Former president Donald Trump increased his dark language at the weekend, warning of a “bloodbath” if he loses the election in November, and saying some immigrants are “not people”.
Mr Trump told a rally in Ohio on Saturday that November's presidential election will be the “most important date” in US history.
The “bloodbath” comment came in the context of the car industry.
“If I don't get elected it's going to be a bloodbath for the whole – that's going to be the least of it, it's going to be a bloodbath for the country," Mr Trump said. "That'll be the least of it. But they're not going to sell those cars.”
James Singer, a spokesman for President Joe Biden's re-election campaign, accused Mr Trump of intensifying his “threats of political violence".
Mr Biden has previously accused his rival of using increasingly Nazi-like language and of dehumanising other people.
“He wants another January 6, but the American people are going to give him another electoral defeat this November because they continue to reject his extremism, his affection for violence and his thirst for revenge,” Mr Singer said in a statement.
But Trump campaign spokesman Steven Cheung said Mr Trump had clearly been talking about the effects of a second Biden term on the motor industry and broader economy.
“Crooked Joe Biden and his campaign are engaging in deceptively out-of-context editing,” Mr Cheung said.
Mr Trump also continued to criticise Mr Biden over his handling of the US-Mexico border as he described some migrants as less than human.
“In some cases, they’re not people, in my opinion,” he said, apparently referring to young former prisoners.
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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Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
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