Obama and McCain on the same policy page



Beijing // Barack Obama and John McCain, the US presidential candidates, announced their strategies for dealing with China this week, both advocating closer ties and co-operation on trade issues, nuclear non-proliferation, climate change and geopolitics. Neither candidate, however, announced any concrete polices or anything surprising. In fact, they barely differed.

The strategies were posted on Sunday on the website of the American Chamber of Commerce in Beijing and will be published in China Brief, the chamber's magazine, on Monday. Mr Obama said the United States and China face challenges that will require "fresh thinking" in the coming years, but he provided no example of what this would be. The Democratic senator was a bit more conciliatory than Mr McCain, accepting mutual responsibility for some of the differences between the two sides. "The United States and China have heavy, if different, responsibilities to meet this vital challenge," he said. "For too long, however, each has pointed a finger at the other's attitudes as an excuse for not itself doing more. That must stop."

He said the United States and China, as the world's two largest consumers of oil and the two largest emitters of greenhouse gases, had to work together to reduce climate change. He called on China to make basic adjustments to ensure its sustained economic growth, including adopting practices that are "more environmentally sustainable and less energy intensive". Mr Obama said that, as the world's largest economy, the United States must make serious adjustments to remain competitive in the 21st century, including ending the "fiscal irresponsibility" that has led to record high deficits and a record low savings rate, breaking the US addiction to oil, and investing in renewable technologies and energy efficiency.

He took a slightly stronger stance on trade issues, calling on China to "play by the rules" in world trade. He said China's current growth is unbalanced and called on Beijing to increase falling domestic demand by improving its social safety net and upgrading its financial services sector "to bring its consumption in line with international norms". Central to rebalancing the economic relationship between the two countries, Mr Obama said, was a change in China's currency practices. "Because it pegs its currency at an artificially low rate, China is running massive current account surpluses," he said. "This is not good for American firms and workers, and not good for the world, and ultimately likely to produce inflation problems in China itself."

He vowed that as president he would "use all diplomatic avenues available" to seek a change in Beijing's currency policies, to make a serious effort to combat intellectual property piracy and to deal with regulations in China that discriminate against foreign investors and other unfair trading practices. Mr Obama called for the two militaries to improve the quality of contacts and the quality of their engagement, and while noting real differences between the two sides, he said he looked to China to work with the United States to prevent Iran from developing nuclear weapons, halt genocide in Darfur and to stop the slide towards anarchy in Zimbabwe.

He said protecting human rights and moving towards democracy and rule of law would better enable China to reach its full potential. "Such a change will not weaken China, as its leaders may fear, but will provide a firmer basis for long-term stability and prosperity," he said. Mr McCain said the United States needed to remain unequivocally committed to Asia and free trade. Taking a swipe at his Democratic rival, Mr McCain said that "some American politicians - including the Democratic candidate for president - are preying on fears stoked by Asia's dynamism; rather than encouraging American innovation and entrepreneurship, they instead propose throwing up protectionist walls that will leave us all worse off".

Despite his argument for free trade, Mr McCain echoed almost the same words as his opponent, however, urging China to meet its obligations and commit to opening its markets and protecting intellectual property rights and to co-operate to address the problem of climate change. Mr McCain said China's growing power and influence obligated it to be a "responsible stakeholder in global politics" and said it should show its intentions by being more transparent about what he called Beijing's "significant military build-up" and by working with the world to "isolate pariah states". Finally, he called on China to guarantee the human rights of its citizens.

Although Sino-US relations have not been a central issue in the US presidential election so far, relations between the two countries are bound to be a challenge for the next president of the United States. But it is unlikely that there will be any fresh new initiatives towards China. Some Republicans charge that Mr Obama will adopt dangerous protectionist policies towards China. However, the Democratic candidate has surrounded himself with a team of prominent China advisers, many with former links to Bill Clinton, and it is anticipated that Mr Obama's China policy will be similar to that of the Clinton administration's.

These advisers include Anthony Lake, a former national security adviser; Jeffrey Bader, a former member of the national security committee; Ken Lieberthal, another Clinton-era member of the committee; Mike Lampton of the Nixon Center; Evan Mederios of the Rand Institute, and Derek Mitchell, former special assistant for Asian and Pacific affairs. Some of this group are known to be realists regarding China, if not conciliatory.

Every US candidate for president in recent years has taken a tough public stance on China regarding trade and human rights, with the exception of George H W Bush, the current president's father. However, usually within the first six months to a year of taking office, economic and political realities pull the new administration back towards the centre and softer polices. This is exactly what happened during the Clinton and Bush administrations.

In the final analysis, America's common interests with China far outweigh the differences. Despite the tough talk, little should be expected in the way of real change, no matter who gets elected in November. pmooney@thenational.ae

SHAITTAN
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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.
Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
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Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
The specs

Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel

Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power: 1877bhp

Torque: 2300Nm

Price: Dh7,500,00

On sale: Now

 

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SPECS

Engine: Two-litre four-cylinder turbo
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Price: From Dh167,500 ($45,000)
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
UAE SQUAD

 

Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani

Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Mohammed Al Attas

Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah

Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

The specs

Engine: 3-litre twin-turbo V6

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Transmission: 9-speed automatic

Price: From Dh215,900

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Where to buy art books in the UAE

There are a number of speciality art bookshops in the UAE.

In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show. 

In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.

In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.

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The Beach Bum

Director: Harmony Korine

Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg

Two stars

INDIA SQUAD

Virat Kohli (capt), Rohit Sharma, Shikhar Dhawan, KL Rahul, Vijay Shankar, MS Dhoni (wk), Kedar Jadhav, Dinesh Karthik, Yuzvendra Chahal, Kuldeep Yadav, Bhuvneshwar Kumar, Jasprit Bumrah, Hardik Pandya, Ravindra Jadeja, Mohammed Shami

Second ODI

England 322-7 (50 ovs)
India 236 (50 ovs)

England win by 86 runs

Next match: Tuesday, July 17, Headingley 

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.

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: 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