Each year's annual meeting of the World Economic Forum in Davos begins with a series of what are ordinarily called "updates" - update on Latin America, update on information technology, and the Big Kahuna of all updates, the update on the economy.
In recent years, the Time magazine editor Michael Elliott has done multiple tours of duty moderating these sessions, which set the tone for the entire meeting. This year, Time appears to have managed a marketing coup by taking over the entire session, complete with Time logos flashing on monitors and TV camera booms sweeping over the heads of the assembled participants.
These televised sessions, whether from by the BBC or CNBC, sometimes provide a bit of an entertaining respite from the monotonous format of the usual sessions. Yesterday's Time magazine session on "What Is the 'New Normal' for Global Growth?" broke with Davos convention not only by eschewing the "Update:" in the title, but also by seating its panellists in swivel chairs around a boardroom table instead of in a row of easy chairs facing the audience.
The undisputed ringer in Davos when it comes to the economy these days is Nouriel Roubini, the New York University Stern School of Business professor who these days is able to market his pessimistic prognostications as chairman of Roubini Global Economics.
Mr Roubini predicted the global financial crisis and so enters the room wearing the equivalent of a heavyweight boxing title belt. He is always clearly the man to beat at the table. So it was fitting that Mr Elliott announced Mr Roubini in the style of a ring announcer as "The Cassandra of Washington Square Park". This week's mystery ingredient: global economic alphabet soup.
Mr Roubini opened his display with a blitzkrieg of reasons to be terrified about the global economy. We are in a U-shaped recession that is at risk of becoming a double-dip recession, he warned. Things might look good in the first half of this year, but watch out in the second half, when governments have to start curbing spending. When the tide of fiscal stimulus starts to recede, it will expose anaemic consumer spending and widespread industrial overcapacity, not only in the US and Europe, but also in China, Mr Roubini warned.
He then delivered a withering series of body blows to emerging-market optimism, reminding participants that China, however scary to western jobs, is not big enough to pick up the slack left by US consumers in driving global growth.
David Rubenstein, the managing director of the private equity firm Carlyle Group, offered a game defence, joking that he would not want Mr Roubini along if he were trying to raise funds from investors.
He delivered a traditional argument for emerging-market optimism, youthful demographics and the like. He then attempted a sort of reversal by suggesting that the elderly population of the US would provide steady demand for services and products such as assisted care and plastic hips. Oh boy, now I'm really excited about the prospects for American innovation. Mr Rubenstein then unveiled what was undoubtedly his best defence, citing the poor record economists have on predicting economic crises, and saying that professional investors simply don't really rely on economists to guide their investment decisions.
But wishing Mr Roubini's pessimism away proved fruitless. Throughout his comments, Mr Roubini sat next to Mr Rubenstein wearing an expression that bordered on pity. Silly investors, he seemed to be thinking, always confusing asset prices with economic prospects. Does he not see the doom that awaits?
He poured himself a glass of water and waited for Mr Elliott to set him up for the coup de grace. It came with a lob across the plate: is the optimism on emerging markets really justified?
With the big "overspending" countries such as the US and those in Europe cutting back, the "oversaving" countries such as China can no longer produce more than they spend and rake in money from selling surplus production. His main concern, Mr Roubini said, was that the world was simply going back to normal even as the global economy headed towards the next cliff, with bailed-out banks taking excessive risks - this time in emerging markets - and central banks printing money. Yes, there is a recovery, but it is "too much, too fast, too soon".
@Email:warnold@thenational.ae
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
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.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
COMPANY%20PROFILE
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Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
COMPANY%20PROFILE
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The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
HOW TO WATCH
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
Killing of Qassem Suleimani
INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
Confirmed%20bouts%20(more%20to%20be%20added)
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
Andor
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The%20specs
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
