What’s the difference between a stereo, a television and the US House of Representatives?
Stereos and TVs have speakers. The House just makes a lot of noise.
Sorry for the obvious joke, but it is hard not to laugh at the tragicomedy playing out in the lower chamber of Congress, where an increasingly dour Kevin McCarthy has been rejected eight times (and counting) by members of his own Republican Party in his quest to become House speaker.
It's a grim state of affairs for Mr McCarthy, whose ritualised national humiliation makes for pitiable viewing or scintillating schadenfreude, depending on one's politics.
But the real loser in all of this is the Republican Party, which once again has allowed its long-simmering civil war to burst to the fore, highlighting how a determined band of absolutists make it literally impossible for the party to govern.
Mr McCarthy spent the past four years as minority leader and has long assumed he would become the next speaker, replacing Nancy Pelosi after the Democrats lost their majority in last year’s midterm elections.
But it is now clear that a hard-core component of "Never Kevin" Republicans won't budge in their opposition to him, even as he buckles to their many demands and yields a string of concessions, including one that would empower any member of Congress to call for a confidence vote whenever they saw fit.
The Californian congressman's apparent Waterloo is being led by a rowdy group of about 20 Republicans, many of whom belong to the ultra-right House Freedom Caucus or who have pushed Donald Trump's lies that the 2020 presidential election was "stolen" from him, even though he lost to Joe Biden by seven million votes.
The burn-it-all-to-the-ground nihilists see Mr McCarthy as a creature of the "swamp", the fetid pool of status-quo pond life that usually governs according to established norms, and say the man who is now their majority leader is insufficiently conservative.
Among them are Lauren Boebert, an Islamophobe from Colorado, and Matt Gaetz, a die-hard Trump loyalist who went so far as to nominate the former president to be speaker on Thursday.
It matters little that they can't be sworn in as representatives and begin making laws until a speaker is selected. This is their moment in the spotlight and the prima donnas won't yield easily.
The Republicans have 222 seats compared to the Democrats, who have 212, though this will probably grow to 213 after a special election for a vacant House seat in a Democratic district of Virginia next month.
Shepherding legislation along a tight-rope majority like that would be excruciating for any speaker. With the gavel in Mr McCarthy's hand, it would be all but impossible.
The House Freedom Caucus's shenanigans this week show what the next two years of Republican majority in the House will look like: chaos, theatrics and failed legislative efforts.
It must all be bitterly ironic for Mr McCarthy, who has done everything he can to placate his party's fringe and its Trump base.
Just days after the January 6, 2021 assault on the US Capitol and democracy itself, Mr McCarthy said Mr Trump "bears responsibility" for the riots that other politicians have called an attempted coup.
He even told fellow Republican leaders that "I've had it with this guy", according to audio obtained by The New York Times.
Yet within weeks, Mr McCarthy flew down to Florida to swear obeisance to the former president.
Mr Trump has called Mr McCarthy "My Kevin" and on Tuesday put out a caveated statement supporting him as speaker, saying he would do a "good job", or maybe even a "GREAT JOB".
Mr McCarthy's willingness to strike Faustian deals was on display again this week, as he surrendered to rebel demands that had once been red lines.
As of Thursday morning, he reportedly had agreed to make it easier for a speaker to be fired and signed off on giving some members of the House Freedom Caucus spots on the rules committee.
By giving any representative the opportunity to call a vote, at any time and on any day, on whether the speaker should remain, Mr McCarthy would be agreeing to make himself a hostage at any time. It's nuts.
It wasn't supposed to be like this for Mr McCarthy, who has spent a decade grooming himself for the speakership.
Back in 2010, he co-wrote a book called Young Guns with two other Republican leaders, Paul Ryan and Eric Cantor.
Seen by tea party populists as too pro-establishment, Mr Cantor lost his seat in a 2014 upset. Mr Ryan bowed out of politics in 2018.
Now, in the week that was supposed to be his crowning achievement, the last of the Young Guns must be wondering how many bullets he has left in the chamber.
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
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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
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five