Rishi Sunak and Liz Truss during the televised ITV debate on Sunday night.
Rishi Sunak and Liz Truss during the televised ITV debate on Sunday night.
Rishi Sunak and Liz Truss during the televised ITV debate on Sunday night.
Rishi Sunak and Liz Truss during the televised ITV debate on Sunday night.

Conservative leadership race enters second week after lacklustre TV debates


Damien McElroy
  • English
  • Arabic

Conservatives enter a second week of voting on leadership contenders on Monday after televised debates between them left little to choose.

An hour-long clash between the three women and two men on Sunday night saw agreement that restoring lost trust was the big challenge for the next government.

But jibes of "just not true" were exchanged across the set as they made their statements.

All conceded they would not give a job to departing prime minister Boris Johnson but there was little desire to dwell on the reasons his resignation was forced.

The contenders also said they would not seek to send the country into an early election.

The key moment on Sunday was when each was allowed to pick a rival to put them on the spot with a question.

Foreign Secretary Liz Truss asked the former chancellor Rishi Sunak about his economic credentials after two-and-a-half years in charge of the nation's finances, which ended with his resignation this month.

Junior minister Kemi Badenoch also turned on Mr Sunak, asking why the country had "lost £17 billion on Covid fraud".

Trade Minister Penny Mordaunt asked why Mr Sunak did not spend more on defence.

Tory leadership candidate Kemi Badenoch speaks during the televised debate on Sunday. ITV via Getty
Tory leadership candidate Kemi Badenoch speaks during the televised debate on Sunday. ITV via Getty

Mr Sunak asked Ms Truss how she could reconcile an early role as a Liberal Democrat and support for Remain in the 2016 Brexit reference with her current hardline persona.

"Which one do you regret most?" he asked.

Meanwhile, Tom Tugendhat turned to Ms Mordaunt to ask when she was going to set out the details of her policies.

The closing statements were all quite personal and sought to reach beyond the room.

"I'm doing this not for myself but for the future," Ms Badenoch said. "I have three children and I want the very best future for them.

"It is vitally important we create a strong United Kingdom that is confident in itself. The United Kingdom is a beacon of shining light in the world.

"That's why so many people want to come here and we need to make sure that we keep it so. A future that is strong, bright, secure, with a thriving economy, that's what I'm about."

Ms Truss said her experience in government since 2010 meant she could hit the ground running.

"The next election is going to be about the economy," she said. "We only have two years to show the British people we can deliver.

"I can hit the ground running at No 10, driving economic growth by cutting taxes and delivering tough reform.

"I've shown what I can do on Brexit, on trade and on Ukraine. Britain's best days lie ahead.

"We need to reject the voices of decline and as Conservatives we need to stop apologising for who we are."

ITV presenter Julie Etchingham with Conservative leadership candidates, from left, Rishi Sunak, Liz Truss, Kemi Badenoch, Tom Tugendhat and Penny Mordaunt. ITV via Getty
ITV presenter Julie Etchingham with Conservative leadership candidates, from left, Rishi Sunak, Liz Truss, Kemi Badenoch, Tom Tugendhat and Penny Mordaunt. ITV via Getty

Mr Tugendhat returned to the theme of trust in leadership, saying the fall of the current government had led to a collapse in confidence.

"This evening hasn't actually been about us, it's been about you and who you need as our next Conservative prime minister," he said.

"The government, I'm afraid, has led to a lack of trust and collapse in that confidence.

"We're all asking the right questions but the real answer is we need a clean start. We can do it. I'm ready to serve, I'm ready to lead."

Ms Mordaunt also sought to speak to the viewers with an admission that the party's model of leadership is broken.

"If you're still watching this debate well done," she said. "I wish tonight had been a little less about us and a lot more about you.

"I know you've got serious concerns and these are really uncertain times.

Penny Mordaunt makes a point during the debate EPA / ITV
Penny Mordaunt makes a point during the debate EPA / ITV

"Our model of political leadership is broken. Only one of us has a plan to [change] that and that's me."

Mr Sunak said he was the only candidate who could see the Conservatives through the next federal election.

"We have a choice," he said. "Do we confront the challenges we face with honesty and responsibility or not?

"I'm standing because I believe I'm the only candidate who can take the fight to Labour at the next general election.

"Our potential is limitless. My parents worked hard to give me a better future and that's what I would do for your children and grandchildren as prime minister."

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Profile box

Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
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Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you

You are the cure for my sickness and my support, you dried my throat up let me go and damp it

Help me, oh children of mine, for in his love my life will pass me by. 

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.”

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
Updated: July 17, 2022, 11:17 PM