Republican Governor Greg Abbott will face Democrat Beto O’Rourke after voters in Texas opened what could be a lengthy, bruising primary season poised to reshape political power from state capitals to Washington.
Both candidates comfortably won their party's nominations on Tuesday. Mr Abbott secured 66.6 per cent of the vote in a crowded Republican field while Mr O'Rourke captured more than 90 per cent of Democratic votes, an Associated Press tally showed.
Mr Abbott is now in a commanding position as he seeks a third term, beginning his run with more than $50 million and campaigning on a strongly conservative agenda in America’s largest Republican state. That leaves Mr O’Rourke facing an uphill effort to recapture the magic of his 2018 Senate campaign, when he nearly ousted Ted Cruz.
“This group of people, and then some, are going to make me the first Democrat to be governor of the state of Texas since 1994,” Mr O’Rourke told supporters in Fort Worth, where in 2018 he flipped Texas’s largest Republican county.
“This is on us. This is on all of us.”
Mr Abbott said “Republicans sent a message".
“They want to keep Texas on the extraordinary path of opportunity that we have provided over the past eight years,” his campaign said in a statement.
The Texas primary on Tuesday was expected to be a test of the Republican party's rightward shift.
Former US president Donald Trump endorsed more than a dozen candidates in the state's primary, including Mr Abbott.
Mr Trump's endorsement of State Attorney General Ken Paxton wasn't enough to prevent a run-off election against Texas Land Commissioner George P Bush, the grandson of George HW Bush.
While Mr Paxton won more votes than Mr Bush on Tuesday, his failure to win outright could raise questions about the power of Mr Trump’s endorsement as he seeks to reshape the party in his image in other primaries later this year.
The primary season, which picks up speed in the summer, determines which candidates from each party advance to the fall campaign.
Midterms are typically considered to be referendums on the sitting president and Republicans look poised to win back at least one chamber in US Congress, where Democrats hold a razor-thin majority.
The Texas primary fell on the same night as President Joe Biden's State of the Union address, where he attempted to reset the Democratic Party's agenda after several of his of domestic policies had stalled.
Mr Biden's approval rating sits at only 41 per cent, a recent Gallup poll showed.
Republicans are betting that the Texas primaries will be the first step towards them retaking Congress in November, pointing to Mr Biden’s low approval ratings, inflation and anger about the chaotic withdrawal of US forces from Afghanistan. Russia’s war with Ukraine could also have deep political implications.
History would suggest Republicans have a sizeable advantage as well. The Democrats have lost congressional seats in the midterms every year this century, with the exception of 2002 after the September 11 terrorist attacks.
The Associated Press contributed to this report
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THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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.”
CHATGPT%20ENTERPRISE%20FEATURES
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Company%20profile
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UAE currency: the story behind the money in your pockets
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RESULTS
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