Lockerbie and BP cast shadow on PM's visit



LONDON // Supposedly, the strategy in Afghanistan should dominate today's White House talks between Prime Minister David Cameron and the US president, Barack Obama and, at least, there is common ground here with both men determined to extricate their soldiers from the place as quickly as possible. But the future of the oil giant BP and Libya look more likely to be the substance of the discussions than any dramatic moves on bilateral or international relations.

In telephone conversations, Mr Cameron has already expressed his concerns that the president appeared to be indulging in some "Brit bashing" by vilifying the company so loudly and so publicly over the Gulf of Mexico oil spill, even referring to it by the name British Petroleum, which it dropped almost a decade ago. Now the US Senate is preparing to investigate BP's alleged role on putting pressure on the then-Labour government to get Lockerbie bomber Abdelbaset Ali al Megrahi released early from a Scottish prison so that the company could secure a lucrative oil deal with Libya.

Charles Schumer, a New York senator and one of the president's Democratic allies, piled on the pressure when he told the New York Post yesterday that BP should face a criminal investigation in the US to determine if it should face federal charges for lobbying on al Megrahi's behalf - something the company denies. "No matter how powerful the corporation, how important the foreign government, a blood-money deal is a blood-money deal," Mr Schumer said.

Mr Cameron's office has tried to play down the concern, saying the US debate over how the terminally ill Libyan convicted of the 1988 bombing of a Pan Am flight was allowed to return home "may come up" in his talks with Mr Obama but it is not a "major issue". Mr Cameron told BBC television yesterday that he opposed the Scottish government's decision to release al Megrahi on compassionate grounds last August. He said the decision was "completely and utterly wrong" and added that he "had no idea" what BP did in lobbying the previous government.

Mr Cameron, though, is also under pressure at home on the BP issue. Yesterday's Daily Mail told him that he "must stand up for Britain" and "defend BP" over the oil spill. The Times said that there was "no need for explicit corporate patriotism" but said that Mr Cameron should broker a deal with Mr Obama on compensation payments that would "prevent BP from being driven to the brink". It is a message that Mr Cameron appears to have taken on board already.

After a meeting Carl-Henric Svanberg, the BP chairman, he said last Friday that the company needed more certainty that it would not be held liable for problems it had not caused. "They want to clean up the mess, they want to pay compensation to the fishermen and the farmers and the hotel owners and everyone who has been affected," Mr Cameron said. "But they do need some sort of clarity that the compensation claims won't go into a sort of tertiary and further claims which aren't really related to the mistakes that BP made.

"One of the points I have made to President Obama, and I will make again, is 40 per cent of BP shares are held here but I think its 39 per cent are held in America. "There are tens of thousands of jobs BP provides in Britain but there are also tens of thousands of jobs it provides in America." In Washington, Mr Cameron will enjoy the opportunity of raising his international profile two months after coming to power as head of the UK's new Conservative-Liberal Democrat government, and the personal chemistry between the two leaders appeared good during their first meeting at the G20 summit in Canada last month, despite the fact that Mr Cameron had ignored Mr Obama's call just days before for western governments to retain economic stimulus packages to avoid a double-dip recession. Instead, the new government announced massive cuts in the UK's public spending.

@Email:dsapsted@thenational.ae * With additional reporting by Associated Press

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Engine: 2.9-litre, V6 twin-turbo

Transmission: seven-speed PDK dual clutch automatic

Power: 375bhp

Torque: 520Nm

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On sale: now

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Thursday
Dibba v Al Dhafra, Fujairah Stadium (5pm)
Al Wahda v Hatta, Al Nahyan Stadium (8pm)

Friday
Al Nasr v Ajman, Zabeel Stadium (5pm)
Al Jazria v Al Wasl, Mohammed Bin Zayed Stadium (8pm)

Saturday
Emirates v Al Ain, Emirates Club Stadium (5pm)
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
UAE v Ireland

1st ODI, UAE win by 6 wickets

2nd ODI, January 12

3rd ODI, January 14

4th ODI, January 16

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.”

The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

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Directors: Raj & DK

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2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06

3.  Primoz Roglic (SLV) Jumbo-Visma 0:00:06

4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06

5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

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Champions League quarter-final, first leg

Manchester United v Barcelona, Wednesday, 11pm (UAE)

Match on BeIN Sports

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Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
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Sector: Entertainment 
 
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Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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About Proto21

Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
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Funding: Invested, supported and partnered by Joseph Group

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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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