Anshel Pfeffer is a writer for Haaretz and the Israel correspondent for The Economist. He is the author of Bibi: The Turbulent Life and Times of Benjamin Netanyahu
October 28, 2022
For years Benjamin Netanyahu was in a class of his own in Israeli politics, or, as one of his election slogans said, often displayed alongside photographs of him standing beside world leaders: “A different league”. He was the mastermind, not just of his election campaigns, plotting out every move with a small team of experts and loyal aides, but also building coalitions with ruthless pragmatism.
Mr Netanyahu would secure in advance, long before the actual elections, the alliances he needed with other parties so he could guarantee his majority, even before one vote was cast.
But in the last election, in March 2021, a worthy rival finally emerged. Yair Lapid, unlike any of the previous party leaders who previously challenged Mr Netanyahu, adapted his methods, looking out not only for his own party’s result, but those of his potential coalition partners as well.
Mr Lapid was at a disadvantage. Mr Netanyahu over long years of political trading had built his cohesive bloc of right-wing and religious parties, each keeping to their own electoral turf and deferring to his leadership. Mr Lapid had a much more difficult, diverse bunch of small parties to deal with. They wouldn’t listen to him and he still needed to be aware that by campaigning too hard, he could push one of his potential allies beneath the electoral threshold of 3.25 per cent, losing their voters. Even after the election results were known, and Mr Netanyahu’s coalition failed to win him a majority, the numbers for Mr Lapid simply didn’t add up. There were too many small parties to deal with and their differences were too wide to build a new coalition.
But then Mr Lapid did something that Mr Netanyahu could never contemplate. To convince Naftali Bennett, the leader of a small, right-wing party to join a government that included also left-wingers and even an Islamist party, he offered to give him the first half of the prime-ministerial term, which should have been all his as leader of the coalition’s largest party.
Mr Netanyahu had dismissed and mocked Mr Lapid from the moment the former chat-show host entered politics in 2012. In the last election, his Likud campaign ran a 20-year-old clip in which Mr Lapid said “I don’t understand anything about economics” on a constant loop. But Mr Lapid persevered. Other centrist parties in Israel lasted barely a couple of election cycles, but Mr Lapid had studied their mistakes carefully (his father, Tommy Lapid, had been leader of one of those now-defunct parties). He structured his own party, Yesh Atid, to avoid the internecine squabbling that brought the downfall of such parties. He retains complete control of Yesh Atid, dictating its policy and selecting its Knesset candidates. No internal opposition is allowed and candidates who deviate from the line or are seen as potential liabilities are ruthlessly dropped from the team.
November's election will be Israel's fifth in four years. AP
Lapid did something that Netanyahu could never contemplate
In effect, Mr Lapid built with Yesh Atid what took Mr Netanyahu many years to achieve with Likud: a well-organised and highly-disciplined party that serves as his own personal platform to power.
Having a reliable party allowed Mr Lapid to weather the Israeli political storms that had swept away every challenger to Mr Netanyahu over the past decade and a half, and when the moment came, form a coalition to replace him.
Sixteen months have passed. That coalition lasted for just one year. Naftali Bennett is gone and in his place, Mr Lapid is caretaker prime minister. He is just four months in the job and already facing an election, scheduled for Tuesday, November 1.
This is Israel’s fifth election in less than four years. Politics remain paralysed, with the Israeli electorate split down the middle between the half of the country who support Mr Netanyahu and the half who don’t want to ever see him back in office. The only thing that has changed is that Mr Netanyahu and Mr Lapid have now swapped places.
The election will be decided by which one of them acclimatises better to the reversal of roles. The last time Mr Netanyahu campaigned as the challenger was back in 2009 – long before Mr Lapid, who has never contested an election as the incumbent prime minister, even entered politics. How has each of them adjusted to their change in status?
On the surface, it would seem, quite well. Mr Lapid has quickly grown accustomed to the “Rose Garden Campaign” style, using the trappings of office, foreign trips, a speech at the UN General Assembly, treaty signings and security briefings to frame himself as a natural prime minister. These four months have been critical for him to change Israelis’ perspective of him. No longer the wild young thing, but a safe pair of hands. And it is showing in the polls, with Yesh Atid’s numbers rising, trailing Likud by only five seats.
Mr Netanyahu, too, seems to have taken well to his new role as insurgent challenger. Without a prime ministerial schedule and entourage, he has more freedom to just pop up anywhere in the country and ply the crowds with his charm and wit. He even seems to be enjoying it.
But not everything is working that well for both of them. Mr Netanyahu, who as prime minister exercised near total-control over the allied parties in his coalition, is struggling to keep them in line. The ultra-Orthodox party United Torah Judaism is causing trouble. One wing of it seems to be entertaining the possibility of joining another coalition if Mr Netanyahu fails to win his majority.
The leader of another wing of UTJ has been making problematic statements, such as “mathematics didn’t help Israel’s economy”, that draw unwanted attention to the obscurantist views of some of his partners. Not the kind of thing wavering voters should be seeing. And then there’s the far-right Religious Zionism party that chose to present its legal reform programme, severely curtailing the powers of the Supreme Court, without clearing it first with Mr Netanyahu.
He isn’t necessarily against the programme. In fact, it could help him get out of his own corruption case. But the electoral timing, once again, is awful and could push voters away from Likud.
Losing the prime minister job, even if he is poised to make a comeback, has somewhat diminished Mr Netanyahu’s power over his allies.
Mr Lapid never expected to control the unruly parties of the centre-left, but as prime minister he is proving adept at doing what Mr Netanyahu used to be so good at: “drinking up” the votes of allied parties whenever he chooses. Mr Lapid is tempted to do so now to the parties of his bloc, enticing voters with the prospect of a drawing even with Likud. But if he goes too far, the smaller parties to his left, Labour and Meretz, could be pushed beneath the threshold and Mr Netanyahu will have his majority. But the temptation may prove too great for the new prime minister, who risks being just slightly intoxicated with power.
Mr Netanyahu’s challenge is to regain his hold over his allies. Mr Lapid’s is to regain his own sense of discipline. That is the key to either of them winning on Tuesday.
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PRO BASH
Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Saudi Cup race day
Schedule in UAE time
5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
PROFILE
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Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1) Where: Wanda Metropolitano When: Thursday, kick-off 10.45pm Live: On BeIN Sports HD
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
Founders:Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector:Sustainability
Total funding: Self funded
Number of employees:4
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany - At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people - Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed - Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest - He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
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A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
How to apply for a drone permit
Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request
What are the regulations?
Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
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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.”
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
Stay invested: Time in the market, not timing the market, is critical to long-term gains.
Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000
MATCH INFO
Everton v Tottenham, Sunday, 8.30pm (UAE)
Match is live on BeIN Sports
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Draw
Quarter-finals
Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)
RB Leipzig (GER) v Atletico Madrid (ESP)
Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)
Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
UAE currency: the story behind the money in your pockets