If there is one word that best captures the dominant theme at this year’s World Economic Forum in Davos, it is “polycrisis”. A new buzzword popularised by the British historian Adam Tooze, who gained world renown for his magisterial account of the 2007-2008 Great Recession, polycrisis refers to the unprecedented convergence of several crises with global consequences, thus undermining the efficacy of conventional policy paradigms.
In the past, the world had to contend with a single major crisis with global ramifications: think of, for instance, the First World War originating from Europe or the Great Recession from the Wall Street and subprime crisis in the US. In contrast, today we deal with crises ranging from the economic slowdown in China to Federal Reserve interest rate rises in the US and the impending recession in Europe amid the war in Ukraine. The upshot is the increasing difficulty of accurately forecasting the trajectory of the world economy, and broader global order, in the coming months and years.
When it comes to Asia, however, there are three big trendlines that will define the geopolitical landscape this year and beyond: the trajectory of Sino-American competition; Japan’s military build-up and growing co-operation with likeminded middle powers; and the role of non-aligned emerging powers such as India (this year’s G20 president) and Indonesia (this year’s Asean chairman).
By all indications, the US and China are not the same superpowers they used to be. Following decades of military interventions abroad, and growing political polarisation and economic imbalances at home, Washington no longer wields the same kind of full-spectrum hegemony on the global stage.
America’s share of the global economy has steadily shrunk over the past half century, while its military edge over rivals is gradually receding. On its part, China is now confronting a shrinking population as well as a slowing economy. The heady days of double-digit growth are now history, with the Asian juggernaut grappling with structural challenges such as rising wages, declining productivity, huge public debt, and a politically active middle class.
Before the end of this year, we may know if the US and China are in position to pursue 'coopetition' or are bound to be locked into a 'new Cold War'
If anything, China now risks falling into what economists describe as a middle-income trap, namely the struggle to sustain historically robust growth rates amid a difficult transition to a knowledge-based economy. As a result, leading emerging market experts such as Ruchir Sharma doubt whether China’s gross domestic product will catch up with that of the US before the end of this century.
Nevertheless, the US and China remain, by far, the world’s two most powerful nations in the Indo-Pacific region. According to the Lowy Institute Asia Power Index, which evaluates military, economic and diplomatic capabilities of all major regional nations, the overall power-influence scores of the US (82.2) and China (74.6) place them well ahead of their closest rivals such as Japan (38.7), India (37.7), Russia (33), and Australia (30.8).
After years of constant sabre-rattling, including as escalating trade war and growing military tensions in the Western Pacific, the two superpowers explored a detente in the G20 summit last November. But given the depth of geopolitical differences between them, it’s imperative that they double-down on institutionalised dialogue and constructive engagement in the coming months.
US Secretary of State Antony Blinken is expected to visit Beijing later this year in order to examine the parameters of co-operation and, if possible, a major reset in relations. A state visit either by US President Joe Biden or Chinese President Xi Jinping could follow through. This month, Chinese Commerce Minister Wang Wentao underscored his country’s commitment to “continuously improve" relations with Washington, provided “the US side will take a correct view of the opportunities that China's development brings to the US and the world, and follow the direction set by the two heads of state to push China-US economic and trade relations back on track at an early date".
After a months-long hiatus, especially following former US House of Representatives speaker Nancy Pelosi’s controversial visit to Taiwan, the two powers have also resumed dialogue on climate change negotiations. It’s crucial for the two superpowers to fully restore, and accordingly expand, institutionalised channels of communications on other vital areas of concerns, including nuclear proliferation, terrorism and free trade.
Avoiding military confrontation over hotpsots such as the South China Sea and Taiwan will be a top priority. Before the end of this year, we will probably know whether the US and China are in position to pursue “coopetition” (co-operative competition) or are bound to be locked into a “new Cold War” for the foreseeable future.
The second major development to watch out for this year is the direction of Japan’s foreign and defence policy. Boasting the world’s third-largest economy, and equipped with one of the most modern armed forces in Asia, Japan will be vital to shaping the future of the Indo-Pacific region. Over the past month, Tokyo released a new National Security Strategy, which signals a more proactive defence policy with growing focus on “counter-strike” capabilities, including the development of sophisticated missile defence systems.
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Over the next five years, Japan is set to double its defence spending as a share of GDP, deploying a $315 billion budget to transform its Self Defence Forces for 21st-century warfare. Signalling growing independence from the US, it is also pursuing a next-generation fighter jet project, under the Global Combat Air Programme, with Italy and the UK. The country is also finalising defence agreements with Australia, Germany, the UK, Canada and other likeminded powers in order to enhance military interoperability and, accordingly, its capacity to project power across the Indo-Pacific.
