Republican US presidential candidate Donald Trump. AP
Republican US presidential candidate Donald Trump. AP
Republican US presidential candidate Donald Trump. AP
Republican US presidential candidate Donald Trump. AP

Donald Trump proposes creating a US sovereign wealth fund


Kyle Fitzgerald
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Latest updates: Follow our full coverage on the US election

Donald Trump on Thursday proposed the establishment of a US sovereign wealth fund as part of his economic pitch to business executives.

Mr Trump told the Economic Club of New York that he would create a wealth fund to “invest in great national endeavours for the benefit of all of the American people”, after again pledging a mass deportation of undocumented immigrants.

“Why don't we have a wealth fund? Other countries have wealth funds. We have nothing,” he said.

The UAE, Saudi Arabia, China, Singapore and Kuwait are among the nations that have sovereign wealth funds.

The Republican presidential candidate offered little explanation for how the programme would be funded except for his across-the-board tariffs and “other intelligent things”.

Many economists say Mr Trump's proposal – which would put a 10 per cent tariff on all trading partners and a 60 per cent tariff on China – would reignite inflation and stunt economic growth.

The US national debt, now at $35 trillion, increased by $8.4 trillion during his term in office, compared to $4.3 trillion to date under President Joe Biden.

Donald Trump speaks at the Economic Club of New York. AP
Donald Trump speaks at the Economic Club of New York. AP

Mr Trump said the sovereign wealth fund would be used to build motorways, airports, airport infrastructure and other projects.

His proposal was part of his broader economic agenda, as he and Vice President Kamala Harris look to strengthen their records before the November election. The Economic Club of New York said it had also invited Ms Harris to deliver remarks and is awaiting a response from her team.

Mr Trump spoke for more than an hour to leading US business executives including Blackrock chief executive Stephen Schwarzmann, former World Bank president David Malpass and hedge fund manager John Paulson.

The former president also pledged to bring down the price Americans pay at the pump to $2 for a gallon of petrol – about $1.10 less than the average price today.

He has previously claimed US energy security has become weaker under Mr Biden, although the country produces more crude oil today than any other nation at any point in time.

Mr Trump, who has pledged to boost production of fossil fuels and repeal parts of Mr Biden's climate law, claimed his plan would cut energy prices in half within 12 months of his taking office again.

“That's why Opec and Arab nations – and we're very honoured to have some of my friends here with us today from that part of the world – but they're working very hard despite being here that I not be your president. They don't like me,” he said.

Trump aligns himself with Musk

Mr Trump also drew himself closer to Elon Musk by publicly backing the Tesla chief executive's recommendation of a "government efficiency commission".

“At the suggestion of Elon Musk … I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms,” he said.

Mr Trump said the commission would “develop an action plan to totally eliminate fraud and improper payments within six months”.

“I will launch a historic campaign to liberate our economy from crippling regulation,” he said.

Mr Musk, a major donor to Mr Trump's campaign, recommended the commission during a conversation with the Republican presidential candidate last month, which was broadcast live on X.

Mr Trump said Mr Musk has agreed to lead the commission.

Posting on X earlier on Thursday, Mr Musk said: “I look forward to serving America if the opportunity arises.”

Mr Trump's remarks come less than a week before his first debate with Ms Harris, and less than 70 days until the election.

Both candidates have been fine-tuning their economic pitches for voters. According to most polls, the economy remains the top issue for voters. Much of the debate around the two candidates' economic policies has focused on taxes.

Ms Harris used a campaign stop in New Hampshire on Wednesday to propose an expansion of tax incentives for small businesses. She said her plan would increase tax incentives from $5,000 to $50,000 for start-ups.

In addition to extending tax cuts that he passed in 2017, Mr Trump said he wants to reduce corporate income tax from 21 per cent to 15 per cent. He said he wants to get rid of taxes on social security benefits.

Ms Harris, meanwhile, said she wants to increase the corporate income tax to 28 per cent.

The Harris campaign issued a memo accusing Mr Trump of wanting to hurt the middle class, arguing his ideas would expand the national debt and shrink economic growth and job creation.

“He wants our economy to serve billionaires and big corporations,” the campaign said in a statement, according to the Associated Press.

According to two analyses from the Wharton School of the University of Pennsylvania, the US deficit would increase under either a Trump or Harris presidency.

But the analyses found that Mr Trump's stated policies would increase the US debt by $5.8 trillion over the next decade, compared to $1.2 trillion under plans proposed by Ms Harris.

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

THE SPECS

Cadillac XT6 2020 Premium Luxury

Engine:  3.6L V-6

Transmission: nine-speed automatic

Power: 310hp

Torque: 367Nm

Price: Dh280,000

If you go

The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes.


The car
Hertz offers compact car rental from about $300 (Dh1,100) per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.


The national park
Entry to Mount Rainier National Park costs $30 for one vehicle and passengers for up to seven days. Accommodation can be booked through mtrainierguestservices.com. Prices vary according to season. Rooms at the Holiday Inn Yakima cost from $125 per night, excluding breakfast.

TYPES%20OF%20ONLINE%20GIG%20WORK
%3Cp%3E%3Cstrong%3EDesign%2C%20multimedia%20and%20creative%20work%3A%20%3C%2Fstrong%3ELogo%20design%2C%20website%20design%2C%20visualisations%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBusiness%20and%20professional%20management%3A%20%3C%2Fstrong%3ELegal%20or%20management%20consulting%2C%20architecture%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBusiness%20and%20professional%20support%3A%20%3C%2Fstrong%3EResearch%20support%2C%20proofreading%2C%20bookkeeping%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESales%20and%20marketing%20support%3A%20%3C%2Fstrong%3ESearch%20engine%20optimisation%2C%20social%20media%20marketing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EData%20entry%2C%20administrative%2C%20and%20clerical%3A%20%3C%2Fstrong%3EData%20entry%20tasks%2C%20virtual%20assistants%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIT%2C%20software%20development%20and%20tech%3A%20%3C%2Fstrong%3EData%20analyst%2C%20back-end%20or%20front-end%20developers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWriting%20and%20translation%3A%20%3C%2Fstrong%3EContent%20writing%2C%20ghost%20writing%2C%20translation%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOnline%20microtasks%3A%20%3C%2Fstrong%3EImage%20tagging%2C%20surveys%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20World%20Bank%3C%2Fem%3E%3C%2Fp%3E%0A
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Match info

Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')

Southampton 0

The schedule

December 5 - 23: Shooting competition, Al Dhafra Shooting Club

December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq

December 11 - 20: Dates competition, from 4pm

December 12 - 20: Sour milk competition

December 13: Falcon beauty competition

December 14 and 20: Saluki races

December 15: Arabian horse races, from 4pm

December 16 - 19: Falconry competition

December 18: Camel milk competition, from 7.30 - 9.30 am

December 20 and 21: Sheep beauty competition, from 10am

December 22: The best herd of 30 camels

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

SPEC SHEET

Display: 6.8" edge quad-HD  dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz

Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC

I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

Indoor cricket in a nutshell

Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

Five famous companies founded by teens

There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The specs: 2017 Lotus Evora Sport 410

Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

THE%20STRANGERS'%20CASE
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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
LOVE%20AGAIN
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UAE currency: the story behind the money in your pockets
Updated: September 05, 2024, 10:45 PM