Delhi's ruling Aam Admi Party inflicted defeat on Prime Minister Narendra Modi's Hindu nationalist Bharatiya Janata Party in a key electoral battle for the Indian capital.
Arvind Kejriwal's common man's party was poised to win 62 seats in the 70-member assembly as India's ruling party struggled to eight seats, five more than the last elections.
AAP comfortably crossed the majority mark of 36 seats to form a government third time in the city and was leading on 26 seats in the ongoing counting for the February 8 poll.
The upstart party had trounced Mr Modi's BJP in 2015 by winning 67 seats in the city assembly, a shock victory that political commentators credited to its grassroots appeal.
Thousands of AAP supporters celebrated the landslide victory at the party headquarters in Delhi that was decked up with blue and white balloons as scores of workers flashed brooms - AAP's symbol.
They chanted the party election tagline- "Lage Raho Kejriwal" or Keep It Up Kejriwal and danced to drum beats amidst plumes of smoke from celebratory fireworks. Mr Kejriwal visited a temple to pay his respects and meet his supporters.
BJP had launched an aggressive campaign to unseat the ruling party to control the city after 22 years.
Congress, the national party that ruled the state until 2013, failed to make any mark and conceded defeat in the early hours of the votes being counted.
“I thank Delhi voters from the bottom of my heart for this win and for trusting me for the third time,” Mr Kejriwal said in his victory speech outside the party office.
“People of Delhi have given birth to a new form of politics which is a politics of work and have sent a message only those who will build clinics, give 24-hour electricity, door-to-door water facility and build roads will be voted,” he said after blowing a kiss to the supporters.
Mr Modi conceded defeat in a tweet and hailed Mr Kejriwal for his victory.
The 51-year-old former tax officer turned politician won the posh New Delhi seat by a huge margin after the party making welfare schemes and free services as the main pitch of his election campaign.
The party focused on local issues including the heavily subsidised electricity, water healthcare and free public transport to women.
He has promised free bus rides to students, drinking water to homes, English classes to underprivileged students and sponsor pilgrimages for a million senior citizens.
Delhi is not a fully-fledged state and has a complex political structure, with the local government mostly looking after civic amenities, whereas key areas like policing and land come under the control of the federal government.
But controlling the city has a political significance for parties.
BJP's campaign blitz was led by Mr Modi's close aide Amit Shah and centred around Mr Modi's charisma and "Hindutva" - Hindu hegemony agenda, with a top leader calling the February 8 polling as a vote on India or Pakistan.
It sought to turn the polls into a referendum on the ongoing protests in Shaheen Bagh, where hundreds of women are blocking a key road since December 15 against a new citizenship law that grants non-Muslim nationals from three neighbouring countries citizenship.
BJP had defended the law, saying it was in the national interest and termed its opponents as “anti-nationals”.
Delhi-based political analyst Zoya Hassan said Mr Kejriwal’s victory was a strong message to the BJP that people choose “inclusive development over narrow nationalism.”
"It sends out signals that the politics of polarisation and Hindu-Muslim division doesn't work when it is pitted against very concrete development and welfare measures," Ms Hassan told The National.
She said that the Hindu Nationalist party tried to turn the contentious law into a test of patriotism for the electorate.
"That binary has been rejected by the people and it is a reaffirmation of inclusive politics and inclusive citizenship,” she added.
More than 300 leaders, including Mr Modi and Mr Shah, campaigned for the party, in an often vitriolic election campaign, urging voters to ousted the ruling party for its “anti-national” stance.
Gurpreet Mahajan, a political science professor said that the voters had prioritised daily life and local issues over BJP’s nationalism rhetoric.
"National elections are little different but state elections are an assessment of ongoing work," Mr Mahajan told The National.
The defeat is seen as a major setback to the BJP that has lost two major states after the thumping victory in the national elections in May 2019.
BJP is warming up from state election in eastern Bihar and West Bengal, where regional parties will throw a strong challenge.
“It is a message for the BJP that because Modi is so popular that BJP nationalises state elections and this nationalisation of state elections doesn't work because the logic of state elections is often very state specific,” Hassan said.
Mr Kejriwal’s rise to power was a direct result of a massive street agitation against corruption and political reforms in 2013. He formed a political party along with lawyers, journalists and activists and in his electoral debut won 28 seats but failed to continue in chief minister’s chair after losing the floor test within two months.
They swept the polls in 2015 but have failed to make gains in other states dominated by regional and national parties.
If you go...
Flying
There is no simple way to get to Punta Arenas from the UAE, with flights from Dubai and Abu Dhabi requiring at least two connections to reach this part of Patagonia. Flights start from about Dh6,250.
Touring
Chile Nativo offers the amended Los Dientes trek with expert guides and porters who are met in Puerto Williams on Isla Navarino. The trip starts and ends in Punta Arenas and lasts for six days in total. Prices start from Dh8,795.
Teaching in coronavirus times
Killing of Qassem Suleimani
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Killing of Qassem Suleimani
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
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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Duterte Harry: Fire and Fury in the Philippines
Jonathan Miller, Scribe Publications
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What Super Bowl LIII
Who is playing New England Patriots v Los Angeles Rams
Where Mercedes-Benz Stadium in Atlanta, United States
When Sunday (start time is 3.30am on Monday UAE time)
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ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)