Barack Obama and John McCain greet each other prior to their second presidential debate.
Barack Obama and John McCain greet each other prior to their second presidential debate.
Barack Obama and John McCain greet each other prior to their second presidential debate.
Barack Obama and John McCain greet each other prior to their second presidential debate.

Both sides take shots at media


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WASHINGTON // When Democrats and Republicans are not blaming each other for the broken economy or trading barbs over how to fix it, they are busy heaping insults on a shared scapegoat: the press. Most recently it has been Sarah Palin, the Republican vice-presidential candidate, who routinely accuses the "media elite" of what she and her running mate, John McCain, refer to as "gotcha journalism". Explaining her recent poor performances in nationally televised interviews - in which she stumbled over basic questions - Mrs Palin told the conservative-leaning Fox News that it was more the journalists' fault than it was hers. "The Sarah Palin in those interviews is a little bit annoyed," she said. "Because it's like, no matter what you say, you're going to get clobbered." Such criticisms appear to be part of a broader campaign strategy of attacking the press. Two weeks ago, Steve Schmidt, the Republican strategist, accused The New York Times of "advocacy" on Barack Obama's behalf after the newspaper published an unflattering article about another McCain aide. "It is an organisation that has made a decision to cast aside its journalistic integrity to advocate for the defeat of John McCain." But Mr Obama, the Democratic candidate, has also got in on the act. When Republicans seized on his "lipstick on a pig" comment last month, suggesting that the Democrat was making a sexist reference to Mrs Palin, Mr Obama pinned some of the blame on journalists. "It would be funny except of course the news media decided that that was the lead story yesterday," said Mr Obama, who frequently chastises reporters for focusing on "trivia" instead of the issues. To most presscard-carrying members of the Fourth Estate, the derision is little more than a game of "blame the messenger" that helps candidates skirt politically inconvenient truths. "It's a way for them to deflect legitimate questions," said Tom Huang, an editor at The Dallas Morning News and a fellow at the Poynter Institute in Florida. But there is another reason candidates do it: it resonates with voters. Fifty-five per cent of US citizens believe the media is politically biased, according to a July 2007 poll by the Pew Research Center's Project for Excellence in Journalism. Seventy per cent of Republicans consider the press biased compared with 29 per cent of Democrats. The current presidential campaign has done little to squelch those perceptions. In fact, many Republicans believe the media is caught up in a love affair with Mr Obama and is more slanted - and more worthy of derision - than ever before. "This election has been noticeably different than any other election in how the media has completely thrown in on one candidate and that candidate is Barack Obama," said John Feehery, a Republican strategist. "The media is much more liberal than the American people ? the interesting thing is that in this campaign they have let their emotions get the best of them." The irony is that Mr McCain once had a love affair of his own with the press, even jesting that a group of reporters was his "base" in 2005. But that relationship has cooled considerably since he became his party's nominee for president. Republicans gripe most about the coverage of the outspoken Mrs Palin, saying she has been unfairly scrutinised on the issue of experience - she was a small-town mayor before becoming governor less than two years ago. Top aides to Mr McCain habitually accuse the media of sexism. The recent spat between the McCain camp and The New York Times is the latest in a spate of flare-ups this election year, starting, perhaps, with a story that suggested Mr McCain had an inappropriate relationship with a lobbyist. The article failed to provide evidence of the affair and the newspaper's own public editor, whose job is to investigate complaints about the newspaper's coverage, said it was unfair to Mr McCain. Few journalists claim to be perfect. "No one in the world would be able to say the media are blameless and they don't deserve criticism," said Mark Jurkowitz, a former ombudsman and media writer at The Boston Globe and now associate director of the Project for Excellence in Journalism. But "if you are going to complain about everything, even the good stories, it is going perhaps to give less weight to a complaint that is legitimate". Mark Mellman, a Democratic strategist whose clients include the majority leaders of the House and Senate, dismissed the Republican complaints as "a cry for help". "Honestly, when campaigns attack the media, by and large it means they're losing," he said. But the attacks come from both sides of the aisle, when candidates are up and down. During the Democratic primary, Hillary Clinton decried the same favouritism towards Mr Obama that frazzles Republicans now. And in July, Mr Obama took issue with the "conservative" press for targeting his wife, Michelle, in a "pretty systematic way". Some outlets questioned her patriotism after she said at a rally that she was "proud" of her country for the first time in her adult life. Paul Waldman, senior fellow with Media Matters for America, a progressive watchdog that says its mission is to correct "conservative misinformation", called the notion that the press has been softer on Mr Obama "farcical," citing the weeks of coverage devoted to the controversial comments of Mr Obama's former pastor, the Rev Jeremiah Wright. Mr Waldman, who wrote Free Ride: John McCain and the Media, points to examples of conservative bias in the mainstream press, including the tendency of writers to describe Mr McCain as a "maverick" or to refer to his campaign bus by its Republican-given name: the "Straight Talk Express". "If reporters repeated campaign slogans from any other campaigns, they'd be laughed out of the newsroom," he said. Then again, that probably depends on the newsroom. Nowadays, there is such an array of media on the conservative to liberal spectrum that Republicans and Democrats should be able to find a version of news they like. "I don't think anybody thinks today that the media are unbiased," said Tony Marsh, a Republican political consultant who worked on both of Ronald Reagan's presidential bids and claims that most major US newspapers are "press organs of the Obama campaign". "What we hope today is that there are enough media outlets with enough opposing perspectives that they balance each other out," he said. sstanek@thenational.ae

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.”

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Frankenstein in Baghdad
Ahmed Saadawi
​​​​​​​Penguin Press

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Mission%3A%20Impossible%20-%20Dead%20Reckoning%20Part%20One
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Christopher%20McQuarrie%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tom%20Cruise%2C%20Hayley%20Atwell%2C%20Pom%20Klementieff%2C%20Simon%20Pegg%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs

Engine: 1.4-litre 4-cylinder turbo

Power: 180hp at 5,500rpm

Torque: 250Nm at 3,00rpm

Transmission: 5-speed sequential auto

Price: From Dh139,995

On sale: now

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

WRESTLING HIGHLIGHTS
RESULT

Valencia 3

Kevin Gameiro 21', 51'

Ferran Torres 67'

Atlanta 4

Josip Llicic 3' (P), 43' (P), 71', 82'

The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape

Aayan%E2%80%99s%20records
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Results:

6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)

7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar

7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash

8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe

8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson

9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar

10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash

BUNDESLIGA FIXTURES

Friday (all kick-offs UAE time)

Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)