US lacks an ideological guidebook for peace



The US president Barack Obama may be trying to bring changes to his country's global foreign policy, but US ideologists do not endorse his efforts because Washington is mesmerised by concepts of hegemony and confrontation, wrote Hussein Majdoubi in the comment page of the London-based newspaper Al Quds al Arabi. American history shows that US relations with the rest of the world have always been coloured by tension. From the beginning of the 20th century, the US reunion with the "old world" has consisted of a series of clashes: the two world wars, the Korean war, Vietnam, the Cold War, the first Gulf war, and now Afghanistan and Iraq.

Such a record of strained diplomacy has led strategic studies centres to formulate various hypotheses that say: many evil powers are seeking to destroy the American model, so there is a need to protect it, and this will entail disseminating it around the globe. "The American political way of thinking suffers from a terrible psychological block indeed." Generation after generation of thinkers and theorists like Samuel Huntington and Robert Kagan keep pegging their premises to notions of war and confrontation to such an extent that any different approach, pitched by someone like Noam Chomsky from the angle of peace and dialogue, seems like a betrayal of the nation's higher principles.

The "war on terror" obviously comes at an exorbitant financial cost but this not the only aspect of it, wrote Ahmed Amorabi, a Sudanese writer, in the Emirati newspaper Al Bayan. Neither is the CIA's annual multi-billion dollar budget that goes to operations to hunt down terrorists around the world. "This kind of spending goes under the category of 'direct expenditure', but I want to talk here about 'indirect costs'."

A study conducted by the US federation of travel and tourism agencies showed that the majority of US visitors consider the treatment of US airport and customs officials to be rude. The study also revealed that entry procedures in the US are the worst worldwide, which has driven the numbers of visitors and immigrants, including students and highly skilled workers, to drop steadily. Faced with stringent visa requirements, more foreign students are applying to universities outside the US, and more international conference organisers are avoiding American cities for fear that key guests and participants will not be able to attend the conference because of a last-minute visa denial. All this comes at a dear cost to the local economy, the private education sector and all tourism-related businesses.

"Iran's religious regime, which celebrated its 31st anniversary yesterday, is decidedly in a confrontation with just about the whole world because of its nuclear programme. But its more practical battle is with the Iranians themselves, as indicated by the country's wide internal divisions," commented Hassan Haidar in the opinion pages of the pan-Arab newspaper Al Hayat.

Iran's interior troubles, and its tenuous relations with its Arab and Muslim neighbourhood, are a result of Tehran's stated choice to prioritise the spirit of the revolution over the interests of the republic. Ayatollah Rouhollah Khomeini, Iran's late Supreme Leader and the spearhead of the 1979 revolution, fixed the discrepancy between the two concepts in 1988 after the war with Iraq, and relegated the notion of the republic to a secondary position.

Backed by hardline religious authority figures, the Iranian president Mahmoud Ahmadinejad led two proxy wars in Lebanon and Gaza. And despite their disastrous repercussions on the Lebanese and Palestinian peoples, Mr Ahmadinejad saw in them unmatched triumphs because they have restored the "revolutionary" face of Iran and aborted peace prospects in the region. Now, the threat of new international economic sanctions is looming over the Iranian regime; a regime that can hardly afford to keep on following the path its revolutionary leader has paved.

The exchange of threats between Israel and Syria last week has revived the debate over the possibility of a return to peace talks after they stopped when Benjamin Netanyahu's right-wing coalition government came to power, wrote Randa Haidar in the Lebanese newspaper Annahar. Those in favour of talks consider that a settlement with Damascus will "lift up the face of the Middle East" and pull the Arab country away from the axis of evil, thus weakening Iran, Hizbollah and Hamas. The cons, on the other hand, which are the right-wing parties in general, maintain that resuming indirect talks will not affect Syria's regional alliances and will only lead to Israeli concessions offered gratis, namely a withdrawal from the Golan Heights.

The debate over Syria can be seen manifestly at the higher ranks of the Israeli cabinet. The Israeli defence minister, Ehud Barak, who has a strong say in his country's foreign policy, is one of the most enthusiastic for the resumption of talks with Damascus.The foreign minister Avigdor Lieberman, who prefers to play the part of the "bad guy", does not like Mr Barak's diplomatic language regarding Syria.

Between them, the prime minister Benjamin Netanyahu is sticking to his grey position on the matter. * Digest compiled by Achraf A El Bahi aelbahi@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.”

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

MATCH INFO

Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

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. 

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Messi at the Copa America

2007 – lost 3-0 to Brazil in the final

2011 – lost to Uruguay on penalties in the quarter-finals

2015 – lost to Chile on penalties in the final

2016 – lost to Chile on penalties in the final

TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel