Donald Trump's former chief strategist Steve Bannon speaking with reporters in New York last year. AP
Donald Trump's former chief strategist Steve Bannon speaking with reporters in New York last year. AP
Donald Trump's former chief strategist Steve Bannon speaking with reporters in New York last year. AP
Donald Trump's former chief strategist Steve Bannon speaking with reporters in New York last year. AP

US insurrection investigators to vote on holding Trump ally Steve Bannon in contempt


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A House committee investigating the January 6 insurrection at the US Capitol is set to vote next week to hold Steve Bannon, a top adviser to former president Donald Trump, in contempt of Congress for not co-operating in the probe.

Mr Bannon, who served as the former president’s chief political strategist and helped run his 2016 campaign, has refused to co-operate with the committee’s subpoena, per Mr Trump's request.

Democratic Congressman Bennie Thompson, the chairman of the committee, blasted Mr Bannon for “hiding behind the former president’s insufficient, blanket, and vague statements regarding privileges he has purported to invoke.”

Mr Bannon was scheduled for a deposition on Thursday but failed to appear.

The panel, which includes seven Democrats and two Republicans, will vote to hold Mr Bannon in contempt on October 19.

“The Select Committee will not tolerate defiance of our subpoenas, so we must move forward with proceedings to refer Mr. Bannon for criminal contempt,” Mr Thompson said.

Also subpoenaed to provide a deposition on Thursday is former Defence Department official Kashyap Patel. But unlike Mr Bannon, Mr Patel is engaging with the committee, according to panel officials, despite also being urged by the Trump legal team not to do so.

His deposition is being delayed as those talks continue.

Former White House chief of staff Mark Meadows and former deputy chief of staff for communications Dan Scavino were also issued subpoenas to appear on Friday.

It remained unclear on Thursday if they will do so.

As explained by the committee, a person who refuses to provide testimony or documents subpoenaed by Congress, including committees of the House, is potentially liable for contempt of Congress. That is a crime that may result in a fine and between one and 12 months’ imprisonment and a fine of up to $100,000.

The decision to refer such a charge to the Justice Department would go before the full House.

