The US Capitol Dome in Washington. Senators voted to speed through a bipartisan package of measures to toughen federal gun laws. AFP
The US Capitol Dome in Washington. Senators voted to speed through a bipartisan package of measures to toughen federal gun laws. AFP
The US Capitol Dome in Washington. Senators voted to speed through a bipartisan package of measures to toughen federal gun laws. AFP
The US Capitol Dome in Washington. Senators voted to speed through a bipartisan package of measures to toughen federal gun laws. AFP

US Senate announces first major gun control bill in decades


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The US Senate took its first step towards introducing the first major gun control legislation in decades on Tuesday.

Senators voted to speed through a bipartisan package of measures to toughen federal gun laws. The Senate is to vote on the 80-page bill this week.

Although it would be the most significant action to combat US gun violence in years, the legislation does not extend as far as Democrats, including President Joe Biden, had wanted.

It includes provisions that would help states keep guns out of the hands of anyone deemed to be a danger to themselves or others. It would also close the so-called boyfriend loophole by blocking gun sales to those convicted of abusing unmarried partners.

After mass shootings at a New York grocery store and a Texas elementary school that authorities said were committed by teenagers, the legislation would allow states to provide juvenile records to the national background check system for gun purchases.

But the bill would not raise the age limit from 18 to 21 on purchases of automatic assault weapons. The shooters in both Texas and New York were 18, and used assault rifles they bought themselves.

Senate Majority Leader Chuck Schumer said he expected the bill to pass this week, while Senator Chris Murphy, the lead Democrat in talks to craft a legislative deal with Republicans, called it "the most significant piece of anti-gun-violence legislation Congress will have passed in 30 years".

"This is a breakthrough," Mr Murphy said on the Senate floor ahead of the bill's release. "And, more importantly, it is a bipartisan breakthrough."

The Republican leader in the Senate, Mitch McConnell, called the legislation "a commonsense package" and pledged his support.

With the 100-seat Senate split evenly between the two parties, the legislation will need support from at least 10 Republicans to pass a procedural hurdle. Fourteen Republicans, including Mr McConnell, joined all 50 Democrats to move towards voting on the legislation.

The biggest gun lobby in the country, the National Rifle Association, said on Twitter it opposed the legislation because it could be abused to restrict lawful gun purchases. The politically powerful group's statement could affect how many Republicans vote on the measure.

Senator John Cornyn, the lead Republican negotiator in the bipartisan talks, held out hope the legislation would succeed.

"We know there's no such thing as a perfect piece of legislation. We are imperfect human beings. But we have to try, and I believe this bill is a step in the right direction," Mr Cornyn said.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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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Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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Director: Joseph Kosinski

Rating: 4/5

Updated: June 22, 2022, 4:40 PM