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 Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11 What time: Each day’s play is scheduled to start at 2pm UAE time. TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Correspondents
By Tim Murphy
(Grove Press)
At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
430,000 jobs created
10 million people given access to clean and affordable drinking water
Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