- With agencies

  • An explosion caused by a police munition is seen while supporters of former president Donald Trump gather in front of the US Capitol Building in Washington, US, January 6, 2021. Reuters
    An explosion caused by a police munition is seen while supporters of former president Donald Trump gather in front of the US Capitol Building in Washington, US, January 6, 2021. Reuters
  • A supporter of US President Donald J. Trump sits on the desk of US House Speaker Nancy Pelosi, after supporters of US President Donald J. Trump breached the US Capitol security in Washington. EPA
    A supporter of US President Donald J. Trump sits on the desk of US House Speaker Nancy Pelosi, after supporters of US President Donald J. Trump breached the US Capitol security in Washington. EPA
  • Police detain a person as supporters of US President Donald Trump protest outside the US Capitol. AFP
    Police detain a person as supporters of US President Donald Trump protest outside the US Capitol. AFP
  • Protesters enter the US Capitol Building. AFP
    Protesters enter the US Capitol Building. AFP
  • A protester holds a Trump flag inside the US Capitol Building near the Senate Chamber. AFP
    A protester holds a Trump flag inside the US Capitol Building near the Senate Chamber. AFP
  • US Capitol police officers point their guns at a door that was vandalized in the House Chamber during a joint session of Congress. AFP
    US Capitol police officers point their guns at a door that was vandalized in the House Chamber during a joint session of Congress. AFP
  • Members of congress run for cover as protesters try to enter the House Chamber during a joint session of Congress. AFP
    Members of congress run for cover as protesters try to enter the House Chamber during a joint session of Congress. AFP
  • Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
    Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
  • Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
    Congress staffers barricade themselves after Trump supporters stormed inside the US Capitol. AFP
  • Congress staffers hold up their hands while Capitol Police Swat teams check everyone in the room as they secure the floor of Trump supporters. AFP
    Congress staffers hold up their hands while Capitol Police Swat teams check everyone in the room as they secure the floor of Trump supporters. AFP
  • US Capitol Police stand detain protesters outside of the House Chamber during a joint session of Congress. AFP
    US Capitol Police stand detain protesters outside of the House Chamber during a joint session of Congress. AFP
  • A supporter of US President Donald Trump sits at a desk after invading the Capitol Building. AFP
    A supporter of US President Donald Trump sits at a desk after invading the Capitol Building. AFP
  • A protester sits in the Senate Chamber. AFP
    A protester sits in the Senate Chamber. AFP
  • Pro-Trump protesters tear down a barricade as they clash with Capitol police during a rally to contest the certification of the 2020 US presidential election results by the US Congress. Reuters
    Pro-Trump protesters tear down a barricade as they clash with Capitol police during a rally to contest the certification of the 2020 US presidential election results by the US Congress. Reuters
  • Police hold back supporters of US President Donald Trump as they gather outside the US Capitol's Rotunda. AFP
    Police hold back supporters of US President Donald Trump as they gather outside the US Capitol's Rotunda. AFP
  • Supporters of US President Donald Trump enter the US Capitol's Rotunda. AFP
    Supporters of US President Donald Trump enter the US Capitol's Rotunda. AFP
  • A protester is seen hanging from the balcony in the Senate Chamber. AFP
    A protester is seen hanging from the balcony in the Senate Chamber. AFP
  • Riot police prepare to move demonstrators away from the US Capitol. AFP
    Riot police prepare to move demonstrators away from the US Capitol. AFP
  • Trump supporters clash with police and security forces as they storm the US Capitol. AFP
    Trump supporters clash with police and security forces as they storm the US Capitol. AFP
  • Trump supporters clash with police and security forces, as they storm the US Capitol. AFP
    Trump supporters clash with police and security forces, as they storm the US Capitol. AFP
  • A supporter of US President Donald Trump wears a gas mask as he protests after storming the US Capitol. AFP
    A supporter of US President Donald Trump wears a gas mask as he protests after storming the US Capitol. AFP
  • Pro-Trump supporters storm the US Capitol following a rally. AFP
    Pro-Trump supporters storm the US Capitol following a rally. AFP
  • Supporters of US President Donald Trump protest inside the US Capitol. AFP
    Supporters of US President Donald Trump protest inside the US Capitol. AFP
  • US President Donald Trump is seen on TV from a video message released on Twitter addressing rioters at the US Capitol, in the Brady Briefing Room at the White House in Washington, DC. AFP
    US President Donald Trump is seen on TV from a video message released on Twitter addressing rioters at the US Capitol, in the Brady Briefing Room at the White House in Washington, DC. AFP
  • Trump supporters clash with police and security forces as they storm the US Capitol in Washington, DC. AFP
    Trump supporters clash with police and security forces as they storm the US Capitol in Washington, DC. AFP
  • Supporters of US President Donald Trump protest in the US Capitol Rotunda. AFP
    Supporters of US President Donald Trump protest in the US Capitol Rotunda. AFP
  • Paramedics perform cardiopulmonary resuscitation on a patient. AFP
    Paramedics perform cardiopulmonary resuscitation on a patient. AFP
  • A wounded protester is carried on barricade as demonstrators breach the US Capital building grounds. Bloomberg
    A wounded protester is carried on barricade as demonstrators breach the US Capital building grounds. Bloomberg
  • US Vice President Mike Pence and House Speaker Nancy Pelosi preside over a joint session of Congress to certify the 2020 Electoral College results after supporters of President Donald Trump stormed the Capitol earlier in the day on Capitol Hill in Washington, DC. EPA
    US Vice President Mike Pence and House Speaker Nancy Pelosi preside over a joint session of Congress to certify the 2020 Electoral College results after supporters of President Donald Trump stormed the Capitol earlier in the day on Capitol Hill in Washington, DC. EPA
  • Rep. Andy Kim, D-N.J., cleans up debris and personal belongings strewn across the floor of the Rotunda in the early morning hours of the morning, after protesters stormed the Capitol in Washington. AP
    Rep. Andy Kim, D-N.J., cleans up debris and personal belongings strewn across the floor of the Rotunda in the early morning hours of the morning, after protesters stormed the Capitol in Washington. AP

THE SPECS

Engine: 1.6-litre turbo

Transmission: six-speed automatic

Power: 165hp

Torque: 240Nm

Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)

