Sen Hillary Rodham Clinton flanked by  the New York State governor David Paterson, left, and fellow Sen Charles Schumer, right, speaks at the Robert F Kennedy Center for Justice and Human Rights gala Wednesday, Nov 19 2008 in New York.  Barack Obama is on track to nominate Ms Clinton as secretary of state.
Sen Hillary Rodham Clinton flanked by the New York State governor David Paterson, left, and fellow Sen Charles Schumer, right, speaks at the Robert F Kennedy Center for Justice and Human Rights gala Show more

Obama on track to nominate Clinton, aide says



WASHINGTON // President-elect Barack Obama is on track to nominate Hillary Rodham Clinton as secretary of state as early as next week, an aide to his transition said. One week after the former rivals for the White House met secretly to discuss the idea of Ms Clinton becoming the nation's top diplomat, the two sides were moving quickly toward making it a reality, barring any unforeseen problems. Mr Obama is on track to nominate her after next Thursday's US Thanksgiving holiday, the transition aide told The Associated Press yesterday. The aide said the two camps have worked out financial disclosure issues involving Ms Clinton's husband, former President Bill Clinton, and the complicated international funding of his foundation that operates in 27 countries.
The aide said Mr Obama and Ms Clinton have had substantive conversations about the secretary of state job. Ms Clinton has been mulling the post for several days, but the transition aide's comments suggested that Mr Obama's team does not feel she is inclined to turn it down. Some Democrats and government insiders have questioned whether Ms Clinton is too independent and politically ambitious to be an effective secretary of state. But Mr Obama is said to admire her talents and experience, as do many other Democrats.
A senior adviser to Mr Obama said the president-elect believes Ms Clinton would bring instant stature and credibility to US diplomatic relations and that the advantages to her serving far outweighed potential downsides. Ms Clinton would have to surrender her Senate seat, which she has held for eight years, to take the job. Ms Clinton spokesman Philippe Reines would not comment Thursday night, except to say that anything about Cabinet appointments is for Mr Obama's transition team to address. The president-elect also is likely to choose Arizona Gov Janet Napolitano to be secretary of homeland security, top Obama advisers and several Democrats said Thursday as the shape of Obama's Cabinet begins to emerge.
The Obama advisers cautioned that no final decision has been made on putting Ms Napolitano in charge of the Homeland Security Department, the massive agency created by Congress after the September 11 attacks. But the advisers said she was easily the top contender. Thus far, Mr Obama has informally selected Washington lawyer Eric Holder as attorney general and former senate majority leader Tom Daschle as health secretary.
The plans could be sidetracked by unexpected glitches in the final vetting process, officials note. Among other Cabinet posts: Senior Democrats say there is a strong possibility that the defence secretary Robert Gates would stay temporarily and later give way to the former Navy secretary Richard Danzig. Even so, Republican Sen Chuck Hagel and Democratic Sen Jack Reed also are said to be under consideration. Democrats also say that several people remain in the running for treasury secretary, including Timothy Geithner, president of Federal Reserve Bank of New York; Lawrence Summers, former treasury secretary and one-time Harvard University president; and former Federal Reserve Chairman Paul Volcker.
Several news organisations reported Thursday that Chicago businesswoman Penny Pritzker, who was Mr Obama's national campaign finance chairman, was his leading choice to become commerce secretary. However, Ms Pritzker issued a statement yesterday saying she is not a contender for the post. Officials say Laura D'Andrea Tyson, the former chair of White House Council of Economic Advisers in the Clinton administration, is in the running for the Commerce job. The Obama advisers and Democrats discussed the Cabinet positions only on grounds of anonymity because of the private nature of the screening process.
Mr Obama appears to be assembling a team that includes a mix of longtime aides, Washington insiders and a sprinkling of Democratic governors. Besides Ms Napolitano, strong contenders for Cabinet posts include New Mexico Gov Bill Richardson and Kansas Gov Kathleen Sebelius. Ms Sebelius and Ms Napolitano, who once was Arizona's attorney general, were among the first governors to commit to Mr Obama's candidacy. Mr Richardson endorsed Obama after ending his own presidential bid, angering the Clintons. Separately, Ms Clinton has reduced the size of her presidential campaign debt to less than US$7.5 million as of Nov 1, according to campaign finance reports filed yesterday. Ms Clinton owed vendors a high of $12m at the end of June. That was the month she abandoned her presidential campaign and ceded the Democratic nomination to Mr Obama.
Also, late yesterday, telephone company Verizon said some of its employees snuck a peek at Mr Obama's old cell phone records and will be reprimanded accordingly. Mr Obama aides said no voicemails or e-mails were accessed. The company said the account has been inactive for several months.
* AP

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.”

Scoreline:

Barcelona 2

Suarez 85', Messi 86'

Atletico Madrid 0

Red card: Diego Costa 28' (Atletico)

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

PSA DUBAI WORLD SERIES FINALS LINE-UP

Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)

Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)

If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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
'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
RESULTS

Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO

Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke

Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke

Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO

Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision

Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision

Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO

Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)

Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)

Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision

Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke

Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO

Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision

Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision

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

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5