US House Speaker Kevin McCarthy, a Republican from California, speaks to members of the media at the US Capitol in Washington. Bloomberg
US House Speaker Kevin McCarthy, a Republican from California, speaks to members of the media at the US Capitol in Washington. Bloomberg
US House Speaker Kevin McCarthy, a Republican from California, speaks to members of the media at the US Capitol in Washington. Bloomberg
US House Speaker Kevin McCarthy, a Republican from California, speaks to members of the media at the US Capitol in Washington. Bloomberg

Biden signs bill to avert US government shutdown for 45 days


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Last-gasp moves to prevent a US government shutdown became legislation late on Saturday, when President Joe Biden signed the bill to extend government for 45 days.

Democrats overwhelmingly backed an eleventh-hour Republican measure to keep federal funding going, which comes with a freeze on Washington's aid to Ukraine.

The stopgap measure, adopted 335-91 by the House of Representatives, was pitched by Speaker Kevin McCarthy with just hours to go before a midnight shutdown deadline that would have seen millions of federal employees and military personnel sent home or required to work without pay.

Ninety of the votes against the measure came from Republicans.

The shutdown crisis was largely triggered by a small group of hardline Republicans who had defied their party leadership to scupper various temporary funding proposals as they pressed for deep spending cuts.

Saturday's agreement could end up costing Mr McCarthy his job, as the hardliners had threatened to remove him as Speaker if a measure they opposed was passed with Democrat support.

Mr McCarthy had appealed to both Republicans and Democrats to “put your partisanship away” and dismissed the threat to his job.

“If somebody wants to remove me because I want to be the adult in the room, go ahead and try,” he said.

Ukraine's war spending

The proposed plan, now on hold until mid-November, would keep the government funded at current levels without the hardline-backed spending cuts that Democrats had viewed as a non-starter. But it also does not include funding for Ukraine.

Responding to the move, US Defence Secretary Lloyd Austin said he welcomed congressional action “to avert an unnecessary and destructive government shutdown,” while urging Congress “to live up to America’s commitment to provide urgently-needed assistance to the people of Ukraine.”

Michael McCord, under secretary of defence, had earlier said that current funding was nearly exhausted.

“Without additional funding now, we would have to delay or curtail assistance to meet Ukraine’s urgent requirements, including for air defence and ammunition that are critical and urgent now as Russia prepares to conduct a winter offensive and continues its bombardment of Ukrainian cities,” Mr McCord said.

Some commentators say existing drawdown resources – weapons and ammunition already committed – would continue being delivered until December, but advocates of more military aid to Ukraine say not enough is being done.

The US has committed around $45 billion to Kyiv in military support since the war began 19 months ago, while the EU has committed around $27 billion.

Officially, Russia's defence budget in the three years before the war was around $40-50 billion dollars, jumping to about $70 billion in 2022. Moscow's allocation for the war effort this year is $84 billion, although analysts say the actual sum could be far higher, as the economy is mobilised for war.

Ukraine's defence budget in the year before the war was just $5.9 billion, but it jumped 640 per cent in 2022, to around 44 billion. This year, the US defence budget reached a record $816 billion.

Arming and funding Ukraine in its war against the Russian invasion has been a key policy plank for President Joe Biden's administration. While the stopgap is only temporary, it does raise questions over the political viability of renewing the multibillion-dollar flow of assistance.

The Senate had been prepared to vote on its stopgap bill later Saturday, one that did include funding for Ukraine.

Last week, Ukrainian President Volodymyr Zelenskyy visited Capitol Hill to try to convince the slowly growing number of sceptical Republican members of Congress not to give up on his country.

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
FIXTURES

Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney

Note: d/n = day/night

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

THREE
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Updated: October 02, 2023, 12:30 PM