On sale: Now

Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

Kibsons%20Cares
%3Cp%3E%3Cstrong%3ERecycling%3Cbr%3E%3C%2Fstrong%3EAny%20time%20you%20receive%20a%20Kibsons%20order%2C%20you%20can%20return%20your%20cardboard%20box%20to%20the%20drivers.%20They%E2%80%99ll%20be%20happy%20to%20take%20it%20off%20your%20hands%20and%20ensure%20it%20gets%20reused%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKind%20to%20health%20and%20planet%3C%2Fstrong%3E%3Cbr%3ESolar%20%E2%80%93%2025-50%25%20of%20electricity%20saved%3Cbr%3EWater%20%E2%80%93%2075%25%20of%20water%20reused%3Cbr%3EBiofuel%20%E2%80%93%20Kibsons%20fleet%20to%20get%2020%25%20more%20mileage%20per%20litre%20with%20biofuel%20additives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESustainable%20grocery%20shopping%3C%2Fstrong%3E%3Cbr%3ENo%20antibiotics%3Cbr%3ENo%20added%20hormones%3Cbr%3ENo%20GMO%3Cbr%3ENo%20preservatives%3Cbr%3EMSG%20free%3Cbr%3E100%25%20natural%3C%2Fp%3E%0A
The specs

Engine: 6.2-litre V8

Power: 502hp at 7,600rpm

Torque: 637Nm at 5,150rpm

Transmission: 8-speed dual-clutch auto

Price: from Dh317,671

On sale: now

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.”

MATCH INFO

Manchester United v Manchester City, Wednesday, 11pm (UAE)

Match is on BeIN Sports

Friday's schedule at the Etihad Airways Abu Dhabi Grand Prix

GP3 qualifying, 10:15am

Formula 2, practice 11:30am

Formula 1, first practice, 1pm

GP3 qualifying session, 3.10pm

Formula 1 second practice, 5pm

Formula 2 qualifying, 7pm

Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Uefa Champions League play-off

First leg: Wednesday, 11pm (UAE)
Ajax v Dynamo Kiev

Second leg: Tuesday, August 28, 11pm (UAE)
Dynamo Kiev v Ajax

MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.

Results

1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000

2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000

3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000

Asia Cup Qualifier

Venue: Kuala Lumpur

Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September

Fixtures:

Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore

Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman

Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal

Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore

Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong

Thu Sep 6: Final

 

Asia Cup

Venue: Dubai and Abu Dhabi

Schedule: Sep 15-28

Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

EMILY%20IN%20PARIS%3A%20SEASON%203
%3Cp%3ECreated%20by%3A%20Darren%20Star%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Lily%20Collins%2C%20Philippine%20Leroy-Beaulieu%2C%20Ashley%20Park%3C%2Fp%3E%0A%3Cp%3ERating%3A%202.75%2F5%3C%2Fp%3E%0A
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

Aayan%E2%80%99s%20records
%3Cp%3E%3Cstrong%3EYoungest%20UAE%20men%E2%80%99s%20cricketer%3C%2Fstrong%3E%3Cbr%3EWhen%20he%20debuted%20against%20Bangladesh%20aged%2016%20years%20and%20314%20days%2C%20he%20became%20the%20youngest%20ever%20to%20play%20for%20the%20men%E2%80%99s%20senior%20team.%20He%20broke%20the%20record%20set%20by%20his%20World%20Cup%20squad-mate%2C%20Alishan%20Sharafu%2C%20of%2017%20years%20and%2044%20days.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20wicket-taker%3C%2Fstrong%3E%3Cbr%3EAfter%20taking%20the%20wicket%20of%20Bangladesh%E2%80%99s%20Litton%20Das%20on%20debut%20in%20Dubai%2C%20Aayan%20became%20the%20youngest%20male%20cricketer%20to%20take%20a%20wicket%20against%20a%20Full%20Member%20nation%20in%20a%20T20%20international.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20in%20T20%20World%20Cup%20history%3F%3C%2Fstrong%3E%3Cbr%3EAayan%20does%20not%20turn%2017%20until%20November%2015%20%E2%80%93%20which%20is%20two%20days%20after%20the%20T20%20World%20Cup%20final%20at%20the%20MCG.%20If%20he%20does%20play%20in%20the%20competition%2C%20he%20will%20be%20its%20youngest%20ever%20player.%20Pakistan%E2%80%99s%20Mohammed%20Amir%2C%20who%20was%2017%20years%20and%2055%20days%20when%20he%20played%20in%202009%2C%20currently%20holds%20the%20record.%3C%2Fp%3E%0A
LA LIGA FIXTURES

Thursday (All UAE kick-off times)

Sevilla v Real Betis (midnight)

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Updated: October 14, 2021, 7:02 PM