Philippine Vice President Robredo joins race for president


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Philippine Vice President Leni Robredo, a staunch critic of President Rodrigo Duterte's brutal war on drugs, joined the race for president on Thursday, promising to usher in a government that cares for the people, not personal interests.

Ms Robredo, 56, who was elected separately from Mr Duterte and was not his running partner, said her decision was a difficult one but she wanted to be of greater service to a country facing serious health and economic challenges.

"If we truly want to liberate ourselves from this situation, we should change not just the surnames of those in power – the corruption, the incompetence, the lack of compassion must be replaced by competence and integrity in leadership," said Ms Robredo, who is running as an independent candidate.

Ms Robredo will face at least four other candidates who have made their presidential runs official, including the son and namesake of the late dictator Ferdinand Marcos, whom she beat by a slim margin in the 2016 vice presidential contest.

Mr Duterte is unable to run for president in the election in May next year because of rules on term limits. He had said he would run for vice president, but announced on Saturday that he will retire from politics.

Candidates have until October 8 to register. Mr Duterte's daughter, Sara Duterte-Caprio, who political analysts expected to join the race at the 11th hour, as her father did in 2015, insisted on Wednesday she wanted to continue as mayor of Davao city.

A poll of people's preferred candidates last month showed Ms Robredo, a human rights lawyer and widow of a former interior minister, trailing Mr Marcos and others, including former boxing champion Manny Pacquiao and Manila mayor Francisco Domagoso.

'Let Leni Lead'

Supporters of Maria Leonor 'Leni' Robredo cheer as she arrives to file her candidacy. Reuters
Supporters of Maria Leonor 'Leni' Robredo cheer as she arrives to file her candidacy. Reuters

Ms Robredo's backers, including another prominent critic of Mr Duterte, former Supreme Court Justice Antonio Carpio, have for months been urging her to run with a "Let Leni Lead" battle cry.

They cheered her decision and promised support.

Soon after her announcement, the hashtag #LabanLeni2022 (FightLeni2022) became the top trending Philippine item on Twitter, while supporters posted photos of themselves on social media wearing pink, the colour associated with Ms Robredo.

"What is at stake are the lives and the future of the Filipinos ... billions upon billions of pesos went into questionable contracts while millions of Filipinos struggle," said Ms Robredo, taking a swipe at the government over questions on its use of $1.3 billion in pandemic funds.

"The lack of good governance lies at the root of our many problems. This needs to end," she said.

The government had dismissed suggestions of wrongdoing.

Ms Robredo, a congresswoman before becoming vice president, has long been a thorn in Mr Duterte's side, questioning his war on drugs, his embrace of China and recently the handling of Covid-19.

Under Mr Duterte, Ms Robredo served as housing minister but quit after being excluded from Cabinet meetings. After criticising what she called "senseless killings" in the war on drugs, Mr Duterte appointed her as his "drugs tsar" but sacked her after 18 days.

Mr Duterte's spokesman, Harry Roque, when asked about Ms Robredo's comments, said everyone had the right to stand for public office.

Aries Arugay, political science professor at the University of the Philippines, said voters disgruntled with the handling of the pandemic would gravitate towards Ms Robredo, who has been active in trying to respond to the health crisis.

"For voters negatively affected by the pandemic who think the government has failed, it's a no-brainer to vote for Robredo," Mr Arugay told Reuters.

Should Ms Robredo win the presidency, she would be the third woman to lead the Philippines after democracy champion Corazon Aquino in 1986 and Gloria Macapagal-Arroyo in 2001.

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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.”

Indoor cricket in a nutshell

Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

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

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham v Ajax, Tuesday, 11pm (UAE).

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Games on BeIN Sports

Updated: October 07, 2021, 10:56 AM