Liz Truss is the UK’s new Foreign Secretary after Dominic Raab lost his job in a Cabinet reshuffle by Prime Minister Boris Johnson.
The former International Trade Secretary was pictured arriving at the Foreign, Commonwealth and Development Office this morning for her first day in the post.
Mr Raab, 47, was appointed in 2019 and stood in for the prime minister when Mr Johnson was sick with Covid-19 last year.
But he was heavily criticised over his response to the fall of Afghanistan, which played out while he was on holiday in Greece.
He will move to the post of Justice Secretary and take on the title of Deputy Prime Minister, which had been vacant since 2015.
His justice role means he will also take on the ancient title of Lord Chancellor, but the move from the Foreign Office was widely seen as a demotion. He declined to comment as he left Mr Johnson’s Downing Street office.
Ms Truss, 46, will keep a separate brief as Minister for Women and Equalities alongside her foreign affairs role.
As trade minister, she has been the public face of Britain’s post-Brexit trade talks with countries such as the US and Canada.
The opposition Labour Party had called for Mr Raab’s sacking after it emerged he had delegated a phone call to Kabul in the hours before the Taliban takeover. The conversation ultimately never took place.
Mr Raab later said he would not have taken the holiday in hindsight but defended his handling of the crisis in Afghanistan.
He acknowledged that Britain, like other countries, had been caught out by the speed of the Taliban advance after Nato forces withdrew their troops.
His role as Justice Secretary will be his third separate brief in the Cabinet, after a spell as Brexit Secretary under former prime minister Theresa May.
Mr Raab stood for the Conservative leadership after Mrs May resigned, but was eliminated in the second round of voting.
The post of deputy prime minister has no formal responsibilities. It was last held by Nick Clegg during the Conservative-Liberal Democrat coalition from 2010 to 2015.
Following the reshuffle, the Prime Minister said it is time for ministers to "get on with the job".
He tweeted: "The Cabinet I have appointed today will work tirelessly to unite and level up the whole country.
"We will build back better from the pandemic and deliver on your priorities. Now let’s get on with the job."
New roles
In other replacements, Baghdad-born Nadhim Zahawi replaced Gavin Williamson as Education Secretary. In November last year, Mr Zahawi, 54, was asked to oversee the UK’s Covid-19 vaccination campaign.
Mr Williamson’s time in office was tainted by the chaos surrounding last year’s exams which saw the government make multiple U-turns in policy.
As the pandemic caused exams to be cancelled, England employed an algorithm to standardise grades for A-levels and GCSEs.
The system caused uproar among teenagers, their families and some teachers, with many complaining it had unfairly punished students.
Justine Greening, who was education secretary from 2016 to 1018, touched on Mr Williamson’s sacking in an interview with Sky News this morning.
She said since the pandemic rolled in “there were decisions made and mistakes made” by Mr Williamson which “very much led” to him being sacked.
She said the Prime Minister “needs to have someone with grip, vision and energy” in the post to “drive forward the education brief” because education is at the heart of his levelling up agenda.
Ms Greening added: “Clearly Boris Johnson sees this as a fresh period for his government, quite rightly, and he wants to have the right team in place to succeed.”
Defence Secretary Ben Wallace insisted Mr Johnson did not sack MPs from Cabinet because of their incompetence and said characterisations of Mr Williamson have been “unfair”.
He told BBC Breakfast: “He has removed people from Government not because they’re incompetent, not because they weren’t loyal enough et cetera, which are often the narratives you see, but often he has to refresh his team and move people out the way.”
Sir Michael Wilshaw, former head of Ofsted, said the top priority for Mr Zahawi as he enters office should be to address the inequality among students which has gotten “significantly worse” since the Covid pandemic hit.
Sir Michael told BBC Radio 4’s Today programme that Mr Williamson’s successor should “make sure that the disadvantaged do significantly better” in England’s education system.
Former Tory MP and attorney-general Dominic Grieve, 65, told Sky News this morning that he believed the Prime Minister reshuffled his Cabinet because it was “not functioning" but said there could be no noticeable difference unless he shifted his “chaotic” style of governance.
Conservative party co-chairwoman Amanda Milling was also removed, weeks before the annual Conservative party conference.
Michael Gove replaces Robert Jenrick at the Ministry of Housing, Communities and Local Government, while also taking on cross-government responsibility for Mr Johnson’s “levelling up” agenda to shift the balance of power between central and local government.
Nadine Dorries was made Culture Secretary replacing Oliver Dowden, who in turn replaces Ms Milling as co-chairman of the Conservatives, as well as holding the title of Minister without Portfolio.
There are also some non-movers in the Cabinet line-up.
Chancellor Rishi Sunak, Home Secretary Priti Patel, Health Secretary Sajid Javid, Transport Secretary Grant Shapps and Defence Secretary Ben Wallace are all staying in post, while Business Secretary Kwasi Kwarteng and Northern Ireland Secretary Brandon Lewis also retained their jobs.
AIR
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HEADLINE HERE
- I would recommend writing out the text in the body
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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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.”
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5