Democratic presidential nominee Hillary Clinton addresses delegates on the fourth and final night of the Democratic National Convention in Philadelphia. Robyn Beck / AFP Photo
Democratic presidential nominee Hillary Clinton addresses delegates on the fourth and final night of the Democratic National Convention in Philadelphia. Robyn Beck / AFP Photo

Hillary Clinton accepts historic nomination: ‘I’ll be president for all Americans’



PHILADELPHIA // Hillary Clinton claimed her place in history on Thursday as she became the first woman presidential nominee of a major US party, promising economic opportunity for all and rejecting Donald Trump’s dark picture of America.

The former secretary of state, her hand on her heart, received ecstatic cheers from thousands of delegates as she strode into the Democratic National Convention in Philadelphia and then pledged to be a president for “all Americans”.

Well aware that she needed to connect with voters in her biggest moment on the national stage, Mrs Clinton, 68, took aim at her Republican opponent and slammed him as a fear-monger with no policy credibility.

She repeated the convention’s theme of “stronger together”, declaring that her lifelong goal has been to ensure that Americans can use their talent and ambition to help make the nation stronger.

“And so it is with humility, determination, and boundless confidence in America’s promise, that I accept your nomination for president of the United States,” she said.

“Herstory,” read a handwritten sign held up by a delegate.

She also acknowledged her image problem. “Some people just don’t know what to make of me,” she said with a frankness that is unusual in American politics.“The truth is, through all of these years of public service, the service part has always come more easily to me than the public part.” She admitted she was pedantic, but explained why. “It’s true,” she said. Whether it was the amount of lead permissible in drinking water or the cost of prescription drugs, “I sweat the details. It’s not just a detail if it’s your kid, if it’s your family.”

Her daughter Chelsea, who introduced her described Mrs Clinton as a mother who took breaks from politics to read her “Goodnight Moon” and a grandmother who reads “Chugga Chugga Choo Choo” to her granddaughter.

Mrs Clinton’s moment in the spotlight came eight years later than she might have hoped — in her first White House campaign, she was defeated in 2008 in her party’s primary race by Barack Obama.

In an hour-long prime time address, she laid out plans to improve the US economy, stressing that “my primary mission as president will be to create more opportunity and more good jobs with rising wages.”

Her efforts will focus particularly on places “that for too long have been left out and left behind, from our inner cities to our small towns, Indian Country to Coal Country,” she said.

And in a bold admission for a candidate seeking in large part to build on Mr Obama’s policies, she said the economy “is not yet working the way it should”.

After a bruising primary campaign against self-declared democratic socialist Bernie Sanders, and even as she savaged and mocked Mr Trump, Mrs Clinton extended an olive branch of sorts to her sceptics and critics.

“I will carry all of your voices and stories with me to the White House,” she said, adding that her administration would incorporate several policies pushed by Mr Sanders.

“I will be a president for Democrats, Republicans, and independents,” she added. “For the struggling, the striving and the successful. For those who vote for me and those who don’t. For all Americans.”

Throughout her speech, pockets of revolt emerged, mainly Mr Sanders supporters who shouted out in protest but were quickly drowned out by Mrs Clinton supporters chanting “Hillary! Hillary!”

The four-day Democratic convention in Philadelphia has been a parade of party heavyweights — and some independents — who have all stressed that the former first lady and US senator is uniquely qualified to be commander-in-chief.

Mr Obama led the charge on Wednesday, stirringly hailing Clinton as his political heir — and tweeting after her Thursday speech that “she’s tested. She’s ready. She never quits.”

Mrs Clinton spoke of the strains that have been placed on US society during the toxic year-long campaign that has featured heated rhetoric from Mr Trump and other candidates.

“Powerful forces are threatening to pull us apart. Bonds of trust and respect are fraying,” Mrs Clinton said.

“We are clear-eyed about what our country is up against. But we are not afraid. We will rise to the challenge, just as we always have.”

She also rejected much of the Trump rhetoric that has been a constant on the trail, and his policies that critics warn discriminate against some Americans and would make the country less safe.

“He loses his cool at the slightest provocation,” Mrs Clinton said. “A man you can bait with a tweet is not a man we can trust with nuclear weapons.”

The pair will face off in their first presidential debate in late September.

Mrs Clinton faces a major trust deficit among a US public that has followed every Clintonian turn of the past quarter century. Rocked by an email scandal that refuses to die, she is now about as unpopular with voters as her Republican rival.

Her remarks signal a plan to focus attention on down-and-out communities that have felt ignored by the slow and erratic economic recovery.

After her speech, Mrs Clinton and running mate Tim Kaine will seek to carry her momentum straight onto the campaign trail on Friday, taking a three-day bus tour into Rust Belt communities in swing states Pennsylvania and Ohio.

Helping Mrs Clinton with her task of appearing as the steady hand at the tiller were retired US military generals, lawmakers and even Republicans furious over the rise of Trump.

While Mrs Clinton must play to the party’s base — and seek to soothe bruised Bernie Sanders supporters — a key mission was to appeal to crossover voters and independents wary of Mr Trump.

In a moment designed to appeal to both gun control advocates and more conservative voters, Clinton forcefully said: “I’m not here to take away your guns.

“I just don’t want you to be shot by someone who shouldn’t have a gun in the first place.”

But she spent considerable energy berating her November election rival, saying no Americans should trust a candidate who pledges that “I alone can fix it,” as Mr Trump said last week in Cleveland.

“Enough with the bigotry and bombast. Donald Trump’s not offering real change,” she said. as she suggested that the unprecedented ascent of her rival might be a unique moment in US history.

“Here’s the sad truth. There is no other Donald Trump. This is it.”

With the conventions now over and 101 more days to go before the elections, both candidates headed straight back on to the campaign trail on Friday hoping to capitalise on successful convention performances. Mrs Clinton will take her vice presidential running mate Tim Kaine on a bus journey through Pennsylvania and Ohio. The so-called “rust belt” states are vital parts of almost any strategy to garner the 270 electoral college votes needed to win the presidency.

Both parties are deeply divided and led by profoundly unpopular figures with approval ratings below 40 per cent.

Both conventions featured withering personal barbs, with Republicans in Cleveland chanting “lock her up” against Clinton and Democrats in Philadelphia painting Trump as an authoritarian and threat to US democracy.

Experts predict that “negative partisanship” -- voting against a candidate, rather than for a candidate — will play a major role in deciding who makes it to the White House.

Trump meanwhile will be in Colorado, another battleground state, where his plan to build a wall on the Mexican border could resonate with angry white voters but turn Hispanic voters away in droves.

* Agence France-Presse

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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.”