Biden wants US back on UN Human Rights Council

The US on Wednesday said it will seek to rejoin the UN Human Rights Council in Geneva.

It is the latest indication of the Biden administration’s bid to play a bigger role in world affairs.

US Secretary of State Antony Blinken said Washington seeks a council seat for the 2022-2024 term.

The US move marked US President Joe Biden’s latest departure from the previous Trump administration, which exited the 47-nation rights council in a series of go-it-alone “America first” policies.

“Promoting respect for human rights is not something we can do alone, but is best accomplished working with our allies and partners across the globe,” Mr Blinken said.

“From investigations into abuses in Syria and North Korea to promoting the human rights for women and LGBTQI persons and other minorities, and combatting racism and religious persecution, the Human Rights Council must support those fighting against injustice and tyranny.”

Still, Mr Blinken acknowledged the flaws in the body, which has been criticised for giving seats to serial rights abusers such as Russia, China and Venezuela, and of spending too much time censuring Israel.

“We acknowledge challenges at the council as well, including unacceptable bias against Israel and membership rules that allow countries with atrocious human rights records to occupy seats they do not merit,” Mr Blinken said.

“However, improving the council and advancing its critical work is best done with a seat at the table.”

The elections for the three-year membership are set to take place at the UN General Assembly, an annual diplomatic gathering in September that this year could be upended by the pandemic.

The Biden administration extended support to the UN and other global bodies that were rebuffed by the preceding administration.

It reversed other Trump-era decisions, including the move to leave the World Health Organisation, and reaffirmed its support of the 2015 Paris climate agreement.

Mr Biden’s pick for US ambassador to the UN, Linda Thomas-Greenfield, will be officially sworn into her post on Wednesday after being confirmed by a majority of votes in the US Senate.

Ms Thomas-Greenfield pledged to restore US diplomacy and multilateralism at the UN.

UN spokesman Stephane Dujarric praised her “effectiveness and dedication” and said diplomats were “looking forward” to working with the seasoned diplomat.

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

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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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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