Newt Gingrich speaks at Port St Lucie in Florida. He has told his 1.4 million followers on Twitter that America 'needs big ideas, not big government'.
Newt Gingrich speaks at Port St Lucie in Florida. He has told his 1.4 million followers on Twitter that America 'needs big ideas, not big government'.

Gingrich's 'love-him-or-hate-him' image could be a presidential winner



WEST PALM BEACH, FLORIDA // He is known as the "philosopher king" of the Republican Party. And it is an image Newt Gingrich, who threw the Republican presidential candidate race wide open with his win in the South Carolina primary last week, likes to cultivate.

On Friday, the former leader of the US House of Representatives told his 1.4 million followers on Twitter that he was the best candidate to take on Barack Obama in November's presidential elections because America "needs big ideas, not big government".

Among those ideas: a permanent base on the moon, American energy self-sufficiency, and a balanced budget.

But it's Mr Gingrich's chequered personal life - asking his second wife to marry him before he was divorced from his first, and a six-year affair with the woman who would become his third wife - and his political record that make him a problematic presidential candidate.

Mr Gingrich is the only leader of US House of Representatives to have been disciplined for an ethics violation. In 1997 he was reprimanded and fined US$300,000 (Dh1.1 million) for tax-related offences and for giving the House of Representatives ethics committee false information.

Born Newton Leroy McPherson in 1943 to a teenage mother in Pennsylvania, Mr Gingrich was adopted in infancy by a US soldier. He earned a doctorate in Modern European history and then taught university courses in the state of Georgia before being elected to Congress in November 1978. His tenure as leader of the House from 1995-1999 was marked by the controversial "Contract with America", often derided by Democrats as a "Contract on America", in which conservative Republicans pushed for cuts in government spending and tougher crime laws.

In a battle with former president Bill Clinton over spending cuts, the federal government was shut down twice during Mr Gingrich's tenure as leader of the House, a move that outraged many taxpayers and painted Mr Gingrich as an ideologue and an obstructionist. To others, however, he was simply living up to his persona as a smaller-government advocate.

That love-him-or-hate-him image continues to this day.

Last Thursday, Mr Gingrich was the keynote speaker at the Palm Beach Republican Club's annual Lincoln Day dinner in front of a sell-out 700-strong crowd who had paid a minimum of $195 each.

But outside the pavilion where the dinner was held, a Republican voter said she was turned off by him and his politics. "I don't believe Gingrich," said Denise Orefice, 58. Ms Orefice said she was voting for Mitt Romney, the former governor of Massachusetts.

"Gingrich comes on too strong," she added with a perceptible shudder. "He turns me off."

She is not alone. The latest opinion polls have Mr Romney with a double-digit lead in Florida, where Mr Gingrich's recent setbacks include criticism from prominent Republicans questioning his conservative credentials, using his own record against him.

Mr Gingrich backed a federal government health-insurance mandate in the 1990s; he appeared with Nancy Pelosi - a leading Democrat in Congress - in 2009 to promote action against global warming; and he was paid to advise Freddie Mac, a government-sponsored mortgage investment company that taxpayers had to bail out at the height of the financial crisis in 2008.

He has, nevertheless, tapped a nerve with many conservative-leaning Republicans, who back his fervent patriotism, which is best illustrated by his foreign-policy statements. One of Mr Gingrich's mantras during the campaign has been "to produce so much energy and oil that no US president ever bows again to a Saudi King". in reference to dip Mr Obama was said to have made to a Saudi leader at 2009 meeting. He also wants to ramp up the pressure on Iran and promote regime change in communist Cuba.

He has vowed unquestioned support for Israel, repeatedly labelled Palestinians as an "invented people" and called Sharia law a "mortal threat to the survival of freedom" in the world.

He produced a documentary on radical Islam through "Gingrich Productions", a multimedia company he runs with his third wife, Callista. But it was the media's questioning of his relationship with Callista that has provided Mr Gingrich with the defining moment of the campaign so far.

On January 19 his second wife, Marianne Gingrich, told ABC News that Mr Gingrich had asked her for an open marriage, in effect seeking permission to carry on his affair with Callista.

The interview aired two days before the South Carolina primary and hours before a presidential debate on CNN at which he was immediately asked to react.

"I think the destructive, vicious, negative nature of much of the news media makes it harder to govern this country, harder to attract decent people to run for public office," he said with the slightest hint of a sneer at John King, the CNN moderator. "And I am appalled that you would begin a presidential debate on a topic like that."

It was Mr Gingrich at his strongest: unapologetic and unflinching. With a stroke, he had turned the narrative from one of his past infidelity - he later denied that he had asked for an open marriage - to one of the outsider standing up to a "media elite" conservatives in America love to hate.

It also turned the South Carolina vote for him, said Chris Wilson, a Washington-based Republican pollster.

"I can't think of anything like it in politics. Sometimes there's a back and forth between two candidates, but to see that between a moderator and a candidate … I think it was actually brilliant by Gingrich."

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Burnley 3

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Southampton 3

Man of the match

Ashley Barnes (Burnley)

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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  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

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Tests 27, Wickets 87, Average 37.59, Best 5-40

ODIs 53, Wickets 75, Average 33.44, Best 6-55

T20Is 10, Wickets 7, Average 41.14, Best 2-12

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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  • Grade 4 = grade C
  • Grade 3 = between grades D and E
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  • Grade 1 = between grades F and G
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Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')

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Rating: 4.5/5

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013