Ethiopians carry posters reading ‘Meles We Love You’ as the body of the late Prime Minister Meles Zenawi arrives in Addis Ababa.
Ethiopians carry posters reading ‘Meles We Love You’ as the body of the late Prime Minister Meles Zenawi arrives in Addis Ababa.
Ethiopians carry posters reading ‘Meles We Love You’ as the body of the late Prime Minister Meles Zenawi arrives in Addis Ababa.
Ethiopians carry posters reading ‘Meles We Love You’ as the body of the late Prime Minister Meles Zenawi arrives in Addis Ababa.

Meles's 'protege' to take over as Ethiopia's prime minister until 2015 election


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ADDIS ABABA // Ethiopia's acting prime minister, Hailemariam Desalegn, will run the country until an election in 2015.

The move reflects the ruling party's determination to ensure a swift and smooth transfer of power following the death of Meles Zenawi.

Meles, 57, died on Monday at a hospital in Brussels, Belgium, after a long undisclosed illness. He came to power in 1991.

Parliament is expected to convene within the next two days and Mr Hailemariam will be sworn in as prime minister to finish Meles's five-year term.

In September 2010, shortly after the ruling Ethiopian People's Revolutionary Democratic Front's fourth consecutive election victory, Mr Hailemariam, 47, was appointed deputy prime minister and minister of foreign affairs.

A few weeks after the vote, the party's congress promoted him to a deputy chair of the party, a sign, diplomats said, that he was being groomed for higher office.

Soft-spoken, humble, yet politically shrewd, the former university dean is considered Meles's protégé.

Speculation had been brewing that a potentially divisive race for the top post would follow Mr Meles's death.

Asked whether all coalition members of the party approved Mr Hailemariam's selection, a government spokesman, Bereket Simon, said: "They have no problem with this."

The ruling party controls 546 of the 547 seats of parliament.

Thousands of wailing Ethiopians turned out for the return of Meles's body yesterday, as an official national mourning period began.

A military band played as the coffin, draped in the national flag, was taken from an Ethiopian Airlines flight in the early hours of the morning. The ceremony was attended by political, military and religious leaders, as well as diplomats.

Meles's two daughters and his weeping widow, Azeb Mesfin, walked ahead of the band.

People carried candles and portraits of the late premier, following a convoy of cars accompanying his body.

His coffin was taken to the prime minister's official residence at the national palace, where his body will lie in state until the funeral.

Several hundred mourners gathered at the palace to pay their respects.

The US president, Barack Obama, led tributes to Meles, saying he deserved "recognition for his lifelong contribution to Ethiopia's development".

The UN secretary general, Ban Ki-moon, hailed his "exceptional leadership".

But while world leaders praised his legacy, rights groups said his death was a chance to end a brutal crackdown on basic freedoms.

The diminutive leader was regularly singled out as one of Africa's worst human-rights violators, and Amnesty International has called on the country's new leaders to end his government's "ever-increasing repression".

Mr. Meles had not been seen in public for weeks before his death, and there had been increasingly intense speculation about his health - though authorities insist he had been on the road to recovery when he was suddenly struck down by an infection, according to the BBC.

There is still no confirmation of the details of his medical condition.

* With additional reporting by Agence France-Presse

Volvo ES90 Specs

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Price: Exact regional pricing TBA

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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Who has been sanctioned?

Daniella Weiss and Nachala
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Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

Living in...

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.

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Greatest Royal Rumble match listing

50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias

Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match

WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura

Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe

United States Championship Jeff Hardy (champion) v Jinder Mahal

SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos

Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt

Casket match The Undertaker v Rusev

Singles match John Cena v Triple H

Cruiserweight Championship Cedric Alexander v Kalisto

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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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.”

The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

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