Response mixed
US Treasury secretary lacks enough support for proposal at G20
The National staff
GYEONGJU //The US Treasury secretary Timothy Geithner's hopes for a united G20 acceptance of his plans for setting limits on member countries' trade surpluses and deficits were buffeted in South Korea yesterday.
Mr Geithner wrote a letter to the finance ministers of the Group of 20 (G20) leading and emerging economies before they met yesterday, proposing specific targets for trade imbalances as a way of pushing countries with surpluses to adjust their exchange rates.
He was proposing to limit surpluses and deficits on the current account to 4 per cent of GDP, Reuters quoted diplomats as saying amid currency tensions that fuelled fears of a trade war.
The letter was seen as a thinly veiled attempt to push China into allowing the yuan to appreciate more rapidly.
Mr Geithner's proposal received a mixed response. Rainer Bruderle, the German minister of economy, warned against reverting to "planned economy thinking".
The Russian deputy finance minister Dmitry Pankin, whose country has a significant current account surplus, told Reuters government interference was not especially desirable. "In the long term the focus should be on the exchange rates reflecting market conditions. Excessive state interference in currencies should be avoided," he said.
Yoshihiko Noda, Japan's finance minister, expressed doubts about setting actual limits but added "when checking the progress in rectifying imbalances, that might be an idea".
But a French official supported the idea, saying that "when people are talking about currency wars, the merit of Geithner's proposal is that it shifts the discussion back to the macroeconomic framework".
Jim Flaherty, the Canadian finance minister, also found positives in the proposal.
"There's a desire to reach consensus, to be collaborative, to move in the direction of an action plan that we can present to our leaders so that they can adopt it when they meet here in a couple weeks," Mr Flaherty said.
Yesterday was the start of a two-day meeting meant to smooth the path for a G20 summit in Seoul on November 11 and 12.
Beijing, the biggest creditor of the US, has US$2.65 trillion (Dh9.73tn) in foreign exchange reserves. The US House of Representatives has passed a bill threatening retaliation unless China allowed its currency to appreciate to correct its huge trade surplus with the US.
Since China promised to bring more flexibility to its currency in June it has limited gains in the yuan to about 2 per cent, leading other countries to try to control their exchange rates to keep up with the world's largest exporter.
Emerging markets are anxiously watching for signs of further quantitative easing in the US, fearing it will flood its financial system with cash to bolster economic recovery.
Meanwhile, the dollar yesterday headed for its first weekly advance in six weeks against currencies including the euro and yen.
"The market is biding its time waiting to see how this event [Mr Geithner's letter] passes," said Brian Kim, a currency strategist at UBS in Connecticut.
"People will wait for the event risk of the weekend to pass and then start selling the dollar again."
The Dollar Index, which tracks the dollar against the currencies of six major US trading partners including the euro, yen, British pound and Canadian dollar, has increased 0.4 per cent since October 15.
It was the first weekly gain since rising 0.7 per cent in the week that ended on September 10. The Fed is due to decide on monetary policy on November 2 and 3.
* with Reuters and Bloomberg
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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
The five pillars of Islam
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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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.
In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press
THE SPECS
Engine: 4.0L twin-turbo V8
Gearbox: eight-speed automatic
Power: 571hp at 6,000rpm
Torque: 800Nm from 2,000-4,500rpm
Fuel economy, combined: 11.4L/100km
Price, base: from Dh571,000
On sale: this week
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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