US lawmakers struggling to reach a critical pandemic relief and federal spending deal struck a last-minute agreement Friday to avert a midnight shutdown of the government, and extend negotiations through the weekend.
Congressional leaders are frantically trying to resolve sticking points in a roughly $900 billion measure aimed at providing emergency relief for millions of Americans on the verge of losing key benefits.
Because the pandemic relief plan is tied to passage of a separate $1.4 trillion federal spending package, the impasse threatened to temporarily shut down the government -- a scenario not unheard of in politically-divided Washington, but disastrous given the worsening economy and record death tolls from Covid-19.
On the brink of a shutdown, the House of Representatives voted 320 to 60 late Friday to extend funding for federal agencies through Sunday to allow negotiators to finish their stimulus package.
The Senate passed the measure minutes later by voice vote, and it now goes to President Donald Trump to sign by the midnight deadline.
Talks on the relief package appear stuck, in part, over a Republican proposal to limit the Federal Reserve's ability to provide credit for businesses and other institutions.
"We are hopeful that they will reach agreement in the near future," number two House Democrat Steny Hoyer said. "They have not reached one yet. There are still some significant issues outstanding."
A package to aid struggling businesses and jobless workers is seen as critical to getting the world's largest economy back on its feet amid a resurgence of Covid-19 infections, even as new vaccines offer hope that an end to the pandemic may be in sight.
Without an agreement, millions of unemployed workers will lose their special pandemic benefits before the end of the year, and a moratorium on evictions is set to lapse within days.
Democrats warn that if the Fed's ability to extend lifelines is restricted, the fiscal crisis could be compounded in US states, particularly if Congress fails to pass assistance to state and local governments.
President-elect Joe Biden has pushed back fiercely against the Fed proposal, which reportedly would prevent the central bank from restarting emergency lending programs that expire this year and could limit its response in future crises.
The measure "could put our future financial stability at risk," Brian Deese, whom Biden has selected to chair the National Economic Council, said in a statement.
"The package should not include unnecessary provisions that would hamper the Treasury Department and the Federal Reserve's ability to fight economic crises," Mr Deese added.
Lawmakers have yet to even see final language on the stimulus deal or the government funding package, and some warn that both need more time.
The pandemic package is expected to include aid for vaccine distribution and logistics, extra jobless benefits of $300 per week, and a new round of $600 stimulus checks -- half the amount provided in checks distributed last March.
Some Democrats and a few Republicans have pushed for the stimulus checks to be doubled, to $1,200 per person. A Republican senator, Ron Johnson, opposed the proposal Friday saying it would drive up the deficit -- an argument that drew jeers from Democrats.
"Now that the economy is on life support, Americans are queueing up on bread lines and filing for unemployment, and just as a Democratic president is about to take office, all of the sudden the deficit-scolds are back. It's ludicrous," said Senate Minority Leader Chuck Schumer.
"The quickest way to get money into the pockets of the American people is to send some of their tax dollars right back where they came from," Mr Schumer added.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
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Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
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
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
(Source: Colliers)
