Cambodian workers fold a poster with portraits of Cambodian Prime Minister Hun Sen (R) and President of the National Assembly Heng Samrin (L), after the national elections in Phnom Penh, Cambodia. EPA
Cambodian workers fold a poster with portraits of Cambodian Prime Minister Hun Sen (R) and President of the National Assembly Heng Samrin (L), after the national elections in Phnom Penh, Cambodia. EPA

Cambodia's ruling party says it won all 125 parliamentary seats



Prime Minister Hun Sen's ruling Cambodian People's Party (CPP) said on Monday it had won all 125 parliamentary seats up for grabs in a general election a day earlier that critics said was neither free nor fair.

"The CPP won 77.5 per cent of the votes and won all the parliamentary seats," CPP spokesman Sok Eysan said. "The other parties won no seats."

Cambodia woke to another chapter of rule by strongman Hun Sen on Monday, a day after an election that was heavily criticised by rights groups, the United States and other Western countries.

The White House said it would consider steps, including an expansion of visa restrictions placed on some Cambodian government members, in response to "flawed elections" in which there was no significant challenger to Mr Hun Sen.

Critics say the election was a backward step for democracy in Cambodia following the dissolution last year of the main opposition Cambodian National Rescue Party (CNRP) and the jailing of its leader, Kem Sokha, on treason charges.

Former CNRP president Sam Rainsy, who lives in exile, said the election was a "hollow" victory for Mr Hun Sen, a former Khmer Rouge commander who has ruled Cambodia for nearly 33 years.

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The United States has imposed visa curbs on some Cambodian government members over a crackdown on critics and levied sanctions in June on a high-ranking official close to Mr Hun Sen.

The European Union has threatened Cambodia with economic sanctions.

White House Press Secretary Sarah Sanders said in a statement that Sunday's vote "failed to represent the will of the Cambodian people".

"The flawed elections, which excluded the country's principal opposition party, represents the most significant setback yet to the democratic system enshrined in Cambodia’s constitution," Ms Sanders said. The election campaign was marred by threats from national and local leaders, she said.

"The United States will consider additional steps to respond to the elections and other recent setbacks to democracy and human rights in Cambodia, including a significant expansion of the visa restrictions announced on December 6, 2017," Ms Sanders said.

Government spokesman Phay Siphan said the White House statement was an attempt to intimidate Cambodia.

"This is against the Cambodians who went to vote to decide their own fate," Phay Siphan told Reuters.

CNRP Deputy Director of Foreign Affairs Monovithya Kem told a news conference in Jakarta on Monday the party welcomed the White House statement and hoped others would follow suit.

The CNRP also called on the international community to reject the result of the election.

"29 July 2018 marked the death of democracy in Cambodia, a dark new day in recent history," said CNRP vice president Mu Sochua. "The result announced by the CPP and the National Election Committee must be fully rejected by the international community."

Newspaper headlines in Cambodia on Monday greeted Mr Hun Sen's victory.

"CPP Dominates Election: Unofficial results show ruling party will increase its majority in the National Assembly," said the pro-government Khmer Times newspaper.

Some independent media were targeted by Mr Hun Sen and his allies in a pre-election crackdown.

More than 82 per cent of those registered to vote cast a ballot, according to the National Election Committee. Turnout was 90 per cent in the 2017 local election and 69.61 per cent in the previous general election in 2013.

Polling stations visited by Reuters in the capital, Phnom Penh, were quiet on Sunday and some voters said they voted because not doing so would land them in trouble.

The CNRP had called on voters to boycott the election but authorities warned anyone doing so would be seen as a traitor.

At the Kapkor Market in Phnom Penh, Meas Sinuon, 60, said she was pleased with Sunday's result.

"This government has done good things already," she said as she shopped for groceries. "But I want the new government to do more to help the people."

Another voter, a Phnom Penh tuk-tuk driver who declined to be identified, described the result as "same same".

Unofficial election results are expected in mid-August.

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

While you're here

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.”

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Stars: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford

Four stars

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
New schools in Dubai
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%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.

Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The White Lotus: Season three

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