An attempt by British lawmakers to prevent a no-deal Brexit was gaining momentum on Wednesday after the opposition Labour Party said it was likely to throw its parliamentary weight behind the effort.
The United Kingdom, facing the deepest political crisis since the Second World War, is due to leave the European Union at 11pm GMT on March 29 but has no approved deal on how the divorce will take place.
Prime Minister Theresa May is battling to break the deadlock after last week’s crushing defeat of her two-year attempt to forge an orderly divorce raised the prospect of an exit without a deal.
_______________
Read more:
No-deal Brexit risk has increased, says EU Commissioner at Davos
_______________
In a step that could overturn centuries of constitutional convention, some lawmakers are trying to grab control of Brexit from the government in an attempt to prevent what they say would be an economically disastrous no-deal departure.
Labour will probably back one such attempt, an amendment proposed by Labour lawmaker Yvette Cooper that could result in Mrs May being given until February 26 to get a deal approved by parliament or face lawmakers voting on delaying Brexit.
John McDonnell, the second most powerful figure in the party, told the BBC the amendment was sensible and Labour was “highly likely” to back it. At least nine Conservative lawmakers have also publicly said they would support it, suggesting it has a good chance of passing.
Sterling jumped to a 10-week high against the dollar, rising to $1.3079, on bets that a no-deal Brexit can be avoided if parliament exerts greater control over the process.
As the UK’s tortuous crisis over EU membership approaches its finale, the possible outcomes for the world’s fifth-largest economy still include a no-deal Brexit, a last-minute deal, a delay or a snap election.
But the EU, whose members are also worried by the prospect of a disorderly Brexit that would cost jobs in major economies such as Germany, cautioned that no-deal was still the default scenario until London proposed something else.
“Preparing for a no-deal scenario is more important now than ever, even though I still hope that we can avoid this scenario,” EU Brexit negotiator Michel Barnier said in Brussels.
“Opposing no-deal will not stop no-deal from happening.” He said it would be necessary for the British to find a majority in favour of another solution to a disorderly exit.
Europe’s most powerful leader, German Chancellor Angela Merkel, said she wanted an orderly Brexit but that it was in London’s hands.
Mrs May has said thwarting Brexit would threaten social cohesion by undermining faith in democracy, while police have said the “febrile” atmosphere could be exploited by far-right extremists.
Another alternative is that Mrs May gets enough concessions from the EU to win over rebels in her Conservative Party as well as the Northern Irish party that props up her minority government.
Some said they could be won over if Mrs May secures concessions on the so-called Northern Irish backstop, an insurance policy to keep the border open between the British province and Ireland if a future trade deal falls short.
“I think there is good news for us to hope that a reformation of this deal could be achieved that could make it acceptable,” MP Jacob Rees-Mogg said. “But ... it is not there yet and until it is, people like me will vote against.”
Parliament will vote on January 29 on different options put forward by MPs, potentially opening a way out of the stalemate.
A Labour spokesman said the party would “look at all mechanisms to take no-deal off the table and to give parliament more of a say in this process” and that leader Jeremy Corbyn was meeting Ms Cooper on Wednesday to discuss the amendment.
If her amendment is passed, it would effectively give parliament the power to set Mrs May a deadline of February 26 to get a deal through parliament.
If she fails, parliament would be given a vote on asking the EU for a postponement of the Article 50 deadline to prevent Britain leaving without a deal on March 29. It proposes a nine-month extension, to December 31.
If Britain asked to delay its departure under Article 50, the other 27 EU members would need to unanimously approve such a move, something EU officials say would likely to be granted.
“If this question is presented, they will have questions for the British government: what is it for, what is the purpose? For how long?” Mr Barnier asked.
Mrs May told parliament the move would not solve the issue of the impasse in parliament.
“What we have seen is amendments seeking to engineer a situation where Article 50 is extended – that does not solve the issue, there will always be a point of decision. The decision remains the same: no deal, a deal or no Brexit,” she said.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
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.
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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.”
Empires%20of%20the%20Steppes%3A%20A%20History%20of%20the%20Nomadic%20Tribes%20Who%20Shaped%20Civilization
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EKenneth%20W%20Harl%3Cstrong%3E%3Cbr%3EPublisher%3A%20%3C%2Fstrong%3EHanover%20Square%20Press%3Cstrong%3E%3Cbr%3EPages%3A%20%3C%2Fstrong%3E576%3C%2Fp%3E%0A