US President Joe Biden on Thursday used his first press conference since his disastrous debate with Donald Trump two weeks ago to showcase his domestic and foreign policy achievements, and insisted that he would continue his re-election campaign.
“I’m not in this for my legacy,” Mr Biden declared. “I’m in this to complete the job I started.”
Mr Biden, 81, had not held a solo press conference since November, fuelling speculation he was unable to speak extemporaneously on different topics or without the help of a teleprompter.
The press conference was an effort to showcase he is fit to serve another four years in the White House.
His performance was stronger than the recent debate but it was not immediately clear if he had done enough to assuage voter concerns and at one point he referred to Vice President Kamala Harris as "Vice President Trump".
Over the course of nearly an hour, he fumbled a few times in response to about a dozen questions from journalists on a broad range of topics, giving detailed - and sometimes rambling - responses to questions covering domestic and foreign policy issues, as well as his health.
He also fought back against suggestions that he was not in command of his job.
The first question was about him losing support among his own Democratic Party and unions, and about whether Vice President Kamala Harris would be able to beat Trump in a hypothetical head-to-head race.
“Look, I wouldn't have picked Vice President Trump to be vice president if didn't think she wasn't qualified to be president,” he said in one of the night's blunders.
A few minutes later, Trump shared a clip of Mr Biden's gaffe on Truth Social, writing: “Great job, Joe!”
On Thursday, US media reported that the Biden campaign was “quietly” testing with voters a matchup between Ms Harris and Trump.
The news conference comes as several Democrats have called on Mr Biden to step aside after his debate against Trump two weeks ago in Atlanta, Georgia, where the President appeared occasionally bewildered and frequently incoherent.
A number of Democratic politicians and celebrities have publicly called on Mr Biden – who has yet to formally be named the party's nominee – to drop out, arguing he cannot beat Trump in November.
High-ranking Democrat and former House speaker Nancy Pelosi said in an interview it was “up to the President to decide” if he is going to run and warned that “time is running short”.
And in a bruising setback, actor and major supporter of the Democratic Party George Clooney on Wednesday called on Mr Biden to step aside in a New York Times opinion column, warning that not only would the party lose the presidency, it would lose the House and Senate, too.
US voters have long voiced concerns about Mr Biden's age but since the debate it has become an existential challenge to his attempt to secure a second term.
A poll by ABC News, The Washington Post and Ipsos published on Thursday found 85 per cent of US voters said Mr Biden is too old for a second term.
But a defiant Mr Biden appears insistent on staying in the race.
“I think I'm the most qualified person to run for president – I beat [Trump] once and I will beat him again,” he said on Thursday.
He did, however, acknowledge that he needed to “pace” himself more.
Hours before he took the podium, Mr Biden spoke at the end of the Nato summit in Washington, where he accidentally introduced Ukrainian Prime Minister Volodymyr Zelenskyy as “President Putin” before correcting himself several seconds later.
“I’m so focused on beating Putin – we've got to worry about it,” he said.
When Trump was president, he frequently engaged with the press. He called journalists “the enemy of the people” but nonetheless led lengthy, freewheeling briefings that covered a number of topics.
Answering a question about his handling of the war on Gaza, Mr Biden said he was “disappointed” that some of his proposals had not succeeded.
“There's a lot of things in retrospect that I wish I had been able to convince the Israelis to do,” he said.
He also answered questions about the importance of preserving Nato, the war in Ukraine, and keeping Russia and China at bay.
Polls show a tight race between Mr Biden and Trump. The ABC poll shows voters split on Mr Biden and Trump, at 46 per cent to 47 per cent, respectively, if the election were held today.
Mr Biden handily won his party's primary elections this year, making him the presumptive Democratic nominee. Unless he steps aside before the Democratic National Convention in Chicago next month, he will officially be named the party's candidate.
Trump, meanwhile, is consistently polling ahead in swing states.
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
if you go
The flights
Fly direct to Kutaisi with Flydubai from Dh925 return, including taxes. The flight takes 3.5 hours. From there, Svaneti is a four-hour drive. The driving time from Tbilisi is eight hours.
The trip
The cost of the Svaneti trip is US$2,000 (Dh7,345) for 10 days, including food, guiding, accommodation and transfers from and to Tbilisi or Kutaisi. This summer the TCT is also offering a 5-day hike in Armenia for $1,200 (Dh4,407) per person. For further information, visit www.transcaucasiantrail.org/en/hike/
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Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
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.”
Company%20Profile
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Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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LOVE%20AGAIN
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Mohammed bin Zayed Majlis
