude Juncker has not been without controversy. In response to criticisms that the EU suffers from what critics call a “democratic deficit”, attempts were made to give the European Parliament a greater role in the selection of the candidates, with the so-called spitzenkandidat system, based on the outcome of the recent EU elections.
To this end the main political blocs in the newly-elected parliament came up with their own suggestions for the top jobs, with the veteran Dutch liberal politician Frans Timmermans their preference to replace Mr Juncker.
But for all the talk of adopting a more democratic approach to the EU’s decision-making process, in the end the main EU power-brokers – namely Germany and France – reverted to type and carved up a deal between themselves, which has left these first few tentative steps towards addressing the institution’s democratic failings in ruins, as well as alienating important member states in southern and eastern Europe that were completely excluded from the Franco-German power-broking axis.
It is, of course, blatantly undemocratic and unaccountable conduct of this nature that resulted in the British public voting for Brexit in the 2016 referendum, and the unseemly squabbling behind closed doors that ultimately resulted in the emergence of the candidates' list for the top jobs has not exactly helped the EU’s reputation for openness and fairness.
About the only positive to outcome from this sorry affair is that for the first time two women will hold senior posts in the EU's hierarchy. Apart from Mrs von der Leyen's nomination as president, the prominent French politician Christine Lagarde, the current head of the IMF, is to take over as president of the European Central Bank.
And with the fallout from what can only be described as the carve-up of the EU’s top jobs likely to rumble on for some time, the other conclusion that must be reached from these appointments is that the EU’s quest for ever closer union is likely to accelerate considerably as a consequence, especially with Mrs von der Leyen in the driving seat.
A long-standing advocate of what she calls “a united states of Europe", Mrs von der Leyen has all the ideological credentials to fulfil the EU’s ambitions.
She nurtures a vision of the EU’s 27 member countries being run on similar federal arrangements to those that exist in countries such as Switzerland, Germany and the US. She is also a strong advocate for the creation of an independent European defence force, one that would seek to protect European interests instead of the continent having to rely on Nato for its defence.
This push for greater European integration, though, is likely to exacerbate further tensions in the transatlantic alliance, where relations between the Trump administration and the major European powers are already strained as a result of Washington’s unhappiness over what it regards as unfair trading arrangements, as well as the failure of most European countries to meet their Nato spending commitments.
Moreover, many European politicians regard the creation of a European superstate as a welcome and necessary alternative to America’s long-standing global dominance.
But if the new round of EU appointments will lend encouragement to those who seek closer European integration, they will do little to improve the effectiveness of the western alliance to deal with global security issues, particularly in the Middle East.
The EU’s new leaders, for example, are unlikely to change direction on the vexed issue of the Iran nuclear deal, where Brussels is still attempting to establish a trading mechanism whereby European firms can continue trading with Tehran without running the risk of being hit with punitive measures from the US.
The EU’s approach, which has already sparked anger in Washington, could find itself under further pressure if Iran persists with its threat to enrich uranium, thereby making Tehran in breach of the terms of the nuclear deal it agreed with the major powers in 2015.
A renewed attempt by the EU to develop its own defence capabilities could also severely undermine the West’s ability to deal with threats from rogue states such as Iran and North Korea. The most likely outcome from any such initiative would be to persuade Washington to withdraw from the Nato alliance, thereby ending an alliance that has for seven decades proved vital to keeping the peace in Europe and the world beyond.
Con Coughlin is the Daily Telegraph’s defence and foreign affairs editor
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
SPECS
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Final round
25 under - Antoine Rozner (FRA)
23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)
21 - Grant Forrest (SCO)
20 - Ross Fisher (ENG)
19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)
'Cheb%20Khaled'
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Company%20Profile
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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.”
Company%20Profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
PETER%20PAN%20%26%20WENDY
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