US President Donald Trump and Vice President Mike Pence, far left, at Mr Trump's inauguration ceremony in 2017, an event that was attended by former president Barack Obama and his wife Michelle. AP
US President Donald Trump and Vice President Mike Pence, far left, at Mr Trump's inauguration ceremony in 2017, an event that was attended by former president Barack Obama and his wife Michelle. AP
US President Donald Trump and Vice President Mike Pence, far left, at Mr Trump's inauguration ceremony in 2017, an event that was attended by former president Barack Obama and his wife Michelle. AP
US President Donald Trump and Vice President Mike Pence, far left, at Mr Trump's inauguration ceremony in 2017, an event that was attended by former president Barack Obama and his wife Michelle. AP

Trump 'delegitimising' democracy by not conceding US election, says Obama


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US President Donald Trump's refusal to concede the election is diminishing democracy, former president Barack Obama said on Sunday.

He said it was clear Joe Biden would be the country's next leader and that Mr Trump's delay in accepting that would have repercussions.

"The president doesn't like to lose and never admits loss," Mr Obama told CBS's Sunday Morning programme.

Mr Obama criticised the Republicans who allowed Mr Trump to continue to make false claims about widespread voter fraud.

“It is one more step in delegitimising not just the incoming Biden administration, but democracy generally," he said.

Mr Obama said Mr Trump should remember that he is a public servant and a temporary occupant of the White House.

“And when your time is up then it is your job to put the country first and think beyond your own ego, and your own interests, and your own disappointments," he said.

“My advice to President Trump is, if you want at this late stage in the game to be remembered as somebody who put country first, it’s time for you to do the same thing.”

Mr Obama expressed concerns that if Mr Trump and his party continued down this path, America's adversaries would see it as a weakened country and try to exploit the "cleavages in the body politic".

In comments made last Friday regarding a coronavirus vaccine, Mr Trump said his administration would "not be going to a lockdown" to slow the spread of Covid-19.

“Whatever happens in the future, who knows which administration it will be? I guess time will tell," he said.

In a tweet on Sunday, Mr Trump appeared to accept Mr Biden's election victory, but recanted within 90 minutes.

Mr Trump followed that with a tweet about more lawsuits coming from his campaign to challenge the election result.

Mr Obama said that deepening divisions in the US were driven in part by the different mindset of Mr Trump’s supporters and the conservative media that feeds those views.

Mr Trump lost the popular vote to Mr Biden even though more than 73 million Americans cast their ballots for him.

“The power of the alternative worldview that’s presented in the media those voters consume – it carries a lot of weight,” Mr Obama said.

The former president did not cite a specific outlet, but he and Democrats have often criticised Fox News, which features a weeknight line-up of conservative hosts including Tucker Carlson and Sean Hannity, who have been ardent promoters of Mr Trump and his policies.

Mr Trump turned on the cable news channel recently, blasting its election coverage for being insufficiently loyal and suggesting in a tweet on Thursday that his supporters switch to more conservative choices.

“They forgot the Golden Goose,” Mr Trump said. “The biggest difference between the 2016 Election and 2020 was Fox News!”

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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.”

if you go

Getting there

Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.

Staying there

On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.

More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr

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RESULT

Manchester United 2 Burnley 2
Man United:
 Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')

Man of the Match: Jesse Lingard (Manchester United)