AD200810457497677AR
AD200810457497677AR

A virtuoso on second fiddle



One day, early in Bill and Hillary Clinton's eight-year spell in the White House, their daughter Chelsea was feeling poorly at her private school in Washington DC and the nurse decided an aspirin would be in order. School regulations laid down that parental consent was needed before any medication could be dispensed, which presented an obvious problem. "Call my dad," Chelsea advised the nurse briskly, "my mom's too busy."

The nurse followed the child's advice and got through to the Oval Office with surprising ease. The president quickly gave permission for the aspirin to be administered. Then he stayed on the line for a long chat about her symptoms, and other matters. This anecdote - which happens to be true - is revealing not just because it shows an endearingly human side to Bill Clinton, but also because it confirms how Chelsea, even as a young girl, understood where the real power resided in her family.

Many who have fallen within the Clintons' orbit over the years have remarked upon Hillary's lack of tact, but no one has ever doubted her stringent self-confidence, or her utter conviction that she is entitled to wield power in her own right. To the surprise of no informed Washington insider, the Clintons are once again capturing the American political headlines at a time when the spotlight might more properly be pointed at the man who won the recent presidential election. All talk and coverage of president-elect Barack Obama's transition to the White House has been overtaken by Hillary speculation. Will she or won't she accept the offer to become Mr Obama's secretary of state; has she, for that matter, actually been offered the job?

Hillary Clinton lost the battle for the Democratic nomination, yet once again she is The Story and, like a good soap opera, this drama is wringing emotional responses and calculations not just from her, but from her husband and her closest friends, who are happy to talk to the media. For Hillary, how bitter must be the realisation now that had things gone better for her in a couple of pivotal primaries, and had she sewn up the nomination, then she would almost certainly have won the election against the Republican nominee, Senator John McCain, who in the run-up to the election proved himself the most inept national campaigner since Bob Dole in 1996.

Bill Clinton called himself the "Comeback Kid" after he bounced back in the New Hampshire primary of 1992 and rescued his first White House run when it appeared certain to collapse under the enormous weight of the Gennifer Flowers sex scandal (it was not actually a big scandal; the only scandal was that he was denying a low-intensity, long-standing affair with a woman when it was clear to everyone that he was lying, as was subsequently confirmed).

But it is not only Bill Clinton who has this resilience. Watching Hillary earn the devotion of white working class men and women in blue-collar states such as Pennsylvania a few months ago as she tried to overtake the candidate Obama, it is difficult to remember how reviled she was when her husband burst into the national consciousness in 1992. From his earliest days in Arkansas politics, Bill always had the easy charm, the warm handshake, the "elevator eyes" that appraised any youngish woman from kitten heels to hair band, and back again. The voters looked into Bill's open face and saw their own weaknesses and foibles reflected back at them. So they forgave him his sins of the flesh, which somehow seemed to be caused by too exuberant an appetite for life, which is no great offence when you think about it.

By contrast, in the public mind at least, Hillary was cold and shrill, the icy feminist from the Midwest who was not fit for retail politics. People who got to know the Clintons in Washington in the 1990s said this caricature was wide of the mark and that in private she had a warmth and earthy sense of humour. It was said she could tell a decent dirty joke; but no matter, the public image was all, and it stuck, even if it was unfair.

How galling all this must have been for Hillary during her husband's two terms in the White House and as she ran around after him, clearing up the messes he left. Hillary Rodham met Bill Clinton at Yale Law School in the early 1970s and she was easily the better student, comfortably outscoring her boyfriend in all the tests. Like all good lawyers, her mind was clear and precise, whereas Bill's was meandering and diffuse.

Yet it was Bill who had that special quality that was to lead him inexorably into politics and she was always just the helper. She once said she was not the type of gal who was contented to stand by her man, but in truth no first lady has any choice but to take up that role once she finds herself in the White House. And she had to stand by him even when, humiliatingly, it was found he had dallied with a young intern named Monica Lewinsky in a room just off the Oval Office, with disastrous consequences for his presidency.

But when Hillary Clinton struck out on her own, she confounded her critics and triumphed and, as her husband left the White House, she found a seat in the Senate. Her record since has been good enough that two years ago she was in position to mount a plausible bid for the Democratic presidential nomination, and she very nearly won. Her primary campaign against Mr Obama was a dirty one and Bill Clinton himself was occasionally on hand to press buttons which raised covert racial questions about Mr Obama's suitability. It was never a pretty fight, and several times it threatened to become very ugly indeed.

Mr Obama held his nerve, maintained his poise and prevailed. Why now, then, Democrats in Washington wonder, is he drawn to deal with the Clinton machine when, on the face of it, he would not seem to need her? One explanation might be Mr Obama's recognition that, in narrowly winning the Democratic nomination, he failed to score convincingly with white working class voters. And as the credit crunch bites in the United States, and it is clear the incoming administration will face serious questions about its willingness to bail out the US car industry, the new president will need all strands of Democratic opinion on his side. Should one or more of the big three auto manufacturers lapse into bankruptcy in the early days of the Obama administration, the new president could do without sniping from a rival who got the blue-collar vote in the states likely to be worst affected.

But there is another point. It is often said in American presidential politics that you want your enemies inside your tent, facing out, rather than outside, facing in. The role of secretary of state is precisely as important as the president wants it to be. The incumbent does not work in the White House, but down the road in an obscure part of town called Foggy Bottom, where the state department is placed and, in Washington, geographical proximity to the seat of power is all.

Colin Powell was lured into the Bush administration to give some semblance of multilateral thinking in difficult times, but he was ineffective. Successful secretaries of state prevail only when they have the authority of their boss. James Baker, the first President Bush's secretary of state, was the best example of this, ruthlessly enforcing his master's will in assembling the broad coalition in favour of the First Gulf War against Iraq.

Hillary is smart enough to know that she could be humiliated. Unlike Mr Obama, she voted in the Senate in favour of the Iraq war; she made a fool of herself during the campaign earlier this year by suggesting she flew into Bosnia as first lady under fire, when the news footage showed an elaborate and cosy reception committee had been in place. She has ridden out those embarrassments and she has shown she has a thick skin. But if she accepts the job as secretary of state, she must know she faces the prospect of being marginalised and condemned to playing second fiddle - a role she mastered for eight years in the White House even if her family indulged her by pretending they thought she was really in charge.

* The National

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Heather, the Totality
Matthew Weiner,
Canongate 

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Company%20Profile
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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

COMPANY%20PROFILE
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Fixtures:

Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final

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.”

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Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Company%20profile
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The five pillars of Islam
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

The specs

Engine: 3.0-litre six-cylinder MHEV

Power: 360bhp

Torque: 500Nm

Transmission: eight-speed automatic

Price: from Dh282,870

On sale: now

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
Fixtures

Wednesday

4.15pm: Japan v Spain (Group A)

5.30pm: UAE v Italy (Group A)

6.45pm: Russia v Mexico (Group B)

8pm: Iran v Egypt (Group B)

Porsche Macan T: The Specs

Engine: 2.0-litre 4-cyl turbo 

Power: 265hp from 5,000-6,500rpm 

Torque: 400Nm from 1,800-4,500rpm 

Transmission: 7-speed dual-clutch auto 

Speed: 0-100kph in 6.2sec 

Top speed: 232kph 

Fuel consumption: 10.7L/100km 

On sale: May or June 

Price: From Dh259,900  

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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UAE currency: the story behind the money in your pockets
NO OTHER LAND

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

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5