Benigno "Noynoy" Aquino is taking over from the country's most unpopular president ever, Gloria Marcapagal Arroyo.
Benigno "Noynoy" Aquino is taking over from the country's most unpopular president ever, Gloria Marcapagal Arroyo.
Benigno "Noynoy" Aquino is taking over from the country's most unpopular president ever, Gloria Marcapagal Arroyo.
Benigno "Noynoy" Aquino is taking over from the country's most unpopular president ever, Gloria Marcapagal Arroyo.

Benigno Aquino bears Filipinos' burden of hope


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MANILA // When Benigno "Noynoy" Aquino is sworn in today as the 15th president of the Republic of the Philippines he will be under no illusion about the job facing him over the next six years. The mild mannered 50-year-old bachelor told reporters: "I know a lot of people expect so much from me but I am not Superman or Einstein ? I don't have all the answers."

The man who just 12 months ago was trying to find a "polite way" of turning down an offer to run as vice president with Mar Roxas was reluctantly thrown into the limelight following the death of his mother, the former president Corazon Aquino, last August. Corazon Aquino, revered by million of Filipinos after she led a non-violent people power revolution that forced the dictator Ferdinand Marcos out of office in 1986, restored democracy to this South East Asian archipelago nation.

She too was reluctantly thrown into the spotlight after her husband and opposition leader Benigno "Ninoy" Aquino was gunned down at Manila international airport after returning from exile in the United States in 1983. His father has often been described by many Filipino commentators as the "best president the country never had". For Mr Aquino the expectations are daunting. Millions of Filipinos, especially the poor, expect him to perform miracles in a country blighted by corruption, at all levels of society, and with 28 million, roughly a third of the country's 92 million population, living below the poverty line according to the World Bank.

At a press conference near his family home in Quezon City, Manila, yesterday Mr Aquino said he expects to "experience some rough" patches. Introducing his cabinet, he said: "We have a good team of tried and tested people who think the same and have the same vision for this country as I do ? we can only try to do our best for the people." But it will not be easy. He will inherit an economy deep in debt and where education and public health services have gone backwards compared with neighbouring South East Asian nations. And he has been left with a 40-year-old Communist insurgency and a 30-year-old Muslim insurgency in the country's south.

In an interview with The National shortly before his election on May 10, Mr Aquino admitted his biggest problem would be meeting the expectations of the people. A simple man of modest tastes he does not read much but he does enjoy practical shooting in his spare time as well as the company of close friends and listening to music. Mr Aquino's record during his 12 years in Congress and the last three as a senator could best be described as lacklustre. None of the bills he authored became laws.

Despite his political critics during the election campaign, Mr Aquino spoke articulately and with a great deal of knowledge about the social and economic challenges facing the Philippines. Mr Aquino's inauguration spokesman, Manuel Quezon, said: "The people's expectations will be high ? there is no doubt about that. "While no one doubts his personal integrity, he now has to confront many problems that he's inherited and try to work it out and deliver to the man on the street," he said in an interview on ANC television's Headstart programme. He said like the US president Barack Obama, Mr Aquino will play a "big part in uniting a nation that has been divided by a widely unpopular president".

The outgoing leader, Gloria Macapagal Arroyo, who was elected to Congress in the May 10 elections, leaves office at midnight on June 30 as the country's most unpopular president ever, and that includes Marcos, according to opinion polls. "Just how much time the public will give him to do his job and basically get started remains to be seen," Mr Quezon said. Professor Raul Fabella of the economics department of the University of the Philippines said Mr Aquino's election as son of the country's "democracy heroine Corazon Aquino was the easy part".

"In this country, hope has often been dashed in the past. There is no guarantee it will end differently this time," he told the Philippine Daily Inquirer. A former president, Fidel Ramos, writing in the Manila Bulletin last Saturday said: "Like many Filipinos I hope he can deliver a better future for the Philippines. "After 10 years of impeachments, warlordism, cronyist-dynasties, journalist killings, corruption and budget deficits, it is about time that the Philippines moves in a more positive direction in accordance with its potential weight, given our population [projected to reach 100 million by 2015], strategic geographic position, Christian-Muslim culture, skilled workforce, English language proficiency and democratic tradition."

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Terror attacks in Paris, November 13, 2015

- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France

LA LIGA FIXTURES

Friday Celta Vigo v Villarreal (midnight kick-off UAE)

Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)

Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)

Monday Huesca v Real Betis (midnight)

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.”

Dhadak

Director: Shashank Khaitan

Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana

Stars: 3

The past winners

2009 - Sebastian Vettel (Red Bull)

2010 - Sebastian Vettel (Red Bull)

2011 - Lewis Hamilton (McLaren)

2012 - Kimi Raikkonen (Lotus)

2013 - Sebastian Vettel (Red Bull)

2014 - Lewis Hamilton (Mercedes)

2015 - Nico Rosberg (Mercedes)

2016 - Lewis Hamilton (Mercedes)

2017 - Valtteri Bottas (Mercedes)

About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

UAE currency: the story behind the money in your pockets
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COMPANY%20PROFILE
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What are the influencer academy modules?
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