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.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
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.”
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
The specs: 2017 Dodge Viper SRT
Price, base / as tested Dh460,000
Engine 8.4L V10
Transmission Six-speed manual
Power 645hp @ 6,200rpm
Torque 813Nm @ 5,000rpm
Fuel economy, combined 16.8L / 100km
UAE currency: the story behind the money in your pockets