Live updates: follow the latest news on Russia-Ukraine
President Joe Biden had hoped to use Tuesday's annual State of the Union address to set the tone for his domestic priorities as Democrats brace themselves for the midterm elections, but Russia’s attack against Ukraine could dash that plan.
The war has forced the president to redraft his speech to put more emphasis on Ukraine, the latest foreign policy crisis to face the Biden administration.
"There's no question that this speech is a little different than it would have been just a few months ago and there's always national security in every State of the Union speech," White House spokeswoman Jen Psaki said on Monday.
"Every State of the Union speech also reflects a moment of time. And so the President will lay out the efforts … he has taken his lead on to rally the world to stand up for democracy and against Russian aggression."
Mr Biden will reportedly emphasise the importance of defending democracies, even as he has to address domestic issues such as inflation, Covid-19 and rising crime rates, which could help the Republicans to take control of Congress in the November elections.
Mr Biden has responded to the Ukraine crisis with unprecedented financial and export sanctions on Russia in concert with allies in Europe, Asia and the Pacific.
"He will talk about the steps we've taken to not only support the Ukrainian people with military and economic assistance, but also the steps he's taken to build a global global coalition imposing crippling financial sanctions on President Putin, his inner circle and the Russian economy," Ms Psaki said.
"And he will talk about the steps he's taking to mitigate the impact of President Putin's invasion of Ukraine on the global economy and the American people."
He has shored up Nato’s eastern flank by sending more US troops, and has provided lethal aid to Ukraine. But he has pledged not to intervene militarily in the crisis for fear of starting a war between two nuclear superpowers.
A Washington Post-ABC News poll released last week found that only 33 per cent of Americans approved of Mr Biden’s handling of the Ukraine crisis while 47 per cent disapprove.
That poll also found that the president's already falling approval rating has continued downwards, with only 37 per cent of Americans approving of the job he is doing — a record low since he took office.
Mr Biden’s approval rating largely started to plummet last August amid the chaotic US withdrawal from Afghanistan and a surge in Covid-19 cases due to the Delta variant, despite his administration’s robust vaccination campaign.
Republicans have capitalised on his handling of the Afghanistan withdrawal amid the bipartisan backlash, giving the president little incentive to devote much time, if any, to the Taliban-held country in his speech.
It is also unclear whether he will spend time addressing US efforts to revive the Iran nuclear deal with its interlocutors, including Russia, given that the accord has domestically become yet another partisan issue.
But Mr Biden is nonetheless expected to address domestic issues throughout much of the speech, which could touch on Americans’ wariness of dealing with Covid-19 restrictions as the Omicron surge continues to fall.
The Centres for Disease Control and Prevention drastically revised its mask guidance on Friday.
The revised guidance says that masking is unnecessary for about 70 per cent of the American population given its new emphasis on hospital admission rates instead of case numbers.
Republicans have been criticising mask and vaccine mandates as well as school closures in the lead-up to the elections.
They have also sought to draw attention to the 40-year high record inflation under Mr Biden, something that the Ukraine war, coupled with the harsh sanctions on Russia, could only exacerbate before the election.
At the same time, Mr Biden can easily promote the rapid turnaround in employment. The US unemployment rate is 4 per cent – down from 6.4 per cent when former president Donald Trump left office in January 2021.
He can also promote investments spurred by badly needed infrastructure repairs that Congress passed on a bipartisan basis last year after negotiations brokered by the White House.
Still, Democrats face a bumpy electoral map that favours Republicans this year. And Republican control of even one house of Congress would be enough to hamper Mr Biden’s domestic agenda.
Conservative and centrist members of his own party, namely senators Joe Manchin and Kyrsten Sinema, have blocked the president’s massive Build Back Better spending package.
That package would include funds to fight climate change and investments in green energy technology needed to reach his stated goal of halving US carbon emissions by 2030.
Mr Biden said last month that he intended to get out of Washington more this year to advance his agenda.
To that end, he will travel to the key swing state of Wisconsin on Wednesday to discuss his infrastructure law and the stalled Build Back Better legislation on Capitol Hill.
But Russia’s invasion of Ukraine will doubtless continue to cast a long shadow over that visit.
Mr Biden boldly declared that “America is on the move again” during his first address to Congress as president last year.
However, he will have little choice but to highlight how much work remains to be done abroad and at home during this year’s State of the Union.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Griselda
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ARGENTINA SQUAD
Goalkeepers: Franco Armani, Agustin Marchesin, Esteban Andrada
Defenders: Juan Foyth, Nicolas Otamendi, German Pezzella, Nicolas Tagliafico, Ramiro Funes Mori, Renzo Saravia, Marcos Acuna, Milton Casco
Midfielders: Leandro Paredes, Guido Rodriguez, Giovani Lo Celso, Exequiel Palacios, Roberto Pereyra, Rodrigo De Paul, Angel Di Maria
Forwards: Lionel Messi, Sergio Aguero, Lautaro Martinez, Paulo Dybala, Matias Suarez
SPECS
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PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now