US President Donald Trump speaks during an event commemorating the 400th Anniversary of the First Representative Legislative Assembly in Jamestown, Virginia on July 30, 2019. AFP / ANDREW CABALLERO-REYNOLDS
US President Donald Trump speaks during an event commemorating the 400th Anniversary of the First Representative Legislative Assembly in Jamestown, Virginia on July 30, 2019. AFP / ANDREW CABALLERO-REYNOLDS
US President Donald Trump speaks during an event commemorating the 400th Anniversary of the First Representative Legislative Assembly in Jamestown, Virginia on July 30, 2019. AFP / ANDREW CABALLERO-REYNOLDS
US President Donald Trump speaks during an event commemorating the 400th Anniversary of the First Representative Legislative Assembly in Jamestown, Virginia on July 30, 2019. AFP / ANDREW CABALLERO-RE

Trump condemns slavery amid controversy over prior incendiary remarks


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US President Donald Trump, under fire for attacks on four congresswomen of colour, condemned slavery on Tuesday at the 400th anniversary of the first legislative assembly, in Virginia.

But Mr Trump was interrupted by a protesting state legislator.

He gave a speech at the site of the first legislative assembly in Jamestown, Virginia, after touring the town's church and a mock 1619 village.

Mr Trump honoured the first people to form a government in what would become the United States, but also recognised the importation of slaves in 1619 in the region.

“It was the beginning of a barbaric trade of human lives,” he said. “Today, in honour, we remember every sacred soul who suffered the horrors of slavery and the anguish of bondage.”

Mr Trump also honoured African-Americans’ contributions to US history and quoted civil rights leader Rev Martin Luther King Jr.

The speech followed two weeks of incendiary remarks about four Democratic women of colour in the US House of Representatives and African-American politician Elijah Cummings, all of whom have been sharp critics of the president.

Mr Trump blasted Mr Cummings for not doing more to improve the plight of Baltimore, a largely black city, which he said was "rat and rodent-infested".

He has been accused of racism and bigotry for remarks about the five politicians.

Virginia’s black legislators said they would boycott Mr Trump’s appearance after his harsh comments about the minority members of Congress.

The Virginia Legislative Black Caucus said it was “impossible to ignore the emblem of hate and disdain that the president represents”, while he continues to “promulgate policies that harm marginalised communities and use racist and xenophobic rhetoric".

Mr Trump’s address in Jamestown was interrupted briefly by Democratic Virginia Delegate Ibraheem Samirah, who shouted and held up a sign that said: “Go back to your corrupted home. Deport hate. Reunite my family and all those shattered by systemic discrimination.”

Mr Samirah, a Palestinian-American dentist, later said in a Twitter post that he had disrupted the speech “because nobody’s racism and bigotry should be excused for the sake of being polite".

“The man is unfit for office and unfit to partake in a celebration of democracy, representation and our nation’s history of immigrants,” he said.

The Virginia Republican Party later released a statement accusing Mr Samirah of being anti-Semitic.

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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'Laal Kaptaan'

Director: Navdeep Singh

Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

Rating: 2/5

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

Florida: The critical Sunshine State

Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991. 

Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.

In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.

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.”

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

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