WASHINGTON // President Barack Obama pledged yesterday to do all he could do reignite US job growth as he defended his handling of the economy amid Republican attacks.
With the US unemployment rate at 10 per cent and economic anxiety growing, Mr Obama's job approval ratings have slipped below 50 per cent.
Some Americans have questioned his decision to push a hefty domestic agenda including a huge overhaul of the health care system after taking office in January in the midst of the worst recession since the 1930s Great Depression.
Republicans have taken aim at his $787 billion (Dh2.89 trillion) economic stimulus, saying it failed to create jobs as Mr Obama promised and exacerbated the soaring US budget deficit.
But in his weekly radio and internet address, Mr Obama noted that job losses have diminished substantially since the depths of the recession when the economy was haemorrhaging jobs at a rate of 700,000 a month.
"It is true that we, as a country, are in a very different place than we were when 2009 began," Mr Obama said, saying there was evidence of a "positive trend" in the November employment report released on Friday.
The report showed that the US unemployment rate dipped last month to 10 per cent from 10.2 per cent. The pace of job losses slowed in November to 11,000 from 111,000 in October.
While welcoming the hints of improvement, Mr Obama said he recognised that for millions who have lost their jobs, it "isn't good enough."
"The folks who have been looking for work without any luck for months and, in some cases, years, can't wait any longer," he said. "For them, I'm determined to do everything I can to accelerate our progress so we're actually adding jobs again."
Mr Obama plans a speech on Tuesday at the Brookings Institution where he is expected to outline a set of proposals to spur job growth.
Among the steps under consideration are tax incentives to homeowners to improve the energy efficiency of their houses, pushing banks to make more loans to small businesses and tax cuts to encourage companies to hire new workers.
Mr Obama's fellow Democrats expect the economy to be the top issue in next year's congressional elections and acknowledge that unless it improves, their own jobs may be at stake.
While facing pressure to boost the economy, Mr Obama also must contend with a skyrocketing budget deficit, which hit $1.4 trillion in the recently ended 2009 fiscal year. His administration is reluctant to consider massive new measures that would significantly add to the public debt.
Reuters
Dollar points to recovery, b11
Company%20profile
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Results:
6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
Winner: AF Al Sajanjle, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
Winner: Blue Point, William Buick, Charlie Appleby
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
Winner: Muntazah, Jim Crowley, Doug Watson
8.15pm: Meydan Trophy Conditions (TB) | $100,000 (T) | 1,900m
Winner: Art Du Val, William Buick, Charlie Appleby
8.50pm: Balanchine Group 2 (TB) | $250,000 (T) | 1,800m
Winner: Poetic Charm, William Buick, Charlie Appleby
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
Winner: Lava Spin, Richard Mullen, Satish Seemar
10pm: Handicap (TB) | $175,000 (T) | 2,410m
Winner: Mountain Hunter, Christophe Soumillon, Saeed bin Suroor
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
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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
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
