Protesters holding posters that read "Decision of nation, Musharraf immediately resign" take part in a rally in Hyderabad yesterday.
Protesters holding posters that read "Decision of nation, Musharraf immediately resign" take part in a rally in Hyderabad yesterday.
Protesters holding posters that read "Decision of nation, Musharraf immediately resign" take part in a rally in Hyderabad yesterday.
Protesters holding posters that read "Decision of nation, Musharraf immediately resign" take part in a rally in Hyderabad yesterday.

Foes to put Musharraf to a vote of confidence


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  • Arabic

ISLAMABAD // Pakistan's government will take the first step towards removing Pervez Musharraf from the presidential office today by proposing a vote of no confidence against him. Last week, the government announced it would seek to ratchet up pressure on Mr Musharraf to resign by seeking to impeach him.

First, however, the government will conduct a series of votes of no confidence in Pakistan's four provincial assemblies. The votes are expected to go against the president. If Mr Musharraf, a former military ruler, refuses to resign should the provincial assemblies vote against him, the government will present an impeachment motion in the national parliament. The first vote of confidence will take place tomorrow in the pivotal province of Punjab, where the two central government coalition partners hold power.

"This is the start of the impeachment process," said Farhatullah Babar, a government spokesman. The three other provincial assemblies - Sindh, Baluchistan and North West Frontier Province - are expected to hold similar votes before the end of the week. The national assembly will also meet to open a parliamentary session that the government intends to use to present an impeachment motion after Aug 16, if Mr Musharraf refuses to step down.

"We are staging a vote of confidence in all the provincial assemblies to put moral and political pressure on him to resign," Mr Babar said. "If he does not resign in the meantime, which would be the most honourable course for him, he will be impeached. It will be first time in the history of Pakistan." Farooq Naek, the law minister, told reporters: "A comprehensive charge sheet is being prepared." It include "gross misconduct and violation of the constitution. The charge sheet will be solid and Musharraf will not be able to fight it," said Mr Naek, who is a member of the committee drafting the charges.

"It is better for him to resign before impeachment," he said. Supporters of Mr Musharraf, a key ally in the US-led "war on terror", have said he will defend himself against the charges. The move to impeach the Pakistani president is the culmination of a power struggle between the former military chief and the civilian government. It is a battle that has paralysed Pakistan since Mr Musharraf's political party lost elections in February.

The bid to oust Mr Musharraf, however, has raised the prospect of a drawn-out and debilitating wrangle. It risks further weakening Pakistan, which is plagued by pro-Taliban militancy and whose people face rapidly escalating fuel and food prices. The prospects of the nuclear-armed country - which is also a suspected hiding place for al Qa'eda leaders - being rocked by further instability is a mounting concern for the West and Pakistan's regional neighbours.

Mr Musharraf, who seized power in 1999, stepped down as army chief in November after being re-elected to serve a five-year term as president. He has said in the past that he would resign rather than be dragged through an impeachment process by a parliament filled with enemies. Mr Musharraf may resign, or as his allies have said, use the last remaining tools at his disposal - the remnants of a defeated political party and a military intelligence agency - to regain some of his much diminished power.

Stripping Mr Musharraf of the presidency would require a two-thirds majority vote of all members in a joint sitting of the national assembly and the senate. The coalition is several seats short of the 295 votes it requires out of the 439 in the senate and national assembly to remove Mr Musharraf. The coalition claims it has the numbers to achieve this - Asif AliZardari, the leader of the ruling Pakistan People's Party, said he had 300 votes - but the president's allies dispute that and have accused the government of attempting to buy up the votes of independent candidates. Mr Musharraf retains the power to dissolve parliament. It would be a hugely controversial move if he did so and would require the backing of the army, which, after being tarnished by its eight years of direct rule, has said it wants to stay out of politics. The coalition has accused the president of violating the constitution, bringing "Pakistan to a critical economical impasse" during his eight-year rule, and conspiring against their newly elected government. Mr Musharraf's allies have countered that the coalition partners have raised the impeachment issue in a bid to deflect criticism of the government's poor performance. The bickering coalition partners have so far failed to fulfil on a key pledge to restore the chief justice and dozens of judges who Mr Musharraf sacked to have himself re-elected while still army chief. The constitution states that within three days of receiving a resolution seeking the president's impeachment, the speaker is required to forward it to the president and convene a joint sitting of parliament between seven and 14 days later. Coalition officials said the impeachment process should be complete by the end of August. However, analysts said it could become entangled in challenges in the Supreme Court. @Email:iwilkinson@thenational.ae

EA Sports FC 25

Pad Man

Dir: R Balki

Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte

Three-and-a-half stars

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Day 2, stumps

Pakistan 482

Australia 30/0 (13 ov)

Australia trail by 452 runs with 10 wickets remaining in the innings

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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THE SPECS

Engine: 4.4-litre V8

Transmission: eight-speed automatic

Power: 523hp

Torque: 750Nm

Price: Dh469,000

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

Match info

Deccan Gladiators 87-8

Asif Khan 25, Dwayne Bravo 2-16

Maratha Arabians 89-2

Chadwick Walton 51 not out

Arabians won the final by eight wickets