Activists demonstrate for voting rights outside the White House in Washington as the Senate prepares to vote. AFP
Activists demonstrate for voting rights outside the White House in Washington as the Senate prepares to vote. AFP
Activists demonstrate for voting rights outside the White House in Washington as the Senate prepares to vote. AFP
Activists demonstrate for voting rights outside the White House in Washington as the Senate prepares to vote. AFP

US Democrats press doomed voting rights reform


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On Wednesday, the US Senate is set to vote on a seemingly futile push to shore up voting rights in response to a series of Republican-led states tightening access to the ballot box.

The Freedom to Vote Act and the John Lewis Voting Rights Advancement Act passed the House of Representatives last week but are all but guaranteed to fail in the upper chamber, with Republicans united in opposition to what they frame as a partisan power grab.

But Democrats say the package is vital to protect democracy after conservative states spent the last year leveraging former president Donald Trump's false claims of widespread election fraud to introduce a series of restrictive new voting regulations.

“The eyes of history are upon us … Win, lose or draw, we are going to vote, especially when the issue relates to the beating heart of our democracy,” Senate Majority Leader Chuck Schumer said in a speech on the floor.

The legislation would guarantee the right to mail-in voting, ballot drop boxes and at least two weeks of early voting — and making Election Day a national holiday.

It also addresses “gerrymandering” — the partisan trick of redrawing congressional districts in the ruling party's favour — and would require states with a history of voter discrimination to have clearance before changing election laws.

Republicans say restrictions such as limiting mail-in voting and insisting on voter identification are simply common sense.

“This is about one party wanting the power to unilaterally rewrite the rule book of American elections,” Senate Republican leader Mitch McConnell said on Tuesday.

Democrats hold a technical majority in the evenly split Senate, with Vice President Kamala Harris able to act as a tiebreaker on 50-50 votes.

With no Republicans likely to break ranks, Democrats will be unable to overcome the so-called “filibuster” — the 60-vote threshold required to move forward with legislation in the Senate.

After the vote fails, Mr Schumer will then try to lower the bar to break filibusters specifically for voting rights, a play known as the “nuclear option".

Mr Schumer has proposed reinstating the “talking filibuster”, forcing Republicans to speak on the floor to sustain their opposition, and introducing a limited carve-out exemption from the 60-vote threshold.

But this manoeuvre is also likely to fall short, as moderate Democratic senators Joe Manchin and Kyrsten Sinema have indicated they will side with Republicans to vote no.

With the push for broad voting rights reform on track to come up short, Democrats have the option of pursuing a narrower, cross-party effort to safeguard elections.

This would include funding to help protect election officials from threats and tightening the process Congress uses to certify presidential elections every four years.

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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.”

Updated: January 19, 2022, 7:16 PM