People demonstrate in Parliament Square against the possible Conservative and DUP (Democratic Unionist Party) coalition government following the Britain's general election result, in London, Saturday June 10, 2017. (AP Photo/Tim Ireland)
People demonstrate in Parliament Square against the possible Conservative and DUP (Democratic Unionist Party) coalition government following the Britain's general election result, in London, Saturday June 10, 2017. (AP Photo/Tim Ireland)
People demonstrate in Parliament Square against the possible Conservative and DUP (Democratic Unionist Party) coalition government following the Britain's general election result, in London, Saturday June 10, 2017. (AP Photo/Tim Ireland)
People demonstrate in Parliament Square against the possible Conservative and DUP (Democratic Unionist Party) coalition government following the Britain's general election result, in London, Saturday

British PM Theresa May under fresh pressure as top aides quit


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London // British prime minister Theresa May was forced to lose her two closest aides on Saturday as she struggled to reassert her authority following a crushing election setback.

The Conservative leader has been warned that her days are numbered after calling Thursday’s vote three years early, only to lose her majority in parliament.

Senior party figures have cautioned against any immediate leadership challenge, saying it would only cause further disruption as Britain prepares to start Brexit negotiations as early as June 19.

But media reports suggest they had demanded the departure of Mrs May’s joint chiefs of staff, Nick Timothy and Fiona Hill, as the price for allowing the 60-year-old vicar’s daughter to stay in office.

Mrs May announced on Friday she would seek to form a minority government with the help of a small Northern Irish party, the ultra-conservative Democratic Unionist party (DUP).

She sent her chief whip Gavin Williamson to Belfast on Saturday to begin talks with the DUP “on how best they can provide support to the government”, a spokesman said.

Mrs May put on a brave face following Thursday’s vote, expressing sorrow for the MPs who lost their seats, but refusing to acknowledge how her election gamble backfired.

"From hubris to humiliation," said the left-leaning Guardian. "May stares into the abyss," wrote The Times, while Conservative-supporting The Sun tabloid said succinctly: "She's had her chips."

The resignations of Mr Timothy and Ms Hill, on whom Ms May has been heavily reliant since her previous job at the interior ministry, will be a personal blow.

Mr Timothy said he took responsibility for the Conservative manifesto, including a plan for elderly social care that caused a backlash among many core voters.

A party spokesman confirmed the resignation of Ms Hill, a combative character who one ex-colleague said had helped create a “toxic” atmosphere at the heart of government.

The news came as Mrs May prepared to name the rest of her cabinet, after revealing on Friday that her five most senior ministers would remain in their posts.

Before the election, she had been widely expected to sack finance minister Philip Hammond following a reported clash over her Brexit strategy.

Several Conservative MPs have warned that Mrs May cannot carry on indefinitely, after throwing away a 17-seat majority in the 650-seat House of Commons.

But former party leader Iain Duncan Smith said a leadership contest now would be a “catastrophe”, while his predecessor William Hague said: “Voters do not want further months of uncertainty and upheaval.”

The Conservatives won 318 seats, down from 331 in 2015 and falling short of an overall majority, after the opposition Labour party under socialist leader Jeremy Corbyn scored hefty gains.

DUP leader Arlene Foster, whose party won 10 seats, said on Friday she was ready to talk to the Conservatives on “how it may be possible to bring stability to our nation”.

But Scottish Conservative leader Ruth Davidson, who is gay, was among the first to express disquiet over a deal with the DUP, which is opposed to abortion and gay rights.

Several hundred people — many Labour voters — protested in central London against the potential alliance.

Joining forces with the hardline unionist Protestant party also threatens London’s neutrality in Northern Ireland, which is key to the delicate balance of power in a province once plagued by violence.

On Brexit, the DUP supports leaving the EU but opposes a return to a “hard” border with Ireland — which could happen if Mrs May carries through her threat to walk away from the talks rather than accept a “bad deal”.

The DUP is “likely to increase the pressure on Theresa May to secure a comprehensive free trade agreement” in place of its single market membership, said Stephen Booth of the Open Europe think tank.

The new parliament meets on June 13, but the real test for Mrs May is likely to come on June 19, when she must show she has enough support to pass her legislative programme in the Queen’s Speech.

European Council President Donald Tusk has warned there was “no time to lose” in starting Brexit talks, after May on March 29 started the two-year countdown to ending Britain’s four decade membership.

*Agence France-Presse

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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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

Name:​ One Good Thing ​

Founders:​ Bridgett Lau and Micheal Cooke​

Based in:​ Dubai​​ 

Sector:​ e-commerce​

Size: 5​ employees

Stage: ​Looking for seed funding

Investors:​ ​Self-funded and seeking external investors

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Andor
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