The annual Munich Security Conference is a big event in the international relations calendar, and one particularly anticipated this month (even if it was, by necessity, virtual). After four years of aggressive talk from former US secretary of state Mike Pompeo and incoherence from former president Donald Trump, how would the new US president, Joe Biden, lay out his vision for an America that would engage with the world in a more predictable and reassuring manner?
"America is back," Mr Biden said. "The transatlantic alliance is back. If we work together with our democratic partners, with strength and confidence, I know that we'll meet every challenge and outpace every challenger." There was much goodwill towards Mr Biden, and his speech was greeted with a metaphorical sigh of relief.
But at the same time it was almost as though his audience was embracing an old friend who had gone missing for a few years, and who hadn’t quite realised that the dynamics of the relationship had changed. During his absence, his old pals had socialised more with newer companions; they would never be as close, but they were a fixture now. And after the old friend’s abrupt departure four years ago, his pals worked out that they had better not be so dependent on him in the future if he returned.
French President Emmanuel Macron outlined his idea of a 'sovereign Europe'. EPA
The speech had “a 1990s feel” to it, tweeted Elbridge Colby, principal of the Marathon Initiative and a former senior US defence and intelligence staffer. Mr Colby characterised it as a “very liberal hawk” view that the globe’s democracies would align and “prevail”, as Mr Biden put it, over those who argue “that autocracy is the best way forward”. The new president was polite. He said the US was determined “to earn back our position of trusted leadership”. But he didn’t seem to be aware that that “leadership” may not be available in the way it once was, in a multipolar world whose reality Mr Biden did not even acknowledge.
The unanimity he wants – on defence, as well as on confronting China and Russia – is simply not there, as Mr Biden was reminded when France’s President Emmanuel Macron responded: “I listened to President Biden but we have an agenda that is unique.” He went on to outline his idea of a “sovereign Europe” that would deal with problems in its neighbourhood to the east and south much more independently, while Germany's Chancellor Angela Merkel stated bluntly that “our interests will not always converge”.
The UK’s Prime Minister, Boris Johnson, appeared to be hewing closest to Mr Biden’s vision – he heaped praise on the US and a section of his speech was strongly critical of China. But only two days later a report came out that a week before, at a roundtable with Chinese businesses in London, Mr Johnson had declared himself “fervently Sinophile” and wanted better relations with Beijing “whatever the occasional political difficulties”.
Mr Biden asked for both "stiff competition" with China and, in essence, a battle on values. If he expects 100 per cent co-operation on both, he is likely to be disappointed twice. China became the EU's biggest trading partner in 2020, and the 15 countries that signed the biggest trade pact ever, the Regional Comprehensive Economic Partnership, last November, include not only the 10-member Association of South-East Asian Nations and China, but also South Korea, Japan, Australia and New Zealand – the latter four ostensible allies in Mr Biden's association of democracies. There will be difficulties between all these trading partners – there already are. But there are billions and billions of reasons why countries around the world will shy from the kind of existential conflict, even in the realm of ideas, that Mr Biden came close to heralding last Friday.
Chinese and US flags flutter near the Bund in Shanghai. A contest is brewing between the two powers around the world. Reuters
The US President's emphasis on democracy – he mentioned the word four times – missed a trick. If he had wanted to be more inclusive and realistic, he could have made good governance more of a criterion to which countries should aspire. In various parts of Asia, for instance, there are states that do not fit the category of western liberal democracy but which are nonetheless considered to be models of efficient, citizen-centred, far-sighted and benevolent governance. In Myanmar, by contrast, a democratically elected government enabled ethnic cleansing on a horrific scale. Democracy alone is not the panacea Mr Biden believes it to be.
The place to which you return will not be the one you knew before
There was also only a passing reference to the Global South, and the fact that, as UN Secretary General Antonio Guterres said last week: “Just 10 countries have administered 75 per cent of all Covid-19 vaccines. Meanwhile, more than 130 countries have not received a single dose. Those affected by conflict and insecurity are at particular risk of being left behind." It would be unfair to fault Mr Biden for not addressing everything in one speech, but if he was, as he said, “sending a clear message to the world”, it would have been refreshing to be told he meant all of it, and not just the northern half.
“Historians are going to examine and write about this moment as an inflection point,” Mr Biden said. Maybe he is right. But maybe that inflection will be identified not as the time that leaders rallied to make a stark, binary choice between democracy and autocracy, but as the moment when the US decided it wanted, once again, to lead the “free world” into a contest for supremacy – and found that while many still had their swords, they were just as interested in their counting houses and the avoidance of strife.
Two great American artists with whom the US President may be familiar, the novelist Thomas Wolfe and the jazz trumpeter Chet Baker, titled works You Can't Go Home Again. It is meant figuratively, not literally – that the place to which you return will not be the one you knew before. Mr Biden, the "old friend" whom many were glad to see again, doesn't seem to have clocked that yet.
Sholto Byrnes is an East Asian affairs columnist for The National
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
How to turn your property into a holiday home
Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
Research equivalent Airbnb homes in your location to ensure competitiveness.
Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.
The tour
Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.
All matches in Bulawayo Friday, Sept 26 – UAE won by 36 runs Sunday, Sept 28 – Second ODI Tuesday, Sept 30 – Third ODI Thursday, Oct 2 – Fourth ODI Sunday, Oct 5 – First T20I Monday, Oct 6 – Second T20I
UAE currency: the story behind the money in your pockets
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.