Boris Johnson departed Downing Street on Tuesday with his usual mixture of swagger, colourful turns of phrase and a classical reference that hinted at a possible comeback.
The outgoing prime minister, who compared climate change to a James Bond plot and coronavirus vaccines to the Battle of Waterloo during his three-year term in office, saved a few last rhetorical flourishes for his farewell speech.
Mr Johnson told assembled journalists and MPs that he was returning to his plough like the Roman statesman Lucius Quinctius Cincinnatus — who, according to legend, was restored to power in an hour of need.
Switching metaphors, Mr Johnson said he was “one of those booster rockets that has fulfilled its function… I will now be gently re-entering the atmosphere and splashing down invisibly in some remote and obscure corner of the Pacific”.
But Mr Johnson’s bluster could not disguise his regret at leaving office in mid-term as he offered an impassioned defence of his record.
Roman comeback hint
“Like Cincinnatus, I am returning to my plough”
An Oxford University classics graduate, Mr Johnson often peppers his speeches with references to the ancient world. However, his mention of Cincinnatus raised more eyebrows than usual amid speculation about his future plans.
The story goes that Cincinnatus was appointed Roman dictator in 458 BC. But after defeating his enemies within 15 days, he chose to lay down his powers and return to his farm.
Legend has it that Cincinnatus was summoned back to power during a crisis in 439 BC and restored to his dictatorial powers at the age of 80, although scholars doubt whether that part of the story is true.
Either way, Mr Johnson’s reference did nothing to dispel the suspicion that he will attempt a comeback if things turn sour for his successor Liz Truss.
Change of the rules
“The baton will be handed over in what has unexpectedly turned out to be a relay race – they changed the rules halfway through but never mind that now”
Mr Johnson delivered this line in a jokey manner but there was no hiding his resentment at being thrown out of office in mid-term.
Tory MPs lost patience with Mr Johnson and forced a leadership election in July after a series of scandals that fatally weakened his authority.
But Mr Johnson blamed his removal on a herd mentality and described it as eccentric to change leaders nearly three years after his landslide election victory.
Opposition MPs said Mr Johnson had shown no contrition or acknowledgement of why he was forced out.
Young Boris on a space hopper
“Unemployment as I leave office: down to lows not seen since I was about 10 years old and bouncing around on a space hopper”
This was Mr Johnson’s unusual way of saying that unemployment in Britain is at its lowest since the mid-1970s.
Mr Johnson, born in 1964, was a schoolboy at the time.
The unemployment figures are a rare bright spot in the British economy as it faces the highest inflation for decades and teeters on the brink of recession.
And not all is well in the labour market as worker shortages cause chaos at airports and unions launch a wave of strikes to demand higher pay.
Cats and dogs
“If Dilyn and Larry can put behind them their occasional difficulties, then so can the Conservative Party”
Larry, the Downing Street cat, has resided at Number 10 under three prime ministers since 2011 — David Cameron, Theresa May and Mr Johnson — and is about to serve as “chief mouser” under a fourth.
Dilyn is the dog belonging to Mr Johnson personally and his wife Carrie, and has featured prominently on Downing Street Christmas cards.
Mr Johnson’s message was that if cat and dog can coexist, then so can supporters of Ms Truss and her defeated leadership rival Rishi Sunak after a sometimes bitter two-month leadership contest.
But Ms Truss was expected to appoint a team of loyalists to senior positions when she starts forming her Cabinet on Tuesday.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Company%C2%A0profile
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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.”
MATCH RESULT
Al Jazira 3 Persepolis 2
Jazira: Mabkhout (52'), Romarinho (77'), Al Hammadi (90' 6)
Persepolis: Alipour (42'), Mensha (84')
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
EA Sports FC 24