Britain does not have many firm friends among European leaders but one of the few is the Dutch prime minister, Mark Rutte. His analysis of the decline of the country since last week’s vote to leave the European Union is bracing: “England has collapsed politically, monetarily, constitutionally and economically.”
It is hard to argue with Mr Rutte’s verdict. Despite a perverse rise in some shares on the London stock market, the economic outlook is poor and the trajectory of the pound can only be downwards. International banks and firms headquartered in London are moving ahead with plans to shift activities across the Channel into continental Europe to retain access to the EU’s market of 500 million consumers.
As for politics, the shock of leaving the EU after 40 years is compared by some to the loss of empire (which played out over decades, not a single day of voting) or the fall of France to Nazi Germany in 1940. Today, instead of Churchill rallying the country, there is unprecedented confusion in the major parties.
After the resignation of prime minister David Cameron, who led the unsuccessful campaign to stay in the EU, the ruling Conservative party is choosing a new leader. There is no great haste. No one yet has a clue how the Leave campaign’s tempting promises of “taking back control” can be turned into reality.
At the same time the opposition Labour party is tearing itself apart, as its members of parliament try to oust their leader, Jeremy Corbyn. He was chosen only last year by a huge majority of the party’s members and its wider supporters but as an advocate of far left causes he is unelectable as prime minister. Labour MPs fear a wipeout at the next election. So the country has neither government nor credible opposition.
Constitutionally, the scene is also bleak. While the English voters (except for Londoners) backed the Leave campaign, Scots voted overwhelmingly to remain within the EU. Nicola Sturgeon, the first minister of Scotland, has seized on this to raise the prospect of a new referendum on Scottish independence. If successful, this would break the 300-year union between England and Scotland.
When faced with chaos on so many fronts the obvious question is why, when Eurosceptics have been clamouring to leave the EU for decades, there is not an exit plan that can be smoothly presented to Britain’s soon to be ex-partners in the EU? Well, there isn’t one.
The truth is that none of the leaders of the Leave campaign thought they would win. Its frontmen, the former London mayor Boris Johnson and the Eurosceptic ideologue Michael Gove, were visibly shocked when the result was announced. Ashen-faced, they looked like men who had woken up after betting the house on a losing horse.
This is not surprising: both are newspaper columnists, whose stock in trade is strong opinions quickly forgotten. They had no plan. The normally jovial Mr Johnson, the clown prince of the Conservative party who has a knack of putting a smile on the faces of voters, was reduced to mumbling.
When he wrote his weekly column in the Daily Telegraph on Sunday, the hardline Leave camp smelled treachery. Between the lines it was clear that Mr Johnson was actually a wardrobe remainer, and the referendum campaign he fronted had been a jolly adventure.
The doubts harboured by the Eurosceptic press barons about Mr Johnson – who has been known to be cavalier with the truth – hardened into open distrust. They tried to force Mr Gove on to him as a political commissar, but Mr Johnson is a lone wolf. When this plan failed, Mr Gove announced he would run himself – a bizarre development given that he had forsworn any ambition to be prime minister – and Mr Johnson withdrew from the race. Having created chaos across the land during the referendum campaign, he has left others to clean up the mess.
The other leading challenger for leadership of the Conservative party is Theresa May, a Eurosceptic politician whose experience of government convinced her that staying in the EU was the best option. In her pitch for the leadership she contrasted her record of competence with the frivolity of Mr Johnson, saying “government is not a game”.
The referendum has exposed the fatal weakness in both main parties: The conservatives are split between the in and out camps. Labour is heading for destruction. It has lost all but one of its seats in Scotland and is losing the confidence of voters in the former industrial heartlands of the north-east of England and Wales.
Aware of their lost connection with voters, the major parties have given their members the power to choose the leader – that tends to favour crowd-pleasers. This is not a British only phenomenon. All over the developed world the victims of globalisation who have lost well-paid and secure jobs are in revolt. In the US they turn to Donald Trump, who blames the Mexicans and Chinese. In Europe, the anger is directed to the institutions of the EU.
Logically, there is a strong case for Britain to have a new pro-European centre party, made up of moderate Conservatives and the Blairite wing of Labour. To the left would be the Eurosceptic opponents of the neoliberal world order – including Mr Corbyn – and to the right the anti-immigrant, anti-EU nativists.
This is much talked of in political circles, but it runs up against a harsh rule of British politics: the first past the post voting system tends to strangle new parties at birth.
For the moment the disoriented remains of British establishment are hoping to delay any decision on leaving the EU for years – perhaps until 2020. Perhaps by then the EU will be in such turmoil, with populism on the rise from France to Poland, that Britain can get better terms than currently on offer. That is what Angela Merkel, the German chancellor, calls wishful thinking.
Alan Philps is a commentator on global affairs
On Twitter @aphilps
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
RESULTS
5pm: Maiden (PA) Dh80,000 1,200m
Winner: Shafaf, Sam Hitchcott (jockey), Ahmed Al Mehairbi (trainer)
5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
Winner: Noof KB, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
Winner: Taamol, Jim Crowley, Ali Rashid Al Raihe
6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: AF Mekhbat, Antonio Fresu, Ernst Oertel
West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins
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
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The Greatest Royal Rumble card
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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.
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JOKE'S%20ON%20YOU
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Day 4, Abu Dhabi Test: At a glance
Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.
Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.
The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
COMPANY%20PROFILE%20
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Company%C2%A0profile
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SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.