Britain's Prime Minister Rishi Sunak leaves 10 Downing Street for the House of Commons for his first Prime Minister's Questions in London, Wednesday, Oct.  26, 2022.  Sunak was elected by the ruling Conservative party to replace Liz Truss who resigned.  (AP Photo / Frank Augstein)
Britain's Prime Minister Rishi Sunak leaves 10 Downing Street for the House of Commons for his first Prime Minister's Questions in London, Wednesday, Oct. 26, 2022. Sunak was elected by the ruling CShow more


The road ahead for Rishi Sunak



October 28, 2022

With regard to Soraya Ebrahimi's article New UK PM Rishi Sunak takes to world stage and starts round of calls with global leaders (October 26): I'm not sure I understand how he's considered to be of Indian origin. His grandparents were from Gujranwala, now in Pakistan. His parents are from Kenya and he himself is from the UK.

Tahyr Wazeer, Islamabad, Pakistan

The developments in UK politics this week have been stunning, not just for Indians who have been celebrating all week. The new British Prime Minister's assurances to Ukrainian President Volodymyr Zelenskyy in their first call are laudable. But Rishi Sunak has tough challenges in front of him domestically. He has to fix inflation, people's living standards, the education sector and make the streets safe. The state of the British economy is possibly his toughest task. He has to revive it and bring normality back to Britain, which is what will prove his mettle. This is not going to be easy. However, I believe he has it in him to deliver on this extensive mandate and make the British people happy in the coming weeks and months.

And lastly, I would like to add that it is indeed a proud moment for 1.3 billion Indians that a person of Indian origin now occupies the prestigious office of 10 Downing Street. This should be recognised for the amazing feat it is. The success of countless Indians is already acknowledged in the global scenario, in all walks of life. And I have faith that Rishi Sunak will be no different.

K Ragavan, Bengaluru, India

The value of spiders

With reference to Suhail Akram's video Engineers turn dead spiders into mechanical grippers (October 26): this is incredible. I like how they are using this technology to help paraplegics and those suffering from nervous system diseases such as multiple sclerosis.

Said Elbanna, Cheviot, Ohio, US

Kanye West's troubled entitlement

With reference the report Kanye West escorted out of Skechers California headquarters after showing up unannounced (October 27): That is the world we live in. People like Kanye West seem to think they have more power over others and feel entitled. Now that brands such as Adidas have finally let him go, an example is set. Twitter and Instagram did well to show him the door. It must be quite a reality check for him to be cancelled by the likes of Foot Locker, Gap, TJ Maxx, JPMorgan and more. There should be no place in the world for discriminatory and anti-Semitic remarks.

Muhsin Abubakar Jamal, Tanga, Tanzania

Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
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Spider-Man%202
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Insomniac%20Games%0D%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20%20Sony%20Interactive%20Entertainment%0D%3Cbr%3E%3Cstrong%3EConsole%3A%20%3C%2Fstrong%3EPlayStation%205%0D%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Race card

1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m

2pm: Handicap (TB) Dh 84,000 (D) 1,400m

2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m

3pm: Conditions (TB) Dh 100,000 (D) 1.950m

3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m

4pm: Maiden (TB) Dh 60,000 (D) 1,600m

4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

The%20specs
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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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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The biog

Favourite book: Animal Farm by George Orwell

Favourite music: Classical

Hobbies: Reading and writing

 

Updated: October 28, 2022, 2:00 AM