President Donald Trump, left, and Supreme Court Justice Anthony Kennedy participate in a public swearing-in ceremony for Justice Neil Gorsuch at the White House. Kennedy, 81, is retiring after more than 30 years on the court. AP
President Donald Trump, left, and Supreme Court Justice Anthony Kennedy participate in a public swearing-in ceremony for Justice Neil Gorsuch at the White House. Kennedy, 81, is retiring after more thShow more

Justice Anthony Kennedy, US Supreme Court’s pivotal vote, to retire



Supreme Court Justice Anthony Kennedy said on Wednesday that he plans to retire after three decades as a pivotal vote on the highest US judicial body, giving President Donald Trump an opportunity to make the court more firmly conservative.

The conservative Kennedy, who turns 82 next month and is the second-oldest justice on the nine-member court, has become one of the most consequential American jurists since joining the court in 1988 as an appointee of Republican president Ronald Reagan. He proved instrumental in advancing gay rights, buttressing abortion rights and erasing political spending limits. His retirement takes effect on July 31, the court said.

“It has been the greatest honour and privilege to serve our nation in the federal judiciary for 43 years, 30 of those years on the Supreme Court,” Mr Kennedy said in a statement.

The statement issued by the court said that his decision was motivated by his decision to spend more time with his family.

Mr Kennedy is a traditional conservative who sometimes joined the liberal justices on key rulings, earning a reputation as the court’s "swing" vote who heartened conservatives and liberals alike, depending on the issue. Mr Kennedy on Tuesday joined the court’s four other conservatives in giving the president a huge legal victory by upholding the Republican president’s travel ban targeting people from several Muslim-majority countries.

His decision was disclosed on the final day of the court’s current term, which began in October. On Wednesday, he joined his fellow conservative justices in a 5-4 ruling that dealt a major setback to organised labour by shutting off a key union revenue source.

Mr Trump on Wednesday said that Kennedy had great vision and heart. The president said he will begin a search immediately for a new justice, with a list of 25 candidates. The Republican-led Senate can be expected to push to have the new nominee confirmed and on the court before the justices begin their next term in October.

The president already has left an imprint on the court, restoring its 5-4 conservative majority with the appointment of Justice Neil Gorsuch last year after the president’s fellow Republicans in the Senate in 2016 refused to consider Democratic former president Barack Obama’s nominee, Merrick Garland.

While Mr Kennedy’s replacement will not change the numerical ideological balance on the court, Trump could appoint a justice who would be more staunchly conservative than Kennedy and less likely to occasionally side with the court’s liberal wing.

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Abu Dhabi GP Saturday schedule

12.30pm GP3 race (18 laps)

2pm Formula One final practice 

5pm Formula One qualifying

6.40pm Formula 2 race (31 laps)

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

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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LAST-16 EUROPA LEAGUE FIXTURES

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

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
NO OTHER LAND

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

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Cracks in the Wall

Ben White, Pluto Press