US House Speaker Kevin McCarthy speaks during a news conference at the US Capitol in Washington earlier this month. Bloomberg
US House Speaker Kevin McCarthy speaks during a news conference at the US Capitol in Washington earlier this month. Bloomberg
US House Speaker Kevin McCarthy speaks during a news conference at the US Capitol in Washington earlier this month. Bloomberg
US House Speaker Kevin McCarthy speaks during a news conference at the US Capitol in Washington earlier this month. Bloomberg


Kevin McCarthy and the telling state of his Republican committee assignments


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January 24, 2023

The demeaning spectacle through which Kevin McCarthy, after 14 failed votes, finally convinced 21 radical holdouts to allow him to at last become Speaker of the US House of Representatives appears to be just the beginning of a period of misrule. His committee assignments leave little doubt the worst is yet to come.

During this fiasco, GOP members called each other, with as much plausibility as hyperbole, metaphorical “hostage takers", “Taliban", and “terrorists”. In front of a shocked live TV audience, incoming armed services committee chairman Mike Rogers lunged at holdout Matt Gaetz, but was physically restrained from attacking him.

Mr McCarthy gave into virtually every demand any Republican made of him, because he could afford to lose no votes, including agreeing to allow any member, alone, to make a “motion to vacate” which could remove him from his speakership at any moment. He thereby agreed to become the political prisoner of his “hostage taking” colleagues. The implications for governance are dire.

He reportedly made numerous concessions about committee posts, but nobody forced him to assign apparently compulsive fabulist George Santos to the small business and science committees, appointments so obnoxious they are essentially trolling the entire country.

George Santos on Capitol Hill in Washington, on January 11. AP
George Santos on Capitol Hill in Washington, on January 11. AP

Mr Santos is wanted in Brazil for stealing a chequebook from a man his mother worked for as a nurse in 2008 and purchasing $1,314 in clothing from… a small business. Brazilian police documents show Mr Santos confessed before disappearing and sending the case into limbo. Now he has suddenly reappeared on the floor of the US Congress, Brazilian authorities have reopened it.

He has yet to explain how, after a lifetime of modest income, he suddenly started reporting huge paydays in the past two years and lent his own campaign $700,000. The answer could well involve his work in 2020-2021 for Harbour City Capital Corp, which US financial authorities have described as “a classic Ponzi scheme” to defraud investors of up to $17.1 million. But at least it wasn't a small business.

Mr Santos should also fit right into the Science Committee, since he claims to have played a significant role in developing carbon capture technology during a non-existent career in finance and boasted about numerous equally non-existent university degrees.

From the preposterous to the disturbing, Mr McCarthy has appointed three of his most extreme members to the crucial Oversight committee, the House's main investigative body.

Marjorie Taylor Greene is known for a litany of bizarre views, including that the 9/11 terrorist attacks were a hoax (she has since somehow been persuaded that they actually occurred), appearing to endorse killing prominent Democrats like Nancy Pelosi, and her recent boast that if she had orchestrated the January 6 insurrection, “we would have won” and “it would've been armed”. Mr McCarthy appears to think all this also made her an ideal addition to the House Homeland Security Committee.

Marjorie Taylor Greene with US House Republican Leader Kevin McCarthy, on January 07, in Washington. Getty Images / AFP
Marjorie Taylor Greene with US House Republican Leader Kevin McCarthy, on January 07, in Washington. Getty Images / AFP
Matt Rosendale (R-MT) refuses to talk with former President Donald Trump on a phone being offered by Marjorie Taylor Greene during the fourth day of voting for a new Speaker of the House at the US Capitol Building on January 07 in Washington. Getty Images / AFP
Matt Rosendale (R-MT) refuses to talk with former President Donald Trump on a phone being offered by Marjorie Taylor Greene during the fourth day of voting for a new Speaker of the House at the US Capitol Building on January 07 in Washington. Getty Images / AFP

Paul Gosar is another strong supporter of the insurgency, notorious for close ties to the white supremacist movement and strange conspiracy theories about the dangers of fluoridation of water (a paranoid fixation on the American extreme right since the late 1940s). Lauren Boebert was one of the anti-McCarthy holdouts and had been noted for her personal closeness to Ms Greene until they had a notorious shouting match over Mr McCarthy in a Capitol Hill ladies’ room that Ms Boebert called “ugly” and “nasty”.

All three have promoted farcical QAnon conspiracy theories. They also endorse false claims that the 2020 election was somehow “stolen” from Donald Trump and promote the racist “great replacement theory” which posits a conspiracy to overwhelm and displace white populations in the West through nonwhite immigration.

All three were also assigned to the house judiciary committee led by prominent firebrand Jim Jordan. Along with the Oversight Committee, it will likely spearhead a push by Republicans to spend most of their time and energy in the next two years investigating President Joe Biden on a range of issues, most notably the business activities of his son, Hunter.

A 2020 Republican-led Senate investigation found no evidence of wrongdoing by either Mr Biden or his son involving Hunter's service on the board of the Ukrainian natural gas company Burisma Holdings. It did confirm, as is obvious, that Hunter Biden inappropriately sought to “cash in” on his family name and thereby created “the appearance of a conflict of interest” given his father's then-role as US vice president.

These committees are unlikely to reproduce such a level-headed, sober conclusion or evince the least interest in many highly suspect business activities of Mr Trump and his children during his presidency. But Mr Jordan has signalled his interest in interfering in ongoing federal criminal investigations into Mr Trump and his allies, already leading to a rebuke by the Department of Justice of a request for information into several sensitive probes.

