With practically all British political opinion in accord that prime minister Theresa May’s withdrawal agreement will fail to pass a vote in the House of Commons next week, machinations in her Conservative party are gearing up about who will lead them after her apparently inevitable departure.
As ever, the name of former foreign secretary Boris Johnson is on everyone’s lips, with a recent survey by the Conservative Home website – seen as the house journal of the party – confirming his status as the most popular putative leader among party activists with 24% of support from the 1,472 respondents to the monthly poll.
And in an interview granted to the website on Friday, it’s quite clear that Mr Johnson is sketching out his platform for a leadership bid. He unequivocally trashed Mrs May’s deal, while urging that she put it to a vote in the House of Commons, hopeful perhaps of forcing a crisis that he could benefit from.
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Read more:
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UK's Theresa May accused of misleading parliament
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And he accepted that a hard Brexit could be painful in the short-term, but that Britain had enough resolve to tackle any problems thrown at it.
“I don’t want to pretend to the public there would be no disruption at all. I don’t want to pretend there would be no challenges at all. But what people I think want to see is a bit of gumption from this country and a bit of willingness to tackle those problems, and a bit of leadership. And I think people are fed up of being told their country can’t do something and we’re all incapable of sorting out these logistical problems.”
Second in the Conservative Home poll was home secretary Sajid Javid, although his 12% of support was down from the previous month by 7% as he is viewed by the hardline party membership as being soft on Brexit. To this end, he is said to have enrolled Andrea Leadsom, leader of the house and from the right of the party, as part of a dream ticket that could unite the party.
Foreign secretary Jeremy Hunt is also being spoken of as a possible leader. A supporter of Remain before the referendum in 2016, he forged a unique position by subsequently saying that he would vote leave if he had the chance again. A tenacious character, Mr Hunt survived as health secretary, a position with curious resonance in the UK, for almost six years despite widespread opposition within the National Health Service.
Mr Hunt is rumoured to be preparing a bid with Michael Gove as his number two, with the environment secretary providing Brexit ballast for his colleague. Their cabinet colleague Liz Truss was overheard this week saying that she thought Mr Hunt or Mr Javid would get the job, but was scathing about Mr Gove, saying that “everybody hates” him.
Penny Mordaunt, the international development secretary, is also seen to be on manoeuvres. Earlier this week it was noted that Ms Mordaunt had started following lots of Conservative party associations and politicians on Twitter, which was interpreted as a predatory move.
While the timetable for a contest is unknowable, it’s likely that events will take a fast turn after Tuesday when the withdrawal bill is voted on in the House of Commons. At a cabinet meeting on Thursday it was mooted that if the scale of debate is kept under 200 MPs, then the prime minister would attempt to carry on.
Although this might be an example of crisis management, with more than 300 opposition MPs committed to voting against, and with upwards of 100 Conservatives – of both Remain and Leave hues – having publicly stated their opposition to Mrs May’s deal, it’s quite possible that the prime minister could be forced out of office within weeks.
This explains the feverish nature of plotting taking place in Westminster. However, the Conservative party will be well aware of the risks of engaging in another leadership election. Mrs May was elevated to her position by default in 2016, after David Cameron resigned following the Brexit vote. There was no campaign as all her rivals wilted away in the face of her overwhelming popularity.
Barring an extension of Article 50, the date for leaving the European Union is just over three months away, meaning there is no time for the party to engage in a proper leadership contest. The likelihood is that a fumbled election for a figure incapable of unifying the Conservatives will just lead to more pain for the party and the nation.
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
UAE currency: the story behind the money in your pockets
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Killing of Qassem Suleimani
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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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
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May 9, v Malaysia
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May 18 and 19, semi-finals
May 20, final
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