With Rishi Sunak becoming the newest resident of 10 Downing Street, the UK has had five prime ministers and seven chancellors of the exchequer over the past six years. Of late, the turnover has been even faster: three prime ministers in less than two months and four chancellors in just over three. No wonder the country has become a global laughing stock.
On social media, one Fatima Said tweeted: “As an Arab, I have to ask: is Britain ready for democracy? Does the UK need a strongman to help them overcome their political instability?” After that, the jokes came thick and fast. “Maybe after they resolve their ‘ancient hatreds’ they can learn to share the island,” was one reply. “Here in Africa, we can only watch as tensions rise and political unrest grows. As winter approaches in the UK, what lies ahead for this troubled island nation?” was another. “Britain needs to be put under some internationally approved mandate status until it is ready to govern itself,” was a third.
But it’s not just Britain that’s in trouble. Tens of thousands have been protesting about the cost-of-living crisis in France, while there have been strikes at the country’s refineries. The far right has been gaining ground all over Europe; the current Swedish government stands only with its support and it is in office in Italy. The eurozone posted its biggest ever trade deficit in August. In the US, a poll last month found that more than 60 per cent of Republicans and nearly one third of all Americans still believe Joe Biden did not win the 2020 presidential election legitimately. And in many of the richest countries in the world, millions are having to resort not only to food banks, but potentially, this coming winter, to “warm banks” as well.
Without the imperative to act responsibly and ensure the primacy of stability, there is no real freedom at all
The fabled liberal democratic model long vaunted by a West that has pressed the rest of the world to adopt it, sometimes by force of arms, is faltering badly. It really is time to suggest that Europe and America might try to learn a few lessons from other countries, rather than giving them lectures on how to behave.
Let’s start with South-East and East Asia in particular. For it’s there that, on the whole, stability and moderation (the latter sometimes more in name than in action, but all the same) that have been the key words for decades. That emphasis has pretty much kept the peace in an area of the continent that was often called the Balkans of Asia – riven by religious and ethnic faults both in the region and within countries. That is what has driven the spectacular growth, and it’s at the core of the nearly 700 million strong Association of South-East Asian Nations – one of the few parts of the world that economists predict could escape the global trend towards stagflation.
Stability is so prized because they know very well it cannot be taken for granted. Communism was a genuine threat in the region from the 1950s to the 1970s, leading to an insurgency in what was then Malaya and the full takeover of Laos and Vietnam. Communal tensions could boil over if order was not determinedly kept. In the case of Singapore, the very long-term existence of the state was not assured – as one of the country’s great thinkers, Kishore Mahbubani, has pointed out, city-states tend to get swallowed up by neighbours.
Moderation has been necessary as inclusive nation-building is still ongoing, especially in countries whose borders were set, often arbitrarily, by their former colonisers’ empires. Ideology unhinged from reality has been seen as the catastrophe that it is, especially in the case of the genocidal Khmer Rouge regime in Cambodia. Even Vietnam has ditched communist strictures in its successful path to development. Not for this region the “disruptor in chief” style of outgoing UK prime minister Liz Truss, who destroyed the Conservative party’s reputation for economic competence in her mere 45 days in office. Instead, pragmatism has generally ruled. As the Guardian’s Larry Elliott wrote recently, “The tiger economies of East Asia used the full range of measures available to them, including tax, procurement, public ownership, state aid, infant industry support and capital controls.”
There is no space here to go into the merits or demerits of the “Asian values” argument, but it is certainly the case that there is very little enthusiasm for the hyper-individualism that animates so many in the West – an attitude that has undermined the very concept of objective reality, since numerous people now insist that “their truth” must be respected, however little evidence backs it up. The community and the country come first, an approach that Europeans frequently lambast as being oppressive, but which is vital to any society that wishes to resist the loneliness and anomie of atomisation and remain cohesive.
“Freedom”, that great watchword of everyone from American gun rights lobbyists, to Atlanticist libertarians, to the warmongers who have bombed developing countries for decades to bring them its blessings: this means little if you can no longer pay your mortgage due to skyrocketing interest rates; if you have to choose between having enough to eat and heating your home; and if, as the peoples of the Middle East know so well, the price of it being "gifted" to you causes your state institutions to disintegrate, and crime, terrorism and even slavery to thrive.
A distinguished Malaysian diplomat once told me that the French national motto, “liberty, equality, fraternity”, lacked a further indispensable noun – “responsibility”. He was right. The states of South-East and East Asia are by no means perfect, but many have come very far in a short time. They have done so, by and large, by bearing in mind a lesson that the western nations currently facing both internal and external crises appear to have forgotten. For without the imperative to act responsibly and ensure the primacy of stability, there is no real freedom at all.
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West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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The Freedom Artist
By Ben Okri (Head of Zeus)
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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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
Saturday's results
Women's third round
- 14-Garbine Muguruza Blanco (Spain) beat Sorana Cirstea (Romania) 6-2, 6-2
- Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
- 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4. 6-0
- Coco Vandeweghe (USA) beat Alison Riske (USA) 6-2, 6-4
- 9-Agnieszka Radwanska (Poland) beat 19-Timea Bacsinszky (Switzerland) 3-6, 6-4, 6-1
- Petra Martic (Croatia) beat Zarina Diyas (Kazakhstan) 7-6, 6-1
- Magdalena Rybarikova (Slovakia) beat Lesia Tsurenko (Ukraine) 6-2, 6-1
- 7-Svetlana Kuznetsova (Russia) beat Polona Hercog (Slovenia) 6-4, 6-0
Men's third round
- 13-Grigor Dimitrov (Bulgaria) beat Dudi Sela (Israel) 6-1, 6-1 -- retired
- Sam Queery (United States) beat Jo-Wilfried Tsonga (France) 6-2, 3-6, 7-6, 1-6, 7-5
- 6-Milos Raonic (Canada) beat 25-Albert Ramos (Spain) 7-6, 6-4, 7-5
- 10-Alexander Zverev (Germany) beat Sebastian Ofner (Austria) 6-4, 6-4, 6-2
- 11-Tomas Berdych (Czech Republic) beat David Ferrer (Spain) 6-3, 6-4, 6-3
- Adrian Mannarino (France) beat 15-Gael Monfils (France) 7-6, 4-6, 5-7, 6-3, 6-2
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
More from Neighbourhood Watch:
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
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.”
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
UAE currency: the story behind the money in your pockets