Fresh uncertainty surrounded the leadership of British premier Theresa May on Sunday as tensions within her ruling party were laid bare before the start of a new round of Brexit talks between Britain and the European Union.
Senior ministers were due to meet this week to thrash out their negotiating strategy amid rumours of a leadership challenge from hardliners who are pushing for a clean break from the EU even if leads to trade barriers with the world's largest trading bloc.
Allies of Mrs May sought to play down any discontent on Sunday following claims that parts of the party were pushing for her charismatic if gaffe-prone foreign secretary, Boris Johnson, to become leader of the party if she was forced out.
Mrs May is being forced to mediate between a group of hardline Brexiteers who want to end all links with the EU and those who want to keep Britain's economy closely aligned to the 28-nation trading bloc despite having no influence over decision-making.
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Read more:
Britain, EU schedule week of Brexit talks, eye future
British PM clashes with EU over citizens’ rights
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Her leadership has been under scrutiny since a disastrous decision to call elections in 2017 aimed at bolstering her position before the Brexit talks, but left her at the head of a minority government that relies on a small Irish party to pass legislation.
Challenges to her leadership died down after she navigated her government through the first stage of Brexit talks but have flared again following amid debate over whether she wants to keep Britain in the EU's tariff-free customs union.
The Sunday Times claimed pro-Brexit lawmakers are prepared to topple May if she tries to compromise and keep Britain in the EU's tariff-free customs union, an option favoured by her Treasury chief Philip Hammond.
Home secretary Amber Rudd told the BBC that any deal would probably involve some form of customs "arrangement" or "partnership" with the EU, but said the Prime Minister had an "open mind" as to how that could be achieved.
But member of parliament Bernard Jenkin, who backs Brexit, urged Mrs May to rein in Mr Hammond, writing in the Sunday Telegraph that a majority of British people "want a clean Brexit and an end to the present uncertainty".
EU negotiator Michel Barnier is due to meet British Brexit secretary David Davis in London on Monday before a new round of talks. The two sides face a testing timetable to resolve the major issues before Britain leaves in March 2019.
A leaked report which suggested that Britain would be worse off after Brexit whatever course they take has fuelled further anger with leading Brexiteers accusing civil servants of painting unnecessarily gloomy picture of life outside the bloc.
A former head of the civil service, Gus O'Donnell, said the allegations were unfounded. “If you're selling snake oil, you don't like the idea of experts testing your product," he told the ITV network.
"And I think that's what we've got - this backlash against evidence and experts is because they know where the experts will go."
FORSPOKEN
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SQUADS
South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson
Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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.”
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Wonka
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
