Another week, another round of hysteria about the Trump circus. Shock: Ivanka briefly occupies her father's chair at the G20 summit in Germany. Horror: Donald Jnr met an obscure Russian woman who falsely claimed she had some beans to spill about the Clinton campaign last year.
It is beginning to feel as though there is something manufactured about the constant outrage. Facts are being made to fit a narrative. Angela Merkel, no less, pointed out that “the delegations themselves decide, should the president not be present for a meeting, who will then take over and sit in the chair. Ivanka Trump was part and parcel of the American delegation, so that is something that other delegations also do.”
As for claims of shenanigans with Russia, Mark Warner, vice chairman of the Senate Intelligence Committee, put it well last month. "There's a lot of smoke," he said, "but no smoking gun." Or as the Wall Street Journal's Kimberley Strassel has pointed out: there is thus far “no evidence” for what she described as the “fiction” of “Trump-Russia collusion”.
Amid all the recent fuss a highly upbeat note was struck by one of Mr Trump's tweets after his meeting with Vladimir Putin on the sidelines of the G20.
"We negotiated a ceasefire in parts of Syria which will save lives. Now it is time to move forward in working constructively with Russia!"
One might have thought the Russian and American leaders getting on, taking incremental steps to improve dire official relations, and recognising the value in working together rather than against each other, would be positive news.
Instead, there was yet more hand wringing and warnings from the large chorus of Washington commentators, senators and foreign policy sages who are reflexively anti-Russia (or anti-Putin, but that comes to the same thing for the foreseeable future).
This is not to ignore the allegations of Russian meddling in US elections. They are serious indeed.
Any realistic position would, however, have to take into account the fact that Mr Putin has been elected time and again. The size of his vote may have been boosted unfairly, but there's no doubt that he has won majorities and that he is Russia's legitimate and hugely popular ruler. If the possibility of forging friendly enough relations to "work constructively" with Russia was on the table, why would one not take that chance?
But there is a tendency of diehards in the US to desire confrontation with Russia and its leader.
The intellectuals and grandees of this tendency also warn so darkly about China's rise that they appear to want conflict in the Asia Pacific region, just as those who peddle the Clash of Civilisations narrative seem to want a war with Islam.
The less bellicose of us prefer to pose a simple question: wouldn't it be good if relations between the US and Russia improved?
Oh no, we are told. Russia is not America's friend. And maybe it hasn't been, although trying to encircle it with what Russians see as a hostile military alliance might have something to do with that. But maybe Trump and Putin could be friends. They both seem to want to be, and that could just work, because Trump isn't bothered by a lot of the human rights violations that Putin is accused of.
Trump's "new realism" is welcomed by many, and it is likely that that approach might extend to the Russian annexation of Crimea - especially if someone told him that it was part of Russia for nearly 200 years and its transfer within the Soviet Union was essentially an act of paperwork.
Again, many would be aghast at that. But Mr Trump is who he is, and Mr Putin is who he is, and we know that neither of them is likely to have a sudden personality transplant. Isn't it better that they get along?
Finally, it has been said that US presidents have often had good first meetings with Mr Putin, but the relationship soon deteriorates. Mr Trump and Mr Putin, on the other hand, have much in common. It may not work, but isn't it worth trying to see what could come from greater cooperation, maybe even a genuine friendship, between the leaders of Russia and America? I may be labelled a contrarian for suggesting so. What seems truly perverse to me is the presumption that suspicion, sanctions and spurning outreach is likely to produce a better result.
Sholto Byrnes is a senior fellow at the Institute of Strategic and International Studies, Malaysia
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
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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.”
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
'Nope'
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.