British Prime Minister Boris Johnson is preparing to hand councils extra money for holiday clubs, trying to end a row with Manchester United footballer Marcus Rashford over free school meals.
Mr Johnson is studying a proposal to extend the Holiday Activity and Food programme, tested during the summer so children could be provided with at least one free meal a day outside term time, the Telegraph reported.
A national version of the scheme was estimated to cost £200 million ($260m) a year, the report said.
It could be combined with extra study time for children still catching up after schools were closed in the spring. The news comes as most of the £63m the government had provided local councils in summer to help the poorest in society was thought to have already been spent.
About 1.3 million children are eligible for free lunches at schools in England.
In the school summer holidays, the government gave them food vouchers after a campaign by Mr Rashford to provide extra support during the coronavirus crisis.
But last week it voted not to do the same during a week-long school break at the end of October.
That decision has put pressure on Mr Johnson, who defended the government's stance on Monday.
"We will do everything in our power to make sure that no kid, no child goes hungry this winter during the holidays," he said, describing Mr Rashford's efforts as "terrific".
“We don’t want to see children going hungry this winter, this Christmas, certainly not as a result of any inattention by this government – and you’re not going to see that,” he added.
Adding to the government's embarrassment, businesses and charities across England on Monday offered free meals for children. Britain’s devolved nations of Scotland, Wales and Northern Ireland have already introduced food voucher schemes for their schoolchildren.
Some MPs who voted against the free meal bill have also been banned from local establishments, such as shops, pubs and cafes.
Mr Rashford said the backlash demonstrated that the UK public cared about hungry children. A petition started by the Manchester United and England striker calling for food provision to stretch into the October holiday had gained more than 900,000 signatures by Monday evening.
Defending its decision not to extend the free meal scheme, the government also said it had provided £63m to local councils – announced in the summer - to help the needy who have difficulty affording food and other essential items.
Mr Johnson said: "We are very proud of the support we have given, I have said repeatedly throughout this crisis that the government will support families and businesses, jobs and livelihoods, across the country.
"We're going to continue to do that.”
Health chief Matt Hancock echoed the prime minister’s views, adding: “I also think that it’s brilliant that the councils are coming forward, having been funded by central government – £63m has gone to councils so that they can ... support people and make sure that everybody and every child gets the support that they need.”
It is believed, however, that the vast majority of local authorities have already spent the bulk of their allocation, which was intended to cover areas hit hardest by coronavirus. According to the Guardian, the government's own guidance on the money, provided on July 10, said: "The government anticipates that most of the funding will be spent within 12 weeks."
And the Local Government Association said the £63m had been ringfenced to be spent before the end of September and had long since been overtaken by demand.
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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John Cena pinned Triple H in a singles match
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'Nope'
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What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
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RESULTS
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
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On Women's Day
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
More on Quran memorisation:
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Read more from Aya Iskandarani
While you're here
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Part three: an affection for classic cars lives on
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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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
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
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How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
BUNDESLIGA FIXTURES
Saturday (UAE kick-off times)
Cologne v Union Berlin (5.30pm)
Fortuna Dusseldorf v Borussia Dortmund (5.30pm)
Hertha Berlin v Eintracht Frankfurt (5.30pm)
Paderborn v Werder Bremen (5.30pm)
Wolfsburg v Freiburg (5.30pm)
Bayern Munich v Borussia Monchengladbach (8.30pm)
Sunday
Mainz v Augsburg (5.30pm)
Schalke v Bayer Leverkusen (8pm)
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