US president’s speech will please very few


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Big policy speeches, such as the one Barack Obama delivered at West Point on Wednesday, are often directed at multiple audiences. As such, they can sometimes be spread too thin, seeking to please too many listeners and ending up satisfying none. That is what appears to have happened, given the largely indifferent reaction to Mr Obama's speech – even from among his audience of cadets.

In this region, disappointment with Mr Obama comes as a result of what he said and what he didn’t say. Start with the only tangible announcement, of a counterterrorism “partnership fund” of $5 billion (Dh18bn). This is welcome, especially for the government in Yemen, which is struggling to contain the Al Qaeda elements in the south. But the disappointment is that this money is likely to be used to continue with the drone strikes – which kill civilians, fuel extremism and, therefore, threaten the rest of the Peninsula. A failed policy does not need further funds.

On the other hand, Mr Obama did not say what was needed on Iran and Syria. On Iran, he talked of continuing to seek an agreement. But it is well known that the Arab Gulf countries fear the US is seeking an agreement with Iran “on the cheap”. The suspicion is that, as the one tangible foreign policy success on the horizon, Mr Obama will seek a deal at any cost, even over the needs of America’s long-term allies.

Lastly, and most importantly for the Middle East, he did not say enough on Syria. Mr Obama framed his “announcement” that he would aid Jordan, Lebanon, Turkey and Iraq with the strain of refugees as something new. But this is the minimum required. Suggestions that the US would – finally – start to train the rebels did not materialise in the speech, and the president limply said he would push for a “political” resolution to the crisis – even though that has been tried and failed.

Mr Obama suggested he had kept US troops off the ground in Syria. That is true. But that was not what regional countries were calling for. There are a whole series of options – no fly zones, surgical strikes, safe havens – that could have been used. Mr Obama chose to implement none of them.

Certainly, Mr Obama was never going to satisfy all his friends and rebutt all his critics. But by promising big policies and delivering none he has merely contributed to the continuing sense in this region and elsewhere that the Obama administration is too disengaged, too remote and not willing to take the tough choices necessary to lead.

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Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

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Email sent to Uber team from chief executive Dara Khosrowshahi

From: Dara

To: Team@

Date: March 25, 2019 at 11:45pm PT

Subj: Accelerating in the Middle East

Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.

Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.

I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.

This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.

It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.

Uber on,

Dara

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances