One of the initial tasks for Humza Yousaf, who is due to become Scotland’s First Minister on Tuesday after winning the Scottish National Party's leadership race, will be to appoint his cabinet.
He is taking over from Nicola Sturgeon, the country’s longest-serving leader, who revealed she was stepping down in a surprise announcement last month.
And with Deputy First Minister John Swinney stepping down alongside Ms Sturgeon, sweeping changes are inevitable.
These are the most pressing issues facing the new leader.
Independence
Independence is the party’s raison d’etre but progress on the cause has stalled in recent years, despite the ruling Scottish National Party’s grip remaining strong in the UK Parliament among voters in Scotland.
Ms Sturgeon said she believed the cause of gaining independence for Scotland would be better served with someone new leading the SNP.
The country voted against the independence in 2014.
Polls show little public appetite for another referendum, with a majority disagreeing with the case for Scotland to go on its own.
There is also the question over how the new leader can take the argument for a second referendum forward legally.
Ms Sturgeon had hoped to hold another poll this October on the question of whether the country should break away from the UK.
But in November the UK's highest court ruled that the Scottish Government could not force a second referendum on independence without Westminster's consent — something UK Prime Minister Rishi Sunak is not prepared to give.
In response Ms Sturgeon said the SNP would use the next UK general election as an attempt to show a majority of people in Scotland support independence.
But whether a new leader will successfully reignite that desire — legally, in terms of a second referendum, and among voters — remains to be seen.
Pressure over health care
The record of Scotland’s Health Secretary Mr Yousaf has come under fire — leadership rival Kate Forbes and other opposition politicians branded him the worst health secretary since devolution, with NHS waiting times growing and delayed discharges increasing under his stewardship.
Tackling the problems faced by a health service still recovering from the pandemic will certainly be high on the to-do list for Scotland’s new leader.
Mr Yousaf has claimed success in preventing strike action by NHS workers north of the border to date but junior doctors in Scotland are to be balloted on industrial action in a vote which starts on Wednesday, meaning talks with their representatives will have to be another priority.
Shoring up the coalition
It could be key to keeping the SNP’s power-sharing agreement with the Scottish Greens intact.
The Bute House Agreement between the two parties brought Green politicians into government for the first time anywhere in the UK — and crucially gives the SNP a majority in Holyrood.
The Greens insist they want to maintain the “progressive” policies pursued by Ms Sturgeon.
Rebuilding a party rocked by division
The SNP has lost about 30,000 members in little more than a year.
The mishandling of the situation — with the party initially having rubbished reports its membership had fallen by such a margin — led to the resignations of SNP communications chief Murray Foote and long-standing chief executive Peter Murrell, Ms Sturgeon’s husband.
These will be key positions for the party to fill as it prepares to fight a Westminster general election, which will likely take place next year.
Working with Westminster
Alistair Jack, the Scottish Secretary, has said Holyrood ministers have “too often” sought conflict with Westminster, “simply to further their goal of separation”.
“That has sapped the energy, focus and resolve, which should have been directed at improving education, tackling drugs deaths and ensuring people have the reliable transport links they need,” he said.
“Whoever wins the leadership election faces a fundamental choice, which will define their time as First Minister.
“It is fair to say that they and I will have fundamental political differences.
“But this should not, must not, be an obstacle to us working together in the interests of Scottish families and businesses.”
He continued: “After eight years of Nicola Sturgeon’s leadership, whoever wins has the chance to seize an opportunity to do things differently, to reset and to make devolution work better for the people we serve.”
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
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The Vile
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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.”