US President Donald Trump while signing executive orders in the Oval Office. AFP
US President Donald Trump while signing executive orders in the Oval Office. AFP
US President Donald Trump while signing executive orders in the Oval Office. AFP
US President Donald Trump while signing executive orders in the Oval Office. AFP

Trump says he may meet Putin after Saudi Arabia trip


Jihan Abdalla
  • English
  • Arabic

US President Donald Trump said on Wednesday he may meet Russia's President Vladimir Putin after his trip to the Middle East next month.

Speaking from the Oval Office, Mr Trump said Mr Putin has "a certain respect" for him.

"It's possible, but most likely not – I think we'll meet with him shortly thereafter," he said when asked if he would meet the Russian leader in Saudi Arabia, where several rounds of US-brokered negotiations have taken place.

Mr Trump also told reporters that he believed he had a deal with both Mr Putin and Ukrainian President Volodymyr Zelenskyy that would end the war.

However, he implied that dealing with Mr Zelenskyy had been more difficult than he had expected.

"I think we have a deal with Russia; we have to get a deal with Zelenskyy, and I hope that Zelenskyy – I thought it might be easier to deal with Zelenskyy," he said.

"So far, it's a bit harder, but that's OK. But I think we have a deal with both."

Mr Trump, under his "America first" approach to foreign policy, has sought closer relations with Mr Putin, while antagonising Mr Zelenskyy.

White House envoy Steve Witkoff has held several meetings with Mr Putin, with the next set to place on Friday, according to media reports.

Mr Zelenskyy on Tuesday said he would not accept giving up Ukrainian territory to Russia under any deal aimed at ending the war, which began more than three years ago.

Mr Trump called his opposition “very harmful” to talks.

“Nobody is asking Zelenskyy to recognise Crimea as Russian territory but, if he wants Crimea, why didn’t they fight for it 11 years ago when it was handed over to Russia without a shot being fired?” he wrote in a post on his Truth Social platform.

The White House on Tuesday announced that Mr Trump would visit Saudi Arabia, the UAE and Qatar next month on his first major foreign trip since he took office in January.

Mr Trump is also due to travel to the Vatican on Friday to attend Pope Francis's funeral, and he said he has "a lot of meetings set up" with leaders on the sidelines.

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

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Updated: May 07, 2025, 7:04 AM