Attorney General Merrick Garland announced that a special counsel has concluded an investigation into President Joe Biden and his handling of classified documents. AP
Attorney General Merrick Garland announced that a special counsel has concluded an investigation into President Joe Biden and his handling of classified documents. AP
Attorney General Merrick Garland announced that a special counsel has concluded an investigation into President Joe Biden and his handling of classified documents. AP
Attorney General Merrick Garland announced that a special counsel has concluded an investigation into President Joe Biden and his handling of classified documents. AP

No charges expected in Biden classified documents investigation


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The US Justice Department special counsel investigating President Joe Biden's handling of classified documents has completed his inquiry and a report is expected to be made public soon, Attorney General Merrick Garland told Congress in a letter on Wednesday.

Mr Garland did not detail the conclusions of the report from special counsel Robert Hur, the Associated Press reported, but he shared a commitment to disclosing as much of the document as possible once the White House completes a review for potential executive privilege concerns.

That process is expected to be completed by the end of the week, said Ian Sams, a spokesman for the White House counsel's office.

The Justice Department is expected not to file charges against Mr Biden but the report will be critical of his actions, a person familiar with the matter told Bloomberg News.

The year-long investigation centred on the improper retention of classified documents by Mr Biden from his time as a US senator and as vice president.

Sensitive records were found at his Delaware home and at a private office that he used in between his service in former president Barack Obama's administration and becoming president.

The development removes a major legal and political weight hanging over Mr Biden as he runs for re-election.

Meanwhile, former president Donald Trump, who is the front-runner for the 2024 Republican presidential nomination, is facing felony charges related to his retention of classified documents at his Mar-a-Lago resort in Florida.

Prosecutors have charged Mr Trump with obstructing the government’s efforts to reclaim classified material improperly removed from the White House after his term ended in early 2021.

The decision not to charge Mr Biden is not surprising because it involved seemingly innocent mishandling of classified papers that were uncovered and immediately handed over for investigation, according to Barbara McQuade, a former federal prosecutor.

“Trump’s case is completely different because of his wilful refusal to return the documents,” Ms McQuade said. “And the cover-up.”

Mr Trump and other Republicans are likely to challenge the legitimacy of the investigation by noting that it was launched by the Justice Department under Mr Biden's administration.

However, Mr Garland sought to insulate the department from claims of bias and conflicts of interest by last year appointing Mr Hur, a former US attorney for Maryland during the Trump administration, to handle the Biden investigation.

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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UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

February, 2022: Hosts - Nepal; Teams - UAE, Nepal, PNG

June, 2022: Hosts - Scotland; Teams - UAE, United States, Scotland

September, 2022: Hosts - PNG; Teams - UAE, PNG, Nepal

February, 2023: Hosts - UAE; Teams - UAE, PNG, Nepal

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Updated: February 08, 2024, 1:29 AM