Here is something you will not hear many British, Europeans or Americans say: "the world needs German leadership". Germans do not say it openly either. I happen to believe it is true, and not just because I am sitting drinking coffee in Blankenese, a small town by the River Elbe on the outskirts of Hamburg as I write this. Germany in the 21st century has fully atoned for the sins of the 20th century. Here the Second World War and the Holocaust are not history. They are not even past. Round the corner from the apartment where I lived in Berlin, small copper plaques remember every Jewish family taken to the death camps. At the end of one of Berlin's upmarket shopping streets stands Wittenbergplatz station. Outside there is a massive sign naming the places where political prisoners, communists, Jews, gypsies and others were taken to their deaths more than 70 years ago. No country on Earth has done so much to understand the consequences of its past as modern Germany.
Germans will not forget, nor should anyone else. But we need to move on. The shameful recent demonstrations by neo-Nazi thugs in the US simply would not be tolerated in tolerant modern Germany. Hamburg, according to a recent survey, is one of the world's top ten most liveable cities. It is socially, culturally, historically and materially rich. The German Wirtschaftswunder - economic miracle - is visible every few minutes here on the Elbe estuary. Massive container ships come and go, some so big they resemble skyscrapers turned on their sides, blocking off the sun. Airbus has an enormous factory on the opposite bank of the river from where I am sitting. The world's biggest car manufacturer, VW, is in Wolfsburg, not far away. And despite various scandals hitting Germany's car industry in recent years, including cheating over diesel emissions, car-making is a huge source of pride. As Der Spiegel magazine noted, "Made in Germany" is an "absolute mark of quality". Mercedes, Porsche and BMW owners worldwide will undoubtedly agree.
MORE FROM GAVIN ESLER
BBC pay row should make us all question what we're worth
Twitter trolls and our depressing age of unenlightenment
My father and great uncle and their world war experiences
But economic leadership does not easily translate into political leadership. In fact the word "leadership" does not translate easily into German at all. The word is "Führerschaft," and Führer is Germany's ultimate "F" word. It does not take a linguistic genius to note that it has unpleasant echoes of the worst moments in German history. A few years ago when I was making a TV documentary that included an interview with chancellor Angela Merkel, a number of thoughtful German leaders and commentators I talked to in Berlin about "leadership" admitted that the word and the idea of leadership continually presented Germany with difficulties. Mrs Merkel, who, opinion polls say, will probably be re-elected chancellor next month, has tried to counter the Bossy German image, but with limited success. Greek newspapers, commentators and cartoonists in recent years have reflected the pain of their country during the euro crisis by suggesting Mrs Merkel's Germany in the 21st century was echoing Nazi Germany by imposing hardship on others. It was an easy hit, even if comparisons with the Nazis are ridiculous as well as offensive. But the resentment has real roots. The euro crisis is not over, and the supposed "solution" has benefited Germany while beggaring Greece.
MORE ON GERMANY
Architects and refugees team up to make affordable homes
How Volkswagen's iconic Beetle conquered the world
In Germany, environmental awareness doesn't mean hardship
Donald Trump's trade adviser, Peter Navarro, put it very bluntly when he said earlier this year that as far as the German economy is concerned the euro is "grossly undervalued". He is right. The euro exchange rate makes those German cars leaving Hamburg very competitive, while ensuring that the currency remains over-valued in southern Europe, contributing to massive unemployment in Greece and elsewhere. This is a problem without an obvious solution. Even a single "European government", in the unlikely event it ever happens, could not easily integrate the economies of a country producing Mercedes with those producing grapes and tomatoes. But Germany did not create the euro problem. Indeed, Germans often regret that the common currency was forced upon them by France as the price of German unity.
And that's why I want German leadership. Mr Trump's America is not leading anyone anywhere. Britain, pre-occupied with Brexit, cannot lead in Europe since the EU is a club it no longer wishes to be part of. The Macron government has yet to prove it can lead even in France. Italy? Er, no. If Angela Merkel is re-elected next month, I doubt even she can solve the fundamental contradictions at the heart of the euro. But she could help Britain minimise the damage a botched Brexit could do across Europe. And she could minimise the damage American protectionism could create worldwide. And she could make the case for tolerance and use Germany's wealth and moral leadership to help re-settle refugees in their homelands when it become possible. Now is the time for "Made in Germany" politics too.
Gavin Esler is a journalist, television presenter and author
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.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets
Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2
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.”
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
MATCH INFO
Champions League quarter-final, first leg
Manchester United v Barcelona, Wednesday, 11pm (UAE)
Match on BeIN Sports
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
%3Cp%3E%3Cstrong%3EUAE%20results%3C%2Fstrong%3E%0D%3Cbr%3EIreland%20beat%20UAE%20by%20six%20wickets%0D%3Cbr%3EZimbabwe%20beat%20UAE%20by%20eight%20wickets%0D%3Cbr%3EUAE%20beat%20Netherlands%20by%2010%20wickets%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFixtures%3C%2Fstrong%3E%0D%3Cbr%3EUAE%20v%20Vanuatu%2C%20Thursday%2C%203pm%2C%20Zayed%20Cricket%20Stadium%0D%3Cbr%3EIreland%20v%20Netherlands%2C%207.30pm%2C%20Zayed%20Cricket%20Stadium%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGroup%20B%20table%3C%2Fstrong%3E%0D%3Cbr%3E1)%20Ireland%203%203%200%206%20%2B2.407%0D%3Cbr%3E2.%20Netherlands%203%202%201%204%20%2B1.117%0D%3Cbr%3E3)%20UAE%203%201%202%202%200.000%0D%3Cbr%3E4)%20Zimbabwe%204%201%203%202%20-0.844%0D%3Cbr%3E5)%20Vanuatu%203%201%202%202%20-2.180%3C%2Fp%3E%0A
