Benny Gantz, Israeli Prime Minister Benjamin Netanyahu's main opponent in the country's general election, said on Thursday that he should be prime minister in any coalition, rejecting the Israeli premier's offer to discuss forming a unity government and saying any bloc would not be led by a leader subject to corruption allegations.
Israel's longest-serving leader continues to battle to save his political career amid a wave of corruption allegations and a stinging failure to secure victory at the polls for the second time this year.
The ex-military chief said his alliance had the most seats and he should lead the next government.
"The public voted clearly in favour of unity," Mr Gantz said.
"Blue and White has at the time I am speaking won 33 seats, while Netanyahu has not obtained a sufficient majority to form a coalition as he hoped."
He went on to say that "we will listen to everyone, but we will not accept mandates imposed on us."
The centrist party's senior leaders rejected joining forces in a governing coalition under the incumbent before Mr Gantz' speech.
"We will not enter a coalition led by Netanyahu," senior Blue and White leader Moshe Yaalon told reporters at an event attended by Mr Gantz.
Mr Netanyahu voiced disappointment at his election challenger's rejection to discuss forming an Israeli unity government but said he remained opened to talks.
"I was surprised and disappointed by the fact that, as of now, Benny Gantz still refuses my call to meet," Mr Netanyahu said on Twitter. "Gantz, my offer that the two of us meet stands. It's what the public expects of us."
The offer of a unity government was a U-turn for the Israeli premier, who had called on the campaign trail for a right-wing coalition he hoped would seal his immunity from prosecution over corruption allegations. He released a video message admitting that such a coalition was no longer possible.
"During the elections, I called for the establishment of a right-wing government," he said in a video message.
"But unfortunately the election results show that this is not possible."
He went on to call on Gantz to form a "broad unity government today".
Mr Gantz briefed the media later in the day, saying that Israelis wanted a unity government now. He repeated his call for a unity government. It remains unclear under what terms that unity government would be formed.
In subsequent comments, at a ceremony - which Mr Gantz also attended - marking the third anniversary of the death of Israeli statesman Shimon Peres, Mr Netanyahu said his offer came with no preconditions. A smiling Mr Netanyahu and Mr Gantz warmly shook hands at the event.
Mr Netanyahu hinted at a possible rotating premiership deal with Mr Gantz, noting that Peres, a left-wing leader, had forged a coalition with conservative Yitzhak Shamir in which they rotated top office between 1984 and 1988.
Mr Netanyahu's comments reflected his heightened political vulnerability after again failing to secure a parliamentary majority, following an inconclusive election in April.
With Israeli media reporting more than 95 percent of votes counted in Tuesday's election, a Likud-led right-wing, religious bloc looked poised to control 55 of parliament's 120 seats, with 56 going to a centre-left alliance.
But Mr Gantz had also previously ruled out forming one with a Netanyahu-led Likud, citing looming corruption charges against the prime minister. Mr Netanyahu denies any wrongdoing.
Israel's newly reunified Arab parties, running together under the Joint List alliance, have also emerged as an important force, with the reported results showing them with 13 seats – the third-largest.
That could allow them to block Mr Netanyahu from continuing on as prime minister if they decided to break with precedent and endorse Mr Gantz.
Israel's Arab parties have traditionally not endorsed anyone for prime minister.
After complete, official results are in, Israeli President Reuven Rivlin will hold consultations with all parties voted into parliament and then choose someone to try to form a government.
It will be the second time he has done so since April.
Mr Netanyahu suffered one of the biggest defeats of his political career after April elections.
His Likud along with its right-wing and religious allies won a majority, but he failed to form a coalition and opted for a second election rather than risk having Mr Rivlin choose someone else to try.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Watch live
The National will broadcast live from the IMF on Friday October 13 at 7pm UAE time (3pm GMT) as our Editor-in-Chief Mina Al-Oraibi moderates a panel on how technology can help growth in MENA.
You can find out more here
QUARTER-FINAL
Wales 20-19 France
Wales: T: Wainwright, Moriarty. Cons: Biggar (2) Pens: Biggar 2
France: T: Vahaamahina, Ollivon, Vakatawa Cons: Ntamack (2)
Company profile: buybackbazaar.com
Name: buybackbazaar.com
Started: January 2018
Founder(s): Pishu Ganglani and Ricky Husaini
Based: Dubai
Sector: FinTech, micro finance
Initial investment: $1 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.”
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
UAE currency: the story behind the money in your pockets
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Griselda
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'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
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