An election won by the thinnest of margins as well as a count plagued by delays and spoilt ballots both made for a colourful presidential win for the man who now sits atop Kenyan politics.
Uhuru Kenyatta squeaked home with 50.07 per cent of the vote in last week's election to become the fourth president of the Republic of Kenya. He is no stranger to the limelight in the East African state, which celebrates half a century of independence this year. As the son of the nation's founding father, Mzee Jomo Kenyatta, the 51-year-old has become Kenya's history man in almost every sense of the word. Not only will he be the first son of a president to take the reins of power in a competitive election in East and Central Africa, but he will also be sworn in as the country's youngest ever head of state. He is also heir to one of the most substantial fortunes in the republic.
While history looks to have played a major part in his success, Kenyatta brings with him a rather less salubrious piece of baggage to the presidency - a grim indictment by the International Criminal Court (ICC) for crimes against humanity, allegedly committed after the country's last presidential election in 2007.
Many observers believed that such a charge would cause his bid for the State House - Kenya's equivalent of the White House - to collapse around his electoral ears. Instead, it provided a sensational fillip for both Kenyatta and his running mate, William Ruto.
Ruto, making up a total of three defendants, is also awaiting trial at the ICC for his alleged role in the post-election violence in which around 1,000 people were killed. Many observers say this figure vastly underrates the atrocity, and claim that tens of thousands were forced to flee their homes in terror. Both men deny the charges.
For many analysts, Kenyatta's rise to the highest office in the land - should he fend off his main rival, prime minister Raila Odinga, who has pledged to fight the result of the election in court - owes much to Kenya's palpable dislike of foreign interference in its domestic concerns.
This was embodied not least by the ICC's charges, which will make Kenyatta the second current president in the African continent to be indicted by the tribunal, after the Sudanese leader Omar Al Bashir, who was charged with war crimes over the conflict in Darfur.
A man who makes up for his lack of flair for public speaking with a talent for being a persuasive, political force, Kenyatta galvanised domestic distaste for the ICC's presence in Kenyan and African affairs to garner enough votes to avoid a second-round runoff (and contributed to a record 86 per cent turnout).
However, this came despite apparent electoral inconsistencies that prompted Odinga, who secured 43 per cent of the casting ballots, to question the validity of the count and to take his complaints to the highest judicial authority in the land.
Kenyatta's success will give both the US and the UK - Kenya's former colonial master - some food for thought after their less-than-fulsome praise of the then-candidate in the run-up to the election.
In his victory speech, he said: "Today, we celebrate the triumph of democracy, the triumph of peace, the triumph of nationhood. Despite the misgivings of many in the world, we demonstrated a level of political maturity that surpassed expectations. That is the real victory today. A victory for our nation. A victory that demonstrates to all that Kenya has finally come of age. That this, indeed, is Kenya's moment."
And, in a none-too subtle warning to the watching world, he added: "We expect the international community to respect the sovereignty and democratic will of the people of Kenya. The Africa star is shining brightly and the destiny of Africa is now in our hands."
As the son of Kenya's first independent president, Uhuru Muigai Kenyatta's journey to political statesman almost began from birth on October 26, 1961, two years before Kenya threw off the shackles of British colonial rule. His mother, his father's fourth wife, Mama Ngina Kenyatta, once described her son as "a model son, the best that a mother can hope for". She made certain that he learnt the local Kikuyu language, which, from his early days as a practising politician, eased his ability to connect with his fellow citizens in Kenya's more rural areas. The young "Uhuru" - Swahili for freedom - grew up surrounded by power and privilege, and rubbed shoulders with the great and the good of Kenyan high society. His online photo album even includes a shot with the man he is replacing in the top job, Mwai Kibaki, who is pictured presenting the young Kenyatta with an award in history.
As one would expect from a wealthy family, Kenyatta attended one of the top schools in Nairobi where he played on the wing for a rugby team. From there, he left for the United States and studied political science and economics at Amherst College, Massachusetts. Growing up, and despite (or perhaps because of) his father's prominent position as a national institution, Kenyatta distanced himself from the rough and tumble of the Kenyan political scene. He saw himself as just another citizen of a young state that was still trying to find its feet on the international stage. Returning to his native land as a graduate, he established a horticulture venture. He later sold this enterprise to concentrate on the family businesses that his father had left behind on his death in 1978.
