President-elect Donald Trump's poll victory last week sent major US stock indexes surging to new records, with Tesla and Bitcoin among the biggest winners so far.
The price of Bitcoin briefly surpassed $93,000 for the first time on Wednesday as the cryptocurrency continued its rise after Mr Trump's election, overtaking Saudi Aramco as the world's seventh-largest asset by market cap at $1.833 trillion.
Bitcoin and Tesla are among a number of sectors and companies to benefit from the so-called Trump bump that are expected to reap the rewards of his new administration.
Tesla
Tesla has been one of the biggest winners since the election, with billionaire owner Elon Musk's backing of Mr Trump paying off big for the electric vehicle company.
Even after a slight post-election dip on Tuesday, Tesla shares have still surged by more than 32 per cent since election day.
That has also led to a huge increase in net worth for Mr Musk, already the world's richest person. As of Wednesday, Mr Musk's net worth had risen to $319 billion, almost $90 billion more than the world's second-richest man, Jeff Bezos.
Mr Musk was one of Mr Trump's most vocal surrogates during the final months of the campaign trail and was rewarded by being tapped to co-lead a new Department of Government Efficiency.
He is said to have a strong influence on the new administration, reportedly joining a call between Mr Trump and Ukrainian President Volodymyr Zelenskyy last week. He was also expected to join Mr Trump and Republicans on Capitol Hill on Wednesday.
Crypto
Mr Trump's election has been a huge boost to the cryptocurrency industry. The president-elect, once a sceptic, has since embraced the industry and now also owns a crypto business, World Liberty Financial.
Mr Trump previously said he wants the US to become the “crypto capital of the planet” and also raised the possibility of establishing a strategic bitcoin stockpile.
Crypto traders are also emboldened by the possibility of a new head of the Securities and Exchanges Commission. Current chairman Gary Gensler, one of the crypto industry's biggest rivals, is expected to resign before Mr Trump takes office.
Bitcoin is not the only cryptocurrency to rise under these hopes. Ether, the second-largest cryptocurrency by market cap, has jumped 37 per cent since election day. Dogecoin is up 156.2 per cent.
Private prisons
Shares in jail stocks have risen since Mr Trump vowed to follow through with a mass deportation plan that could affect millions of undocumented immigrants.
“We expect the incoming Trump administration to take a much more aggressive approach regarding border security, as well as interior enforcement, and to request additional funding from Congress to achieve these goals,” Geo Group executive chairman George Zoley said during an earnings call last week.
Shares in Geo Group, the largest private prisoner operator in the US, have risen by 67.8 per cent since election day.
Mr Zoley said the incoming administration will bring a “potential sea change” for the industry.
CoreCivic, a company that owns and manages private prisons, has also experienced a recent increase in share price. The company's stock has risen by 61.12 per cent.
Large banks
Mr Trump's return to the White House is also seen as a boon to big banks who could benefit from less regulation and more domestic investment.
Goldman Sachs and Bank of America shares have increased by the highest amount since election day at 14.1 per cent and 10.5 per cent, respectively.
Financial Trade Commissioner chairwoman Lina Khan's future is seen as being in jeopardy. Ms Khan's FTC has been aggressive in blocking several mega mergers seen as anti-competitive. Her replacement, as well as other antitrust appointments, could signal less regulation from agencies that would benefit banks and other companies.
The future of the Federal Reserve's proposed capital requirements – also known as the Basel III Endgame – is also in doubt. The Fed has already drastically lowered the capital the nation's largest banks would be required to hold after a fierce lobbying effort.
Shares in JP Morgan Chase and Citigroup have risen by 9.8 and 10.5 per cent, respectively.
Heather, the Totality
Matthew Weiner,
Canongate
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
MORE ON INTERNATIONAL JUSTICE
The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
UAE currency: the story behind the money in your pockets
UAE Falcons
Carly Lewis (captain), Emily Fensome, Kelly Loy, Isabel Affley, Jessica Cronin, Jemma Eley, Jenna Guy, Kate Lewis, Megan Polley, Charlie Preston, Becki Quigley and Sophie Siffre. Deb Jones and Lucia Sdao – coach and assistant coach.
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Managing the separation process
- Choose your nursery carefully in the first place
- Relax – and hopefully your child will follow suit
- Inform the staff in advance of your child’s likes and dislikes.
- If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
- The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
- Be patient. Your child might love it one day and hate it the next
- Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.
