US politics seems to be following an extremely familiar script these days.
At the end of his first year, a new president is both achieving a great deal – indeed far more than his recent predecessors – yet is struggling at the polls with his party set for a potentially significant midterm congressional defeat. If Americans follow their well-established pattern, the Democrats will sustain significant losses next November, but two years later Joe Biden, health permitting, will be reelected.
Yet, patterns are just templates, and outcomes frequently deviate from them. Donald Trump, Mr Biden's predecessor, crashed to a significant defeat last year. And both parties are currently beset by conflicting impulses of optimism and pessimism that are equally easy to justify and critique.
According to most current polls, the Republican advantage in the upcoming congressional races looks overwhelming.
Americans are currently expressing an unprecedented preference for generic Republicans over generic Democrats, with 46 per cent preferring Republican control of the House of Representatives versus 41 per cent favouring the Democrats. And several key states have been gerrymandered to the point that Democrats would require impossible super majorities to prevail.
Yet, this bleak picture for Democrats, both in terms of historical patterns and present trends, could be misleading.
The midterm election is still 12 months away, and a great deal will change. Many Democrats are consoling themselves it's in November 2022, not 2021.
Many believe that the polling has yet to reflect the recent $1 trillion infrastructure bill breakthrough. And optimism is growing that some version of the $2tn "Build Back Better" social spending bill that just passed the House will ultimately be agreed upon by Senate Democrats as well.
If that happens, they will go into the midterms with undoubtedly the strongest package of governance achievements in more than 50 years. Although even that hardly guarantees them success, it gives them the best possible opportunity to buck the historical trend and retain control of one or both houses of Congress.
But Republicans face a much bigger problem than a potential resurgence of popularity for Mr Biden and the Democrats: Mr Trump.
The former president remains wildly popular among the Republican base, but it is becoming increasingly obvious that much of the party leadership regards him as the greatest potential obstacle for success at the polls.
The biggest concern is that he persists in endlessly relitigating the 2020 election, insisting it was the biggest fraud in US history without any evidence. Very few, if any, Republican leaders believe this and they are aware most of the public does not either.
Yet, Mr Trump with his iron grip on the party base has insisted on making fealty to his "big lie" about rampant election fraud a litmus test for Republican politicians. The fear is that if the party and its candidates generally run on claims that US democracy is a fraud and that the 2020 election was stolen, that will spell disaster in most swing states.
Even many voters who have unfounded questions about the integrity of the last election, largely because they keep hearing baseless claims to that effect, nonetheless understand the country must move on. There are no provisions in US law for reversing any of the outcome. Yet, Mr Trump is fixated on convincing everyone that he did not lose because he does not lose anything ever. This only plays well among the most devoted followers.
The tension among Republican leaders between confidence in their chances and fears of Mr Trump's potential to ruin everything have been greatly reinforced by the victory of Republican Governor Glenn Youngkin in Virginia, a state Mr Biden carried by 10 points in last year's presidential election.
Mr Youngkin echoed many of Mr Trump's culture wars talking points, but he almost never mentioned the former president and pretended, in effect, that he didn't exist. His veteran Democratic opponent, Terry McAuliffe, based his whole campaign on bashing Mr Trump, but because Mr Youngkin successfully distanced himself from him and his claims about 2020, it was ineffective.
But there are increasing signs that Mr Trump, although he did not interfere in Virginia, is increasingly asserting his role as a kingmaker and arbiter among Republican candidates. His criteria largely centre around loyalty to him, his groundless claims of 2020 election fraud, and, most recently, ousting any Republicans who dared to vote for the infrastructure bill.
He is increasingly harassing Senate minority leader Mitch McConnell, consistently deriding him as an "old crow", and attacking and trying to unseat the governors of Republican states he lost, such as Doug Ducey of Arizona and Brian Kemp of Georgia.
The party leadership, of course, wants to reelect strong incumbent governors and members of Congress. This is the clearest clash of interests between Mr Trump and his nominal party (he spent most of his life as a relatively liberal Democrat) since the Republican primaries of 2016.
With the political situation so unsettled, historical patterns are probably still the best guide
Back then, the party leadership did not want Mr Trump as its nominee, but he was able to force himself upon them by overwhelmingly winning most primaries. It must be a major case of deja vu for party bigwigs.
They sense a huge opportunity, but not only do they have to worry about a possible Democratic recovery, their de facto leader appears to be preparing to sabotage many of their key candidates and pull their party even further to the radical right. And few of them believe he could regain the White House in 2024 by harping on the election in 2020.
With the political situation so unsettled, historical patterns are probably still the best guide. Republicans may not score the overwhelming victories they anticipate in Congress next year, but tradition suggests they will at least retake the House.
But if Mr Biden can add the $2tn social spending bill to the already passed $1.9tn pandemic relief measure and $1tn infrastructure bill, he will have accumulated more than enough to justify reelection in 2024, as the same historical patterns would suggest he probably will.
So, Democrats are aware that they probably have less than a year to secure whatever they can in additional spending and, just possibly, protecting elections and voting rights. After that, two years of gridlock apparently awaits. But if this pattern holds, their redemption comes in 2024, not next November. Though they may face a painful setback, that's a pretty good scenario for Mr Biden and his party.
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
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure'
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse
UAE currency: the story behind the money in your pockets
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Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENomad%20Homes%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2020%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EHelen%20Chen%2C%20Damien%20Drap%2C%20and%20Dan%20Piehler%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20and%20Europe%3Cbr%3E%3Cstrong%3EIndustry%3C%2Fstrong%3E%3A%20PropTech%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2444m%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Acrew%20Capital%2C%2001%20Advisors%2C%20HighSage%20Ventures%2C%20Abstract%20Ventures%2C%20Partech%2C%20Precursor%20Ventures%2C%20Potluck%20Ventures%2C%20Knollwood%20and%20several%20undisclosed%20hedge%20funds%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents