Closed signs have sprung up across Washington and at federal sites around the US as the government shutdown takes hold.
The lights went out at non-essential government agencies after Democrats refused to give Republicans the 60 votes they needed to pass a government spending bill.
The fight is over federal subsidies for certain types of health insurance. The Republicans want to end pandemic-era help; the Democrats want to keep it in place. If the cuts happen, as many as four million people could lose their coverage as insurance premiums rocket, according to the Congressional Budget Office.
Predictably, both sides are pointing the finger at each other. Vice President JD Vance appeared at a White House media briefing on Wednesday to repeat the Trump administration's false claim that Democrats are trying to force the government to pay for the health care of undocumented migrants. But the “illegal aliens” Mr Vance was referring to are already barred from federal assistance.
The last time this happened was at the end of 2018 during President Donald Trump's first term. Then, the fight was over funding to build a wall along the US border with Mexico. He did not get the money he wanted and the shutdown ended after 35 days – the longest in US history.
This time, Mr Trump seems disinclined to yield to the Democrats' demands and is threatening to fire thousands of federal workers if the shutdown drags on.
On Thursday, the President said he would talk to his budget director Russell Vought to determine which “Democrat Agencies” to cut. Mr Vought was previously involved with Project 2025, a plan by the conservative Heritage Foundation to shrink and overhaul the federal government.
“I can’t believe the radical-left Democrats gave me this unprecedented opportunity,” Mr Trump said on Truth Social.
Thanks to the shutdown, about 750,000 federal employees are already being placed on furlough, which means they will be unable to work and won't be paid until the shutdown ends. Signs of Washington's dysfunction are visible on the National Mall, with the Washington Monument closed to visitors. Even the National Guard that Mr Trump sent to the US capital are now working without pay.
“Republicans and the Democrats and trying to score political points, but it does seem that both sides are just using the people, ordinary people, as the pawns in all of us,” Peter, a Scottish tourist who had come to see Washington's famous landmarks, told me near the closed visitor centre outside Congress.
“I can't help but feel sorry for people who are having to pay the groceries and all the rest of it when they're not having an income during this period.”
Another ramification is that the Labour Department will pause releasing economic data, possibly including Friday's jobs report, which would deprive the Federal Reserve of vital numbers as it considers future interest rate cuts. National park offices will be closed, health agencies will stop analysing disease data and many government services will be put on pause.
The Democrats have been in the political wilderness since Mr Trump took office eight months ago, unable to alter his agenda thanks to a Republican lock on Congress and the Supreme Court. Experts in fumbling their own messages, the Democrats are betting they can use their rare moment in the spotlight to highlight the effects of Republican policies on millions of Americans.
But in today's choose-your-own-reality America, they will struggle to sway many voters' opinions and a good part of the country will have forgotten about all this at next year's midterms anyway.
Ultimately, the shutdown will probably wipe billions from the US economy and will end up fuelling voter distrust of both parties. Get ready for a bitter fight.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
Mohammed bin Zayed Majlis
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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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.”
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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