Sen.Barack Obama and his wife Michelle during a rally Tuesday.
Sen.Barack Obama and his wife Michelle during a rally Tuesday.
Sen.Barack Obama and his wife Michelle during a rally Tuesday.
Sen.Barack Obama and his wife Michelle during a rally Tuesday.

Poll gives Obama double-digit lead


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WASHINGTON // With some polls showing him opening a double-digit lead, Barack Obama pressed his assault on John McCain's economic proposals while also introducing national security differences into the mix in the campaign's final stretch. The latest NBC News/Wall Street Journal poll showed Mr Obama opening up his biggest advantage over Mr McCain with voters expressing growing confidence in the Democrat's ability to serve as commander in chief. Mr Obama led McCain by 52 to 42 per cent in the nationwide poll of registered voters. The Democrat had a six-point lead in the same poll two weeks ago. More importantly, state polls show Mr Obama with a solid lead in the state-by-state electoral college tallies that will ultimately determine the winner of the Nov 4 election. The endorsement over the weekend of Mr Obama by the longtime Republican Colin Powell, the former secretary of state under George W Bush, gives the Democrat an opening to go on the offensive on foreign affairs. The topic is generally considered his weakest against Mr McCain, but Mr Powell's backing undercut Mr McCain's perceived dominance. So, while in the Virginia capital of Richmond today, Mr Obama and running mate Joe Biden planned to meet with a group of national security advisers to the campaign. Mr Obama planned to talk publicly after the discussion about his approach to world affairs, and how it differs from Mr McCain's. The meeting comes a day after Mr McCain questioned Mr Obama's readiness to respond to a major crisis that the Democrats' own running mate, Joe Biden predicted he was bound to face early in his presidency. Mr McCain recalled his own experience as a Navy pilot preparing to launch a bombing run during the October 1962 Cuban Missile Crisis, which Mr Biden said tested a new president John F Kennedy. Mr Biden said it was the kind of "generated crisis" the 47-year-old Obama would face within six months of taking office. America will not have a president who needs to be tested, Mr McCain said. "I've been tested, my friends." Mr McCain spoke yesterday in Harrisburg, Pennsylvania, a Democratic-leaning state that he hopes to win to offset gains Mr Obama has been making on Republican territory. Polls show Mr Obama's lead widening nationwide. Polls show Mr Obama with a good chance of becoming the first Democratic candidate since 1964 to carry Virginia. Mr Obama's surge in the polls has coincided with Americans' growing anxiety over the economic crisis which has emerged as the predominant issue with less than two weeks to Election Day. Mr Obama's other events today in Virginia, rallies in Richmond and Leesburg, were to focus heavily on the financial meltdown. The economy is also likely to be a key theme at a rally tomorrow in Indiana, yet another state that voted for George W Bush in 2004.

*AP

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

LEAGUE CUP QUARTER-FINAL DRAW

Stoke City v Tottenham

Brentford v Newcastle United

Arsenal v Manchester City

Everton v Manchester United

All ties are to be played the week commencing December 21.

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Sreesanth's India bowling career

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

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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.”

MATCH INFO

Uefa Champions League quarter-final (first-leg score):

Juventus (1) v Ajax (1), Tuesday, 11pm UAE

Match will be shown on BeIN Sports

Major honours

ARSENAL

  • FA Cup - 2005

BARCELONA

  • La Liga - 2013
  • Copa del Rey - 2012
  • Fifa Club World Cup - 2011

CHELSEA

  • Premier League - 2015, 2017
  • FA Cup - 2018
  • League Cup - 2015

SPAIN

  • World Cup - 2010
  • European Championship - 2008, 2012
While you're here
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Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

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Henrik Stenson's finishes at Abu Dhabi HSBC Championship:

2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8

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