White House officials and congressional aides emerged from talks aimed at ending a partial government shutdown over President Donald Trump's demands for border wall funding without a breakthrough on Saturday.
The White House said funding was not discussed in-depth, but the administration was clear they needed funding for a wall and that they wanted to resolve the shutdown all at once.
Mr Trump tweeted: "Not much headway made today." Democrats agreed there had been little movement, saying the White House did not budge on the demand for $5.6 billion and would not consider re-opening the government.
Accusations flew after the more than two-hour session led by Vice President Mike Pence. Acting chief of staff Mick Mulvaney, in an interview with CNN's "State of the Union," accused Democrats of being there to "stall." Democrats familiar with the meeting said the White House position was "untenable."
A White House official also said the meeting included a briefing on border security by Homeland Security Secretary Kirstjen Nielsen. Democrats sought written details from the Department of Homeland Security on their budget needs, which the White House said it would provide.
The group plans to meet again on Sunday.
With talks stalled, House Speaker Nancy Pelosi announced Saturday that House Democrats plan to start approving individual bills to reopen departments, starting with the Treasury, to ensure Americans receive their tax returns.
"While President Trump threatens to keep the government shut down for 'years', Democrats are taking immediate further action to re-open government, so that we can meet the needs of the American people, protect our borders and respect our workers," Ms Pelosi said.
Mr Mulvaney said the administration was willing to deal in an interview with NBC's "Meet the Press," set to air on Sunday. He said Trump was willing to forgo concrete wall for steel or other materials.
"If he has to give up a concrete wall, replace it with a steel fence in order to do that so that Democrats can say, 'See? He's not building a wall anymore,' that should help us move in the right direction," Mr Mulvaney said.
The president has already suggested his definition of the wall is flexible referring to slats and other "border things." But Democrats have made clear they see a wall as immoral and ineffective and prefer other types of border security funded at already agreed upon levels.
Mr Trump had campaigned on the promise that Mexico would pay for the wall. Mexico has refused and he is now demanding the money from Congress.
Mr Trump, who did not attend the discussions, spent the morning tweeting about border security.
Showing little empathy for the hundreds of thousands of federal workers furloughed or working without pay, Mr Trump said – without citing evidence – that most are Democrats. He also said: "I want to stop the shutdown as soon as we are in agreement on Strong Border Security! I am in the White House ready to go, where are the Dems?"
One Democrat, Maryland Senator Chris Van Hollen, said in his party's weekly radio address that the shutdown "is part of a larger pattern of a president who puts his personal whims and his effort to score political points before the needs of the American people. He is pointing fingers at everyone but himself."
Mr Trump and Democratic leaders met for roughly two hours on Friday, but gave differing accounts of the session. Democrats reported little progress; Mr Trump framed the weekend talks as a key step forward.
As the shutdown drags on, some Republicans are growing increasingly nervous. Some GOP senators up for re-election in 2020, including Cory Gardner of Colorado and Susan Collins of Maine, have voiced discomfort with the shutdown in recent days. Collins has tried to broker deals to end past stalemates.
Senator Thom Tillis of North Carolina penned an op-ed for The Hill, arguing that Congress should end the shutdown and make a deal on border security and immigration reforms.
In calling on Trump to reopen government while negotiations on border security continue, Democrats have emphasised families unable to pay bills due to absent paychecks. But Trump has repeatedly said he will not budge without money for the wall.
Trump asserted on Friday that he could declare a national emergency to build the wall without congressional approval, but would first try a "negotiated process." Mr Trump previously described the situation at the border as a "national emergency" before he sent active-duty troops. Critics described that as a pre-election stunt.
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Trump said the federal workers who are furloughed or working without pay would want him to "keep going" and fight for border security. Asked how people would manage without a financial safety net, he said: "The safety net is going to be having a strong border because we're going to be safe."
Democrats expressed scepticism that there would be a breakthrough.
"It's very hard to see how progress will be made unless they open up the government," said Senate Democratic leader Chuck Schumer of New York.
Mr Trump confirmed to reporters that he privately told Democrats, in the Friday meeting with congressional leaders, that the shutdown could drag on for "months or even years."
A variety of strategies are being floated inside and outside the White House. Among them is the idea of trading wall money for a deal on immigrants brought to the country as young people and now here illegally, But Mr Trump made clear during his news conference that talk on Daca, the Deferred Action for Childhood Arrivals program, would have to wait.
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Name: Steppi
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Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
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Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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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.”
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence