NEW YORK // In 2008, when the United States elected its first African-American president, Mo's Bar was at the centre of the ecstatic celebrations in Fort Greene, the historic section of Brooklyn known for its black heritage.
On Wednesday night, Mo's was again overflowing with an ethnically diverse crowd of young Brooklynites who had come to watch President Obama spar with his Republican rival Mitt Romney in the first presidential election debate of 2012, and perhaps once again catch the infectious spirit of 2008. But after four years of recession that has disproportionately affected young people and African Americans, inspiration was difficult to come by.
The view from Mo's on that November night in 2008 was of thousands of the neighbourhood's residents - African Americans along with the young white professionals who had recently gentrified the area - filling the leafy, brownstone-lined avenue together, drumming, dancing, and chanting: "Yes we can! Yes we can!" Cary Graber, a white Brooklyn native, was 28 years old at the time. When the election result tipped inevitably in Barack Obama's favour she came with a group of friends to Mo's, a traditionally black bar, to soak up the momentous night. "Mo's has been here since before Fort Greene became what it is now," she said. "To be honest, I wanted to be around black people, I wanted to witness history."
When Ms Graber arrived, Mo's was over capacity and she and her friends watched Mr Obama on televisions set up on the sidewalk. "It was so moving, everything broke down, people were embracing everyone near them," she recalled. "I saw people who'd probably never voted before, 'thugs' as they would be described, crying."
"It wasn't just because he was black, but because he was young - this was someone we had all elected," she said.
Conversations among the 300 or so patrons ended as the screens above the bar and beneath a back wall covered in soul and hip-hop vinyl record covers showed the president striding towards his lectern. As Mr Obama began to speak, the bar's sound system died, and whistles and boos filled the room. "They're trying to shut down Obama!" someone yelled.
But that was the most raucous moment of the night. Mostly, people watched and listened intently to both candidates, with partisan cheers for Mr Obama or jeers directed at Mr Romney punctuating the debate, but also with genuine interest in both candidates' positions.
"I'm looking for clarity," said Justo Scott, 27, a nattily dressed corporate recruiter who voted for Mr Obama in 2008 and plans to vote for him again. "There's been lots of general stuff from both camps, but I want to know what they as individuals are going to do."
As Mr Romney spoke about his support for small businesses, Kia Evans, 31, a rare black Republican - and Obama supporter - stood outside on the sidewalk watching and shaking her head. "He says one thing, but when he was with Bane [investment firm] he was destroying small businesses," she said.
"But am I happy with how Obama has operated?" she added. "Not at all."
Ms Evans, grew up in Fort Greene but moved farther east to Bedford-Stuyvesant, another Brooklyn neighbourhood, two years ago because she could no longer afford her rent. She came to Mo's to watch the debates because she too was here in 2008 on that transcendent election night. This year, however, Ms Evans may not vote, a troubling sign for an Obama campaign that is relying on the same levels of support from minority voters.
"Within the last year I have felt very disillusioned, to the point where I wake up in the morning and think, 'will I vote? I don't know'," she said.
A jeep blasting reggae pulled up to the kerb in front of Mo's and Tiffany, who had been listening intently from the sidewalk, gestured at the driver to turn down the volume.
"It's a very good debate," she said to him. He obliged and got out to watch.
Tiffany, who only wanted to give her first name, is a 28-year-old biology student who recently moved from Fort Greene to east Brooklyn. She plans to vote for Mr Obama, but she says that many African Americans in her neighbourhood are less invigorated about the president than they once were.
"People are losing their jobs, losing their homes, tuition is high, public schools are being shut down ... Obama has great ideas but I'm not impressed because at the local level there is failure," she said.
After cheering Mr Obama's closing remarks, the debate watchers streamed out of Mo's into the unseasonably warm Brooklyn night. "In 2008 it was dramatic," said Rosalba Strada, a 33-year-old freelance accountant. "This time it feels like a comedy show."
foreign.desk@thenational.ae
SHAITTAN
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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 President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
THE%20SPECS
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Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)