US Vice President Kamala Harris attacked a potential Supreme Court overruling of Roe v Wade and criticised Republicans for "weaponising" the issue after the divisive topic was thrust into the spotlight for the midterm elections.
"If the court overturns Roe v Wade, it will be a direct assault on freedom," Ms Harris told attendees at a gala hosted by Emily's List, an organisation that works to get pro-choice Democrats elected to office.
"Some Republican leaders are trying to weaponise the use of the law against women," Ms Harris said.
"How dare they. How dare they tell a woman what she can and cannot do with her own body. How dare they try to stop her from determining her own future. How dare they try to deny women their rights and their freedoms?"
The vice president's remarks come after a document leaked late on Monday night showed the Supreme Court is poised to overturn the 1973 Roe v Wade decision, which protects a women's right to abortion.
The draft, published by Politico, showed that five conservative Supreme Court Justices – with the majority opinion written by Samuel Alito – had voted to strike down the abortion ruling. Chief Justice John Roberts on Tuesday confirmed the document's authenticity.
“We’re not going back. We are not going back,” the vice president declared.
Ms Harris was scheduled to deliver remarks at the organisation before the leak, but the looming decision of the court brought added significance to her address.
Her speech signalled the Joe Biden administration's staunchest defence of abortion rights since the leaked publication.
“It has never been more clear which party wants to expand our rights and which party wants to restrict them,” she said in her speech. “It has never been more clear. It has never been more clear which party wants to lead us forward, and which party wants to push us back.”
Already, Democratic leaders have sought to rally their voters around the threat that abortion will soon be outlawed in many states. Midterm elections in November that will decide control of Congress had so far hinged on inflation, immigration, education and the coronavirus pandemic, and the Democratic party appeared to be facing defeat.
Changing the topic to abortion and women’s health may alter the political landscape, because polls have consistently shown a majority of Americans oppose overturning Roe.
The overturning of Roe v Wade would immediately end constitutional protections for abortion rights and trigger new laws and restrictions. Federal legislation could also limit or eliminate access to abortion in states where it is still available.
Ms Harris said that in 13 states, “women would lose access to abortion immediate and outright” if the court goes through with overturning Roe.
Previous Democratic efforts to codify Roe into law have failed, because the party does not have enough support to overcome the Senate's 60-vote filibuster threshold that would open the door to enact legislation.
Ms Harris called on allied Americans to “link arms in this fight. If you stand for freedom, for self-determination, for the right to privacy, if you stand for these principles, stand with us".
“Let us fight for our country, and for the principles upon which it was founded, and let us fight with everything we have got,” she said.
Roe v Wade protests in Washington
Agencies contributed to this report
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
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