Berlusconi's political survival hangs in the balance



ROME // Prime Minister Silvio Berlusconi's hopes of surviving a crucial no confidence motion in parliament on Tuesday hangs by a thread, with political commentators predicting the outcome could be decided by as little as a single vote.
The 74-year-old media tycoon has gone through one of his toughest years in 2010, an "annus horribilis" of scandal and bitterness that has badly undermined his leadership and left his struggling centre-right government in disarray.
A split with a group led by former ally Gianfranco Fini in July cost him a secure parliamentary majority and after months of stalemate, a no confidence motion in parliament on Tuesday seems likely to be decided by just one or two votes.
If Berlusconi loses either in the lower house or a separate motion in the Senate, he will have to resign, opening the way to either a new government appointed by President Giorgio Napolitano, or fresh elections which are not due until 2013.
But as the date labelled "B-Day" by Italian media approaches, a campaign of promises and arm-twisting has been underway to detach wavering deputies from the rebel camp and the government has been increasingly hopeful of getting through.
"I am optimistic," Roberto Cota, governor of the Piemonte region and a leading figure in Berlusconi's Northern League coalition partners, told SkyTG24 television on Sunday.
Political number crunchers in the media and parliament on Sunday estimated Berlusconi may just have the numbers to survive with 314 possible votes against 313 for the combined opposition.
The result remains extremely uncertain and could depend on last-minute changes of heart or outside factors such as whether any of three heavily pregnant deputies expected to vote against the government has to be absent from the chamber.
Fini declared on a Sunday talk show that even if Berlusconi does survive, he would be condemned to impotence.
"If the no confidence motion does not pass, we will have a government that's just trying to survive," he told state broadcaster RAI. "That's not stability, that's vegetating."
The vote will be closely watched on bond markets which are on high alert over the euro zone debt crisis and which could turn on Italy, one of the most heavily indebted countries in Europe, if the situation threatens financial stability.
Even if Berlusconi scrapes through, there is little confidence that he will have the strength to push through the kind of reforms authorities such as the Bank of Italy believe are needed to address deep-seated problems in the economy.
An alarming jump in the premium investors demand to hold Italian debt rather than benchmark German bonds last month underlined the danger, although the interest rate spread has since come back from the record levels it hit on November 30.
"However it finishes, there are grounds to be sceptical about the immediate future of the country," Il Sole 24 Ore, the financial daily often seen as the mouthpiece of the Italian business establishment, wrote in an editorial on Sunday.
Berlusconi's image abroad was summed up this month by a US diplomatic report made public on WikiLeaks that labelled him "feckless, vain and ineffective as a European leader" and described him as being exhausted by hard partying.
At home, however, he has a well-deserved reputation for being able to speak directly to the gut instincts of many Italian voters, who have long shrugged their shoulders at reports of their prime minister's gaffes and dalliances.
His flamboyance, charisma and the chronic disunity of the centre-left opposition have put him at the centre of politics ever since he first won power in 1994 in the wake of corruption scandals that overturned the old Italian ruling order.
But scandals like his connection with a teenaged nightclub dancer that took place as unemployment has crept up and problems such as the chronic garbage crisis in Naples which have gone unresolved have chipped away at his authority.
"I don't think anything good will come of it," Rome resident Giuseppe Rispoli told Reuters Television.
"Berlusconi will stay in power because people just want to be allied to those with power and they stay for generations."
 
 
 
 
 
 
 
 

Manchester United v Liverpool

Premier League, kick off 7.30pm (UAE)

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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 
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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.”

The specs: 2018 Honda City

Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km

Changing visa rules

For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

List of UAE medal winners

Gold
Faisal Al Ketbi (Open weight and 94kg)
Talib Al Kirbi (69kg)
Omar Al Fadhli (56kg)

Silver
Zayed Al Kaabi (94kg)
Khalfan Belhol (85kg)
Zayed Al Mansoori (62kg)
Mouza Al Shamsi (49kg women)

Bronze
Yahia Mansour Al Hammadi (Open and 94kg)
Saood Al Hammadi (77kg)
Said Al Mazroui (62kg)
Obaid Al Nuaimi (56kg)
Bashayer Al Matrooshi (62kg women)
Reem Abdulkareem (45kg women)

Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia