NEW YORK // Tzipi Livni's possible ascendancy to the leadership of Israel has made many US Jews slightly more hopeful about peace but concerns about Iran, Hizbollah and Hamas still dominate.
Many thought it was premature to say Ms Livni was Israel's Barack Obama. The comparison with the Democratic presidential hopeful was made by Haaretz, a liberal Israeli daily newspaper. Neither leader has stressed race or gender in the race to the top, but both still have to overcome widespread scepticism and even hostility to succeed.
Ms Livni's past as a "Likud princess" and leading light in the right-wing party precedes her. Only in the past few years did she appear to move to the centre and away from the politics of her parents, who were leading Zionist guerrillas in pre-state Israel.
Ms Livni, the foreign minister, began negotiations this weekend to form a new coalition government after narrowly winning a party election to replace Ehud Olmert, the prime minister, as leader of Kadima, which means "forward" in Hebrew.
If she succeeds in forging a way through Israel's fractious coalition politics, Ms Livni would become the second female prime minister of Israel. Golda Meir held the office from 1969 to 1974.
"We congratulate Minister Livni and urge her to quickly form a coalition that would focus on security for Israel through peace," said Ori Nir, a spokesman for Americans for Peace Now, a dovish Jewish-American group.
"Livni is committed to pursuing peace with the Palestinians and should make it the chief priority of her premiership."
Other Jewish-American groups also congratulated Ms Livni. Privately and anonymously, US Jews were a lot more vocal about Ms Livni's chances of making a peace deal. All agreed that her corruption-free past gave her an edge over Mr Olmert, whose position was made untenable by a series of scandals. They hoped she would strive for peace much more forcefully as prime minister after recent negotiations with the Palestinians have led nowhere.
"Credit has to go to Olmert who pushed the idea that time is running out for a two-state solution and that the settlers have to be enticed back to within the Green Line," said Avi, a New York Jewish observer who did not want to use his real name. He was referring to Israel's borders before it occupied East Jerusalem, the West Bank and Gaza Strip in 1967.
"Most American Jews are committed to Israel's security, not to the settlers in the West Bank," he said. "There's a realisation that for Israel's security to be stabilised, there needs to be progress on the Palestinian track."
But others noted Ms Livni could be unrelenting on some issues, lowering the chances of a deal. "She's sensitive and even defensive about Palestinian refugees and so far has refused to give in on even creative solutions to the problem, such as the symbolic return of only a few refugees," said Aaron, an Israeli living in the United States.
Complicating future negotiations are a host of regional problems, including Iran's nuclear ambitions, instability in Lebanon and Palestinian infighting. The future direction of the next US president is also unclear.
"American Jews are much more worried about Iran," Avi said.
Another problem facing Ms Livni was right-wing, ideological opposition to making any concessions. Mr Olmert found himself under sustained attack from settler and religious leaders in Israel and the United States after he appeared prepared to divide Jerusalem in a peace deal.
"Livni will face the same the problem, but for now talks on issues like Jerusalem or refugees are still very far off," Aaron said.
Adam, a left-wing Israeli living in New York, said Ms Livni had not changed his pessimism about Israel soon reaching a just accord with the Palestinians. He had the unusual view that it might almost be better for peace if Benjamin Netanyahu, the hawkish Likud leader known as Bibi, came to power.
"I think Livni might even make things worse because she represents continued stagnation whereas things in the Middle East don't change unless things get very bad," he said. "I'm with Hamas on Bibi because if this lunatic came in, things would hit rock bottom and the situation would then have to change."
Mr Netanyahu may yet get his chance to rule Israel again. Ms Livni has up to six weeks to form a coalition and if she fails, elections would be held. Likud has scored well in opinion polls.
In the meantime, many US Jews looked at Ms Livni with hope. "The big question is whether she can excite Israelis and ignite a measure of enthusiasm in the electorate," Aaron said. "Israelis have become disengaged from the peace process and we'll have to see if she can make it popular again?"
sdevi@thenational.ae
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 specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
LIGUE 1 FIXTURES
All times UAE ( 4 GMT)
Friday
Nice v Angers (9pm)
Lille v Monaco (10.45pm)
Saturday
Montpellier v Paris Saint-Germain (7pm)
Bordeaux v Guingamp (10pm)
Caen v Amiens (10pm)
Lyon v Dijon (10pm)
Metz v Troyes (10pm)
Sunday
Saint-Etienne v Rennes (5pm)
Strasbourg v Nantes (7pm)
Marseille v Toulouse (11pm)
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
Three stars
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
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
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
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
