No. It’s one of the shortest, simplest and most important words in the English language. But, when it comes to President Donald Trump, many key players in the US power structure appear stricken with lockjaw.
In the 20th and 21st centuries, it’s axiomatic that strongman powers are more typically given than taken. When dealing with an uncompromising and ruthless chief executive, it’s easier to give in and not put up a fight.
Financial calculations are most obvious. The government can use regulatory powers or lucrative government contracts to shape the condition and prospects of a given business, no matter how large. When the President makes it implicitly clear that a merger, for example, won’t be approved by the relevant regulatory body unless some form of acquiescence is forthcoming, in purely pecuniary terms it’s a no-brainer to just give in.
Historically, Americans hardly lack courage. They have died to defend their Constitution and democratic traditions. They have gone to prison rather than betray their values and principles
We’ve seen several alarming examples of this since Mr Trump returned to office, and even simply following the election. Mr Trump sued CBS over an interview conducted by its well-known 60 Minutes programme with his then campaign rival, former vice president Kamala Harris. The programme had edited her remarks for broadcast, as is standard practice.
Mr Trump’s $20 billion lawsuit alleged that this editing amounted to consumer fraud and election interference. CBS released the full transcript, which readily demonstrated that the edits were routine and insubstantial.
In July, however, Mr Trump received a $16 million settlement from CBS’s parent company, Paramount, which has been in the process of attempting a merger with Skydance Media. That has just been approved by the Federal Communications Commission, a part of Mr Trump’s executive apparatus.
An earlier collapse came from ABC when Mr Trump sued the network for liable and defamation over remarks made by anchor George Stephanopoulos. In December, even before Mr Trump was back in the White House, ABC settled for $15 million. Again, Mr Trump’s case was weak.
Mr Stephanopoulos said that Mr Trump had been found civilly liable for rape in the E Jean Carroll case. Technically, under New York law, Mr Trump was only found liable for sexual abuse. However, a federal judge repeatedly ruled that Mr Trump had indeed committed rape under the common understanding of the term.
Given the high bar under US law for defamation cases, it is unlikely that Mr Trump would have prevailed. But ABC’s parent company, Disney, with its myriad business empire, preferred to simply cave. It was just easier, and, they may well have calculated, in the long run cheaper that way.
CBS has also just cancelled The Late Show with Stephen Colbert, a favourite of Mr Trump’s critics because of its relentless and incisive mockery of him. Paramount insists that this was purely a business decision, but given the 60 Minutes settlement, the deeper calculation may have been at least as political.
It’s hardly just the media that is capitulating, often in advance. Several top US law firms such as Paul Weiss have allegedly agreed not to represent Mr Trump’s adversaries or to represent his allies pro bono.
In Mr Trump’s attack on higher education, Harvard University is distinguishing itself by putting up a brave fight in court. However, many other major private universities, most notably Columbia, have given the federal government unprecedented powers over their decision-making.
The administration is using legal and administrative investigations especially into “anti-Semitism”, huge funding cuts and freezes, executive orders and visa restrictions on international students as pressure to force the universities to surrender their autonomy to the White House. And both Columbia and possibly Harvard are allegedly about to give the administration hundreds of millions of dollars in supposed penance for non-existent transgressions.
Social media, too, is folding like a dinner napkin. Meta, Facebook’s parent company, agreed to a $25 million settlement over the suspension of Mr Trump’s account after the January 6, 2021 violent insurrection against Congress. Its CEO, Mark Zuckerberg, also donated $1 million to Mr Trump’s inauguration fund.
The Washington Post, owned by Jeff Bezos, has essentially eliminated what had been among the most dynamically critical opinion section in the country regarding Mr Trump, and greatly scaled back negative coverage of him. Needless to say, Mr Bezos’s other companies, most notably Blue Origin, enjoy lucrative dealings with the federal government, including a recently approved $2.3 billion military space contract.
The blue-ribbon in this cavalcade of cowardice obviously would go to Republican Party lawmakers in Congress, except that they are far more vulnerable to Mr Trump’s wrath and less able to fight back than major law firms, huge media organisations and crucial universities.
Harvard has said no. So have several important law firms, including Witmer Hale and Perkins Cole. Even after 10 years of dealing with him, the news media still cannot figure out how to cover Mr Trump without being bamboozled and manipulated, but The Wall Street Journal, The New York Times and others show no signs of backing down.
Historically, Americans hardly lack courage. They have died to defend their Constitution and democratic traditions. They faced extreme, even deadly, police brutality in the fight for civil rights. Some went to prison or fled to other countries rather than fight in the misguided, pointless Vietnam War. They have gone to prison rather than betray their values and principles.
But now, with a president clearly acting as a would-be strongman, the caution shown by so many in the US power structure is proving to be his most valuable asset.
It’s not asking much for them to recover the ability to utter the short, simple and profound word, “no”.
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Profile box
Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
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THE SPECS
Engine: six-litre W12 twin-turbo
Transmission: eight-speed dual clutch auto
Power: 626bhp
Torque: 900Nm
Price: Dh940,160 (plus VAT)
On sale: Q1 2020
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.
