Jean-Claude Juncker, president of the European Commission, arrives for the European Union (EU) summit at the EU headquarters in Brussels, Belgium, on Tuesay, May 28, 2019. The horsetrading for the top EU jobs begins at a summit in Brussels with the European Parliament elections over. Photographer: Geert Vanden Wijngaert/Bloomberg
Jean-Claude Juncker, president of the European Commission, says UK likely to be biggest losers in hard-Brexit scenario. Bloomberg

EU tells Britain: there will be no renegotiation of Brexit deal



The EU will not renegotiate the Brexit deal that Prime Minister Theresa May agreed to, European Commission President Jean-Claude Juncker said on Tuesday.

Concerns are growing that a successor to the UK leader after her resignation could cause a confrontation with the bloc.

Brexit is up in the air after Mrs May’s announcement that she would step down, starting a leadership contest in the ruling Conservative Party.

The next prime minister could want a much more decisive break with the EU than that spelled out in Mrs May’s agreement.

One of the candidates, Foreign Secretary Jeremy Hunt, said it would be “political suicide” to pursue a no-deal Brexit.

It was a reprimand to front runner Boris Johnson, who said last week that Britain should leave with or without a deal by the end of October.

Mr Hunt, who voted to stay in the EU in the 2016 referendum but now accepts Brexit, said he would try for a new agreement that would take Britain out of the EU Customs union while “respecting legitimate concerns” around the Irish border.

But the EU was adamant that there would be no renegotiation.

“I will have a short meeting with Theresa May but I was crystal clear: there will be no renegotiation,” Mr Juncker said before a meeting of EU leaders in Brussels.

Irish Prime Minister Leo Varadkar said he believed the risk of Britain crashing out of the bloc without any divorce agreement was growing.

“I think there is a growing risk of a no deal,” Mr Varadkar said. “There’s a possibility that the new British prime minister may try to repudiate the withdrawal agreement.”

Any successor to Ms May will have to accept that the Brexit divorce deal she agreed to will not be ratified by the current British parliament, so a solution will have to be found for the Irish border issue that upset many MPs.

Many Brexit supporters opposed her deal because of a “backstop” that requires Britain to adopt some EU rules indefinitely, unless a future arrangement is found to keep open the land border between Northern Ireland and the Irish republic.

Under laws now in effect, Britain will automatically leave the EU on October 31 without an agreement unless Parliament approves one first, the EU grants an extension or the government revokes its decision to leave.

But Mr Hunt said any such move would be blocked by politicians and trigger a national election.

"Trying to deliver no deal through a general election is not a solution; it is political suicide," he wrote in the Daily Telegraph on Tuesday. "A different deal is, therefore, the only solution and what I will pursue if I am leader."

Trade Minister Liam Fox, who is not running for the premiership, said that while leaving with a deal was preferable, the leadership candidates agreed that exiting the EU without a deal was better than staying.

“If the EU doesn’t want to negotiate any changes, which I think would be unfortunate and quite surprising, then that does increase the chance of a no-deal exit,” Mr Fox said during a trade visit to Egypt.

Rivals for the top job were quick to reject Mr Hunt’s views.

“Political suicide actually lies in not having a clean break from the EU and not leaving on the October 31,” Esther McVey, a Brexit hardliner and former minister, said on Twitter.

Under the party’s rules for picking a new leader, Conservative members will compile a shortlist of candidates and put them to the party’s members for a vote. So far, 10 candidates have said they are running.

The Conservative Party had a disastrous showing in European elections at the weekend, losing most of its support to a new Brexit Party, which topped the poll while calling for a swift no-deal exit from the EU.

Other parties that want to halt Brexit altogether also surged in the vote, leaving little space in the middle for Britain’s two main traditional parties, the Conservatives and Labour, both of which had campaigned in favour of a compromise.

Labour has since said that a public vote, either a new national election or second referendum, is the way to reunite the country.

Several of Labour’s senior figures have called on its leadership to openly call for a new referendum in which the party would campaign to stay in the EU.

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

The specs: 2018 Ford Mustang GT

Price, base / as tested: Dh204,750 / Dh241,500
Engine: 5.0-litre V8
Gearbox: 10-speed automatic
Power: 460hp @ 7,000rpm
Torque: 569Nm @ 4,600rpm​​​​​​​
​​​​​​​Fuel economy, combined: 10.3L / 100km

Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers

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.”

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees 

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now 

LIVERPOOL TOP SCORERS

(Premier League only)
Mohamed Salah 129
Robbie Fowler 128
Steven Gerrard 120
Michael Owen 118
Sadio Mane 90

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

MATCH INFO

Manchester City 3
Danilo (16'), Bernardo Silva (34'), Fernandinho (72')

Brighton & Hove Albion 1
Ulloa (20')

Five ways to get fit like Craig David (we tried for seven but ran out of time)

Start the week as you mean to go on. So get your training on strong on a Monday.

Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.

Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.

Get your priorities right.

And last but not least, you should always, always chill on Sundays.

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed

MATCH DETAILS

Barcelona 0

Slavia Prague 0

Company Profile

Company: Astra Tech
Started: March 2022
Based: Dubai
Founder: Abdallah Abu Sheikh
Industry: technology investment and development
Funding size: $500m

MATCH INFO

Liverpool 3

Sadio Man 28'

Andrew Robertson 34'

Diogo Jota 88'

Arsenal 1

Lacazette 25'

Man of the match

Sadio Mane (Liverpool)

Porsche Macan T: The Specs

Engine: 2.0-litre 4-cyl turbo 

Power: 265hp from 5,000-6,500rpm 

Torque: 400Nm from 1,800-4,500rpm 

Transmission: 7-speed dual-clutch auto 

Speed: 0-100kph in 6.2sec 

Top speed: 232kph 

Fuel consumption: 10.7L/100km 

On sale: May or June 

Price: From Dh259,900  

In numbers

Number of Chinese tourists coming to UAE in 2017 was... 1.3m

Alibaba’s new ‘Tech Town’  in Dubai is worth... $600m

China’s investment in the MIddle East in 2016 was... $29.5bn

The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn

Boost to the UAE economy of 5G connectivity will be... $269bn 

SQUADS

UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan

Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

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