With the headlines on newspapers the day before their annual conference featuring two high-profile colleagues publicly trading blows, and with European officials dismissing out of hand the country’s attempts to leave the EU with some dignity intact, it’s fair to say that Theresa May’s Tory party meet in Manchester on Sunday in a fractious condition.
To compound their troubles, last week saw the opposition Labour party come together for their set-piece equivalent in Brighton in public unity. Leader Jeremy Corbyn delivered a very polished speech to an adoring audience, an address peppered with barbs and ridicule aimed at the Tories which resonated both inside and outside the conference hall.
It is difficult to think of a more stunning reversal of political fortunes than that which Mrs May has suffered in the last 15 months.
On July 11, 2016 she was elected unopposed as leader of the Tory party and thus became prime minister of Great Britain. The country was still in shock at the referendum result of June 23, just 18 days previously, when the decision to leave the EU had been taken prompting the resignation of then PM David Cameron.
During the limited campaign amongst the Conservatives’ senior members, she swiftly assumed the mantle of favourite in a field including showmen (Boris Johnson), coming men (Stephen Crabb), and darlings of the right (Andrea Leadsom and Liam Fox), and duly won after her rivals accepted Mrs May’s crushing strength among Tory MPs, who made up the electorate.
The views within the party and of voters were of Mrs May as a ‘safe pair of hands’; after all, she had negotiated six years at the Home Office before taking the top job, a department which had previously been the graveyard of political ambition (she lasted there longer than the four previous incumbents combined).
She swiftly added ruthlessness to the public's perception of her as she instituted a cabinet reshuffle which was described by the Daily Telegraph, often seen as the house journal of the Conservative party, as a "brutal cull". She sacked the chancellor George Osborne, very much a man of the previous regime, in humiliating fashion; something which we will see came back to haunt her.
She also cleaned out other Cameron appointees to cabinet such as Michael Gove, Oliver Letwin, Nicky Morgan and John Whittingdale. In a sop to the Leave wing of the party, she brought in the 'three musketeers' of Brexit: Boris Johnson as foreign secretary; David Davis as head of the Department for Exiting the EU; and Liam Fox as secretary of state for international trade.
Protected by her praetorian guard of special advisers Nick Timothy and Fiona Hill, who had both worked at the Home Office, Mrs May sailed through the rest of 2016 as Labour struggled on the brink of a civil war under Mr Corbyn and the predominantly Eurosceptic and Tory-supporting press gave her its unrelenting support over pushing on with Brexit.
But by the time that the prime minister triggered Article 50 of the Treaty on European Union on March 29 this year, starting a two-year countdown to the secession of the United Kingdom from the EU, the cracks were beginning to show. There was widespread incredulity that the British approach to Brexit was to assume Europe would splinter in the face of the process and grant the UK exactly what it wanted.
However, as more and more opinion polls suggested that the Tories were in position to crush a flatlining Labour party, the clamour for the prime minister to call an early general election increased as MPs and newspaper columnists pointed out that the economic and political circumstances may never align so favourably again for her. The prime minister set off on a walking holiday in Wales during the Easter break in early April, and reportedly made up her mind to go to the country.
The decision was announced on April 18, with the date for the general election set for June 8, and the immediate reception was euphoric in some corners: the Daily Mail notoriously produced a front page in which it urged Mrs May to 'Crush the saboteurs', referring to anti-Brexit critics inside her own party and Labour, while The Sun predicted the election would see 'Blue murder'.
Prescheduled local elections in early May saw the Tories moving forward in councils across the country, and Labour falling back, and the polls all pointed to the Conservatives gaining an enormous majority in the House of Commons and possibly even seeing the final destruction of their primary opponents.
However, as the campaign proper began, it sound became apparent that all was not well within the Tory party. Firstly, the prime minister herself proved to be terrible on the stump. Her emotionless and passion-free persona that was appreciated in power went badly wrong when the prime minister had to engage with normal people. She was stilted and reduced to robotically regurgitating meaningless slogans, such as promising a ‘strong and stable’ government.
