Alexander Nix, CEO of Cambridge Analytica arrives at the offices of Cambridge Analytica in central London, Britain, March 20, 2018. REUTERS/Henry Nicholls
Alexander Nix, CEO of Cambridge Analytica arrives at the offices of Cambridge Analytica in central London

UK authorities seek warrant to access Cambridge Analytica offices



Britain’s Information Commissioner Elizabeth Denham said she was seeking a court warrant to access information held on storage systems by consultancy Cambridge Analytica following allegations that Facebook user data had been illegally exploited.

The announcement of the move to force access to the firm came amid a firestorm of revelations about the political consultancy work it had been engaged in, including admissions by the management that it used bribes and prostitutes to entrap political targets.

The commissioner said she was investigating possible breaches of privacy in the company’s use of Facebook data.

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Her announcement late on Monday came as a British documentary aired showing Alexander Nix, the company's chief executive, telling undercover reporters the firm could use a range of covert techniques to target opponents of campaigns it was engaged in. Among other boasts, he said the company could "send some girls around to the candidate's house" and added that Ukrainian girls "are very beautiful, I find that works very well".

He also suggested attempting to blackmail individuals with bribery allegations. He told the reporter, who had posed as an aide for a Sri Lankan politician, that they could “offer them a deal that's too good to be true and make sure that's video recorded".

Mr Nix and another senior company figure boasted to the reporter of their firm’s activities in Kenya, Malaysia and their relations with figures from the UK intelligence agencies MI5 and MI6, whom they could use to “find all the skeletons” of a political opponent.

The footage was aired on Monday night despite legal threats to Channel 4 by Cambridge Analytica.

Later that night, Mr Nix told The Times he was willing to resign if it might save the company. "If that is going to help the company that is the right thing to happen. There are 150 young people whose future is on the line. This is profoundly upsetting."

He said it was “a decision for the board”.

The allegations come just days after a report in The Observer in which whistleblower Christopher Wylie said the firm had harvested the data of more than 50 million Facebook users thorough "personality tests". Mr Wylie told newspaper: "We exploited Facebook to harvest millions of people's profiles. And built models to exploit what we knew about them and target their inner demons. That was the basis that the entire company was built on." He claimed this information had been provided to the Trump campaign.

Facebook confirmed that auditors and legal counsel acting on its behalf had entered Cambridge Analytica's London offices on Monday, though the firm later stood down after it was instructed to do so by Mrs Denham.

The activities of both companies have been called into question by politicians on both sides of the Atlantic. 
In response to the allegations, Damian Collins, chair of parliament's Digital, Culture, Media and Sport Committee, announced he had written to Facebook chief executive Mark Zuckerberg, calling on him to give evidence to the committee. On Sunday, Mr Collins suggested that Mr Nix had "deliberately misled" parliament by "giving false statements" when he appeared before the committee last month.

Mr Nix had denied that Cambridge Analytica had any involvement in the Brexit referendum. “So however you look at this, or however it appears to you, or whatever tweets other people have said about this situation, we did no paid or unpaid work, we had no formalised relationship with [Leave.eu], we did not work on the EU referendum with that organisation or any other organisation.”

However, while the hearing was still in progress, Brexit campaigner Aaron Banks tweeted “CA [Cambridge Analytica] wanted a fee of £1m to start work & then said they would raise £6m in the states. We declined the offer because it was illegal.”

Mr Nix denied he had misled the committee. “Everything I said to Damian Collins was absolutely correct, I did not tell one fib.”

Ron Wyden, a senior US senator on the committee investigating alleged Russian interference in the 2016 US election, also wrote to Mr Zuckerberg, asking him to come clean about what the company knew regarding the misuse of its data. Mr Wyden’s letter said recent reports raised questions about Facebook’s handling of personal information. It said there were "serious concerns about the role Facebook played in facilitating and permiting the covert collection and misuse of consumer informations".

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.”

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

Scoreline:

Cardiff City 0

Liverpool 2

Wijnaldum 57', Milner 81' (pen)

The Matrix Resurrections

Director: Lana Wachowski

Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

TWISTERS

Director:+Lee+Isaac+Chung

Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos

Rating:+2.5/5

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

Kill

Director: Nikhil Nagesh Bhat

Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal

Rating: 4.5/5

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

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.

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Investment required: $500,000

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  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
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Sun jukebox

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Georgia Gibson (Newcastle United)
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Mackenzie Hunt (Everton)
Attended DESS in Dubai, before heading to the UK to join Everton full time as a teenager. He was on the bench for the first team as recently as their fixture against Brighton on February 24.


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