U.S. President Donald Trump salutes West Point graduating cadets. Reuters
U.S. President Donald Trump salutes West Point graduating cadets. Reuters
U.S. President Donald Trump salutes West Point graduating cadets. Reuters
U.S. President Donald Trump salutes West Point graduating cadets. Reuters

Trump suspends rally on slavery holiday and promotes diversity to military grads


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Donald Trump has postponed a controversial rally scheduled for the same day as a holiday commemorating the end of slavery, and used a speech to the country's graduating army cadets to highlight diversity.

He was heavily criticised for plans to have an election rally on the June 19 ‘Juneteenth’ holiday, in a city infamous for  a massacre of African Americans, while anti-racism protests sweep the country following the death of George Floyd in police custody.

On Saturday he addressed officers graduating from West Point military academy.

“What has historically made America unique is the durability of its institutions against the passions and prejudices of the moment. When times are turbulent, when the road is rough, what matters most is that which is permanent, timeless, enduring and eternal," he said.

He said West Point “gave us the men and women who fought and won a bloody war to extinguish the evil of slavery within one lifetime of our founding".

His now-cancelled "Make America Great Again" rally in Tulsa, Oklahoma had been due to mark Trump's return to the campaign trail, but he said on Twitter the event had been postponed "out of respect" for the June 19 ‘Juneteenth’ holiday.

"This isn't just a wink to white supremacists-he's throwing them a welcome home party," Senator Kamala Harris tweeted after Trump first announced the rally.

The Republican billionaire announced on Wednesday that he would resume his campaign rallies in four states, Oklahoma, Florida, Arizona and North Carolina, despite the coronavirus pandemic that continues to rage in the US. The postponed event will now be held on June 20.

“Many of my African American friends and supporters have reached out to suggest that we consider changing the date out of respect for this holiday, and in observance of this important occasion and all that it represents, Mr Trump tweeted about the postponement.

“I have therefore decided to move our rally to Saturday, June 20th, in order to honour their requests.”

The postponement and accusations of insensitivity came as tensions between Mr Trump and the military continued to bubble since nationwide protests began over the death of Floyd, a black man who was pinned by the neck by a white police officer for several minutes despite saying he couldn’t breathe.

The West Point military academy students were sent home in March as coronavirus took hold of the country and states began to shut down.

When Mr Trump revealed he was still interested in making the commencement address, the class of 2020 was instructed to return to the academy, 50 miles north of New York City, to undertake two weeks of lockdown before the ceremony.

“The members of this class have come from every state in our union. You have come from the farms and the cities, from states big and small, and from every race, religion, color, and creed. But when you entered these grounds, you became part of one team, one family, proudly serving one great American nation," Trump said on Saturday.

The graduates, 1,100 Army second lieutenants, were tested for the virus on arrival at the camp and 15 tested positive, Lt Col Christopher Ophardt, a West Point spokesman, told the New York Times.

The 15 did not transmit the virus to anyone else and have recovered and will attend the ceremony, he added.

In the past two weeks, Mr Trump admonished Defense Secretary Mark Esper for publicly opposing his call to use active-duty troops to crack down on the demonstrations.  Mr Trump then shut down Mr Esper’s attempt to open a public debate on removing the names of Confederate Army officers from military bases.

Gen Mark Milley, the Joint Chiefs of Staff chairman, further risked Trump’s ire Thursday by declaring it had been “a mistake” for him to accompany Trump on a June 1 walk through Lafayette Square. The trip ended with the president holding up a Bible and posing for the news media outside St John’s Church, which was damaged by fire during the unrest.

Gen Milley’s comments amounted to an extraordinary expression of regret by Trump’s chief military adviser, who said his appearance led to the perception of the military becoming embroiled in politics, which in his view — one shared by Esper — is a threat to democracy.

Raucous rallies have been a hallmark of Trump's presidency and a key to energising his base, which he hopes will turn out in big numbers on November 3. He is currently lagging in the polls against Democrat Joe Biden.

Job approval for the president is also down after his response to the coronavirus pandemic and the recent turmoil over police brutality, sparked by Floyd's death during his arrest in Minneapolis.

Former advisers are also having their say on the president's actions. Publisher Simon and Schuster announced Friday that former National Security Adviser

John Bolton will release a book detailing impeachable offences committed by Mr Trump.

Mr Trump earlier this year warned Mr Bolton not to publish his book while the president is still in the White House, whose lawyers have contended that large portions of the material in the memoir are classified.

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.”

UAE central contracts

Full time contracts

Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid

Part time contracts

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'I Want You Back'

Director:Jason Orley

Stars:Jenny Slate, Charlie Day

Rating:4/5

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COMPANY PROFILE

Name: N2 Technology

Founded: 2018

Based: Dubai, UAE

Sector: Startups

Size: 14

Funding: $1.7m from HNIs

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Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

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Balance is essential to happiness, health and wealth 

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War

Director: Siddharth Anand

Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor

Rating: Two out of five stars 

UAE currency: the story behind the money in your pockets
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Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.

PROFILE BOX:

Company/date started: 2015

Founder/CEO: Rami Salman, Rishav Jalan, Ayush Chordia

Based: Dubai, UAE

Sector: Technology, Sales, Voice, Artificial Intelligence

Size: (employees/revenue) 10/ 100,000 downloads

Stage: 1 ($800,000)

Investors: Eight first-round investors including, Beco Capital, 500 Startups, Dubai Silicon Oasis, Hala Fadel, Odin Financial Services, Dubai Angel Investors, Womena, Arzan VC

 

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