Supporters of Brazilian former President Jair Bolsonaro invade the presidential palace while clashing with security forces in Brasilia on January 8, 2023. AFP
Supporters of Brazilian former President Jair Bolsonaro invade the presidential palace while clashing with security forces in Brasilia on January 8, 2023. AFP
Supporters of Brazilian former President Jair Bolsonaro invade the presidential palace while clashing with security forces in Brasilia on January 8, 2023. AFP
Supporters of Brazilian former President Jair Bolsonaro invade the presidential palace while clashing with security forces in Brasilia on January 8, 2023. AFP


From Washington to Brasilia, history is often written by the losers


  • English
  • Arabic

January 10, 2023

Two years ago, as thousands of rioters staged a violent takeover of the US Capitol in a bid to overturn Donald Trump’s presidential election defeat, Hope Hicks, a White House aide, pleaded with the outgoing president to condemn their actions. His unwillingness to do so was “damaging his legacy”, she suggested.

“Nobody will care about my legacy if I lose…the only thing that matters is winning,” he allegedly responded. Paradoxically, Mr Trump’s determination to be guided by the oft-repeated cliche that “history is written by the winners” seems to have confirmed the very opposite. January 6, 2021 is sure to earn a place in American history books – its consequences, which continue to help paralyse American politics today, shaped almost entirely by Mr Trump’s behaviour as after losing the election.

This week, another capital in the Americas saw its own history re-written by apoplectic losers, in near-identical fashion. On Sunday, thousands of supporters of Jair Bolsonaro, who recently lost the Brazilian presidency to Luis Ignacio Lula da Silva, stormed official buildings in the capital, Brasilia, overwhelming police. Much like the US insurrectionists in 2021, the rioters forced their way into the country’s legislative building, smashing windows and taking selfies as they scampered contemptuously through the corridors of power. Mr Bolsonaro, who is believed to be in the US state of Florida, waited several hours before issuing a half-hearted condemnation via Twitter.

Another capital in the Americas saw its own history re-written by apoplectic losers

Many critics of both Mr Trump and Mr Bolsonaro attribute their respective refusals to cede victory to their own political aspirations. But the motivation driving their supporters is more abstract. The common factor, it seems, is a deep-rooted and ever-growing distrust in their countries’ governing institutions. American insurrectionists were not simply angry to see Mr Trump go; for weeks in the run-up to the election, a great number of them were convinced there was a concerted effort by shadowy powers-that-be to rig the vote against him. In Brasilia this week, many “Bolsonaristas” were less concerned with seeing the former president remain in office than they were with preventing Mr da Silva, who was previously imprisoned on corruption charges, from taking power. Graffiti left behind by some of the rioters in Brasilia calls for a military coup, supposedly in order to stop the new left-wing president from bringing about communism.

A deep and often-conspiratorial distrust of institutions is not a phenomenon isolated to the Americas. In countries where corrupt institutions have often earned such contempt, it has come to define politics. The Middle East has a number of such examples. And the results – the emergence of a culture that promotes partisan violence over good-faith institution-building – provide a cautionary tale for not only would-be rioters elsewhere, but also the governments they so despise. This summer, Iraqi protesters supporting the Shiite cleric Muqtada Al Sadr, who was cut out of a power-sharing deal by a real-life conspiracy, twice stormed the parliament in Baghdad. The protests and counter-protests brought Iraq to the brink of civil unrest – an outcome averted by Mr Al Sadr bowing out of politics.

In countries that hold elections, the peaceful transfer of power is a vital pillar. It is not easy to earn the trust of millions of people. Governing institutions as old as those of Washington and Brasilia have managed to do so over centuries of constant – albeit imperfect – service to the public. In most cases, and certainly in countries as successful as the US and Brazil, seeking to destroy them is rarely the cure to their ills. Improving them, peacefully and over time, usually is. Those who win control of these institutions have a great deal of responsibility to ensure that this can be done. But an even greater onus lies with the losers.

The specs
Engine: 3.0-litre 6-cyl turbo

Power: 374hp at 5,500-6,500rpm

Torque: 500Nm from 1,900-5,000rpm

Transmission: 8-speed auto

Fuel consumption: 8.5L/100km

Price: from Dh285,000

On sale: from January 2022 

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Schedule:

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

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.”

Racecard
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Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

Updated: January 10, 2023, 3:00 AM