Boris Johnson carries a wreath during the Remembrance Sunday service in London on Sunday. The British Prime Minister finds himself in a bind after Joe Biden's win. AP Photo
Boris Johnson carries a wreath during the Remembrance Sunday service in London on Sunday. The British Prime Minister finds himself in a bind after Joe Biden's win. AP Photo
Boris Johnson carries a wreath during the Remembrance Sunday service in London on Sunday. The British Prime Minister finds himself in a bind after Joe Biden's win. AP Photo
In 2018, Joe Biden sat down for an interview with the former leader of Britain’s Liberal Democratic party, Nick Clegg. Mr Biden was asked about Brexit. As usual, he spoke his mind. Many American foreign policy experts, including those in the President-elect’s team, fret about Britain’s declining role in the world as a result of leaving the European Union.
Mr Biden said: “I was really disappointed in terms of US interests. If we had any voice in Europe, it was you. I was not surprised, because in times of confusion and great change I think we all become susceptible to demagogues and charlatans who in order to aggrandise their power find a scapegoat.”
In the past few days, asked by a reporter if he had any words for the BBC, Mr Biden had two: “I’m Irish.”
The amusing quip and the deeply felt concern illuminate what the British government must deal with after four-and-a-half years when bluster from pro-Brexit “demagogues and charlatans” finally becomes a reality.
Negotiations between Britain and the EU continue about a deal, as we stagger towards Prime Minister Boris Johnson’s self-imposed deadline of December 31. But Mr Johnson faces exactly the same dilemma with which he undermined his predecessor Theresa May. Will it be a painful Brexit or a pointless Brexit?
"Painful" would be crashing out of the EU without a deal, thereby deliberately and significantly damaging the British economy. Enormous lorry parks are being constructed in Kent to cope with predicted tailbacks from the port of Dover, the main trade route to France. Government sources speak of special "Kent passports", permits without which lorries will not be able to reach the coast. This painful Brexit will hit as Britain also faces the deepest economic slowdown in living memory as a result of the coronavirus pandemic.
But if Mr Johnson does secure a deal with the EU, his personal position may become even more precarious. Any deal will, predictably, be branded a "sell-out" by Mr Johnson's political opponents, including Nigel Farage. Some within his own party may also be disgusted at a pointless Brexit. And since any new deal with Europe will be worse than the one Britain already has, the majority of British citizens who now believe Brexit is a mistake will be furious that after almost five years of negotiations we are making ourselves poorer with few benefits.
Mr Johnson thought it would go differently. He had a warm relationship with the Trump family. US President Donald Trump called him (ungrammatically) "Britain Trump". An unnamed source in the Biden camp told a British newspaper that Mr Johnson is regarded rather as a "shapeshifting creep". Others believe that the Prime Minister fits Mr Biden's description of "demagogues and charlatans who in order to aggrandise their power find a scapegoat". Mr Biden himself, however, is a good friend of Britain even if he is not a fan of Mr Johnson.
For some years I was a neighbour of the former Labour party leader Neil Kinnock. Mr Biden admired Mr Kinnock so much that he once plagiarised one of Mr Kinnock's speeches, something that caused a mini-scandal at the time. But Mr Kinnock laughed uproariously at the implied compliment, and Mr Biden shared the joke. The two became friends and Mr Kinnock told me the President-elect was also a true American friend of the UK.
Traffic crosses the border into Northern Ireland from the Irish Republic alongside a Brexit Border poster. AFP
Besides, some years ago during a row between the then British prime minister and the US president, the British ambassador to Washington wryly informed me that the prime minister and the president will always have to get along because those were “the rules” of diplomacy. A US State Department official said much the same when he told me “the totality of the relationships” between the UK and US was so great that whatever their differences the two leaders would work constructively together.
All this means that the hugely pragmatic and personally generous Mr Biden wants a strong relationship with the UK, and will therefore tolerate Mr Johnson. The bad news is that what a few deluded British commentators still call "the special relationship" exists more in the British imagination than in the American reality. When Mr Biden says "I'm Irish", he is reaffirming his commitment to peace in Ireland and the Good Friday Agreement. That's his "special relationship". Any chicanery from Mr Johnson on Ireland will make life exceedingly difficult for the UK.
In any case, if it comes to a post-Brexit US-UK trade deal, it may take years – and no president ultimately decides. Congress does, in particular the finely balanced Senate. The US Trade Representative has held public hearings on Brexit during which US lobbyists from the farming, health care, aviation and other sectors demanded that any trade treaty with the UK must open up British markets to their products and interests. Members of Congress will obviously seek the greatest benefit for these powerful lobbies that provide jobs in their states, and contribute to their own campaign funds.
Mr Johnson’s needs and hopes are not on any American politician’s list of priorities, especially those who – like Mr Trump himself – see Mr Johnson as just Mr Trump’s British “Mini-Me”.
Gavin Esler is a broadcaster and UK columnist for The National
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
• Scientists estimate there could be as many as 3 million fungal species globally • Only about 160,000 have been officially described leaving around 90% undiscovered • Fungi account for roughly 90% of Earth's unknown biodiversity • Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
Dust and sand storms compared
Sand storm
Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds
Dust storm
Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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.”