Given its militaristic past, Japan’s military build-up is likely to trigger backlash in neighbouring countries such as China and South Korea. But much of the West and the Indo-Pacific region have either publicly or privately welcomed a more proactive foreign policy. If anything, the Japanese public is also increasingly supportive of revising the country’s post-Second World War pacifist constitution amid growing uncertainty in the regional geopolitical landscape.
The third major element that will shape Indo-Pacific geopolitics in the coming months is the role of non-aligned powers such as India and Indonesia.
Though they are democratic nations with relatively warm ties with the West in recent years, both India and Indonesia have remained adamantly neutral amid the conflict between the West on the one hand and Russia and China on the other. Accordingly, both Asian countries have refused to back western sanctions either against Moscow or Beijing.
Eager to maintain an equidistant relationship with all major powers, and insulate their own populations against global uncertainty, India and Indonesia are more concerned about disruptions to the global economy and commodity markets due to unilateral western sanctions against rival powers in the East. To this end, both countries are expected to leverage their growing international influence to rally the so-called Global South, nudge the West towards dialogue with Russia and China, and establish a more inclusive, multipolar security architecture in the Indo-Pacific.
In short, the coming months will be shaped as much by rival superpowers as non-aligned emerging powers in Asia, especially as everyone seeks to mitigate the deleterious impact of a world in polycrisis.
Wydad 2 Urawa 3
Wydad Nahiri 21’, Hajhouj 90'
Urawa Antonio 18’, 60’, Kashiwagi 26’
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
The Greatest Royal Rumble card as it stands
50-man Royal Rumble
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Casket match The Undertaker v Chris Jericho
John Cena v Triple H
Matches to be announced
WWE World Heavyweight Championship, Raw Tag Team Championship, United States Championship and the Cruiserweight Championship are all due to be defended
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
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Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
PSA DUBAI WORLD SERIES FINALS LINE-UP
Men’s:
Mohamed El Shorbagy (EGY)
Ali Farag (EGY)
Simon Rosner (GER)
Tarek Momen (EGY)
Miguel Angel Rodriguez (COL)
Gregory Gaultier (FRA)
Karim Abdel Gawad (EGY)
Nick Matthew (ENG)
Women's:
Nour El Sherbini (EGY)
Raneem El Welily (EGY)
Nour El Tayeb (EGY)
Laura Massaro (ENG)
Joelle King (NZE)
Camille Serme (FRA)
Nouran Gohar (EGY)
Sarah-Jane Perry (ENG)
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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UAE currency: the story behind the money in your pockets
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
Results:
Men's 100m T34: 1. Walid Ktila (TUN) 15 sec; 2. Rheed McCracken (AUS) 15.40; 3. Mohammed Al Hammadi (UAE) 15.75. Men's 400m T34: 1. Walid Ktila (TUN) 50.56; 2. Mohammed Al Hammadi (UAE) 50.94; 3. Henry Manni (FIN) 52.24.
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
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The Greatest Royal Rumble card
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Result
Tottenhan Hotspur 2 Roma 3
Tottenham: Winks 87', Janssen 90 1'
Roma 3
D Perotti 13' (pen), C Under 70', M Tumminello 90 2"
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Zayed Sustainability Prize
Killing of Qassem Suleimani
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Starfield
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SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
A list of the animal rescue organisations in the UAE
Brahmastra%3A%20Part%20One%20-%20Shiva
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAyan%20Mukerji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERanbir%20Kapoor%2C%20Alia%20Bhatt%20and%20Amitabh%20Bachchan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company%20Profile
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'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
INDIA%20SQUAD
%3Cp%3ERohit%20Sharma%20(capt)%2C%20Shubman%20Gill%2C%20Cheteshwar%20Pujara%2C%20Virat%20Kohli%2C%20Ajinkya%20Rahane%2C%20KL%20Rahul%2C%20KS%20Bharat%20(wk)%2C%20Ravichandran%20Ashwin%2C%20Ravindra%20Jadeja%2C%20Axar%20Patel%2C%20Shardul%20Thakur%2C%20Mohammed%20Shami%2C%20Mohammed%20Siraj%2C%20Umesh%20Yadav%2C%20Jaydev%20Unadkat%3C%2Fp%3E%0A
Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
