The US Republican Party on Monday officially nominated president Donald Trump to run for re-election in November, when he will take on Democratic candidate Joe Biden.
On the first night of the four-day convention, the party showcased its diversity, but took a hard stance against protesters calling for racial equality, with former UN ambassador Nikki Haley denying racism exists in the US.
With recent polling showing Mr Biden as the preferred candidate for president, Republican speakers throughout the night took aim at the Democratic leader, painting a dark portrait of the former vice president and promoting falsehoods about his record as a politician. Despite Mr Biden campaigning as a centrist, Republicans warned their supporters of his “socialist” policies.
The night featured many fiery speeches that would be best suited to a large audience, but instead echoed through an empty auditorium as the party struggled to adjust its tone during a campaign that is being forced online due to the pandemic.
Donald Trump defends his record
President Trump made two appearances during Monday’s convention to defend his tenure in the White House.
He kicked off the convention by appearing alongside essential workers, including healthcare professionals, who championed the president’s handling of the coronavirus outbreak.
Democrats have pinned much of their campaign on attacking Mr Trump’s response to the crisis, with America leading the world in Covid-19 infections and deaths.
When the virus first emerged in the US in February, Mr Trump was slow to take action and referred to the disease as a hoax. He later refused to wear a mask, against epidemiologists’ advice, despite both Republicans and Democrats urging him to do so.
In his second appearance of the night, Mr Trump was flanked by former hostages who were freed during his administration.
The president boasted of his negotiation skills and said he was still working to free others detained abroad.
US Navy veteran Michael White, who was sentenced to 10 years in an Iranian prison, used the segment to take aim at Iran’s “injustice system”, calling it an “oppressive, extortionist, terrorist regime”.
Critics of the president pointed out that negotiations to bring American Mustafa Kassem home from Egypt failed.
Before he was elected president, Mr Trump had also attacked deceased senator John McCain’s respected record of wartime service.
“He’s not a war hero,” Mr Trump said in 2015. “He was a war hero because he was captured. I like people who weren’t captured.”
Gun rights
Gun rights activists were given the spotlight on Monday night, as the president looked to retain his voter base, rather than appeal to undecided voters.
The McCloskey family made news earlier this summer for waving their guns at Black Lives Matter protesters who marched past the couple’s St Louis home during a rally in June . The couple, who were charged over the incident, defended their “God-given right” to protect themselves and their property at Monday’s Republican convention.
Mark and Patricia McCloskey stoked fears that the Democrats “would bring crime, lawlessness and low-quality apartments into thriving suburban neighbourhoods”.
The couple boosted the Trump campaign’s “law and order” theme, which paints Black Lives Matter protesters as violent rioters.
This message was echoed by Andrew Pollack, the father of a pupil killed during the Parkland high school shooting. He said the “safety of your kids depends” on President Trump winning.
Last August, when 53 Americans were killed in mass shootings, the president said he was prepared to impose stricter gun laws. But after months of deliberating proposals, he abandoned the idea when advisors told him it would divide his voter base, the Washington Post reported.
Race relations
Republicans on Monday showcased the diversity within their party, while simultaneously taking a hard line against Black Lives Matter activists.
Black Senator Tim Scott of South Carolina gave the closing address on the convention’s first night, attacking the Democratic candidate for not doing enough to support minority communities.
“Joe Biden said if a black man didn’t vote for him, he wasn’t truly black. Joe Biden said black people are a monolithic community,” Mr Scott said.
Mr Biden has historically fared well with black voters. During the Democratic primaries he received two-thirds of the black vote in South Carolina, which propelled him to his first victory in the contest for the Democratic nomination.
Former ambassador to the UN Nikki Haley, who is the daughter of Indian immigrants, also made the case for Mr Trump by sharing her personal story.
She noted her father wore a turban and her mother a sari. “I was a brown girl in a black and white world,” Ms Haley said.
“My mom built a successful business. My dad taught [for] 30 years at a historically black college. And the people of South Carolina chose me as their first minority and first female governor.”
“America is not a racist country,” she said.
Both Mr Scott and Ms Haley are reportedly being primed to run for higher office in the future.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
ATP WORLD No 1
2004 Roger Federer
2005 Roger Federer
2006 Roger Federer
2007 Roger Federer
2008 Rafael Nadal
2009 Roger Federer
2010 Rafael Nadal
2011 Novak Djokovic
2012 Novak Djokovic
2013 Rafael Nadal
2014 Novak Djokovic
2015 Novak Djokovic
2016 Andy Murray
2017 Rafael Nadal
2018 Novak Djokovic
2019 Rafael Nadal
Mobile phone packages comparison
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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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Premier Futsal 2017 Finals
Al Wasl Football Club; six teams, five-a-side
Delhi Dragons: Ronaldinho
Bengaluru Royals: Paul Scholes
Mumbai Warriors: Ryan Giggs
Chennai Ginghams: Hernan Crespo
Telugu Tigers: Deco
Kerala Cobras: Michel Salgado
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
