Kenya warned to clean up its act


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NAIROBI // Kenyan politicians have received a jarring message in recent weeks: the Kenyan people and the international community will not accept business as usual. In the past fortnight, the United States and International Criminal Court have warned Kenya's politicians to reform their ways. And, in a move praised by observers, Kenya's anti-corruption tsar was forced to resign after public outcry he did not do enough to tackle graft. Prodded and poked, East Africa's largest economy is taking steps to reform, albeit at a glacial pace. The recent shake-up began on September 24 when the United States slapped a travel ban on Kenyan politicians accused of blocking reforms. Michael Ranneberger, the US ambassador, announced that Washington sent letters to 15 Kenyan leaders, who have benefited from Kenya's culture of impunity. "I am writing to inform you that your future relationship with the United States is linked to your support for urgent implementation of the reform agenda as well as opposition to the use of violence," Johnnie Carson, the top US diplomat for Africa, wrote in the letters. A Kenyan commission of inquiry found last October that a handful of top political and business leaders were responsible for orchestrating the violence that followed the presidential election in December 2007. More than 1,000 people died during the tribal clashes that lasted through February 2008 and almost half a million were displaced. The panel recommended that Kenya reform such key institutions as the judiciary and police force and root out nepotism and corruption at all levels of government. Almost two years later, most of the reforms are yet to happen. No one has faced justice for their part in the violence and human rights groups warn of a repeat of the clashes after the 2012 election if the culture of impunity continues. The International Criminal Court (ICC), the world's first permanent war crimes tribunal, has recently taken an interest in Kenya's case. Kofi Annan, the former UN secretary general, who mediated last year's crisis, urged Kenya to establish a court to try organisers of the violence. Not wanting to incriminate themselves, politicians failed to set up the home-grown court. Growing impatient, Mr Annan gave a list of suspects to the ICC, which, last week, announced it would prosecute those most responsible. Luis Moreno-Ocampo, the ICC prosecutor, said he wanted a three-pronged approach: the ICC prosecuting the worst offenders, a special tribunal in Kenya for other perpetrators, and a truth and reconciliation commission to look into underlying causes of the violence. "Decisive consultations between the prosecutor and the Kenyan principals will take place in the coming weeks," the ICC said. "Justice will not be delayed." Mr Annan is in Kenya this week for talks on the status of the coalition government formed between Mwai Kibaki, the president, and Raila Odinga, the opposition leader who became prime minister as part of a peace deal. Mr Kibaki and Mr Odinga yesterday issued a statement saying the "overall progress" on reforms is "impressive". Aaron Ringera, whom Mr Kibaki recently reappointed to a five-year term as head of the anti-corruption department, stepped down on Wednesday after a month of pressure from activists. Many saw his reappointment as another example of Mr Kibaki's rewarding of ineffectual officials with plum jobs. Mr Ringera's monthly salary of US$34,000 (Dh125,000) made him the highest paid civil servant. In his five years as head of the anti-corruption board, Mr Ringera recommended the prosecution of eight government officials and four members of parliament for corruption. None faced corruption charges, although the commission does not have the powers to prosecute. Observers praised the decision to quit by Mr Ringera and Fatuma Sichale, his deputy. "Their Resignation, though long overdue was refreshing and welcome," Neto Agostinho, head of Kenyans for Justice and Development, said in a statement. Kenyans are still sceptical there will be lasting change to a government where corruption is rife. "It is a step in the right direction," said John Wainaina, a Kenyan lawyer. "We'll see if it lasts, though." mbrown@thenational.ae

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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Terminator: Dark Fate

Director: Tim Miller

Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis 

Rating: 3/5

Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

 

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.”

STAY%2C%20DAUGHTER
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EYasmin%20Azad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3ESwift%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Federer's 11 Wimbledon finals

2003 Beat Mark Philippoussis

2004 Beat Andy Roddick

2005 Beat Andy Roddick

2006 Beat Rafael Nadal

2007 Beat Rafael Nadal

2008 Lost to Rafael Nadal

2009 Beat Andy Roddick

2012 Beat Andy Murray

2014 Lost to Novak Djokovic

2015 Lost to Novak Djokovic

2017 Beat Marin Cilic

The specs: 2018 Volkswagen Teramont

Price, base / as tested Dh137,000 / Dh189,950

Engine 3.6-litre V6

Gearbox Eight-speed automatic

Power 280hp @ 6,200rpm

Torque 360Nm @ 2,750rpm

Fuel economy, combined 11.7L / 100km

Afcon 2019

SEMI-FINALS

Senegal v Tunisia, 8pm

Algeria v Nigeria, 11pm

Matches are live on BeIN Sports

Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)

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