Leader of the British National Party Nick Griffin, right, laughs after winning a seat in the European Parliament, at Manchester Town Hall, in England, on June 8 2009.
Leader of the British National Party Nick Griffin, right, laughs after winning a seat in the European Parliament, at Manchester Town Hall, in England, on June 8 2009.
Leader of the British National Party Nick Griffin, right, laughs after winning a seat in the European Parliament, at Manchester Town Hall, in England, on June 8 2009.
Leader of the British National Party Nick Griffin, right, laughs after winning a seat in the European Parliament, at Manchester Town Hall, in England, on June 8 2009.

EU early results show centre-right gains


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BRUSSELS // Centre-right parties hailed European Parliament victories as a vote against stimulus spending and corporate bailouts. A record low voter turnout - 43.4 per cent - in voting that ended yesterday pointed to enduring voter apathy about the European Union (EU). The EU said centre-right parties were expected to take the most seats - 267 - in the 736-member parliament. Centre-left parties were headed for 159 seats. The remainder were expected to go to smaller groupings.

Right-leaning governments were ahead of the opposition in Germany, France, Italy and Belgium, while conservative opposition parties were leading in Britain and Spain. "You would have expected a protest vote against those governments and for the Socialists to do well. But it didn't," said Jackie Davis, an analyst at the European Policy Center, a Brussels think tank. Greece was a notable exception, where the governing conservatives were headed for defeat in the wake of corruption scandals and economic woes.

Germans handed a lacklustre victory to Chancellor Angela Merkel's conservatives and a historic defeat to their centre-left rivals in the European Parliament vote months before a national election. The Social Democrats got an unexpectedly dismal 20.8 per cent - the party's worst showing since World War II in any nationwide election. Ms Merkel's Christian Democratic Union and a regional sister party won 37.8 per cent, down from 44.5 per cent five years ago.

But the outcome was enough to boost Ms Merkel's hopes of ending the tense left-right "grand coalition" that has led the European Union's most populous nation since 2005, and replacing it with a centre-right government. "We are the force that is acting level-heatedly and correctly in this financial and economic crisis," said Volker Kauder, the leader of Ms Merkel's party in the German parliament. The French president Nicolas Sarkozy's governing conservatives trounced the Socialists, while an ecology-minded party vaulted to a surprisingly strong third place, according to official results. The Socialists, who dominated the last vote in 2004, suffered a stinging defeat, barely clinging to the second spot.

Far-right groups and other fringe parties gained in record low turnout estimated at 43.5 per cent of 375 million eligible, reflecting widespread disenchantment with the continent-wide legislature. Britain elected its first extreme-right politician to the European Parliament, with the British National Party winning a seat in northern England's Yorkshire and the Humber district. The far-right party, which does not accept non-whites as members, was expected to possibly win further seats as more results in Britain were announced.

Lawmakers with Britain's major political parties said the far right's advance was a reflection of anger over immigration issues and the recession that is causing unemployment to soar. Near-final results showed Austria's main rightist party gaining strongly while the ruling Social Democrats lost substantial ground. But the big winner was the rightist Freedom Party, which more than doubled its strength over the 2004 elections to 13.1 per cent of the vote.

The EU parliament has evolved over five decades from a consultative legislature to one with the power to vote on or amend two-thirds of all EU laws. Lawmakers get five-year terms and residents vote for lawmakers from their own countries. The parliament can also amend the EU budget - US$170 billion (Dh624b) this year - and approves candidates for the European Commission, the EU administration and the board of the European Central Bank.

Many Socialists ran campaigns that slammed centre-right leaders for failing to rein in financial markets and spend enough to stimulate faltering economies. "People don't want a return to socialism and that's why the majority here will be a centre-right majority," said Graham Watson, leader of the EU's centre-right Liberal Democrat grouping. In Spain, the conservative Popular Party won two more seats than the ruling Socialists - 23 to 21 seats - with over 88 per cent of the vote counted.

The Italian premier Silvio Berlusconi's Freedom People's Party held a two-digit lead over his main centre-left rival in the most recent polling despite a deep recession and a scandal over allegations he had an inappropriate relationship with a young model. Italian results were being released today. In Britain, the prime minister Gordon Brown was facing a showdown with rebel lawmakers today after the party's expected dismal results in the European parliament and local elections were announced. Mr Brown has been struggling with the economic crisis and a scandal over lawmakers' expenses. The opposition Conservatives are expected to win the next national election, which must be called by June 2010.

According to a BBC projection, Labour was trailing the United Kingdom Independence Party (UKIP) in third place. It put the main opposition Conservative Party at 27 per cent, UKIP at 17 and Labour at 16, followed by smaller parties. "This time we have come second in a major national election. That is a hell of an achievement," said Nigel Farage, leader of UKIP - which advocates Britain's withdrawal from the European Union.

An exit poll showed Irish ruling party Fianna Fail, which supports EU plans to strengthen its authority, trailing its rival Fine Gael by 23 per cent to 30 per cent. The outcome of many Irish races was unclear earlier today. The count was halted for an hour last night in Ireland's North-west EU constituency after candidate Declan Ganley, founder of anti-treaty party Libertas, raised procedural questions about the opening of ballot boxes.

* AP

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

RESULT

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Chelsea: Willian (40'), Batshuayi (42', 49')

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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.”

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

What can victims do?

Always use only regulated platforms

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Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

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Explainer: Tanween Design Programme

Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.

The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.

It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.

The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.

Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”

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THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

UAE currency: the story behind the money in your pockets