US President Donald Trump at an election rally in Arizona in February. Change is under way around the world even as nations keep an eye on the US election in November. AFP
US President Donald Trump at an election rally in Arizona in February. Change is under way around the world even as nations keep an eye on the US election in November. AFP
US President Donald Trump at an election rally in Arizona in February. Change is under way around the world even as nations keep an eye on the US election in November. AFP
Whether Trump wins the US election or Biden, change is afoot around the world
Amidst geopolitical uncertainty until November, people are turning to the arts, culture and education to find solutions to humankind's more profound problems
America's inadequate response to the coronavirus pandemic may have shocked the rest of the world and perhaps even dimmed the allure of its model, at least in the minds of some. The killing of an African-American man, George Floyd, in police custody exposed the bitter political divisions that already exist in the country. Furthermore, the pandemic left economic devastation in its wake.
There might be a feeling of schadenfreude among some critics of the US, while many others will be pondering on the implications of the country’s current problems for the international community.
The world is, therefore, keeping an eye on the presidential election in November. Some observers believe that Donald Trump will be re-elected, even though polling numbers show Mr Trump lagging behind his opponent, Joe Biden. The President could enjoy a resurgence in September and October based on two factors: probable recovery of the US economy and Democratic rival Mr Biden's weaknesses as a candidate.
Anticipating a shift in the wind, many Democrats are hoping that by naming a female African-American running mate, Mr Biden would secure the minority vote. They will also be intent on underscoring the dysfunctional state of the country under Mr Trump.
In this June 11, 2020, photo, Democratic presidential candidate Joe Biden speaks during a roundtable in Philadelphia. Mr Biden’s search for a running mate is under way. AP Photo
This race is one that is being closely watched around the world, especially by the country's supposed adversaries.
I am given to understand that Russia would prefer to have Mr Trump back in the White House because Moscow enjoys fair to middling relations with the current administration. There might also be concerns that Mr Biden would be tougher on Russia, just as Hillary Clinton, fellow Democrat and 2016 presidential candidate, was expected to be had she won.
China is holding its cards close to its chest. It is not clear which candidate Beijing prefers, even though Mr Trump's rhetoric regarding the superpower has been confrontational.
For its part, Iran is hoping for Mr Trump's defeat, given his decision to impose, and even expand, sanctions on Tehran. Recent punitive measures targeting more than 50 oil tankers, especially those operating between Venezuela and Iran, have led to discussions among the regime's generals about launching another "tanker war", like the one we witnessed last year.
All this could translate to even greater unrest in many parts of the world until the election is over, especially because resolutions to many an international conflict will be put on hold until the end of the year. The bigger problem is that in the intervening period, we could see great instability not just on the geopolitical and economic fronts but also in the personal lives of many.
In such circumstances, it has come to my notice that individuals around the world are turning to arts, culture and education to restore balance to their lives. But how do politics, economics and culture overlap in the human experience even as individuals seek to find reassurance in a world struggling to deal with disease, unemployment and unrest?
The sixth e-policy circle of the Beirut Institute Summit in Abu Dhabi tried to tackle this question in a session titled Stability redefined: Who authors the future?
Prof Mikhail Piotrovsky, director of the Saint Petersburg Hermitage Museum, said the world is in a state of division – a trend that would continue beyond the pandemic as nations retreat in order to tend to their wounds, while people distance themselves from one another. Prof Piotrovsky argued that culture might already offer a "cure" to the effects of such isolation.
Before the Covid-19 outbreak, for example, the Hermitage Museum used to receive five million visitors every year. In the space of just two months since the outbreak, the number swelled up to 34 million – all of them virtual. Another example is that of Zayed University in Abu Dhabi, which has remotely delivered lessons to 7,000 students even as efforts are under way to develop its courses to suit a post-coronavirus world.
These trends are encouraging because it shows that people and institutions are thinking creatively and, in the process, trying to reinvent themselves.
Of course, it is also true that there is a yearning to return to normality. To be sure, some things will never change. As pointed out by Noura Al Kaabi, UAE’s Minister of Culture and Knowledge Development, humans will never lose the urge to use their five senses and to keep in touch with their surroundings. But the question that arises is whether we will go back to our flawed ways of living as well. Lebanese filmmaker Nadine Labaki said we should not miss the opportunity to reform existing systems many of which have been built on the foundations of corruption, greed, over-consumption and disregard for nature. This is, perhaps, where our politics will play an important role.
Artists perform in front of screens showing audience via the Zoom application during the first six-hour online music festival at a studio in Bangkok earlier this month. Reuters
French Education Minister Najat Vallaud-Belkacem expressed hope that our awareness of the fragility of those systems would lead us to capitalise on the solidarity that we have witnessed during these difficult times, and turn this experience into something positive over the long term.
It is fascinating, therefore, to imagine what the world might look like in the distant future. But one thing is for sure: changes are already under way in how we live our lives – whatever may be the result of the US election, although that outcome could perhaps have a bearing on the pace and direction of these changes.
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
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.
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Benefits of first-time home buyers' scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
