A screen that shows the TV debate between German Chancellor Angela Merkel of the Christian Democratic Union (CDU) and her challenger Germany's Social Democratic Party SPD candidate for chancellor Martin Schulz in Berlin, Germany, September 3, 2017. German voters will take to the polls in a general election on September 24.  Mediengruppe RTL Deutschland (MG RTL D)/Handout via REUTERS     ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVE.
German Chancellor Angela Merkel of the Christian Democratic Union (CDU) and her challenger, Social Democratic Party (SPD) candidate for chancellor Martin Schulz. Their televised debate on September 3Show more

She stands for continuity but Merkel has changed Germany and made room for the far-right



IT is fair to say that the vast majority of Germans have been raised to heights of frenzied apathy by the 2017 election campaign - despite the tectonic changes it will wreak on the national landscape..

Angela "Mummy" Merkel is cruising for a comfortable win, notwithstanding a few close encounters with airborne tomatoes, campaign-trail insults and a cleaning lady who pinned her down on air about her paltry pension after 40 years of work.

Her so-called prime-time TV confrontation  with rival Martin Schulz of the centre-left Social Democratic party was so dull, the exchanges between Europe's most powerful woman and the former EU President who wants to unseat her that it was dubbed a "duet instead of a duel."

Germans, a rather insular people, have not taken to the streets en masse demanding change.  The economy is whirring, joblessness palatably low, the emissions scandals of the car giants seemingly remote from everyday life.

This disinterest in the election comes despite the fact that after the vote is in, their country will have changed - and changed forever.

For although the preacher's daughter raised in the former communist east of a divided land will enter the history books by dint of her fourth victory, there is a dark and sinister corollary to it, that she - and most of her countrymen - prefer not to talk about.

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Her decision to open the country's borders to unchecked immigration over the past two years has opened the Pandora's Box of the country's dark past, propelling into the parliament that bogeyman that all Germany's leaders feared most: a hard right-wing opposition tapping into the basest emotions of the national character.

The Alternative for Germany party (AfD) is set to win seats at the polls on Sunday. In four of the last five polls conducted before Sunday's vote, the anti-immigrant, EU-sceptic party has pulled up to third place. What began as an act of great humanity, borne in part out of Germany's lingering guilt for the Second World War, has morphed into Ms Merkel's political legacy: perhaps, in the long run, even her epitaph.

Across the economic powerhouse of the continent the social fabric of society has been tearing ever thinner.  While bogus right-wing scare stories of migrants raping, abusing, burgling and stealing have proved to be - mostly -  unfounded, their presence alone has served to trigger the biggest rise in right-wing support since the 1930's. A survey published last weekend by the polling institute Emnid  has the AfD on 11%, behind Ms Merkel’s Christian Democratic Union on 36% and the centre-left SPD on 22%.

They have also provided what passes for excitement on the tepid campaign trail. Bearing "Merkel Get Lost" and "Merkel Must Go" banners - as well as hurling tomatoes at the chancellor - the AfD is the only jolt in an otherwise snoozy vote-harvest.

However many AfD candidates end up in parliament  - and one poll projects they will win  89 seats out of 703 -  they will have been put there  by disaffected voters who deserted Ms Merkel's CDU for the AfD in droves.  And with 15 percent of voters still undecided, the outcome could still be more painful than she currently imagines.

This, say observers, is proof of the greatest fear among liberal politicians - citizens pushed into the embrace of the far-right and its intolerant attitudes which  brought Hitler to power in the 1930's. Given the dangers lurking in this election, one might have expected more fire in the belly from Ms. Merkel, more passion from the blue collar prophet Mr. Schulz in their respective bids to woo the electorate.

But election campaigns in Germany - whether local, regional or national - are not the boisterous affairs seen in many other countries. In their one and only debate, the SPD leader Schulz  succumbed to extreme civility and blew his one and only chance to revive a lackluster campaign. Their  90-minute faceoff on September 3 was more a gentle trading of ideas - about refugees, the economy and even President Trump- than a political brawling match.  Mr. Schulz lived up to his reputation as a charisma-free zone, Ms Merkel to her "Mutti" ('Mummy") nickname, alternately lecturing and admonishing.

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The chancellor is not known for her light popular touch.  When hospital cleaner Petra Vogel confronted her on TV to complain that 40 years of working have earned her a pension of just  654 euros(Dh2,855) per month, Mrs. Merkel was lost for words and short on empathy.

It is hard to define exactly where Mr. Schulz went wrong, except perhaps to say he is no Angela  Merkel. Indeed, there is simply no-one on the horizon of any party to match up to her.

His years steeped in EU burocracy also seem to have exorcised any ability he once had to connect with the man in the street.

Those who thought the Greens might rise once more in Europe's most environmentally-friendly nation have been bitterly disappointed too. The party is currently polling at around eight percent, its raft of new energy proposals failing to enthuse voters.

The general Gleichgültigkeit - apathy - surrounding the election appears to have at least benefitted the far-left Die Linke party, with polls indicating it has the support of 10 per cent of the voting population - enough to make it a force to be reckoned with in parliament.

Come 6.00pm on Sunday evening when the first of the exit polls will - usually with uncanny accuracy - predict the winner of the next election, Germany will be a different place for Angela Merkel to govern.

Being the one who created the problem of the AfD in the first place her task - if she gets four more years - will be to somehow solve it and steer Germany back on to the middle way it so cherishes.

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Investors: Elaine Jones
Number of employees: 8

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
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The years Ramadan fell in May

1987

1954

1921

1888

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Rating: 2/5

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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

South Africa's T20 squad

Duminy (c), Behardien, Dala, De Villiers, Hendricks, Jonker, Klaasen (wkt), Miller, Morris, Paterson, Phangiso, Phehlukwayo, Shamsi, Smuts.

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 legal consultant

Name: Hassan Mohsen Elhais

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

Details

Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

How do Sim card scams work?

Sim swap frauds are a form of identity theft.

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They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.

The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.

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Pathaan

Director: Siddharth Anand 

Stars: Shah Rukh Khan, Deepika Padukone, John Abraham 

Rating: 3/5


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