Mr Jordan has created a subcommittee to study the purported “weaponisation” of the federal government, precisely including “ongoing criminal investigations”. It could involve efforts to disrupt investigations and potential prosecutions of Mr Trump and his allies, including subcommittee member Scott Perry, whose mobile phone was seized by the FBI in its inquiry into efforts to overturn the 2020 election. Mr Perry has dismissed observations of this obvious conflict of interest by saying he merely faces “an accusation”.

Instead, MrMcCarthy has vowed to block two key democrats – ranking member Adam Schiff and Eric Swalwell – from the vital intelligence committee in a gesture of obvious and petty vengeance.

Yet all this is unlikely to go beyond political kabuki designed to get these politicians on television and raise money. The Department of Justice is not going to allow a subcommittee to acquire sensitive details of ongoing criminal probes. And it seems unlikely the House will discover any evidence of corruption by Mr Biden.

Mr Santos can provide slapstick comic relief as these committees indulge in film noir theatrics. Yet the dysfunctionality and extremism of the new House threatens all-to-real consequences regarding the “debt ceiling”.

The “hostage takers” are vowing to hold the “full faith and credit” of the US to ransom for major spending cuts. The White House correctly says it won't negotiate over Congress refusing to pay its existing bills. But a default would probably precipitate a US and global financial meltdown. Even for Republicans, that would not be fun and games.

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

THREE
%3Cp%3EDirector%3A%20Nayla%20Al%20Khaja%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Jefferson%20Hall%2C%20Faten%20Ahmed%2C%20Noura%20Alabed%2C%20Saud%20Alzarooni%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Results

6.30pm: Madjani Stakes Group 2 (PA) Dh97,500 (Dirt) 1,900m, Winner: RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)

7.05pm: Maiden (TB) Dh82,500 (D) 1,400m, Winner: Mnasek, Dane O’Neill, Doug Watson.

7.40pm: Maiden (TB) Dh82,500 (D) 1,600m, Winner: Grand Dubai, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: Handicap (TB) Dh87,500 (D) 2,200m, Winner: Meqdam, Sam Hitchcock, Doug Watson.

8.50pm: Dubai Creek Mile Listed (TB) Dh132,500 (D) 1,600m, Winner: Thegreatcollection, Pat Cosgrave, Doug Watson.

9.25pm: Conditions (TB) Dh120,000 (D) 1,900m, Winner: Sanad Libya, Richard Mullen, Satish Seemar.

10pm: Handicap (TB) Dh92,500 (D) 1,400m, Winner: Madkhal, Adrie de Vries, Fawzi Nass.

How it works

1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground

2) Instead of water draining straight through the sand, it apparently helps the soil retain water

3) One application is said to last five years

4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare 

UAE currency: the story behind the money in your pockets
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Results

5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)

6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass

6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer

7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby

7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass

8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi

Company profile

Name: Back to Games and Boardgame Space

Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)

Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)

Based: Dubai and Abu Dhabi 

Industry: Back to Games (retail); Boardgame Space (wholesale and distribution) 

Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space  

Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Trippier bio

Date of birth September 19, 1990

Place of birth Bury, United Kingdom

Age 26

Height 1.74 metres

Nationality England

Position Right-back

Foot Right

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

UAE currency: the story behind the money in your pockets
Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Babumoshai Bandookbaaz

Director: Kushan Nandy

Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami

Three stars

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Mubadala World Tennis Championship 2018 schedule

Thursday December 27

Men's quarter-finals

Kevin Anderson v Hyeon Chung 4pm

Dominic Thiem v Karen Khachanov 6pm

Women's exhibition

Serena Williams v Venus Williams 8pm

Friday December 28

5th place play-off 3pm

Men's semi-finals

Rafael Nadal v Anderson/Chung 5pm

Novak Djokovic v Thiem/Khachanov 7pm

Saturday December 29

3rd place play-off 5pm

Men's final 7pm

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

The five types of long-term residential visas

Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:

Investors:

A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.

Entrepreneurs:

A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.  

Specialists

Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.

Outstanding students:

A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university. 

Retirees:

Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.

Fixtures
%3Cp%3E%3Cstrong%3EWednesday%2C%20April%203%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EArsenal%20v%20Luton%20Town%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3EManchester%20City%20v%20Aston%20Villa%2C%2011.15pm%20(UAE)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EThursday%2C%20April%204%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ELiverpool%20v%20Sheffield%20United%2C%2010.30pm%20(UAE)%3C%2Fp%3E%0A
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

UAE currency: the story behind the money in your pockets
While you're here
if you go

The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip 
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles. 

UAE currency: the story behind the money in your pockets
Match info

Uefa Champions League Group F

Manchester City v Hoffenheim, midnight (Wednesday, UAE)

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.”

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Scores

Rajasthan Royals 160-8 (20 ov)

Kolkata Knight Riders 163-3 (18.5 ov)

Company%20profile
%3Cp%3EName%3A%20Cashew%0D%3Cbr%3EStarted%3A%202020%0D%3Cbr%3EFounders%3A%20Ibtissam%20Ouassif%20and%20Ammar%20Afif%0D%3Cbr%3EBased%3A%20Dubai%2C%20UAE%0D%3Cbr%3EIndustry%3A%20FinTech%0D%3Cbr%3EFunding%20size%3A%20%2410m%0D%3Cbr%3EInvestors%3A%20Mashreq%2C%20others%0D%3C%2Fp%3E%0A
Updated: January 24, 2023, 7:37 AM