Australian Prime Minister Scott Morrison holds a press conference after the passing of the Medivac Bill in the House of Representatives on February 12, 2019 in Canberra, Australia. Getty
Australian Prime Minister Scott Morrison holds a press conference after the passing of the Medivac Bill in the House of Representatives on February 12, 2019 in Canberra, Australia. Getty
Australian Prime Minister Scott Morrison holds a press conference after the passing of the Medivac Bill in the House of Representatives on February 12, 2019 in Canberra, Australia. Getty
Australian Prime Minister Scott Morrison holds a press conference after the passing of the Medivac Bill in the House of Representatives on February 12, 2019 in Canberra, Australia. Getty

Embattled Australian PM suffers historic defeat over refugees


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Australia's conservative minority government suffered a monumental political defeat on Tuesday, becoming the first administration in nearly a century to lose a vote on major legislation and fuelling calls for a snap election.

Despite a bruising and highly personal lobbying effort, Prime Minister Scott Morrison was defeated by members of parliament who insisted refugees held in offshore facilities have the right to be transferred to Australia for medical treatment.

It is the first time in decades that an Australian government has lost a vote on a substantive piece of legislation, sparking applause and cheers from observers in the parliamentary viewing gallery in Canberra.

Mr Morrison lost his parliamentary majority last year and has been relying on crossbenchers to keep control of the lower House of Representatives.

The 75-74 vote – which came on the first sitting day of parliament this year – is a blow to the already embattled prime minister and raised questions about whether he can remain in office.

When the sitting government last lost a vote on substantive legislation in 1929, then prime minister Stanley Bruce immediately called an election, and lost it.

The government of prime minister Arthur Fadden lost a symbolic budget vote in 1941 and immediately resigned.

Mr Morrison last week ruled out calling a snap election if his government was defeated over the "stupid" bill.

His coalition has to call an election by May and has been trailing the opposition centre-left Labor Party in opinion polls.

The bill was first mooted by independent MP Kerryn Phelps last year after she won the Liberal Party stronghold of Wentworth when former prime minister Malcolm Turnbull was ousted in a party coup.

Since then, the government had lurched from crisis to crisis, and a disastrous showing in elections in Victoria state sparked fears that it would also lose the national poll.

Under a harsh policy meant to deter asylum-seekers from reaching Australia by boat, Canberra sent arrivals to Nauru and Papua New Guinea for processing and barred them from resettling in Australia.

But criticism of the camps has grown amid reports of abuse, suicides and lengthy detention periods, even as the government says the policy is discouraging asylum-seekers from embarking on dangerous sea voyages.

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 
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The UAE squad for the Asian Indoor and Martial Arts Games

The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.

Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.

UAE currency: the story behind the money in your pockets

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.”

Netherlands v UAE, Twenty20 International series

Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen​​​​​​​
Tuesday, August 6 – Third T20i, Voorburg​​​​​​​
Thursday, August 8 – Fourth T20i, Vooryburg

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

The First Monday in May
Director:
Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars

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Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

Company%20profile
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