Brazil’s president-elect Luiz Inacio Lula da Silva called for “peace and unity” after narrowly defeating incumbent Jair Bolsonaro in a tight and divisive run-off for the country’s top job on Sunday.
The victory marks a stunning turnaround for the charismatic but tarnished leftist heavyweight known simply as Lula.
He left office in 2010 as the most popular president in Brazilian history but fell into disgrace when he was imprisoned for 18 months on since-quashed corruption charges and now returns for an unprecedented third term at the age of 77.
But, his rival, Mr Bolsonaro, has yet to comment on his loss and has for months been alleging — without providing evidence — that Brazil's electronic voting system is plagued by fraud and that the courts, media and other institutions had conspired against his right-wing movement.
Some supporters of Mr Bolsonaro, gathered in the capital Brasilia, refused to accept the results.
“The Brazilian people aren't going to swallow a faked election and hand our nation over to a thief,” said 50-year-old teacher Ruth da Silva Barbosa.
Electoral officials declared the election for Mr da Silva, who had 50.9 per cent of the vote to 49.1 per cent for Mr Bolsonaro with more than 99.9 per cent of polling stations reporting, in the closest race since Brazil returned to democracy after its 1964-1985 dictatorship.
“Anywhere in the world, the losing president would already have called to admit defeat. He hasn't called yet, I don't know if he will call and concede,” Mr da Silva told the massive crowd in a victory speech in Sao Paulo.
“This country needs peace and unity,” he said to loud cheers.
“The challenge is immense,” he said of the job ahead, citing a hunger crisis, problems with the economy, bitter political division and deforestation in the Amazon.
Spanish Prime Minister Pedro Sanchez on Monday hailed Mr da Silva’s victory, with Spain's Foreign Minister, Jose Manuel, telling local media that Mr da Silva’s return raised hopes of fighting climate change.
“Lula's triumph is a commitment to the fight against climate change, to biodiversity and also for a special status for the Amazon, which is vital for both,” Mr Manuel told RNE radio.
Under Mr Bolsonaro, deforestation of the Amazon, which decreased sharply under Mr da Silva’s previous term in office, rose sharply. The world's biggest rainforest has until recently helped soak up humanity's soaring carbon emissions but is now strained to the point of starting to release more carbon than it absorbs, research shows.
Mr da Silva on Sunday vowed to “fight for zero deforestation”.
Norway has already announced that it will resume collaboration with Brazil on protection subsidies paid to shield the Amazon, which it halted under Mr Bolsonaro.
Mr Bolsonaro, the hardline conservative, becomes the first incumbent president not to win re-election in the post-dictatorship era.
While he has not publicly accepted the result, officials including the Speaker of the lower house of Congress Arthur Lira publicly backed it.
It is time to “extend a hand to our adversaries, debate, build bridges,” he said.
Congratulations for Mr da Silva poured in from US President Joe Biden, Russian President Vladimir Putin, France's Emmanuel Macron, India's Narendra Modi, Britain's Rishi Sunak and leaders from across Latin America.
The EU's chief diplomat, Josep Borrell, joined the international well-wishers, as did China's foreign ministry spokesman Zhao Lijian and German Foreign Minister Annalena Baerbock.
Mr da Silva's supporters around the country erupted in celebration on Sunday evening.
“We've had four years of a genocidal, hateful government,” said Maria Clara, a 26-year-old student, at a victory party in downtown Rio.
“Today democracy won, and the possibility of dreaming of a better country again.”
In Brasilia, the tearful crowd of Bolsonaro supporters ― dressed in green and yellow, the colours of Brazil's flag which the ex-army captain has adopted as his own ― fell to their knees to pray.
Mr Bolsonaro surged to victory four years ago on a wave of outrage with “politics as usual”, but came under fire for his disastrous handling of the Covid-19 pandemic ― which left more than 680,000 dead in Brazil ― as well as a weak economy, his polarising style and attacks on democratic institutions.
Regardless of how the incumbent reacts, Mr da Silva will face huge challenges when he is inaugurated on January 1.
Mr Bolsonaro's far-right allies scored big victories in legislative and governors' races in the first-round election on October 2, and will be the largest force in Congress.
On Sunday, Mr Bolsonaro's former infrastructure minister Tarcisio de Freitas clinched the governorship of Sao Paulo, the most populous and wealthiest state in the country.
And so, Mr da Silva inherits a deeply divided country, with a hugely difficult global economic situation that looks nothing like the commodities “supercycle” that allowed him to lead Latin America's biggest economy through a watershed boom in the 2000s.
Market reactions were mixed on the news, with an exchange-traded fund that tracks Brazilian stocks advancing as much as 5.2 per cent on Monday but international listings of Brazilian firms falling. The US listing of Brazil’s state-run oil company Petrobras suffered some of the biggest declines, dropping by more than 10 per cent in pre-market trading.
Investors are closely watching the possible composition of Mr da Silva's future Cabinet and signs that his rival will question the results.
But events this week could lead to markets stabilising.
“We could see a relief rally as financial markets should react positively to signs of political stability and policies and reforms that would aid investment and growth,” said Stephen Innes, managing partner at SPI Asset Management.
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.”
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
More on animal trafficking
THREE
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When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
CONFIRMED%20LINE-UP
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Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)