Ferdinand Marcos Jr has been sworn in as president of the Philippines after he claimed victory in the Philippines presidential election by a landslide.
The presidency comes more than three decades after his dictator father Ferdinand Marcos was forced to flee the country in an uprising, and his inauguration was marked by protests over his father's 21-year rule.
Mr Marcos Jr held an unassailable lead of more than 16 million votes after 98 per cent were counted following May's election, and overall he received more than 31 million votes.
After his proclamation he said: "I ask you all pray for me, wish me well. I want to do well because when the president does well, the country does well."
But who Ferdinand Marcos Jr he and how did he win the election?
Who is Ferdinand Marcos Jr?
The win by Mr Marcos Jr, 64, nicknamed "Bongbong", is an astonishing reversal of the 1986 “People Power” pro-democracy revolt that removed his father.
His win follows a whitewashing of his family's past.
In the 36 years since the popular uprising pushed the Marcoses into US exile, they have been rebuilding their political fortunes.
Despite his own father's concerns about his "carefree and lazy" nature, Mr Marcos Jr made it to the ultimate post.
After narrowly losing the vice presidential race to Ms Robredo in the 2016 election, he was determined their rematch in the presidential contest would end differently.
Vowing to unify the country, Mr Marcos Jr made sweeping promises on the campaign trail to boost jobs and tackle rising prices in the lower middle-income country.
"Unity is my cause because of my firm belief that unity is the first step towards getting out of this crisis we are now in," Mr Marcos Jr said in February, without explaining further what the slogan meant.
How did Marcos Jr become president?
Growing up in the presidential palace in Manila, Mr Marcos Jr wanted to be an astronaut before he followed in his father's footsteps into politics.
He served as vice governor and twice as governor of the family's northern stronghold of Ilocos Norte province, and also had stints in the House of Representatives and the Senate.
His mother Imelda, 92, said she had dreamt of him becoming the country's leader.
Mr Marcos Jr's links to his father, whose rule was marked by the bloody repression of the martial law years, have made him one of the nation's most polarising politicians.
He has benefited from a deluge of misinformation on social media aimed at a largely young electorate with no memory of the corruption, killings and other abuses committed during his father's 20-year rule.
His campaign was bolstered by teaming up with Sara Duterte, daughter of former President Rodrigo Duterte, who won the vice presidential race comfortably, and the backing of other political elites.
Mr Marcos Jr and Ms Duterte's shared history as the offspring of authoritarian leaders has alarmed rights groups and many in the religious clergy, who fear they will use their victory to entrench themselves in power.
Has he defended his father's presidency?
Mr Marcos Jr was at boarding school in Britain in 1972 when his father declared martial law, unleashing large-scale corruption and a bloody crackdown on dissent.
He has defended his father's rule by citing the initial surge of economic growth and government spending under martial law, which he said was necessary to save the country from communist rebels and Islamist extremists.
While he describes his father as a "political genius", Mr Marcos Jr has distanced himself from the charges of pillaging state coffers and economic mismanagement that later impoverished the nation.
After the fallen dictator's death in Hawaii in 1989, the Marcoses returned home and began their remarkable revival, getting elected to a succession of higher positions.
The family's turnaround has been aided by public disenchantment over an enduring gulf between the rich and poor, and graft allegations that marred post-Marcos administrations.
Seeking to avoid a repeat of the 2016 campaign, when he was hounded by questions about his family's past, Mr Marcos Jr this time snubbed debates with rivals and gave few interviews.
Opponents tried in vain to have him disqualified from the race over a previous tax conviction.
They also accused him of exaggerating his educational qualifications and the family of failing to pay nearly $4 billion in estate taxes.
Was he supported by his predecessor Duterte?
Until recently, Mr Duterte was a supporter of Mr Marcos Jr.
But although his party endorsed Mr Marcos Jr for president, Mr Duterte called him a "weak" leader.
This fuelled speculation that Mr Duterte, who faces an international probe into his deadly war on drugs, was trying to secure assurances from Mr Marcos Jr for when he is out of office.
In the final week of campaigning, as Ms Robredo appeared to be gaining momentum, Mr Marcos Jr gave a warning about vote-rigging, without providing any evidence.
"We will win as long as you stay awake on Monday," Mr Marcos Jr told fans at his final campaign rally.
"Many undesirable things happen if we stop paying attention."
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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 five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Cologne v Hoffenheim (11.30pm)
Saturday
Hertha Berlin v RB Leipzig (6.30pm)
Schalke v Fortuna Dusseldof (6.30pm)
Mainz v Union Berlin (6.30pm)
Paderborn v Augsburg (6.30pm)
Bayern Munich v Borussia Dortmund (9.30pm)
Sunday
Borussia Monchengladbach v Werder Bremen (4.30pm)
Wolfsburg v Bayer Leverkusen (6.30pm)
SC Freiburg v Eintracht Frankfurt (9on)
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The Baghdad Clock
Shahad Al Rawi, Oneworld
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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