On Thursday, the US House of Representatives conducted a remarkable 11 inconclusive votes for speaker. This means no representatives can be sworn in and no congressional business done. Republicans, who obtained a razor-thin majority in the November election, appear feckless, disunited, unfit and uninterested in governing. That bodes extremely ill for the country in general over the next two years.
California representative Kevin McCarthy, endorsed as "my Kevin" by former president Donald Trump, is being opposed by about 20 hardliners, leaving Democratic minority leader Hakeem Jeffries consistently coming in first place, supported by all 212 of his Democratic colleagues.
Mr McCarthy has been offering ever-greater concessions, and Mr Trump ordered his followers to get in line, to no avail. The degrading spectacle is a predictable comeuppance for Mr McCarthy, who initially angrily blamed Mr Trump for the January 6 insurrection, only to recant, travel to Florida to bend the knee and kiss his ring, and bow to each and every demand in order to try to gain the speaker's chair. His humiliation is unheard of. And it is another yet devastating defeat for Mr Trump.
But the inability of the razor-thin Republican majority in the House to even select a speaker raises deafening alarm bells. Congress at a minimum must approve the budget, appropriations bills, and, above all, recurring extensions of the debt ceiling. The last issue is most alarming. The US President, Joe Biden, may be compelled to take unprecedented unilateral action to prevent the US from defaulting on its financial obligations if this current spectacle is anything to judge by.
But there is nothing significant Mr McCarthy's opponents claim to want that he does not also advocate
The anti-McCarthy holdouts are acting like hostage takers who don't want a ransom. They just want to accumulate hostages. Like Seinfeld, it's a show about nothing. Mr McCarthy has offered everything to the rebels, short of picking up their dry cleaning and babysitting their children. But concessions aren't the point. Disruption, performative anger, chaos, and, especially, television hits are.
Nancy Pelosi, now arguably the greatest House speaker ever, had a comparably narrow margin, and managed to get a great deal done. And the two other protracted speaker confrontations were about immensely substantial disputes.
The issue in 1923 was about farming versus manufacturing interests. And in 1855-56, the quarrel was the expansion of slavery into western territories, which both pro and anti-slavery forces understood would determine the viability of the atrocious practice in the US into the foreseeable future. That was ultimately decided by the US Civil War, the bloodiest conflict in American history.
But there is nothing significant Mr McCarthy's opponents claim to want that he does not also advocate. Politics for most of the Republican Party has become practically devoid of content – the last party platform merely said it stood for whatever Mr Trump wanted at any given moment – and has instead degenerated into an exercise in theatrical preening and posturing, exactly what is happening on the House floor this week.
You could see it as a dangerous game or a fatal illness. The US has a two-party system, but, historically, parties come and go.
The 1855-56 House speaker contest solidified the emergence of the Republican Party, displacing the dying Whig Party, which had no remaining core or vision. In 1849, the Whigs nominated and secured the election of Zachary Taylor, universally regarded as one of the worst ever US presidents. A dissident a faction of "Conscience Whigs" emerged that eventually formed the basis of the Republican Party. That does not sound unfamiliar.
Given the spectacle in the House this week, all conjecture that the Republican Party may have become radicalised and polarised, even against itself, beyond redemption and political usefulness seems increasingly less far-fetched.
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
KILLING OF QASSEM SULEIMANI
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
INDIA V SOUTH AFRICA
First Test: October 2-6, at Visakhapatnam
Second Test: October 10-14, at Maharashtra
Third Test: October 19-23, at Ranchi
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Huroob Ezterari
Director: Ahmed Moussa
Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed
Three stars
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
