Kenya's president Uhuru Kenyatta threatened the country's supreme court after it ordered an August election rerun
Kenya's president Uhuru Kenyatta threatened the country's supreme court after it ordered an August election rerun

Kenyatta threatens to ‘fix’ judicial system after presidential election rerun ruling



The political temperature continued to rise in Kenya on Saturday after president Uhura Kenyatta promised to ‘fix’ the judiciary following the decision by the country’s supreme court the previous day to annul the result of last month’s presidential election.

Speaking on live television at the State House in the capital Nairobi, Kenyatta, who won a 54%-45% victory over Raila Odinga, the candidate of the united opposition, said: “We shall revisit this thing. We clearly have a problem," he said, referring to the judiciary.

“Who even elected you? Were you? We have a problem and we must fix it,” he continued, before repeating that he would respect the court's ruling. He said via Twitter on Saturday: “For now let us meet at the ballot.”

The brave move by the supreme court to overturn the result of the August 8 election – which was passed by four judges to two – has little precedent in recent history in Africa, where judiciaries are usually appointed by the ruling regime and toe the line when it comes to decisions such as this.

This is the second time that Uhura has spoken critically about the judiciary. On Friday during an impromptu rally in Nairobi, he accused the court of ignoring the will of the people and dismissed the chief justice's colleagues as “wakora”, or crooks.

As the country prepares for another election within two months, attention is turning to the election board, which was criticised by the court for having “failed, neglected or refused to conduct the presidential election in a manner consistent with the dictates of the constitution”.

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Odinga, the veteran opposition leader whose coalition brought the petition against the election board to the Supreme Court, said officials from the commission should face criminal prosecution.

The chairman of the election board said there would be personnel changes, but it was not clear if that would be enough for the opposition. Sweeping out the whole board would complicate efforts to hold a new poll within two months.

Last month's election -- which included the presidential poll in addition to races at other levels of government -- was one of the most expensive ever held in Africa. Ahead of the vote Kenya's treasury said preparation and execution of polling would cost the equivalent of around $480 million.

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Starring: Tom Cruise, Hayley Atwell, Simon Pegg

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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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.”

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

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THE SPECS

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
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Investment raised: $4 million 
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