Insight and opinion from The National’s editorial leadership
July 14, 2024
Blood streaming from his right ear, punctured just moments earlier by a would-be assassin’s bullet, Donald Trump defied his protection detail’s best efforts to conceal him. He righted himself on the campaign stage in Butler County, Pennsylvania on Saturday, faced his simultaneously terrified and awe-struck supporters, and raised his fist in the air. “Fight,” he shouted to them.
The Secret Service whisked Trump into a nearby SUV and subsequently to the nearest hospital. Within a minute of the first shot being fired, the shooter, 20-year-old Pennsylvania man Matthew Crooks, was killed.
The attempt on Trump’s life marks an odious moment in America’s darkening political cycle. Hopefully, it will also be a sobering one for the American body politic. The country has witnessed an unacceptable rise in political violence in recent years, often characterised by so-called “lone wolf” attackers infected with extreme, virulent and conspiratorial ideologies.
On January 6, 2021, hundreds of conspiracists pooled their rage to attempt a violent insurrection at the Capitol; they were supporters of Trump, who had mentioned the need to “fight” no less than 18 times in a speech earlier that day. Trump’s repetition of that word after being shot on Saturday showed his remarkable fortitude and political talent; his supporters have never been more energised. But it was also a signal that more violence may lie ahead.
The country has witnessed an unacceptable rise in political violence in recent years
The American republic has withstood many attempts on the lives of its presidents in decades past. Sixteen commanders-in-chief have been the target of assassination attempts. Four have been killed as a result, and three injured (Trump is the third). Trump is also the fourth candidate in US history to have been shot. But after all previous shootings, brighter days eventually followed.
But the current moment in American democracy, nonetheless, stands out for its generalised disaffection. The public’s level of confidence in the current crop of politicians is abysmal; last year, a Pew Research poll found just 16 per cent of Americans trusted their government. As of April, the figure is just seven points higher. Americans are also polarising faster than their counterparts in other western democracies, a process fuelled in no small part by misinformation, political memes and social media.
Trump and his political rival, incumbent President Joe Biden, have run their race too often in the muck, and the fact the two men are the oldest presidential candidates in US history speaks to the lack of opportunity for strong talent in the lower political ranks to rise up. Mr Biden’s age has become so apparently debilitating in the past fortnight that many of his erstwhile supporters have called on him to bow out of the race.
In light of all of this, there is no shortage of academics who are ready to speak of America’s decline. But in the world’s richest and most powerful nation, violence, disaffection and, ultimately, decline need not be inexorable processes. America’s political climate is the product of choices made by its political class. These include choices to demonise their fellow citizens of different political stripes, to normalise cynicism, to forego civic-mindedness and to estrange national unity in the public discourse. The shooting of any politician, let alone a former president and presidential candidate, is the clearest sign possible that better choices must be made.
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
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.”
Spain drain
CONVICTED
Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.
Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.
Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.
SUSPECTED
Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.
Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.
Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.
Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.
Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
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