Bill Clinton gestures while addressing the 2008 Democratic National Convention.
Bill Clinton gestures while addressing the 2008 Democratic National Convention.

Clinton forcefully endorses Obama



DENVER // Bill Clinton gave a full-throated endorsement to Barack Obama's bid for the White House yesterday, telling delegates to the Democratic convention that Mr Obama is "ready to lead America and restore American leadership in the world." Mr Clinton pushed back against attacks - initiated by himself and his wife during the bitter primary campaign, and later taken up by the Republican contender John McCain - that Mr Obama is ill-prepared for the White House, especially on matters of national defence. But he also suggested that on such weighty issues, Mr Obama would be leaning on his seasoned vice president, six-term Senator Joe Biden. "With Joe Biden's experience and wisdom, supporting Barack Obama's proven understanding, insight and good instincts, America will have the national security leadership we need," Mr Clinton said. Mr Clinton campaigned feverishly for his wife, Hillary Clinton, in her long-fought primary battle against Mr Obama, and took her loss hard. He had not spoken out strongly in support of Mr Obama since he clinched the nomination in June. But yesterday, he was unambiguous in passing the torch of Democratic leadership to Mr Obama. Jabbing a finger at thousands of cheering delegates, he declared: "I want all of you who supported her to vote for Barack Obama in November." Running just over 20 minutes, Mr Clinton's speech whipped thousands of delegates into a frenzy. Where a night before they had hoisted "Hillary" banners, on this night they waved American flags, symbols of the unity the fractious party seeks. The delegates stood on their feet and roared for more than three minutes when Mr Clinton walked on stage. Mr Clinton, ever mindful of himself, likened Mr Obama's presidential quest to his own bid for the presidency in 1992, when "Republicans said I was too young and too inexperienced to be commander in chief." "Sound familiar?" Mr Clinton said. "It didn't work in 1992, because we were on the right side of history. And it won't work in 2008, because Barack Obama is on the right side of history." Mr Clinton's challenge last night was large, because he himself had questioned Mr Obama's credentials. During the primary race, the former president tried to raise doubts about whether the first-term Illinois senator had the experience to lead the country. He said Mr Obama's opposition to the Iraq war was a "fairy tale." Last fall, he dismissed Mr Obama as totally unqualified. "I mean, when is the last time we elected a president based on one year of service in the Senate before he started running?" Mr Clinton said in an interview. *AP

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

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TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

The biog

Born: near Sialkot, Pakistan, 1981

Profession: Driver

Family: wife, son (11), daughter (8)

Favourite drink: chai karak

Favourite place in Dubai: The neighbourhood of Khawaneej. “When I see the old houses over there, near the date palms, I can be reminded of my old times. If I don’t go down I cannot recall my old times.”

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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'Dark Waters'

Directed by: Todd Haynes

Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper 

Rating: ****

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.”

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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