The former head of the Hezb-e-Islami delegation, Qudbuddin Helal, right, registers his candidacy in next year's presidential election at the independent election commission office in Kabul. Rahmat Gul / AP
The former head of the Hezb-e-Islami delegation, Qudbuddin Helal, right, registers his candidacy in next year's presidential election at the independent election commission office in Kabul. Rahmat GulShow more

Rush of candidates for Afghanistan’s presidential elections



KABUL // Afghanistan’s presidential election race sparked a last-minute rush of candidates before nominations closed yesterday for next April’s poll, with former finance minister Ashraf Ghani among the leading names to register.

The final days of the nomination period were marked by a frenzy of intrigue as former warlords, tribal leaders and veteran politicians cut deals and formed rapid alliances in the first stage of the race to succeed President Hamid Karzai.

Mr Karzai, who has ruled since the fall of the hardline Taliban in 2001, must step down next year as the Afghan government seeks a peace deal with the Taliban and the Nato-led military coalition withdraws after 13 years of fighting.

“We need basic reforms to combat corruption, bring in the rule of law, and ensure justice and welfare for the young,” Mr Ghani said in a speech after submitting his papers.

Foreign Minister Zalmai Rassoul and Qayum Karzai, the president’s elder brother, were also expected to register as late entries in the wide-open race.

The two big-name candidates to have already declared are Abdullah Abdullah, the runner-up in the 2009 presidential vote, and Abdul Rab Rasoul Sayyaf, a former warlord with previous links to Al Qaeda.

Mr Karzai, who retained power in 2009 amid allegations of massive fraud, has vowed not to endorse any candidate — but many of his supporters are looking for covert signals to reveal his favoured candidate.

International donors, led by the US, see the elections as the key test of progress after 12 years of military intervention and billions of dollars of aid to try to develop Afghanistan since the fall of the Taliban regime.

Jan Kubis, head of the UN mission in Kabul, said on Thursday that holding a credible election on time was the “best argument” Afghanistan could make for securing further international support.

Nato combat troops will pull out by the end of next year. Some 87,000 soldiers — 57,000 of them from the US — are currently deployed to fight the insurgents and train the local army and police.

Mr Karzai has called for the number of candidates to be reduced to just two or three contestants by polling day to avoid the chaos of the 2009 vote when 40 names appeared on the ballot paper.

Peace talks with the Taliban and a deal to allow some US troops to remain in the country after 2014 are likely to be two hot topics of debate as Afghanistan prepares for its first ever democratic transfer of power.

Early attempts to start a peace process floundered in June, but Washington and other foreign powers all support a negotiated end to the long war.

The Taliban, who targeted previous elections, have refused to open talks with Mr Karzai, dismissing him as a puppet of the US. He is constitutionally barred from standing for a third term in office.

The Independent Election Commission will verify the eligibility of each candidate and their two vice-presidential picks.

* Agence France-Presse

SERIE A FIXTURES

Saturday

AC Milan v Sampdoria (2.30pm kick-off UAE)

Atalanta v Udinese (5pm)

Benevento v Parma (5pm)

Cagliari v Hellas Verona (5pm)

Genoa v Fiorentina (5pm)

Lazio v Spezia (5pm)

Napoli v Crotone (5pm)

Sassuolo v Roma (5pm)

Torino v Juventus (8pm)

Bologna v Inter Milan (10.45pm)

Fight card

1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)

2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)

3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)

4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)

5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)

6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)

7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)

8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)

9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)

10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)

11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)

12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)

RESULT

Fifth ODI, at Headingley

England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)

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.”

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A

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.