Departing Chancellor Angela Merkel takes her seat in the public gallery of the German parliament. AP
Departing Chancellor Angela Merkel takes her seat in the public gallery of the German parliament. AP
Departing Chancellor Angela Merkel takes her seat in the public gallery of the German parliament. AP
Departing Chancellor Angela Merkel takes her seat in the public gallery of the German parliament. AP

Merkel a spectator as German Parliament enters new era


Tim Stickings
  • English
  • Arabic

Chancellor Angela Merkel took her seat in the public gallery on Tuesday as the German Parliament assembled without her for the first time in 31 years.

Mrs Merkel, 67, will be formally appointed as a caretaker chancellor later until talks on a new coalition are finished – which the parties involved hope will be before Christmas.

But she is no longer an MP after she did not stand at last month’s general election, when her Christian Democrats (CDU) slumped to their worst result yet.

Sitting beside German President Frank-Walter Steinmeier, she watched from the spectator seats as the new 736-seat assembly met in Berlin.

Carsten Schneider, speaking for the Social Democrats (SPD) who are the largest party with 206 seats, saluted Mrs Merkel for stepping aside with good grace.

“It’s a mark of this parliament and this country that a big party that has been in power for a long time gives it up fairly and peacefully,” he said.

Marcel Dirsus, a political scientist at the University of Kiel, said the presence of Ms Merkel in the public gallery was “a photo for the history books”.

Ms Merkel won her seat in 1990 at the first all-German election since the Second World War. She became chancellor in 2005. Her constituency in the former East Germany fell to the SPD at last month’s election.

The SPD, Greens and Free Democrats (FDP) are holding talks on a three-way coalition which is unheard of at national level.

They reached a preliminary deal this month in which they agreed to raise the minimum wage, expand solar and wind energy and stick to borrowing limits.

If they reach a final deal, Mr Steinmeier will formally propose SPD candidate Olaf Scholz, 63, as chancellor. He will then have to be confirmed by parliament, where the SPD, Greens and FDP have a combined 416 seats.

Before then, Mr Steinmeier will name Ms Merkel as caretaker. Her powers are not formally limited but previous chancellors have not made radical decisions in this period.

The first session of Germany's 20th post-war parliament assembles in Berlin. EPA
The first session of Germany's 20th post-war parliament assembles in Berlin. EPA

The new parliament is the largest yet. There are 255 women, including the first black woman in the German parliament, Eritrean-born Awet Tesfaiesus.

Tuesday’s session opened with controversy, as the far-right Alternative for Germany (AfD) demanded that one of its members should act as speaker.

Bernd Baumann, an AfD member, accused the other parties of bending parliamentary tradition to exclude the far right.

But the CDU's Michael Grosse-Bromer won applause for saying that the AfD’s candidate was out of the question because of his previous remarks trivialising the Nazi period.

“They have left no stone unturned in trying to damage this parliament,” he said of the AfD.

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

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

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.”

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure' ​​​​
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse

UAE currency: the story behind the money in your pockets
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.8%22%20edge%20quad-HD%2B%20dynamic%20Amoled%202X%2C%20Infinity-O%2C%203088%20x%201440%2C%20500ppi%2C%20HDR10%2B%2C%20120Hz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%204nm%20Qualcomm%20Snapdragon%208%20Gen%202%2C%2064-bit%20octa-core%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F12GB%20RAM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%2F1TB%20(only%20128GB%20has%20an%208GB%20RAM%20option)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20quad%2012MP%20ultra-wide%20f%2F2.2%20%2B%20200MP%20wide%20f%2F1.7%20%2B%2010MP%20telephoto%20f%2F4.9%20%2B%2010MP%20telephoto%202.4%3B%203x%2F10x%20optical%20zoom%2C%20Space%20Zoom%20up%20to%20100x%3B%20auto%20HDR%2C%20expert%20RAW%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%208K%4024%2F30fps%2C%204K%4060fps%2C%20full-HD%4060fps%2C%20HD%4030fps%2C%20full-HD%20super%20slo-mo%40960fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20f%2F2.2%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%205000mAh%2C%20fast%20wireless%20charging%202.0%2C%20Wireless%20PowerShare%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%2C%20Wi-Fi%2C%20Bluetooth%205.2%2C%20NFC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3B%20built-in%20Galaxy%20S%20Pen%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESIM%3A%3C%2Fstrong%3E%20single%20nano%20%2F%20nano%20%2B%20eSIM%20%2F%20nano%20%2B%20nano%20%2B%20eSIM%20%2F%20nano%20%2B%20nano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20cream%2C%20green%2C%20lavender%2C%20phantom%20black%3B%20online%20exclusives%3A%20graphite%2C%20lime%2C%20red%2C%20sky%20blue%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh4%2C949%20for%20256GB%2C%20Dh5%2C449%20for%20512GB%2C%20Dh6%2C449%20for%201TB%3B%20128GB%20unavailable%20in%20the%20UAE%3C%2Fp%3E%0A
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

Updated: October 26, 2021, 10:37 AM