Laura Bush, left, and Cindy McCain, wife of the Republican presidential candidate John McCain, acknowledge the crowds at the Republican convention.
Laura Bush, left, and Cindy McCain, wife of the Republican presidential candidate John McCain, acknowledge the crowds at the Republican convention.
Laura Bush, left, and Cindy McCain, wife of the Republican presidential candidate John McCain, acknowledge the crowds at the Republican convention.
Laura Bush, left, and Cindy McCain, wife of the Republican presidential candidate John McCain, acknowledge the crowds at the Republican convention.

Republicans move to get convention back on track


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ST PAUL, MINNESOTA // If Republicans were reminded of one thing about politics this week, it was this: even the best-laid plans go awry. First came Hurricane Gustav stealing the media spotlight, forcing a rash of cancellations and harking back to the dreadful federal response to Hurricane Katrina almost exactly three years ago. Then came the news that broke just hours before the convention was brought into session: the teenage daughter of Sarah Palin, the little-known governor of Alaska and the party's vice presidential nominee-in-waiting, is pregnant. In a statement, Mrs Palin and her husband, Todd, said that 17-year-old Bristol was planning to have the baby and marry the father. "It would strain credibility to think that their plan was to announce it today," Matthew Dowd, a top strategist for the Bush-Cheney campaign in 2000 and 2004 and an ABC News analyst, said wryly on Monday. But the convention went on - sort of - even as reporters swarmed around John McCain's aides seeking to know when he found out about the pregnancy. Yesterday, Republicans moved to get the gathering back on its original track, restoring major parts of the programme, albeit in consolidated form. Rick Davis, Mr McCain's campaign manager, said yesterday's programme would focus largely on introducing the Arizona senator to the nation through "stories of service and sacrifice", a clear attempt to portray him as a man of honourable character whose personal life and political career exemplify the convention's theme of "Country First". Among the scheduled speakers last night were Orson Swindle, a decorated former US marine and cellmate of Mr McCain when the two were held as prisoners of war in Vietnam, and Tommy Espinoza, the head of a prominent Hispanic organisation in Arizona, the godfather of Mr McCain's youngest son Jimmy - and a Democrat. George W Bush, who cancelled his Monday trip to St Paul to address the convention on account of the storm, was expected to make brief remarks via satellite last night from the White House. The first lady, Laura Bush was to speak after the president. But what the McCain campaign was really playing up - even as it asked the television networks for expanded coverage because of time lost due to the hurricane - were the remarks of two of Mr McCain's Senate colleagues. Fred Thompson of Tennessee, a former rival for the presidential nomination this year, was to deliver a speech called "The Courage and Service of John McCain". The night was to close with Joe Lieberman, an independent Connecticut senator and the 2000 Democratic vice presidential nominee, and an idea the campaign hopes will stick in the minds of Americans: John McCain is not your average Republican. The title of Mr Lieberman's speech was "The Original Maverick". Today's proceedings are expected to include, as originally planned, the vice presidential acceptance speech by Mrs Palin. Mr Davis called that speech a chance "to bring her into focus" for Americans, many of whom had never heard of her before Friday, and to "see beyond some of the media fog that has existed the last 48 hours". Only time will tell what the political fallout of Gustav - and the change in convention plans it forced - will be. In one way, the disruption on the first day played right into what was to have been that day's subtheme of "service", as convention events were turned into charitable ones to raise funds for hurricane relief. "Instead of talking about it, we did it," said Mr Davis, who added that convention sponsors and campaign donors had already raised millions. Mr Dowd, the former Bush strategist who has also worked for Democrats, said the disruption could turn out to be a boon in another way, in that it forced the president to cancel his trip here - and, likely, a change in the focus of his rescheduled remarks. Thousands of protesters, part of a group calling itself the "Republican National Committee Welcoming Committee", spent two years planning major anti-war protests for the day the president was to arrive. And while those protests went ahead, they got little national coverage because of Hurricane Gustav, and the storm over Mrs Palin's pregnant teenage daughter. There were open concerns that an appearance by Mr Bush would give more ammunition to the Obama-Biden campaign, which has been trying to portray Mr McCain as "McBush" as furiously as Mr McCain has been trying to portray himself as independent. In any case, Jay Pierce, 68, a security officer from Garland, Texas, and an alternate delegate wearing the delegation's trademark cowboy hat, was ready to get on with the programme. "That is just simply life," he said of the way the hurricane co-opted the convention's opening day. "You deal with what you have to deal with and move on." @Email:eniedowski@thenational.ae

WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

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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.”