President Donald Trump came close to acknowledging his election loss on Sunday morning, claiming his rival Joe Biden "won" through fraud, before quickly declaring that he would continue to challenge the result.
"He won because the election was rigged. No vote watchers or observers allowed, vote tabulated by a radical left privately owned company," Mr Trump tweeted in his clearest admission of defeat so far.
But an hour and a half later he fired off two tweets in quick succession saying, "Rigged election. We will win!" and "I concede nothing! We have a long way to go."
Mr Trump has refused to concede the election, and repeatedly said he intended to overturn the result through legal cases. No evidence of mass fraud in the November 3 election has been found, and legal challenges crumbled in several states on Friday. In total, the president’s campaign has lost more than a dozen legal challenges.
Mr Trump has encouraged his supporters to protest against the alleged electoral fraud, and thousands rallied in Washington on Saturday as part of a nationwide "Million MAGA March" to back his claims. Clashes with rival protesters broke out in the evening, with at least one stabbing reported. Twenty protesters were arrested for public disorder.
Several other cities on Saturday faced gatherings of Trump supporters unwilling to accept Mr Biden’s Electoral College and popular vote victory as legitimate. Cries of “stop the steal” and “count every vote” continued in spite of a lack of evidence of voter fraud or other problems that could reverse the result.
After night fell, the relatively peaceful demonstrations in Washington turned from tense to violent. Videos posted on social media showed fist fights, projectiles thrown and clubs used as supporters of Mr Trump clashed with those demanding they take their banners and leave. The tensions extended to Sunday morning. A variety of charges, including assault and weapons possession, were filed against those arrested, officials said. Two police officers were injured and several firearms were recovered by police.
Mr Trump had given an approving nod to the gathering on Saturday morning by driving his motorcade through streets lined with supporters before rolling on to his Virginia golf club. People chanted “USA, USA” and “four more years,” and many carried American flags and signs to show their displeasure with the vote tally.
A broad coalition of top government officials declared that the November 3 voting and ensuing count unfolded smoothly with no more than the usual minor hiccups. “The most secure in American history,” they said, repudiating Mr Trump’s efforts to undermine the integrity of the contest.
In Delray Beach, Florida, several hundred people marched, some carrying signs reading “Count every vote” and “We cannot live under a Marxist government”. In Lansing, Michigan, protesters gathered at the Capitol to hear speakers cast doubt on results that showed Mr Biden winning the state by more than 140,000 votes. Phoenix police estimated 1,500 people gathered outside the Arizona Capitol to protest against Mr Biden’s narrow victory in the state. Protesters in Salem, Oregon, gathered at the Capitol building.
Fringe groups
Among the speakers in Washington was a Georgia Republican newly elected to the US House. Marjorie Taylor Greene, who has expressed racist views and support for QAnon conspiracy theories, urged people to march peacefully to the Supreme Court.
The marchers included members of the Proud Boys, a neo-fascist group known for street brawling with ideological opponents at political rallies.
Confrontations occurred later in the day as small groups of Trump supporters attempted to enter the area around Black Lives Matter Plaza, about a block from the White House, where several hundred anti-Trump demonstrators had gathered.
In a pattern that kept repeating itself, those Trump supporters who approached the area were harassed, doused with water and had their Maga (Make America Great Again) hats and pro-Trump flags snatched and burnt, amid cheers. As night fell, police lines kept the two sides apart.
Videos on social media showed some demonstrators and counterdemonstrators trading shoves, punches and slaps. A man with a bullhorn yelling “Get out of here!” was shoved and pushed to the street by a man who was then surrounded by several people and shoved and punched until he fell face first into the street. Bloody and dazed, he was picked up and walked to a police officer.
The “Million Maga March” was heavily promoted on social media, raising concerns that it could spark conflict with anti-Trump demonstrators, who have gathered near the White House in Black Lives Matter Plaza for weeks.
In preparation, police closed off wide sections of downtown, where many shops and offices have been boarded up since election day.
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Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
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Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
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.”
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
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