BRUSSELS // European leaders, hoping to stave off a broader political crisis following Britain’s shock decision to leave the EU last week, agreed on Wednesday to spend the next nine months developing proposals for an overhaul of the bloc amid deep divisions between its members.
Disillusion with the European Union has risen sharply following years of economic weakness and after a record influx of refugees and a series of deadly attacks by extremists.
The problems have fuelled the sense that elites in Brussels and other European capitals are ineffective and out of touch with the concerns of ordinary people.
Last week, the anger bubbled over in Britain’s Brexit vote, which threw six decades of closer European integration into reverse and raised fears of a domino effect on the continent, where anti-EU, xenophobic parties are on the rise.
EU leaders, who met on Wednesday without Britain, agree that change is needed. But they also know that time is required to get the remaining 27 members behind a common European initiative due to a deep divide over what lessons to draw from Brexit.
German chancellor Angela Merkel, speaking at the end of the summit, said it was unrealistic to consider radical changes, such as moving towards a fiscal or political union, in the current environment. These would require changes to the EU’s Lisbon Treaty and more referendums, which leaders are desperate to avoid.
“It is not about more or less Europe but about delivering better results,” Mrs Merkel said.
“Our citizens often don’t understand why we are doing something and what our goals are. All of us want to change this. It is not about changing the EU Treaty, about introducing more laws or less. It’s about delivering on our goals.”
Officials said that Dutch prime minister Mark Rutte, who holds the rotating presidency of the EU, had made clear to other leaders that it was not the time for “revolutions”.
Another top official acknowledged that vague pledges to create a “better Europe” were largely empty but that the main priority for now was to send a simple message that everyone around the table could agree on.
The period of “political reflection” will start in earnest in mid-September at a summit in Bratislava, Slovakia. Some EU leaders have said the goal is to reach a set of proposals by March of next year, the 60th anniversary of the EU’s founding Rome Treaty.
The period mirrors the one that followed French and Dutch rejections of a European constitution in dual referendums in 2005. Mrs Merkel came to power the same year and led negotiations on the more modest Lisbon Treaty.
But the current crisis is more existential for the EU because of the Brexit vote, which in one fell swoop looked to deprive the bloc of one of its only economic and political heavyweights.
UK Conservative Party contenders began to emerge on Wednesday to replace prime minister David Cameron, who announced his resignation after Britons voted to leave the EU against his advice.
His successor will get the challenge – or the poisoned chalice – of becoming the country’s next leader and negotiating Britain’s exit.
Conservative lawmakers have until noon Thursday to announce their candidacy.
The first contender to make it official was work and pensions secretary Stephen Crabb, who said he was running because “I don’t see anybody who provides a compelling answer” to the question of how to heal a deeply divided nation.
The 43-year-old, who was raised by a single mother in public housing, said he would offer “resilience, optimism, humility, strength”. Although he backed the “remain” side in the referendum, he promised to deliver a “negotiated exit” from the EU.
Former mayor Boris Johnson, who led the “leave” side in the referendum, has the support of several senior Tory lawmakers. Environment secretary Liz Truss wrote that she was backing the 52-year-old because the new leader must be “someone who believes in, and campaigned for, leaving the EU”.
Home secretary Theresa May, who backed the “remain” side but is seen as competent and experienced, is also expected to run. Ms May, 59, could appeal to a large chunk of Conservatives who mistrust the flamboyant, Latin-spouting Mr Johnson, who has been accused of using the referendum as a platform for his leadership ambitions and of failing to draw up plans for what to do if his “leave” side did win.
Former defence secretary Liam Fox said he would formally announce his candidacy on Thursday. Mr Fox, who is on the anti-EU wing of the party, had to resign from government in 2011 after allowing a friend access to official meetings and overseas visits.
After nominations close, Conservative lawmakers will vote and whittle down the candidates to two. Those names will be put to a postal vote of all party members, with the result announced on September 9.
* Reuters, Associated Press
Company profile
Name: The Concept
Founders: Yadhushan Mahendran, Maria Sobh and Muhammad Rijal
Based: Abu Dhabi
Founded: 2017
Number of employees: 7
Sector: Aviation and space industry
Funding: $250,000
Future plans: Looking to raise $1 million investment to boost expansion and develop new products
The%20stats%20and%20facts
%3Cp%3E1.9%20million%20women%20are%20at%20risk%20of%20developing%20cervical%20cancer%20in%20the%20UAE%3C%2Fp%3E%0A%3Cp%3E80%25%20of%20people%2C%20females%20and%20males%2C%20will%20get%20human%20papillomavirus%20(HPV)%20once%20in%20their%20lifetime%3C%2Fp%3E%0A%3Cp%3EOut%20of%20more%20than%20100%20types%20of%20HPV%2C%2014%20strains%20are%20cancer-causing%3C%2Fp%3E%0A%3Cp%3E99.9%25%20of%20cervical%20cancers%20are%20caused%20by%20the%20virus%3C%2Fp%3E%0A%3Cp%3EA%20five-year%20survival%20rate%20of%20close%20to%2096%25%20can%20be%20achieved%20with%20regular%20screenings%20for%20cervical%20cancer%20detection%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2025%20to%2029%20should%20get%20a%20Pap%20smear%20every%20three%20years%3C%2Fp%3E%0A%3Cp%3EWomen%20aged%2030%20to%2065%20should%20do%20a%20Pap%20smear%20and%20HPV%20test%20every%20five%20years%3C%2Fp%3E%0A%3Cp%3EChildren%20aged%2013%20and%20above%20should%20get%20the%20HPV%20vaccine%3C%2Fp%3E%0A
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204-cylinder%202.0L%20TSI%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Dual%20clutch%207-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20320HP%20%2F%20235kW%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20400Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20%2449%2C709%20%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20now%3C%2Fp%3E%0A
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
More on Quran memorisation:
Killing of Qassem Suleimani
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
Quick%20facts
%3Cul%3E%0A%3Cli%3EStorstockholms%20Lokaltrafik%20(SL)%20offers%20free%20guided%20tours%20of%20art%20in%20the%20metro%20and%20at%20the%20stations%3C%2Fli%3E%0A%3Cli%3EThe%20tours%20are%20free%20of%20charge%3B%20all%20you%20need%20is%20a%20valid%20SL%20ticket%2C%20for%20which%20a%20single%20journey%20(valid%20for%2075%20minutes)%20costs%2039%20Swedish%20krone%20(%243.75)%3C%2Fli%3E%0A%3Cli%3ETravel%20cards%20for%20unlimited%20journeys%20are%20priced%20at%20165%20Swedish%20krone%20for%2024%20hours%3C%2Fli%3E%0A%3Cli%3EAvoid%20rush%20hour%20%E2%80%93%20between%209.30%20am%20and%204.30%20pm%20%E2%80%93%20to%20explore%20the%20artwork%20at%20leisure%3C%2Fli%3E%0A%3C%2Ful%3E%0A
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
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.”
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
MATCH INFO
BRIGHTON 0
MANCHESTER UNITED 3
McTominay 44'
Mata 73'
Pogba 80'
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EElmawkaa%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Hub71%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ebrahem%20Anwar%2C%20Mahmoud%20Habib%20and%20Mohamed%20Thabet%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20PropTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20%24400%2C000%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3E500%20Startups%2C%20Flat6Labs%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3Cbr%3E%3C%2Fp%3E%0A
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A