The UK chancellor will meet his US counterpart on Wednesday to ask for oil and gas supplies to be directed across the Atlantic to ease the impact of soaring energy costs.
Nadhim Zahawi wants cheaper US energy to bridge a gap left by Russian supplies and has travelled to Washington for a series of meetings with senior US counterparts. The trip is timed just a week before a new prime minister takes office following the Conservative Party's leadership run-off between Liz Truss and Rishi Sunak.
He is expected to appeal to US Secretary of the Treasury Janet Yellen for western unity to ensure President Vladimir Putin does not use rising oil prices to divide allies.
“We have a strong and resilient UK economy and are easing the burden facing families at home with an unprecedented £37 billion support package, while working flat out to develop further options for a new prime minister," he said. “But these global pressures must be overcome through global efforts. I’m determined – here in the US – to work closely with my allies on the common challenges we face to create a fairer and more resilient economy at home and abroad.”
According to reports, UK Treasury sources have played down hopes of an immediate deal, stressing the trip aims to lay the groundwork for deals under the new prime minister, who will be announced next week.
Since arriving in the country earlier this week, Mr Zahawi has met business leaders to reassure them about the UK’s prospects under a new leader in new York before travelling on to Washington on Wednesday.
Mr Zahawi said earlier this week in interviews with US broadcasters he is working on additional measures to help households and businesses with soaring energy bills.
Last week, regulator Ofgem announced a typical household gas and electricity bill will rise to £3,549 ($4,148) a year from October as it raised the price cap.
The increase is expected to have a devastating effect on many households.
Shetland's gas crunch
The finance minister's trip came as he was lobbied by one of the UK's most northerly outposts for assistance. Shetland Islands Council leader Emma Macdonald wrote to Mr Zahawi about the bleak outlook for the islands.
Estimates suggest as many as 96 per cent of people living in Shetland in Scotland could be living in fuel poverty by next year.
Shetland Islands Council said all but those earning as much as £104,000 ($121,561) a year will be in fuel poverty, with average annual energy costs projected to rise to £10,300 per household by April, which is more than double the projection for the rest of the UK.
The council said more than 96 per cent of people will spend more than 10 per cent of their household income on energy by April.
Seventy-five per cent will be in extreme fuel poverty, which means they will spend at least 20 per cent of their household income on energy.
To stay out of extreme fuel poverty, islanders will need to earn £52,000 annually per household, compared to £26,000 in the rest of the UK.
And about 40 per cent of households in Shetland could spend 40 per cent of their household income on energy, according to estimates.
Even under normal circumstances, the cost of living in Shetland is between 20 to 65 per cent higher than the UK average.
The extra spend on energy in Shetland is driven by the islands’ significantly colder climate, coupled with the risk of below standard insulation and lack of mains gas, which is more affordable.
The estimated total spend on energy in Shetland last winter was just over £18 million, while this year's projection is more than £56m.
“Our islands have been at the heart of oil and gas activity for over 40 years, yet our people have not seen the benefits of that in terms of a lower cost of fuel,” she said in a statement.
“Shetland has contributed, and will continue to contribute, significantly to UK energy exports, and yet people in our communities will struggle to heat their homes in the coming year.
“We are calling for UK government support to enable host communities to secure long-term community benefit arrangements, which could include access to low-cost energy for islanders.
“But we also need immediate government help to address rising energy costs.”
A spokesman for the UK government said: “We know the pressures people in Shetland and across the UK are facing with rising costs, which is why we have continually taken action to help households by phasing in £37 billion worth of support.
“This includes a £400 discount on energy bills over winter and eight million of the most vulnerable households will see £1,200 extra support.
“We also protect households and businesses in the north of Scotland, including Shetland, by providing around £90 million every year to reduce electricity distribution charges in that region.
“This is on top of the extra £82 million we provided to the Scottish government to help vulnerable families across Scotland at their discretion.”
Meanwhile, the wholesale price of gas dropped sharply on Tuesday amid signs Europe intends to intervene in the energy markets. The European Commission has said it is working on an emergency package and a longer-term “structural reform of the electricity market” to address soaring prices.
The day-ahead UK wholesale gas price fell by more than 20 per cent to 447p per therm on Tuesday. Prices have dropped from near record highs, but they are still 12 times higher than at the start of 2021.
Results
5pm: Maiden (PA) Dh80,000 (Turf) 1,000mm, Winners: Mumayaza, Fabrice Veron (jockey), Eric Lemartinel (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m, Winners: Sharkh, Pat Cosgrave, Helal Al Alawi
6pm: The President’s Cup Prep - Conditions (PA) Dh100,000 (T) 2,200m, Winner: Somoud, Richard Mullen, Jean de Roualle
6.30pm: Handicap (PA) Dh90,000 (T) 1,600m, Winner: Harrab, Ryan Curatolo, Jean de Roualle
7pm: Abu Dhabi Equestrian Gold Cup - Prestige (PA) Dh125,000 (T) 1,600m, Winner: Hameem, Adrie de Vries, Abdallah Al Hammadi
7.30pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m, Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
8pm: Maiden (TB) Dh80,000 (T) 1,400m, Winner: Nibras Passion, Bernardo Pinheiro, Ismail Mohammed
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
COMPANY%20PROFILE
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Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Rankings
ATP: 1. Novak Djokovic (SRB) 10,955 pts; 2. Rafael Nadal (ESP) 8,320; 3. Alexander Zverev (GER) 6,475 ( 1); 5. Juan Martin Del Potro (ARG) 5,060 ( 1); 6. Kevin Anderson (RSA) 4,845 ( 1); 6. Roger Federer (SUI) 4,600 (-3); 7. Kei Nishikori (JPN) 4,110 ( 2); 8. Dominic Thiem (AUT) 3,960; 9. John Isner (USA) 3,155 ( 1); 10. Marin Cilic (CRO) 3,140 (-3)
WTA: 1. Naomi Osaka (JPN) 7,030 pts ( 3); 2. Petra Kvitova (CZE) 6,290 ( 4); 3. Simona Halep (ROM) 5,582 (-2); 4. Sloane Stephens (USA) 5,307 ( 1); 5. Karolina Pliskova (CZE) 5,100 ( 3); 6. Angelique Kerber (GER) 4,965 (-4); 7. Elina Svitolina (UKR) 4,940; 8. Kiki Bertens (NED) 4,430 ( 1); 9. Caroline Wozniacki (DEN) 3,566 (-6); 10. Aryna Sabalenka (BLR) 3,485 ( 1)
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
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Buy farm-fresh food
The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.
In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others.
In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food.
In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra.
