Thomas Watkins is Washington bureau chief at The National
May 01, 2023
At the ripe age of 59, legendary baseball pitcher Satchel Paige played in his last major league game, setting an ongoing record for the oldest player.
He is credited with this pearl of ageing wisdom: "Age is a case of mind over matter — if you don’t mind, it don’t matter."
That appears to be President Joe Biden's mantra as he seeks a second term in the White House. At 80, Mr Biden is already the oldest American leader and would be 86 at the end of another four-year stint if he were to win next year.
He has been the subject of intense scrutiny about his age. Criticising the octogenarian's perceived mental acuity is now a favourite line of attack for the Republican Party, and many Democrats, even though Donald Trump is hardly a spring chicken at 76.
Nikki Haley, the former South Carolina governor who is running for president, last week suggested that Mr Biden would not survive a second term.
On Saturday night, he embraced the issue head on, laughing off the fact that polls show most Americans do not want him to run again, with concerns over his age a top reason.
Speaking at the White House Correspondents' Association dinner, an annual jamboree that brings 2,600 of Washington's political and media pooh-bahs together, Mr Biden paid tribute to the First Amendment, written in 1789 by founding father James Madison to guarantee the freedom of speech.
"I believe in the First Amendment – not just because my good friend Jimmy Madison wrote it," Mr Biden said.
He had plenty more to say on his advanced years.
Among the barbs he threw at right-wing cable network Fox News, for whom the president is its bete noire, Mr Biden went after the channel's owner Rupert Murdoch, who is 92.
"Look, I get that age is a completely reasonable issue. It’s on everybody’s mind," Mr Biden said. "You might think I don’t like Rupert Murdoch. That’s simply not true. How could I dislike the guy who makes me look like Harry Styles?"
Several Fox employees laughed at that one, but they were less amused when Mr Biden joked about their network having to pay Dominion $787.5 million in damages after it knowingly spread misinformation about the voting machine maker.
"Last year, your favourite Fox News reporters were able to attend because they were fully vaccinated and boosted. This year, with that $787 million settlement, they’re here because they couldn’t say no to a free meal," Mr Biden said.
He also had a laugh at the expense of CNN and its former host Don Lemon, who was fired after he called Ms Haley, 51, not “in her prime”.
"You call me old? I call it being seasoned," Mr Biden said. "You say I’m ancient? I say I’m wise. You say I’m over the hill? Don Lemon would say that’s a man in his prime."
Headlining comedian Roy Wood Jr also poked fun at Mr Biden's age, saying that the biggest scandal of his presidency was: "Is Joe Biden awake?"
The star-studded dinner is a highlight of the Washington social calendar and traditionally features a speech from the president.
At about $350 a head, the banquet consists of three courses and raises money for journalism scholarships and gives awards to White House reporters.
Mr Trump broke with tradition in declining to attend, and the event was cancelled in 2020 and 2021 due to the pandemic.
Aside from addressing his age, Mr Biden used his speech to highlight several journalistic issues including the arrest on what the US says are bogus espionage charges of Wall Street Journal reporter Evan Gershkovich.
The crowd was a who's who of Washington's political elite but also featured celebrities and newsmakers, such as US basketball player Brittney Griner, who was released from Russian prison last year. She received a standing ovation as Mr Biden touted her release.
Basketball player Brittney Griner during the White House Correspondents' Association dinner. Bloomberg
But in an awkward moment for some media outlets in the ballroom, Mr Biden drew disapproval from several guests when he took aim at right-wing media outlets for spreading what he said were lies and misinformation.
"A poison is running through our democracy and parts of the extreme press. The truth buried by lies, and lies living on as truth," he said.
"Lies told for profit and power. Lies and conspiracy and malice repeated over and over again, designed to generate a cycle of anger, hate and even violence."
Mr Biden may not be a popular choice among Democrats and is wildly unpopular among Republicans.
But judging by his pugnacious performance on Saturday, he appears to be ready for a long fight. Don't count the old man out yet.
The annual dinner raises money for WHCA scholarships and honours the recipients of the organisation's journalism awards. Bloomberg
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
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Straightforward ways to reduce sugar in your family's diet
Ban fruit juice and sodas
Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
Give young children plain yoghurt with whole fruits mashed into it
Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
Don’t eat dessert every day
Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
Read food labels if you really do feel the need to buy processed food
Eat everything in moderation
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024. It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine. Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages]. The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts. With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians. Following the single’s success, the idea to stage a rock concert evolved. Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world. The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The biog
Fast facts on Neil Armstrong’s personal life:
Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
He earned his private pilot’s license when he was 16 – he could fly before he could drive
There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994
David Haye record
Total fights: 32 Wins: 28 Wins by KO: 26 Losses: 4
Understanding of marketing objectives and audience engagement.
Tourism industry knowledge.
Professional ethics.
From Conquest to Deportation
Jeronim Perovic, Hurst
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
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.”
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