She was soon dubbed the ‘Maybot’ by journalists following the campaign, and was increasingly thrown curveball questions by hacks sick of being taken for granted as they were trucked from one industrial estate packed with preselected Tory audiences to another. Her approach contrasted massively with the verve and energy the previously moribund Mr Corbyn was now showing, as he took to the streets of the country and was mobbed everywhere he went by crowds of young and old people alike.
The key moment when things went irrevocably wrong was the launch of the Tory manifesto, the blueprint for what the party would do over the next five years. The document was essentially compiled by Mr Timothy, a self-styled 'blue sky thinker' who put measures in it that often seemed at odds with traditional conservatism. One of these, a proposal to raise money from elderly people to pay for their social care, became known as the ‘dementia tax’ and was ditched within days.
Although some polls showed a narrowing of the gap between the parties, it still appeared that the Tories would achieve a comfortable majority on June 8. Instead, at 10pm on that Thursday night, the exit polls revealed that Mrs May had succeeded in losing her narrow majority in the Commons and that her gamble, which had seemingly been a no-lose banker, had failed miserably.
Within hours of the election, if recent reports in the newspapers are to be believed, Mrs May’s cabinet had begun to turn on her and people such as Mr Johnson were already canvassing support for leadership challenges against her. Days after the election, it became apparent that the positions of Mr Timothy and Mrs Hill, who had a ferocious reputation for bullying ministers, were untenable and the prime minister lost her closest advisers.
She also had to set about building a working coalition in the Commons, and the decision to work with the Democratic Unionist Party (DUP), a right-wing and socially conservative party in Northern Ireland whose ten seats would narrowly take the Tories past the 326 seats they needed to hold the balance of power in Parliament, was not a popular one.
In exchange for their support, the DUP demanded increased spending in Northern Ireland of £1bn – this at a time when the government was promising to maintain the period of austerity that had been in place over the previous seven years for the rest of the country. It was also feared that the party, which has promoted anti-gay policies and opposes abortion, would impose similar demands on social policy on the government.
And then, less than a week after the election, the tragedy of Grenfell Tower occurred. The tenor of the government’s response to the disaster, which saw up to 80 people die in a high-rise inferno in west London, was set by the prime minister’s emotionless reaction while she was shown round the site by firefighters and police officers the day after the fire. She spoke to none of the survivors, and within hours the arrival of Mr Corbyn, who did meet families of the dead, contrasted strongly.
Suddenly, the chorus of support for her from the press, had largely disappeared. In the wake of Grenfell she found even papers like the Sun and Mail criticising the government. And in the capital, her found no greater critic than the Evening Standard, a London-wide local newspaper which had appointed, to the surprise of many, her nemesis Mr Osborne as editor in May 2017. The paper began to run daily front pages that ridiculed the prime minister throughout summer as it became increasingly clear that the wheels were coming off the government's Brexit policy.
Mrs May now finds herself sustained in office by one thing; the fear of her party that if she fell there would have to be another election and Mr Corbyn would sweep to power. Polls confirm that were one to be held at the moment then Labour would beat the Tories by 43% to 39%, enough to see them installed as a minority government.
While they allow her to carry on as a political shield, her primary rivals continue to sharpen their swords and make brief sallies into the public eye to flaunt their leadership credentials. Mr Johnson published a 4,000-word 'manifesto' in the Telegraph last weekend to court the right of the party, while the Scottish Tory leader Ruth Davidson smacked him down in The Times newspaper on Saturday.
The Conservatives, often described as a fearsome election-winning machine which values holding onto power above all, have been reduced to an ungovernable rabble. The job of uniting this party as well as delivering a successful Brexit for the UK appears to be beyond Mrs May.
UAE currency: the story behind the money in your pockets
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
More from Neighbourhood Watch
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Company%20Profile
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States of Passion by Nihad Sirees,
Pushkin Press
WHAT%20START-UPS%20IS%20VISA%20SEEKING%3F
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Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
SPECS
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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.”
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
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RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'