But, domestic politics couldn't be avoided for long. In July 1990, he joined four other sons of leading politicians to deliver a statement calling on the then-governing Kenya African National Union (Kanu) to do more to free up the state's political parameters. Many people anticipated a fierce response from the then-president Daniel arap Moi, who had succeeded Kenya's founding father as both the head of the party and head of state. Instead, Kenyatta was brought onside by the leader, who channelled the young man's inherent drive into the heart of Kenya's political establishment
Becoming a fierce advocate of the Kanu party - which had ruled Kenya since independence in 1963 - Kenyatta's own chance for political glory came in 2002 when Moi, ruling himself out of the running, designated his then-42-year-old protégé as a presidential candidate. The move hit the buffers when key figures of the ruling party, such as Odinga and the then-vice-president, George Saitoti, left Kanu in protest, and Kenyatta was trounced by the eventual winner, Kibaki.
The 2007 presidential elections saw Kenyatta throw his weight behind Kibaki as he took on a challenge from Odinga, who sought to prevent the then-president from winning a second term in office. But, Odinga's bid failed and when Kibaki was declared the winner, Odinga contested the result and the streets erupted in violence. This event, contends the ICC, saw Kenyatta fund a local militia for the sole purpose of undertaking reprisal attacks.
In spite of the controversy and violence, which raged after the 2007 poll, the married father-of-three soon became one of the nation's two deputy prime ministers and also minister of trade in Kibaki's administration. Later, he was appointed to the finance brief where he issued a directive forcing high-ranking government officials to give up their luxurious Mercedes-Benz vehicles for Volkswagen Passats.
Eager to step out from the shadows of both Moi and Kibaki and stamp his own authority on the political stage, Kenyatta ditched Kanu and established The National Alliance (TNA) in 2012. His bid for the presidency soon took flight, as did his technological know-how - interacting on social media and portraying himself and his political compatriots as Kenya's "digital team".
Kenyatta, ranked by Forbes magazine as the 23rd wealthiest individual in Africa, may have won the presidential contest but, in the short-term at least, his victory brings little in the way of clarity to Kenya's immediate future.
For example, should Odinga taste further defeat after making good on his promise to take the result of the election to the Supreme Court, how would his supporters take the news?
And, what of the political alliance between Kenyatta and Ruto? Some observers have predicted that the fragile ethnic union that has bound the two men will not last. And, then there is the small matter of the ICC indictments hanging over the heads of both. For Kenyatta, they are hardly conducive to the role and responsibility of an elected head of state presiding over a 40-million-plus population. As he prepares to appear before the Dutch-based court in July, president-elect Kenyatta, as Kenya itself, is already living in interesting times.
Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
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 full list of 2020 Brit Award nominees (winners in bold):
British group
Coldplay
Foals
Bring me the Horizon
D-Block Europe
Bastille
British Female
Mabel
Freya Ridings
FKA Twigs
Charli xcx
Mahalia
British male
Harry Styles
Lewis Capaldi
Dave
Michael Kiwanuka
Stormzy
Best new artist
Aitch
Lewis Capaldi
Dave
Mabel
Sam Fender
Best song
Ed Sheeran and Justin Bieber - I Don’t Care
Mabel - Don’t Call Me Up
Calvin Harrison and Rag’n’Bone Man - Giant
Dave - Location
Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart
AJ Tracey - Ladbroke Grove
Lewis Capaldi - Someone you Loved
Tom Walker - Just You and I
Sam Smith and Normani - Dancing with a Stranger
Stormzy - Vossi Bop
International female
Ariana Grande
Billie Eilish
Camila Cabello
Lana Del Rey
Lizzo
International male
Bruce Springsteen
Burna Boy
Tyler, The Creator
Dermot Kennedy
Post Malone
Best album
Stormzy - Heavy is the Head
Michael Kiwanuka - Kiwanuka
Lewis Capaldi - Divinely Uninspired to a Hellish Extent
Dave - Psychodrama
Harry Styles - Fine Line
Rising star
Celeste
Joy Crookes
beabadoobee
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The five pillars of Islam
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000