In a huge change from his strategy in 2020, US President Joe Biden is running to hold the political centre and even attempt to pick off disaffected parts of the political right.
He is seeking a strikingly different winning coalition than four years ago. Then, as now, he presented himself as the "normal" and "sane" candidate running against an opponent he depicted as distinctly outside of the normative spectrum of all American political traditions and as of questionable emotional stability. He may find it easier to depict former president Donald Trump as eccentric and, in his own words, a would be dictator, if only, as he vowed, "on the first day.”
In 2020, Mr Biden ran on uniting the Democratic Party, working hard to court the progressive left. This time he’s casting himself as preventing the Democratic Party from falling into the grip of the far left, which may have overplayed its hand with much of the US electorate.
He isn’t repudiating the left, but appears to be essentially telling them to take it or leave it, relying on a dramatic contrast with Mr Trump. That’s likely to become clearer and starker as the campaign progresses.
Mr Trump and his backers are proposing a range of extraordinarily radical new policies, including the unprecedented mass deportation of millions of undocumented immigrants and asylum-seekers.
Right-wing think tanks are planning radical policy shifts, including a thoroughgoing purge of the federal administrative workforce, replacing tens of thousands of civil servants with handpicked ideological replacements.
The purpose would not merely be to seize control of the apparatus of government into the indefinite future, but more immediately to conduct a vast rollback of regulatory administration by the federal government that has insured compliance with environmental, health and safety, diversity and inclusion, and other public interest standards developed over the past half century.
Mr Trump has reportedly been courting millions in de facto campaign contributions from super wealthy donors, promising additional tax cuts and de-regulation. He has even been asking donors to specify precisely what regulations they find most irksome to their business interests, linking major donations to specific attempted administrative rollbacks.
Mr Trump will counter attack against a left-wing cultural agenda that has alienated many ordinary white Americans, though Mr Biden will cast himself as an effective force of attenuation and containment. Even more important will be the Republican emphasis on immigration and the economic, ethnic and racial anxieties it often represents.
Mr Biden will counter that, to the chagrin of many progressives, under his leadership Democrats in Congress voted for immigration legislation that amounted to a Republican wish list but that was rejected, at Mr Trump's insistence, by House Republicans who refused to take yes for an answer. The legislation contained no aspect of the liberal immigration agenda.
Mr Biden will certainly argue that Mr Trump cherishes the crisis at the southern border as a political issue, but wants nothing to do with a solution.
And Mr Biden has been handed a tremendously powerful issue by the US Supreme Court. The wholesale attack on reproductive freedom, in vitro fertilisation and even contraception in Republican-dominated states, even extending to efforts to limit free speech and the freedom of movement within the country, could prove to be Mr Biden's most powerful issue.
Realising this, Mr Trump has moderated his own stance on the matter and now backs a nationwide 15-week standard, after which states would be free to impose strict and even total restrictions. But Mr Biden is far closer to the national mood, which opposes the Republican commitment to draconian limitations.
The issue of reproductive rights has not proved a short-lived source of backlash. To the contrary, in every election in which it has been a major feature, even in the most right-wing constituencies, anti-abortion candidates have lost to those favouring protecting reproductive rights.
Mr Biden will be hoping for a massive turnout by Americans, especially women, appalled at the once-Trump-inspired turn towards totalising restrictions and the drive among many Republicans for a national ban on all pregnancy terminations, often with no restrictions for rape and incest, even among children.
Unlike in the past where a Democratic push for greater reproductive freedom was essentially a liberal or even left-wing agenda, in this case Mr Biden will be appealing to the broad centre he is targeting.
Should Mr Trump be convicted, as seems entirely plausible, of a major felony in the adult film star hush money case, Mr Biden would have further opportunities to make inroads beyond the centre and into the political right. He could at least persuade Republicans who cannot countenance voting for a convicted felon to stay home if not hold their noses and vote for the Democrat.
Mr Biden may feel that much of the progressive left simply cannot be won over on the merits. His strong support for Israel's war of vengeance in Gaza, only recently involving clear limitations and sharp, albeit limited, criticism, is an obvious example. Nonetheless, the President can point to an impressive record of liberal legislative and executive order domestic accomplishments.
Americans will ultimately have to choose between two candidates representing very different visions. Mr Biden will be running as the embodiment of the Constitution and traditional political order, whereas Mr Trump has displayed an open hostility to national norms and traditions, particularly with his vow to be a dictator, albeit only, he says, for the first day. But many Americans will realise that this authoritarian first day can extend itself indefinitely if the goals it is supposed to accomplish are not secured in 24 hours, as seems virtually inevitable.
So the President is gambling that many otherwise alienated progressives will, eventually, feel impelled to support him no matter how reluctantly, and that he has a real shot of not only holding the political centre but also convincing many disenchanted Republicans to break ranks for once in order to preserve the constitutional order, or at least stay home rather than voting for a convicted felon.
That's a very different course of action from 2020. Given the increasingly radical politics and unstable personality of his opponent, it may yet prove to be a wise gamble.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE currency: the story behind the money in your pockets
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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
The chef's advice
Troy Payne, head chef at Abu Dhabi’s newest healthy eatery Sanderson’s in Al Seef Resort & Spa, says singles need to change their mindset about how they approach the supermarket.
“They feel like they can’t buy one cucumber,” he says. “But I can walk into a shop – I feed two people at home – and I’ll walk into a shop and I buy one cucumber, I’ll buy one onion.”
Mr Payne asks for the sticker to be placed directly on each item, rather than face the temptation of filling one of the two-kilogram capacity plastic bags on offer.
The chef also advises singletons not get too hung up on “organic”, particularly high-priced varieties that have been flown in from far-flung locales. Local produce is often grown sustainably, and far cheaper, he says.
Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
Company%C2%A0profile
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Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
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