Cypriots on Sunday voted in parliamentary elections amid public anger over the "golden passports" corruption scandal on the Mediterranean island.
Despite the furore, the conservative ruling party DISY lost only one seat, while the ultra-nationalist and anti-migration ELAM party doubled its presence to four seats from two.
Unusually for Cyprus, the decades-old division between the island's Greek and Turkish-speaking communities has played little part in this year's election campaign.
"There is a very unhappy electorate fed up with the political elite and Parliament," Hubert Faustmann, professor of history and political science at the University of Nicosia, said before the poll.
"People are fed up with corruption in public life."
A record 658 candidates from 15 parties were vying for 56 seats in Parliament.
The poll was limited to just over half a million voters in government-held areas, excluding the breakaway Turkish-backed region in the northern third of the island.
The DISY took more than 27 per cent of the vote and remained the largest force in Parliament, while the communist AKEL was second with one of its worst performances at just 22 per cent, official results showed late on Sunday.
The ELAM, which took 6.78 per cent of the vote and became the fourth-largest party, began as an offshoot of Greece's controversial Golden Dawn party and entered Parliament at the last legislative elections in 2016.
Meanwhile, migrant arrivals in the EU's most easterly state have placed Cyprus in what the government calls a "state of emergency".
Major opposition parties were unable to exploit public dissatisfaction with the government, while smaller parties largely failed to attract a significant protest vote.
The result again left the DISY without a majority, forcing President Nicos Anastasiades to continue with a minority government.
Cyprus last November dropped its passport-for-investment scheme after an Al Jazeera documentary in which reporters pretended to seek a passport for a Chinese businessman despite him having a criminal record.
Parliament was at the centre of the furore after speaker Demetris Syllouris and an opposition legislator were secretly filmed, allegedly trying to enable the passport for the fugitive investor.
They later resigned, although both insisted they were innocent of any wrongdoing.
Cyprus has an executive system of government with the president elected separately, but the vote was also regarded as a gauge of the popularity of Mr Anastasiades, whose term expires in 2023.
[Cyprus's] autocratic approach and arrogance must be replaced with modern approaches to politics
Cyprus also has the highest per capita number of first-time asylum seekers in the 27-member bloc, according to the Eurostat statistics agency. Immigration is a hot-button issue.
Chief returning officer Costas Constantinou said turnout hit a new low with 63.9 per cent, down from 66.7 per cent in 2016.
But Mr Constantinou said he was "very satisfied" with the figure, considering the vote was held during the Covid-19 pandemic.
Prominent lawyer Achilleas Demetriades called for a vote for reforms in an opinion piece for the Cyprus Mail under the headline, "From corruption to an honest state".
"New coalitions and new policies are necessary," Mr Demetriades wrote. "The autocratic approach and arrogance must be replaced with modern approaches to politics."
The last round of UN-backed Cyprus reunification talks collapsed in acrimony in 2017 and a UN summit in Geneva last month failed to reach an agreement on resuming talks.
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
The specs
Engine: 3.5-litre twin-turbo V6
Power: 380hp at 5,800rpm
Torque: 530Nm at 1,300-4,500rpm
Transmission: Eight-speed auto
Price: From Dh299,000 ($81,415)
On sale: Now
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The five pillars of Islam
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