Labour MP Yvette Cooper's amendment could result in Theresa May being given until February 26 to get a deal approved by parliament. GETTY
Labour MP Yvette Cooper's amendment could result in Theresa May being given until February 26 to get a deal approved by parliament. GETTY
Labour MP Yvette Cooper's amendment could result in Theresa May being given until February 26 to get a deal approved by parliament. GETTY
Labour MP Yvette Cooper's amendment could result in Theresa May being given until February 26 to get a deal approved by parliament. GETTY

Momentum gathers behind British MPs’ bid to stop no-deal Brexit


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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.

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Read more:

No-deal Brexit risk has increased, says EU Commissioner at Davos

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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.

Brief scores:

Liverpool 3

Mane 24', Shaqiri 73', 80'

Manchester United 1

Lingard 33'

Man of the Match: Fabinho (Liverpool)

The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

MATCH DETAILS

Barcelona 0

Slavia Prague 0

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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

Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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.”

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

WHAT ARE NFTs?

     

 

    

 

   

 

Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.

 

An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.

 

This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.

 
'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

Meydan racecard:

6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres

7.05pm: Handicap | $135,000 (Turf) | 1,200m

7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m

8.15pm: UAE Oaks | Group 3 | $250,000 (D) | 1,900m

8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m

9.20pm: Handicap | $135,000 (T) | 1,600m

Farage on Muslim Brotherhood

Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
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