British Foreign Secretary Jeremy Hunt, a contender to replace Theresa May as Prime Minister, said on Sunday that German Chancellor Angela Merkel had indicated the EU would be willing to renegotiate the Brexit deal.
Mr Hunt, one of nearly a dozen Conservatives vying to succeed Mrs May after she resigned as party leader on Friday, said he spoke with Mrs Merkel at this week's D-Day commemorations and was convinced changing the agreement was possible.
"She said that of course with a new British Prime Minister we would want to look at any solutions you have," he told Sky News.
"I'm absolutely clear that if we take the right approach to this, the Europeans would be willing to negotiate on the package."
Mr Hunt did not say whether he was referring to the legally binding withdrawal agreement, which the EU has repeatedly insisted could not be reopened, or to the political declaration on future relations, which could be revisited.
Mrs May agreed the package with the EU last year but British politicians rejected it three times, forcing her to delay Brexit twice, with the latest deadline being October 31.
A controversial provision in the agreement for the Irish border, known as the backstop, has proved to be the key stumbling block.
It would stop the return of border checks between Northern Ireland and the Republic of Ireland if the sides failed to agree on a free-trade pact after a transition period.
Mr Hunt said Mrs Merkel had signalled that EU leaders may now be open to a technological solution to the thorny issue, something Brussels has previously ruled out as unrealistic.
"She said to me, 'Germany doesn't have that border with the Republic of Ireland, you do, so you need to come up with the solution'," he said.
"So it's going to be a solution that's based around some technologies, what the Germans call intelligent borders. I think that's do-able."
A German government spokeswoman said it did not comment on "the contents of confidential conversations with the chancellor".
But she said comments from Mrs Merkel after a European Council meeting in April "remain valid".
"We have once again made clear that the exit agreement applies, that it will not be changed, and that we can certainly talk about future relations," Mrs Merkel's statement said.
Mrs May stepped down as Conservative Party leader and formally triggered the race for a successor being contested by 11 Tory MPs. But she will remain prime minister until a new leader is chosen.
The leader of the party, which won the most seats at the last general election, in 2017, will almost certainly become prime minister.
The Brexit-dominated battle is expected to finish by the end of next month, with former foreign secretary Boris Johnson considered the clear front runner.
Mr Johnson said that he would refuse to pay Britain's divorce bill until the EU agreed to better withdrawal terms.
The former London Mayor also indicated that he would scrap the unpopular backstop and try to settle the border issue when London and Brussels were negotiating their future relationship.
"Our friends and partners need to understand that the money is going to be retained until such time as we have greater clarity about the way forward," he told The Sunday Times.
"In getting a good deal, money is a great solvent and a great lubricant."
A source close to French President Emmanuel Macron said that a refusal by Britain to pay its Brexit bill would be regarded as the country defaulting on its debts.
"Not honouring payment obligations is a breach of international commitment equivalent to a default on its sovereign debt, with the consequences that we know," the source said.
In a boost to Mr Johnson's campaign, several cabinet members this weekend joined a growing number of centrist Tory MPs in declaring their support for him.
But Home Secretary Sajid Javid, another leadership candidate, has also picked up some endorsements and this weekend won the backing of popular Scottish Conservatives leader Ruth Davidson.
Environment Minister Michael Gove faced turmoil in his campaign after he admitted to using cocaine "on several occasions at social events" two decades ago.
"I do have a profound sense of regret about it all and I am very, very aware of the damage that drugs do," Mr Gove told the BBC on Sunday.
The former justice minister has been accused of hypocrisy for continually supporting tough drug laws.
Meanwhile, a former senior drug adviser to the government warned that the admission could mean Mr Gove is barred from entering the US under its strict anti-drugs immigration laws.
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
First-round leaderbaord
-5 C Conners (Can)
-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);
-2 C Morikawa (US), M Laird (Sco), C Tringale (US)
Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)
Level B DeChambeau (US), J Rose (Eng)
1 L Westwood (Eng), J Spieth (US)
3 R McIlroy (NI)
4 D Johnson (US)
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Results
2.30pm: Dubai Creek Tower – Handicap (PA) Dh40,000 (Dirt) 1,200m; Winner: Marmara Xm, Gary Sanchez (jockey), Abdelkhir Adam (trainer)
3pm: Al Yasmeen – Maiden (PA) Dh40,000 (D) 1,700m; Winner: AS Hajez, Jesus Rosales, Khalifa Al Neyadi
3.30pm: Al Ferdous – Maiden (PA) Dh40,000 (D) 1,700m; Winner: Soukainah, Sebastien Martino, Jean-Claude Pecout
4pm: The Crown Prince Of Sharjah – Prestige (PA) Dh200,000 (D) 1,200m; Winner: AF Thayer, Ray Dawson, Ernst Oertel
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup – Handicap (TB) Dh200,000 (D) 2,000m; Winner: George Villiers, Antonio Fresu, Bhupat Seemar
5pm: Palma Spring – Handicap (PA) Dh40,000 (D) 2,000m; Winner: Es Abu Mousa, Antonio Fresu, Abubakar Daud
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
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.”
The stats: 2017 Jaguar XJ
Price, base / as tested Dh326,700 / Dh342,700
Engine 3.0L V6
Transmission Eight-speed automatic
Power 340hp @ 6,000pm
Torque 450Nm @ 3,500rpm
Fuel economy, combined 9.1L / 100km
Fringe@Four Line-up
October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)
November 13 - Gordon Southern (stand-up comedy)
November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)
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