Federal Reserve head Jerome Powell has built a reputation as a skilled advocate for the US central bank, thanks to strong personal ties forged with Congress that will help if he is nominated for a second term.
Mr Powell has worked Congress during his three years at the helm like no Fed chair since Alan Greenspan. But where Mr Greenspan was a regular of the cocktail party circuit, Mr Powell has taken a more workmanlike approach.
Since taking charge in February 2018, through June of this year, he held at least 350 meetings, dinners or phone calls with members of Congress, according to his monthly calendars. That is almost nine per month, and many of those included more than one lawmaker.
The tally does not include at least 16 appearances as chair before numerous congressional committees.
Mr Powell, 68, already was favoured for renomination, but that status got a significant boost when Treasury Secretary Janet Yellen, a former Fed chair herself, told senior advisers to President Joe Biden that she supports Mr Powell continuing in that role.
Mr Biden is expected to make his decision around Labour Day about who to nominate for the four-year term of Fed chair.
Mr Powell’s relationships with the Senate, split 50-50 along party lines, would prove helpful in navigating any confirmation process amid expressions of doubt among some progressives over his record on bank regulation. He has charmed both Republicans and Democrats in Congress at a time when Mr Biden sorely needs to regain some goodwill on Capitol Hill after the ongoing crisis in Afghanistan.
Mr Powell, who was confirmed into the chair with a 84-13 vote, came into office vowing to repair relations with Congress. He said in an interview that he intended to “wear the carpets of Capitol Hill out”.
And for good reason.
The Fed’s standing was badly damaged by the global financial crisis of 2008-2009. Much of the public and many politicians blamed the Fed for not seeing the crisis coming and for bailing out the banks that caused it.
Republicans were especially aghast at the Fed’s emergency response, which included unprecedented purchases of Treasuries and mortgage-backed bonds, aimed at settling financial markets and stimulating the economy.
Not only has Mr Powell rebuilt bipartisan respect for the Fed in Washington, he’s gained many a personal ally. Even Republicans who object to his bringing the Fed into debates on climate change and racial inequity want him reappointed.
Fed spokeswoman Michelle Smith declined to comment on matters related to the nomination process.
Mr Powell, a former Carlyle Group partner, knows his way around Washington, having worked at the Treasury during the administration of George HW Bush and made congressional contacts on Capitol Hill during his time at the Bipartisan Policy Centre.
As a Fed governor when Donald Trump was elected, he saw the opportunity for a Republican president to name a new chairman. Early in 2017, Mr Powell reached out to then-Treasury Secretary Steven Mnuchin to get to know him, according to sources. The pair hit it off, and Bloomberg News reported at the time that Mr Mnuchin lobbied Mr Trump intensely to choose Mr Powell instead of renominating Ms Yellen as chair.
Once in office, he encountered how easy it was to lose Mr Trump’s confidence. That’s when his charm offensive paid dividends.
In response to reports that Mr Trump was considering firing or demoting Mr Powell because of the level of interest rates, some Republicans rushed to his defence – a rare occurrence in the Trump era. Republican senator Patrick Toomey had warned in a TV interview it would “a very, very bad idea” to try and remove Mr Powell.
Mr Powell has also impressed progressive lawmakers, too, with his frankness in owning up to Fed mistakes that may have slowed progress on jobs growth.
In a July 2019 exchange with New York Representative Alexandria Ocasio-Cortez during a committee hearing, the then-freshman legislator asked Mr Powell if the Fed hadn’t repeatedly botched its estimates of the level at which unemployment would begin to provoke inflation. Mr Powell took the sting out of her line of questioning with a blunt response: “Absolutely. I think we’ve learned that it’s substantially lower than we thought.”
Mr Powell’s strengthened relationship with Republicans on Capitol Hill and the trust he enjoys on Wall Street have helped make it easier for him to more aggressively pursue employment gains and worry less about longer-run inflation than any Fed chair in more than 50 years.
If Mr Powell gets another term as Fed chair, Governor Brainard is a clear favourite to be tapped for the Fed’s vice chair/supervision role
Kevin Cummins,
chief US economist at NatWest Markets
Democrats like Senate Banking Committee chairman Sherrod Brown, who fault him for rolling back some post-crisis banking regulations, acknowledge they like him personally, and the two have dined together. Almost all agree he’s handled monetary policy well and shepherded financial markets through a period of chaos at the outset of the Covid-19 pandemic.
Mr Powell has met both with sceptics like Elizabeth Warren as well as moderate senators of both parties in what Mr Brown sees as an obvious attempt to keep his chairmanship. Many senior Democrats have confirmed in interviews that they would vote Mr Powell to another term.
Republicans are also lining up to back him as the best choice they could plausibly get from the Biden administration.
That said, he still needs the endorsement of key senators on the Banking Committee tasked with confirming the next chair. Mr Brown and Ms Warren have both advocated for more restrictions on banks, including their stock buybacks, even as they and other Democrats have praised Mr Powell’s monetary policies.
Despite the lift that Ms Yellen’s recommendation gives Mr Powell, Mr Biden has gone with the less obvious choice before. Another leading candidate is Fed Governor Lael Brainard, whom Mr Biden considered for Treasury Secretary before settling on Ms Yellen.
The president’s need for a bipartisan political win could prompt him to pick Mr Powell as chair and separately add more liberal nominees for other openings on the board.
Besides Mr Powell, Mr Biden also has the opportunity to replace the vice chair for supervision, who oversees bank regulations, held by Randal Quarles. His replacement could mollify some liberal senators. Then there is the post of vice chair, held by Richard Clarida, and an open seat on the Fed board.
“If Mr Powell gets another term as Fed chair, Governor Brainard is a clear favourite to be tapped for the Fed’s vice chair/supervision role,” Kevin Cummins, chief US economist at NatWest Markets, wrote in a note to clients on Monday.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
HAJJAN
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
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ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
RESULTS
2pm: Handicap (PA) Dh 40,000 (Dirt) 1,200m
Winner: AF Senad, Nathan Crosse (jockey), Kareem Ramadan (trainer)
2.30pm: Maiden (PA) Dh 40,000 (D) 1,000m
Winner: Ashjaan, Fabrice Veron, Eric Lemartinel.
3pm: Maiden (PA) Dh 40,000 (D) 1,700m
Winner: Amirah, Conner Beasley, Ali Rashid Al Raihe.
3.30pm: Handicap (PA) Dh 40,000 (D) 1,700m
Winner: Jap Al Yaasoob, Szczepan Mazur, Irfan Ellahi.
4pm: Sheikh Mansour bin Zayed Al Nahyan Cup Prestige Handicap (PA) Dh 100,000 (D) 1,200m
Winner: Jawaal, Fernando Jara, Majed Al Jahouri.
4.30pm: Handicap (TB) Dh 40,000 (D) 1,200m
Winner: Manhunter, Ryan Curatolo, Mujeeb Rahman.
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
More from Neighbourhood Watch:
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THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
