The UK's Supreme Court has ruled that Scotland's devolved government cannot hold a second referendum on independence without the consent of Westminster.
Scotland's First Minister Nicola Sturgeon had announced a poll for October 2023 on the question of whether the union between Scotland and England should be dissolved. Voters in Scotland rejected the proposal in 2014.
The UK government has refused to agree to a second referendum.
Britain's highest court was asked to rule on whether the devolved Scottish Parliament could hold a referendum without Westminster's agreement.
On Wednesday, it delivered its verdict.
“The Scottish Parliament does not have the power to legislate for a referendum on Scottish independence,” Supreme Court President Baron Robert Reed said.
The judges said a vote would need to be agreed to by the UK government, as was the case in 2014.
The power to call a referendum was reserved to Westminster, and therefore “the Scottish Parliament does not have the power to legislate for a referendum on Scottish independence”, Lord Reed said, delivering the unanimous ruling.
So what happens next?
Lord Advocate Dorothy Bain, Scotland's senior law officer, will not be able to approve a referendum bill for the parliament in Edinburgh.
The Scottish government will have to continue to pushing for a Section 30 order that would provide Holyrood with the necessary powers to call another vote.
No stopping Sturgeon
Ms Sturgeon said she will not be deterred.
“A law that doesn't allow Scotland to choose our own future without [UK parliament] consent exposes as myth any notion of the UK as a voluntary partnership,” the Scottish National Party leader tweeted.
“Today’s ruling blocks one route to Scotland’s voice being heard on independence — but in a democracy our voice cannot and will not be silenced.”
In June, she said that if her government lost the case, she would make the next UK general election a de facto plebiscite on dissolving Scotland’s 315-year union with England.
Speaking on Wednesday following the announcement, she said she now intends to forge ahead with that plan.
"The fact is the SNP is not abandoning the referendum route, Westminster is blocking it," Ms Sturgeon said.
"In that scenario, unless we give up on democracy — and for the avoidance of any doubt, I for one am simply not prepared to do that — we must and we will find another democratic, lawful and constitutional means by which the Scottish people can express their will."
Election call
That can "only be" an election, Ms Sturgeon said.
"The next national election scheduled for Scotland is, of course, the UK general election, making that both the first and the most obvious opportunity to seek what I described back in June as a de facto referendum," she added.
"As with any proposition in any party manifesto in any election, it is of course up to the people how they respond. No party can dictate the basis on which people cast their votes. But a party can be, indeed should be, crystal clear about the purpose for which it is seeking popular support.
"In this case for the SNP it will be to establish, just as in a referendum, majority support in Scotland for independence so we can then achieve independence."
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
MATCH INFO
Euro 2020 qualifier
Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)
TV: Match is shown on BeIN Sports
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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.”