Ken Livingstone, the Labour candidate for London Mayor, will have to topple the incumbent, Boris Johnson, depicted here as an alien in Labour's ad campaign, for the party to be seen as winners in Thursday's local elections in Britain.
Ken Livingstone, the Labour candidate for London Mayor, will have to topple the incumbent, Boris Johnson, depicted here as an alien in Labour's ad campaign, for the party to be seen as winners in ThurShow more

No winners in UK 'Black Thursday' local elections?



LONDON // The Labour party looks poised to win hundreds of seats in local elections across Britain, yet could still end up being perceived as the polls' big loser.

Despite the fact that the party enjoys a double-digit lead in opinion polls after a dreadful few weeks for the ruling Conservative-Liberal Democrat coalition government, the most high-profile contests do not look likely to go Labour's way.

London's Conservative party mayor, Boris Johnson, is the favourite to defy odds and hang on to his post after an ill-tempered, mudslinging campaign (much enjoyed by Londoners) with his main rival, Labour's Ken Livingstone.

And in Glasgow, Scotland's traditional Labour heartland, the Scottish National Party (SNP) hopes to wrest control of the council despite currently having only 20 seats to Labour's 39.

"It would indeed be ironic and rather sad if all the headlines are made by London and Glasgow at a time when we look set to sweep the board in many councils across the country," a Labour official said.

"We feel, in fact, that we will remain the biggest party in Glasgow, although whether or not we retain overall control is unclear. The last few days of campaigning will be crucial.

"As for London - well, it's a personality thing between Ken and Boris. Admittedly, at the moment, Boris seems to have the upper hand."

Opinion polls in London put the Mr Johnson six points ahead of Mr Livingstone, both of whom rank among the best known political personalities in Britain, where they are almost universally referred to by their first names.

The Conservatives' poll lead in London compares quite dramatically with an advantage of between 11-13 points that Labour currently enjoys over the Conservatives nationally. It is a lead that is expected to win Labour 600 or more seats, about 400 of them from the Conservatives.

Meanwhile, the Liberal Democrats, whose popularity has tumbled since it went into coalition with the Conservatives after the general election two years ago, are bracing for a slew of losses on top of the hundreds they lost in council elections last year - up to 300, perhaps, of the 777 seats they are defending.

It is all adding up to a feeling of trepidation among the three major UK parties with the elections being dubbed by political pundits as "Black Thursday" for all concerned.

As a sideshow to the main event, 10 English cities will also be holding referenda on whether or not they should have an elected mayor, à la London and Liverpool. The city councils currently elect the mayor in those cities.

The main business of the day, though, will be contests for some 5,000 council seats in England, Scotland and Wales. David Cameron, the prime minister, has tried to put the emphasis on Conservative "competence" in running local authorities while Labour has stressed its role in protecting council jobs and services.

But, except in areas where there are pressing local issues or mayoral elections, most people will simply vote according to their feelings towards the parties performance in central government.

That could spell trouble for the Conservatives a month after a budget whose provisions have been seen as an attack on the elderly and after a string of gaffes over issues such as: the extradition to Jordan of the extremist preacher Abu Qatada; the mishandling of a threatened strike by fuel tanker drivers; and a much-criticised bid to limit tax-free donations to charities by wealthy philanthropists.

Labour, meanwhile, suffered an embarrassing electoral setback in a March by-election in a supposedly safe parliamentary seat in Bradford - won by maverick politician and one-time Saddam Hussein apologist, George Galloway - while its leader, Ed Miliband, commands little popular support.

Unless Labour can start picking up clumps of seats from the Conservatives on councils in the southern half of the country, its claim to be a government-in-waiting will not be credible.

Meanwhile Nick Clegg, the Liberal Democrat leader and deputy prime minister, can only cross his fingers and hope for the best after seeing support for his party slump by more than half since the general election, to 11 per cent or less now in opinion polls.

Even the buoyant SNP have had their problems with Allison Hunter, the party's leader in Glasgow, under attack from all sides after telling one interviewer that she had no policies to implement if the party succeeded in ousting Labour.

UAE currency: the story behind the money in your pockets

The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

SPECS

Engine: 2-litre direct injection turbo
Transmission: 7-speed automatic
Power: 261hp
Torque: 400Nm
Price: From Dh134,999

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

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.”

COMPANY PROFILE

Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million

Intercontinental Cup

Namibia v UAE Saturday Sep 16-Tuesday Sep 19

Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27

The specs

Engine: 2.0-litre 4-cyl turbo
Power: 190hp at 5,600rpm
Torque: 320Nm at 1,500-4,000rpm
Transmission: 7-speed dual-clutch auto
Fuel consumption: 10.9L/100km
Price: From Dh119,900
On sale: Now

From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

25-MAN SQUAD

Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi 
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze 

On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor


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