Reinvigorated from the Christmas break, supported by an astute political adviser and easily surpassing his predecessor’s time in office, the UK's Rishi Sunak swatted away opposition attacks at Prime Minister’s Questions on Wednesday.
Foremost was his immediate disarming of a potentially hostile and troubling question on whether he has used private health care.
At a time of immense strain on the National Health Service and on a day when 25,000 ambulance workers went on strike, Mr Sunak took the political risk of being straight with the public and admitted to using “independent health care”.
To a country devoted to the NHS, going private for a politician carries accusations of privilege, hypocrisy and — especially for a multimillionaire — a remoteness from the general public.
That was why Mr Sunak had previously refused to answer questions on whether he had used a private dentist, but then, in the most public forum, he admitted to it for the first time.
As he did so, Labour leader Keir Starmer wrote furiously on his usually well-scripted notes in an attempt to think up a stinging riposte.
But he was to be disappointed. Primed by the approving bellows behind him, the Prime Minister gave a thundering performance, eviscerating all in his path.
It had not appeared so at the midday start when he arrived alone to some hearty cheers from MPs yet to be convinced of his leadership or election-winning potential after 77 days in office following Liz Truss’s departure.
Mr Starmer arrived confidently, flanked by his deputy Angela Rayner and shadow chancellor Rachel Reeves.
But they were undercut by the early healthcare confession, an admission perhaps prompted by the appointment right before Christmas of James Forsyth, the scholarly but street-smart editor at Spectator magazine, as his political secretary.
Speaking truth to power is an overused phrase but a vital attribute for political longevity.
A contemporary at Winchester College and now a close family friend, Mr Sunak and Mr Forsyth are godfathers to each other’s children.
Mr Forsyth will also hope to survive longer in the job than his wife, Allegra Stratton, who served as press secretary to Mr Sunak's predecessor Boris Johnson, but fell on her sword early in the Covid pandemic when footage of her giggling during a mock press conference emerged. She previously worked as Mr Sunak's director of strategic communications at the Treasury.
An astute political observer, Mr Forsyth will give it straight to Mr Sunak — and more importantly, the Prime Minister will listen.
Mr Forsyth's hand also seems to be behind last Saturday’s meeting of NHS leaders in Downing Street’s first serious attempt to resolve the crisis of striking nurses, ambulance staff and the threat of doctors, too.
The Prime Minister was attacked by Mr Starmer for failing to end the broadening strikes, referring to the weekly pandemic applause for medical staff by stating: “When I clapped for nurses, I meant it.”
Mr Sunak’s rebuttal was, for a naturally polite person, sharp and bruising. Labour’s proposed NHS reforms “costs a fortune and are out of date … just like the Labour Party”.
Warming to his new theme of polite put-downs, the Conservative leader generated growing warmth and approval on the benches behind when asked by the Scottish National Party leader about the apparent £1 million earnings made by former prime minister Mr Johnson from four public speeches after leaving office.
“I don't think we need to talk about our predecessors,” Mr Sunak said, leaning into the despatch box. “One of yours worked for Russia Today.” Chuckles of approval met the reference to Alex Salmond’s time at the now-sanctioned broadcaster.
Later, turning his guns back on Labour, Mr Sunak condemned it as a party that “always runs out of other people’s money”.
It was a good start to 2023 for Mr Sunak, as noted by political observers.
“That’s Rishi’s best PMQs yet,” said one commentator afterwards. “He clearly had his oats this morning.”
His colleague responded: “Yes, and it look like he’s practised shouting in the mirror.”
However, Mr Sunak has some hard yards ahead if he is to reign in Labour’s seemingly unassailable poll lead, with the latest figures showing the Conservative between 14 and 24 points behind.
But if he plays to his strengths of honesty and transparency, Mr Sunak may well gain appeal among voters who are utterly despondent after 13 years of Tory rule.
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.”
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
PROVISIONAL FIXTURE LIST
Premier League
Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm
Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm
Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm
Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm
Monday, June 22 Manchester City v Burnley 11pm (Sky)
Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm
Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm
Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm
Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm
Monday June 29 Crystal Palace vs Burnley 11pm
Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm
Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm
Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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Squads
India: Kohli (c), Rahul, Shaw, Agarwal, Pujara, Rahane, Vihari, Pant (wk), Ashwin, Jadeja, Kuldeep, Shami, Umesh, Siraj, Thakur
West Indies: Holder (c), Ambris, Bishoo, Brathwaite, Chase, Dowrich (wk), Gabriel, Hamilton, Hetmyer, Hope, Lewis, Paul, Powell, Roach, Warrican, Joseph