British Prime Minister Theresa May on Friday called on the European Union to strike a new deal to prevent a hard border in Northern Ireland and demanded Brussels quickly respond to her 'white paper' plan to avoid a damaging no-deal Brexit.
In a speech to politicians and business leaders in Belfast's docklands, Ms May accepted a hard border between Northern Ireland and the Irish Republic once Britain leaves the bloc would be "almost inconceivable", but dismissed the EU's current plan as "unworkable."
Instead, Ms May said the EU must engage with her Brexit 'white paper' policy document released earlier this month, which proposes negotiating the closest possible links for trade in goods to protect businesses and to fulfil a commitment to avoid having infrastructure on the border.
It is "now for the EU to respond. Not simply to fall back onto previous positions which have already been proven unworkable. But to evolve their position in kind," Ms May told the audience at Belfast’s Waterfront Hall.
Still reeling after her Brexit plan triggered the resignation of senior members of her cabinet, Ms May flew to Northern Ireland on Thursday for a two-day visit to see up close the troubled British region's frontier with EU-member Ireland.
The 500-kilometre border has become one of the biggest stumbling blocks in the negotiations. It has been largely invisible since army checkpoints were taken down after a 1998 peace deal ended three decades of violence between the region's pro-British majority and an Irish nationalist minority. Over 3,600 died.
Ms May in December agreed in principle to a binding "backstop" to ensure a soft border irrespective of future EU-UK ties, but later balked at an EU proposal to achieve this by treating Northern Ireland as a separate customs area to the rest of the United Kingdom.
Her Conservative Party and Democratic Unionist Party allies in parliament have angrily objected to arrangements that would create any kind of border between Northern Ireland and the rest of the United Kingdom.
"The economic and constitutional dislocation of a formal 'third country' customs border within our own country is something I will never accept and I believe no British Prime Minister could ever accept," Ms May said.
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Theresa May to reject EU backstop plan on Northern Ireland
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The Irish government, which has said it has concerns about Ms May's white paper, on Friday said a backstop was essential, but could be renegotiated.
"The only thing that could replace this current form of a backstop is: Number one, something which is better; number two something which is agreed; and number three something that would be legally operable," Finance Minister Paschal Donohoe told RTE radio.
The EU has warned business to get ready for Britain crashing out of the bloc without agreed terms, although officials and diplomats still think some kind of deal is more likely than not, if only because the cost for both sides would be so high.
While Ms May is trying to convince Brussels to make concessions on Northern Ireland, she is also trying to shore up support in her Conservative Party after her white paper proposals sparked cabinet level resignations last week.
After quitting, former Foreign Secretary Boris Johnson singled out her treatment of the border as the biggest mistake of her negotiations with the EU for a smooth exit from the bloc next year and risked leaving Britain in a "miserable, permanent limbo".
In her speech Ms May hit back, dismissing Mr Johnson's suggestion that technology could allow customs checks without physical infrastructure, saying such systems did not yet exist.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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.”
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Easter%20Sunday
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The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Sholto Byrnes on Myanmar politics
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Coal Black Mornings
Brett Anderson
Little Brown Book Group