US House Speaker Mike Johnson, centre, shakes hands with Amir Ohana, Israel's Speaker of the Knesset while meeting relatives of hostages taken by Hamas on October 7. Bloomberg
US House Speaker Mike Johnson, centre, shakes hands with Amir Ohana, Israel's Speaker of the Knesset while meeting relatives of hostages taken by Hamas on October 7. Bloomberg
US House Speaker Mike Johnson, centre, shakes hands with Amir Ohana, Israel's Speaker of the Knesset while meeting relatives of hostages taken by Hamas on October 7. Bloomberg
US House Speaker Mike Johnson, centre, shakes hands with Amir Ohana, Israel's Speaker of the Knesset while meeting relatives of hostages taken by Hamas on October 7. Bloomberg

In dysfunctional Washington, even support for Israel falls second to partisanship


Ellie Sennett
  • English
  • Arabic

Live updates: Follow the latest news on Israel-Gaza

Speaker of the Israeli Knesset Amir Ohana is in Washington this week to mark the inaugural “House-Knesset Parliamentary Friendship Group”, yet another show of how the US is, by every metric, Israel's strongest ally.

But with this Congress defined by dysfunction, even bipartisan support for Israel has not resulted in increased funding for the war in Gaza.

The Israeli delegation's visit comes during a dramatic week in Congress, with partisan rifts holding up two Israel funding packages – both doomed to remain “still, just a bill”.

Even with growing concerns from progressive corners of Washington over the war in Gaza, the vast majority of leaders in the US capital have insisted on increasing support for Israel.

After months of negotiations, the Senate at the start of the week seemed close to a breakthrough with the White House in reaching a deal on a massive $118 billion funding package for Israel, Ukraine and immigration reform for the US southern border.

But the Republicans in the House of Representatives, who blame the Biden administration over a mass migration “crisis” at the southern border, assured that the Senate package would be “dead on arrival” when it arrived in the lower chamber for a final vote.

Following that opposition from the House, many Senate Republicans flipped on the bill they had helped to negotiate, declaring the mega package “dead”.

The conservative party has since spiralled into an internal blame game over the stalemate.

But President Joe Biden pointed the finger for the Republican about-face at Donald Trump, his presumed Republican challenger in the 2024 presidential election.

“Because Donald Trump thinks it's bad for him politically. He'd rather weaponise this issue than actually solve it,” Mr Biden said in a press conference this week.

Republican James Lankford said on the Senate floor: "I had a popular commentator four weeks ago that I talked to that told me flat out ... if you try to move a bill that solves the border crisis during this presidential year, I will do whatever I can to destroy you, because I do not want you to solve this during the presidential election."

He added that the commentator "has been faithful to their promise".

Meanwhile, the House also failed on Tuesday to pass a Republican $17.6 billion Israel supplemental funding bill in a 250-180 vote.

Republican Congressman David Kustoff, speaking alongside the Israeli delegation, said the vote was “a temporary setback”.

“Israel needs that aid, and we also know that the world is watching,” he added.

Despite it picking up a few notable Democratic votes, including from former speaker of the House Nancy Pelosi, Mr Biden had warned he would veto the stand-alone Israel bill had it passed.

Some progressive Democrats, like Alexandria Ocasio-Cortez, opposed the legislation. But for most of the representatives voting against these bills, their vote has everything to do with the partisan split over the bigger deal in the Senate.

Gregory Meeks, the highest-ranking Democrat on the House Foreign Affairs Committee, voted no on the Israel-only bill, despite arguing Washington “urgently needs to help Israel defend itself”.

He argues that “Israel funding should not be used for political ploys” amid Republican rejections of the broader Senate package.

“We are cynically being asked by the GOP to support an Israel-only supplemental because they are taking orders from Donald Trump, who seeks chaos on our border and success for [Russian President] Vladimir Putin,” Mr Meeks said in a statement.

House Armed Services Committee ranking member Adam Smith also gave a statement justifying his “nay” vote on the stand-alone.

“I voted against the stand-alone supplemental bill for Israel today because I cannot support a national security supplemental that abandons Ukraine and fails to provide humanitarian assistance for Palestinians in Gaza,” Mr Smith said after the vote.

“We are facing many national security threats across the globe. These challenges are increasingly interconnected, and we must advance a US national security strategy that supports all these interests in lock step to be in the best position to succeed.”

As of Wednesday morning, Senator Chuck Schumer said he would force a vote on a “clean” foreign aid bill that takes out the border issues at the centre of debate in the $118 billion package, according to reports.

At the press conference with Israeli Speaker Ohana, Democratic Congressman Brad Sherman told reporters that Washington needs “to deal with the crises around the world as a package”.

“I'm confident that that will happen within the next 30 to 40 days,” he said.

But it is still unclear if the Democratic plan B on a “clean” foreign policy package could pick up enough Republican support.

From the steps of Capitol Hill, far-right Republican Matt Gaetz hailed the week of legislative failures as a victory.

“There's a celebratory mood about killing that bad Senate amnesty war bill, and we may have to kill a few more.”

Speaker of the Israeli Knesset, Amir Ohana, left, accompanied by families of hostages being held in Gaza, speaks during a news conference in Washington. AP
Speaker of the Israeli Knesset, Amir Ohana, left, accompanied by families of hostages being held in Gaza, speaks during a news conference in Washington. AP
If you go

 

  • The nearest international airport to the start of the Chuysky Trakt is in Novosibirsk. Emirates (www.emirates.com) offer codeshare flights with S7 Airlines (www.s7.ru) via Moscow for US$5,300 (Dh19,467) return including taxes. Cheaper flights are available on Flydubai and Air Astana or Aeroflot combination, flying via Astana in Kazakhstan or Moscow. Economy class tickets are available for US$650 (Dh2,400).
  • The Double Tree by Hilton in Novosibirsk ( 7 383 2230100,) has double rooms from US$60 (Dh220). You can rent cabins at camp grounds or rooms in guesthouses in the towns for around US$25 (Dh90).
  • The transport Minibuses run along the Chuysky Trakt but if you want to stop for sightseeing, hire a taxi from Gorno-Altaisk for about US$100 (Dh360) a day. Take a Russian phrasebook or download a translation app. Tour companies such as  Altair-Tour ( 7 383 2125115 ) offer hiking and adventure packages.
Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

NINE WINLESS GAMES

Arsenal 2-2 Crystal Palace (Oct 27, PL)

Liverpool 5-5 Arsenal  (Oct 30, EFL)

Arsenal 1-1 Wolves (Nov 02, PL)

Vitoria Guimaraes 1-1 Arsenal  (Nov 6, Europa)

Leicester 2-0 Arsenal (Nov 9, PL)

Arsenal 2-2 Southampton (Nov 23, PL)

Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)

Norwich 2-2 Arsenal (Dec 01, PL)

Arsenal 1-2 Brighton (Dec 05, PL)

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UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Blue%20Beetle
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Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

The%20Genius%20of%20Their%20Age
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MATCH INFO

Newcastle United 1 (Carroll 82')

Leicester City 2 (Maddison 55', Tielemans 72')

Man of the match James Maddison (Leicester)

SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

UAE currency: the story behind the money in your pockets
Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

COMPANY%20PROFILE%20
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Key recommendations
  • Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
  • Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
  • Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
  • More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
GOODBYE%20JULIA
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Prop idols

Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.

Sophie Shams (Dubai Exiles mini, England sevens international)

An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.

----

Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)

Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.

----

Erin King (Dubai Hurricanes mini, Ireland sevens international)

Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.

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.

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

Updated: February 08, 2024, 8:00 AM