US Senator Richard Burr quits key post amid insider trading probe

Senator Richard Burr stepped aside as chairman of the Senate Intelligence Committee on Thursday after the FBI served a search warrant for his phone as part of an ongoing insider-trading investigation tied to the coronavirus pandemic.

Senate Majority Leader Mitch McConnell announced the move, saying he and Mr Burr had agreed it was in the Senate's best interests.

FBI officials showed up at Mr Burr's home with the warrant on Wednesday, marking a significant escalation in the Justice Department's investigation of whether the senator broke the law with a well-timed sale of stocks before the coronavirus caused markets to plummet,

The Justice Department declined to comment. Mr Burr's attorney did not respond to phone and email messages, but said last month that the law was clear that any senator could participate in stock market trading based on public information “as Senator Burr did".

Mr Burr has denied wrongdoing but has also requested an ethics review of the stock sales.

Senate records show that the senator and his wife sold stocks worth between roughly $600,000 (Dh2.2 million) and $1.7 million in more than 30 transactions in late January and mid-February, just before the market began to nosedive and government health officials began to sound alarms about the virus. Several of the stocks were in companies that own hotels.

Mr Burr has acknowledged selling the stocks because of the coronavirus but said he relied “solely on public news reports”, specifically CNBC’s daily health and science reporting out of Asia, to make the financial decisions.

Mr Burr's six-year term ends in 2023.

World Mental Health Day

Troubled adolescents and cancer patients in sharp focus

Social media cause of unbearable pressure among young people, says parent

Cycle of anti-depressants proves difficult to break

Residents find insurance patchy when it comes to treatment

Transgender report

Exclusive: Transgender Emiratis fight for recognition after reassignment surgery abroad

'The person in the mirror was not me': Emirati tells of gender struggle from childhood to adulthood

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

Europe’s rearming plan

Suspend strict budget rules to allow member countries to step up defence spending
Create new "instrument" providing €150 billion of loans to member countries for defence investment
Use the existing EU budget to direct more funds towards defence-related investment
Engage the bloc's European Investment Bank to drop limits on lending to defence firms
Create a savings and investments union to help companies access capital

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

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More on Quran memorisation:

How Quran memorisation helps 'train the brain'

Teenage girls recite the Quran flawlessly, despite speaking no Arabic

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

Super Saturday race card

4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m

TEST SQUADS

Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.

Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative

Read part one: how cars came to the UAE

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

Tour de France

When: July 7-29

UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland