US President-elect Joe Biden is not waiting for Donald Trump to concede before he fills the key positions in his administration, including the 71st US Secretary of State.
The pick that would require confirmation from the Senate will be the most indicative of Mr Biden’s foreign policy direction and his attempt to balance different wings and interests inside the Democratic Party.
Former secretaries of state such as Henry Kissinger, James Baker and Madeline Albright shaped to a great degree the policy of their respective presidents and the trajectory of American power abroad.
For Mr Biden, it’s a choice between a confidant, someone influential, appeasing the base, or reaching out to Republicans. These are the names being debated in and around his transition team for the position:
Susan Rice
The former national security adviser and ambassador to the United Nations during the Obama years is seen as a favourite for the position.
Ms Rice was on the shortlist for the vice president pick, has worked in Democratic administrations since 1993 and enjoys a good working relationship with the President-elect.
Helping her case is the extensive experience, gravitas and diversity to the position she might bring, as well as her close working relationship with former President Barack Obama.
But Ms Rice, known for her direct and blunt approach, could face a challenge from senior aides in Mr Biden’s team who are jockeying for the position.
She has also come under attack from the left and the right for her support for the Libya war and comments she made after the assault on Benghazi in 2012.
Tony Blinken
If Mr Biden is opting for a close confidant and a Secretary of State who would sail through their Senate confirmation and not generate headlines, Mr Blinken would be his nominee.
The former deputy national security adviser and former deputy secretary of state has been one of the closest aides to the President-elect on foreign policy throughout the campaign.
Mr Blinken is soft-spoken, liked within the democratic establishment but he lacks the gravitas and the presence that Susan Rice would bring to the table.
Bill Burns
With more than three decades of experience in the US diplomatic service, Mr Burns would bring unparalleled negotiating skills to the table.
The former undersecretary, deputy secretary of state, and former ambassador has vast experience inside the State Department like no other potential nominee.
He has worked under both Democratic and Republican presidents, negotiated behind the scenes with the US’ toughest adversaries, and is viewed as a good manager.
If Mr Biden is looking for experience and calm diplomacy, Mr Burns could be his choice.
Chris Murphy
The Senator from Connecticut is a rising foreign policy voice within the Democratic Party.
Known for his anti-war positions, whether in opposing the Yemen war or calling for the end of the war in Afghanistan, Mr Murphy would garner support from the leftist base of the Democratic Party.
He is an eloquent speaker and would be a departure from traditional picks for the position.
However, Mr Murphy is not in the circle surrounding the President-elect and he was seen as closer to his former rival Bernie Sanders during the primary.
Chris Coons
The Senator from Delaware is a personal friend of Mr Biden.
The two men have known each other through Delaware politics for more than two decades and if Mr Biden wants to prize loyalty and steadiness, Mr Coons could be moving to Foggy Bottom.
Mr Coons is well-liked in the Senate and has openly jockeyed for the position.
“Joe Biden and I have very similar, closely aligned views on foreign policy…He’s got a lot of great folks from whom to choose, but if he were to consider me as well, I’d certainly be honoured,” Mr Coons said in September.
Mitt Romney
The Republican Senator from Utah would be an unconventional pick for Mr Biden but one that could signal his intention to reach across party lines.
Mr Romney was on outgoing President Donald Trump’s list for secretary of state but their relation has dramatically soured over the years and the Republican Senator became the maverick voice in his party to oppose the White House.
A Romney pick for America’s top diplomat under Mr Biden would likely upset many Democrats but could foster a bipartisan foreign policy approach on a significant set of challenges.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
Company%20Profile
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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.”
Mental%20health%20support%20in%20the%20UAE
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Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
COMPANY%20PROFILE
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The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
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