A breathless President Donald Trump gave a primetime address to the nation last night, looking to press the reset button on his handling of the top issue for American voters: the economy.
Poll after poll has shown Mr Trump's approval ratings slumping, particularly when it comes to the state of the economy. He was elected on a promise of cutting prices, boosting employment and tackling inflation. Eleven months on, the average American is not feeling any better off than they were last year. While some things are getting cheaper, like petrol, unemployment is rising, inflation is the same as it was in January and the overall cost of living continues to soar.
During an 18-minute address from the White House, Mr Trump sought to assure Americans that the country's new Golden Age is right around the corner. But for some reason, perhaps he was under time constraints imposed by TV networks, Mr Trump lurched through his teleprompted remarks while yelling all of his talking points.
At times he sounded unhinged or as though he were having a full-blown panic attack, a good metaphor for how Republicans view his performance on the economy ahead of next year's midterm elections.
"We're the hottest country anywhere in the world, and that's said by every single leader that I've spoken to over the last five months," Mr Trump said in his address, during which he repeatedly blamed his predecessor, Joe Biden, for every problem on his plate.
The hyped-up salesman/Biden blame-game shtick is wearing thin. Americans want results and recent wins by Democrats in local and state elections show how quickly people have soured on Mr Trump's handling of the economy. According to a new NPR/PBS News/Marist poll, he only has a 36 per cent approval rating on the issue.
One thing Mr Trump did not do last night was declare war on Venezuela, something that could come any day now. He did say that Venezuela (although it is not an island) is "completely surrounded by the largest armada ever assembled in the history of South America" and that the US was blockading all the country's oil tankers. It seems to be only a matter of time before the US is conducting some sort of military action against Caracas.
We certainly are in for another momentous year in 2026. I wish you a very happy festive season. The newsletter will be taking a break next week - see you in the new year!
Eye on the White House
US stance on Venezuela carries haunting echoes of Iraq war
George W Bush, Colin Powell and Donald Rumsfeld in 2003, months after launching the Iraq war. Reuters
Mr Trump on Monday issued an executive order declaring the drug fentanyl a weapon of mass destruction. He has also accused Venezuelan President Nicolas Maduro of narco-terrorism and involvement in trafficking drugs towards the US.
More than two decades earlier, President George W Bush announced the US invasion of Iraq aimed at toppling the regime of Saddam Hussein. In a televised address in March 2003, Mr Bush said that the “people of the United States and our friends and allies will not live at the mercy of an outlaw regime that threatens the peace with weapons of mass murder”.
There are startling parallels between the rhetoric of the Bush administration in the lead-up to the invasion of Iraq and the recent language from the Trump administration towards Venezuela.
BBC billions Mr Trump sued the UK-based BBC on Monday for alleged defamation over edited clips of a speech that made it appear as if he directed supporters to storm the US Capitol, opening an international front in his fight against media coverage he deems untrue or unfair. He is seeking up to $10 billion - an unthinkable sum for a broadcaster whose entire annual budget is about £6 billion.
Hollywood horror It didn't take long for Mr Trump to make the deaths of film director Rob Reiner and his wife all about him. Instead of sharing a simple note of condolence, Mr Trump posted a message on Truth Social on Monday in which he (or an account-handling minion) suggested Reiner had been killed because he didn't like the President.
Bongino going FBI Deputy Director Dan Bongino said yesterday that he will resign from the bureau next month, ending a brief and tumultuous tenure in which he clashed with the Justice Department over the handling of the Jeffrey Epstein files and was forced to reconcile the realities of his law enforcement job with provocative claims he made in his prior role as a popular podcast host. The Epstein files, incidentally, are due to be released tomorrow.
Spotlight Delusion, paranoia, spiralling: The dangers of outsourcing your life to chatbots
AI users are reporting spirals into paranoia, delusion and psychosis after extended conversations with chatbots
The night Adam Thomas locked his keys inside his van, the desert air in Oregon’s Christmas Valley had already begun to grow cold.
He ended up sleeping on a stranger’s futon, an improvised bed set up by a flea market in a town so small it had just a handful of buildings.
It was there, trying to keep warm inside a sleeping bag he had found and staring at the stars, that Mr Thomas realised something had gone profoundly wrong.
For months, he had been following what he believed was an “internal compass”, a sensation in his body that he saw as guidance. This feeling was reinforced by an artificial intelligence chatbot he had been confiding in daily.
But the force that he believed was pulling him “on a path to something” now looked more like a warning sign.
What Disney and OpenAI's Sora deal means for Mickey Mouse and other characters
OpenAI's Sora 2, which received criticism amid allegations of copyright infringement, has reached a deal with Disney. Getty Images via AFP
OpenAI's controversial video-generation tool Sora has one less thing to worry about, thanks in part to an agreement reached with Disney.
According to the entertainment and theme park giant, users of OpenAI's Sora will soon be able to create videos featuring various Disney characters and other intellectual property.
Although details are sparse, users of Sora are expected to be able to create the content beginning in early 2026, according to Disney.
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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.”
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
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.
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
88 Video's most popular rentals
Avengers 3: Infinity War:an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
