Joe Biden was declared the next US president on Saturday after a marathon election was finally sealed by a tidal wave of mail-in ballots from Pennsylvania that favoured the Democrat.
In an election unlike any other, Americans and international observers spent five days keenly watching as four battleground states released voter returns, often a few thousand ballots at a time.
After days of anticipation, Mr Biden swung head in Pennsylvania by nearly 35,000 ballots on Saturday and the Associated Press along with several US media outlets declared the lead was too wide for Donald Trump to make up. Joe Biden was declared the 46th president of the United States.
Shortly after, the state of Nevada was also called for Mr Biden, giving him 290 electoral votes and further securing his grasp on a hotly contested presidency.
Mr Biden’s heavy focus on his home state of Pennsylvania during the final days of campaigning paid off for him. He won the large majority of mail-in ballots that came from the state.
Pennsylvania, like the other swing states of Nevada, Georgia and Arizona, was not allowed to pre-process their mail-in ballots, which caused a large backlog of early votes that elections officials worked tirelessly to count over five days.
As nail-biting returns were released by the states, a few trends emerged that helped to push Mr Biden towards the presidency. The Democrat was largely the favourite among voters who mailed in their ballots, while Mr Trump faired best with Americans who voted in person on November 3. This explains how Mr Trump pulled ahead in the early hours of the election, but lost his advantage as more mail-in ballots were tabulated.
The Republican candidate repeatedly called into question the legitimacy of postal ballots and told his supporters not to vote by mail, despite the voting method being entirely secure and fair. Mr Trump’s insistence that the US Postal Service was not reliable is partly why his lead in the race dwindled in the days following the election.
Mr Trump made several unfounded claims as his lead in the election slipped away, and Republicans in swing states have issued a number of lawsuits to contest the counting of mail-in and provisional ballots. Many of the lawsuits have already been thrown out for a lack of evidence.
By Friday, it was all but official that Mr Biden had won the presidency. The shift many Biden supporters were waiting for came when the states of Georgia and Pennsylvania flipped blue as Mr Biden pulled ahead of Mr Trump.
Georgia has not voted for a Democratic president since 1992. Mr Biden also leads in the traditionally Republican state of Arizona.
Mr Biden will inherit a White House in crisis as the US hit record-high daily Covid-19 infections on the day of his win, and the US economy is shaking under the impact of the pandemic. The election occurred during a period of distress in America, which may explain some of the significant shifts in voting patterns that were seen during this election.
From a record 147 million ballots that were cast, the popular vote went to Mr Biden by a notable margin, with the president-elect securing 4.5 million more votes than Mr Trump nationally. Due to the US electoral college model, the popular vote is not a determining factor in election outcomes.
Mr Biden won the presidency exactly 48 years to the day after he was first elected to the Senate.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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SPECS
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Sholto Byrnes on Myanmar politics
Skoda Superb Specs
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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The specs
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Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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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.”
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
The specs: 2019 Audi A7 Sportback
Price, base: Dh315,000
Engine: 3.0-litre V6
Transmission: Seven-speed automatic
Power: 335hp @ 5,000rpm
Torque: 500Nm @ 1,370rpm
Fuel economy 5.9L / 100km
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10