CANBERRA // The Australian prime minister Julia Gillard was ousted as Labor Party leader today by her predecessor, Kevin Rudd.
The result reflected a move by Labor Party leaders hoping to avoid a huge defeat in upcoming elections.
The ballot took place three years and two days after Ms Gillard ousted Mr Rudd in a similar internal government showdown to become the country's first female prime minister. She lacked Mr Rudd's charisma, and although many Labor politicians preferred her style, her deepening unpopularity among voters compelled a majority to seek a change ahead of elections that are set for September 14 but could be held in August.
Yesterday's 57-to-45 vote makes Mr Rudd leader of the party, and Governor-General Quentin Bryce could make him prime minister as early as today, but he likely will have to demonstrate that he can command a majority of members in the House of Representatives. Labor depends on independents and a minor party for its fragile ruling coalition, but Mr Rudd appeared capable of retaining it after two independent representatives who did not back Ms Gillard's government said they would support his.
The ballot ends a bitter rivalry between Ms Gillard and Mr Rudd that helped create an atmosphere of chaos and disunity. Ms Gillard had survived two previous attempts by Mr Rudd to take over.
The deputy prime minister and treasurer, Wayne Swan, quit after Mr Rudd's victory and was replaced by Rudd ally and the transport minister, Anthony Albanese, in a second ballot.
Even with Mr Rudd in control, polls suggest that Labor could still be defeated by the conservative opposition led by Tony Abbott. But if that happens, Labor lawmakers hope their losses will be smaller under Mr Rudd than they would have been under Ms Gillard.
Ms Gillard threw open her job to a party leadership ballot in response to reports that Mr Rudd's supporters were pushing for a challenge, and he soon announced he would run against her.
"We are on course for a catastrophic defeat unless there is change," Mr Rudd said before the ballot. "And so today, I am saying to you, to the people of Australia, I'm seeking to respond to your call that I've heard from so many of you to do what I can to prevent Mr Abbott from becoming prime minister."
Both Ms Gillard and Mr Rudd had pledged to quit parliament at the next election if they lost.
The two are in many ways political opposites.
Mr Rudd has a reputation for being a masterful campaigner, but he disappointed as an administrator after taking Labor to a resounding victory in 2007.
A Mandarin-speaking former Beijing diplomat turned state government bureaucrat, he has a nerdy style that endeared him to voters. But colleagues complained he was chaotic, bad-tempered and vicious.
Ms Gillard proved calmer, more efficient and more popular with legislators, but she generated extraordinary animosity among voters, partly because she had ousted the prime minister they had elected during his first three-year term.
Mr Rudd had been a popular prime minister who had started sliding in the polls when Ms Gillard, then his deputy, challenged him to a leadership ballot in 2010. He did not contest the ballot when he became aware of the level of Ms Gillard's support and she became prime minister unopposed. Weeks later, she led Labor to a narrow election victory and formed an unpopular minority government with the support of independent lawmakers and a legislator from the minor Greens party.
Mr Rudd's supporters have been accused of undermining Ms Gillard's leadership from the start and have been blamed for damaging leaks against her. Those leaks partially derailed her 2010 election campaign.
John Wanna, who teaches political science at Australian National University and is a Labor supporter, said Mr Rudd has been "rewarded for three years of sabotaging the government".
"Labor's still going for a train crash" at the election, he said. "Half the cabinet can't stand him."
Ms Gillard fended off previous attempts by Mr Rudd to get the prime minister's job back. In a 2012 ballot of Labor party members, she easily defeated him 71 votes to 31. In February, she threw open her job to a leadership ballot, but Mr Rudd refused to challenge and she remained prime minister.
The fact that Mr Rudd never sat for a portrait to be painted to line the walls of Parliament House, as other former prime ministers had done once they had lost power, fuelled speculation that he never abandoned his leadership ambitions.
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
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The bio:
Favourite holiday destination: I really enjoyed Sri Lanka and Vietnam but my dream destination is the Maldives.
Favourite food: My mum’s Chinese cooking.
Favourite film: Robocop, followed by The Terminator.
Hobbies: Off-roading, scuba diving, playing squash and going to the gym.
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
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- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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.”
Scoreline
Germany 2
Werner 9', Sane 19'
Netherlands 2
Promes 85', Van Dijk 90'
MANDOOB
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Company%20profile
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THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
The%20specs
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SCHEDULE
December 8: UAE v USA (Sharjah Cricket Stadium)
December 9: USA v Scotland (Sharjah Cricket Stadium)
December 11: UAE v Scotland (Sharjah Cricket Stadium)
December 12: UAE v USA (ICC Academy Oval 1)
December 14: USA v Scotland (ICC Academy Oval 1)
December 15: UAE v Scotland (ICC Academy Oval 1)
All matches start at 10am
Killing of Qassem Suleimani
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5