Questions about the impact of Donald Trump's presidency remain, a year on from his inauguration / Bloomberg
Questions about the impact of Donald Trump's presidency remain, a year on from his inauguration / Bloomberg

A year on from Trump's inauguration, some questions remain



The only thing that can be said with total certainty about Donald Trump's presidency is that there has not been a single slow news day in the White House since his inauguration on January 20 last year. Experts are suffering whiplash from the rollercoaster of events. So with the first anniversary of the inauguration on Saturday, it is a good time to sift through the debris of the first year and look ahead. Here are seven common questions about the Trump presidency:

How has year one gone? Mr Trump has been lucky. There were no major international crises, save for the fallout of his recognition of Jerusalem as the capital of Israel. The economy is growing, though this is as much due to the economic cycle and the actions of his predecessor as to those of Mr Trump. Party discipline, which seemed likely to be a casualty of the Trump insurgency, has been reinforced. In the country 80 per cent of Republicans support him (but only 10 per cent of Democrats). The Republican establishment in Washington has swallowed its distaste for the freely tweeting president and found common cause on a tax reform. Hopes that Mr Trump would settle down to be a "normal president" are yet to be fulfilled; he is in permanent campaign mode.

Will he be impeached? Steve Bannon, Mr Trump's disgraced former chief strategist, said that the president had a 33 per cent chance of being impeached, a 33 per cent chance of resigning and a 33 per cent chance of limping to the finish of his first term. The odds on impeachment now look much longer. Impeachment would require a two-thirds super-majority of the US Senate; that is 67 votes out of 100. At this year's mid-term elections it is all but impossible for the Democrats and allied independents to raise their number of seats from 49 to 67. Given that, the investigation by special counsel Robert Mueller into alleged collusion between Russia and the Trump campaign would have to come up with some momentous evidence to get the Republicans to vote to ditch their man.

Will Trump change America? America’s constitutional safeguards – including a robust legal system and a free press – are functioning to hold the president to account. But for how long? Jacob Parakilas, a US expert at Chatham House in London, says: “The US constitutional system is designed not to be bulldozed by a dictator. But in the long term, it does not allow stasis. The Trump presidency will leave an impact.” That could be in the conservative judges he appoints or the dubious precedents he has established in threatening to set the law on his political opponents and sue a publisher for defamation or bringing his family members as advisors into the White House.

Should US allies be afraid? Allies are learning to treat the president’s tweets more as a political diversion than an indicator of policy. Some are downgrading contacts with the White House in favour of Congress, the Pentagon and the tech firms of Silicon Valley. By eviscerating the state department’s budget, Mr Trump has shown that he sets a low price on diplomacy. His promise to renegotiate the North American Free Trade Agreement with Canada and Mexico and to scrap the Iran nuclear agreement will leave a lasting question mark over the validity of America’s signature on an international treaty.

What is most concerning about the Trump White House? Even after a full year, the administration is woefully understaffed. This is due in part to chaotic organisation but also to a lack of qualified candidates who share the Trumpian vision and who are ready to take a job at a time when staffers may be questioned under oath by the Mueller investigation. According to Michael Wolff's Fire and Fury, a critical expose of the first seven months of Mr Trump's tenure in the White House, the administration is so lacking in legal expertise and the president so unwilling to engage in minutiae that it is up to the Republicans in Congress and assorted lobbyists to draft new laws.

And what about North Korea? The crisis over North Korea's nuclear and missile arsenal has been frozen by "snow diplomacy" ahead of the winter Olympic Games in South Korea next month. This has come about due to a temporary alignment of interests between the two countries of the Korean peninsula: the South needs to ensure a peaceful and successful games while the North is looking to drive a wedge between Washington and its allies in east Asia. But what about after the Games? North Korea is really the last place on earth where Washington would wish to have to resolve a nuclear weapons crisis. There are no diplomatic relations between Washington and Pyongyang and no hotline, only a cumbersome and slow channel through New York. Given the lack of staffing in the White House and the unpredictable nature of the North Korean regime, a catastrophic misunderstanding cannot be ruled out.

Will the US go to war with China? Mr Bannon described the US as being at "economic war" with China, a country that he sees as a "civilisational challenge". Now that the would-be White House ideologue has gone, US policy is likely to stay within more recognisable boundaries. Washington will soon impose some sanctions on China in the name of reducing the US trade deficit. Beijing is prepared for this and will no doubt respond. As for the broader picture, the prospect of a Trump presidency was deeply troubling to China, which has prospered mightily under the liberal world order that the president believes is costing too many American jobs. In a report for the New Yorker magazine, China expert Evan Osnos writes that Beijing now sees Mr Trump as dismantling the American imperium. "Trump is the biggest strategic opportunity for China," Yan Xuetong of Beijing's Tsinghua University is quoted as saying. Until recently it was thought China's moment to challenge the US would not come for a couple of decades. If Beijing is indeed speeding up the timetable of its rise, that could be radically disturbing to global stability.

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UAE currency: the story behind the money in your pockets
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.

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Director: Jason Reitman

Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace

Rating: 2/5

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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
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UAE currency: the story behind the money in your pockets
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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.”

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Full time contracts

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Part time contracts

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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.

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.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

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