A sign in Wilson, Wyoming, on August 16, as the state holds its Republican primary election. AFP
A sign in Wilson, Wyoming, on August 16, as the state holds its Republican primary election. AFP
A sign in Wilson, Wyoming, on August 16, as the state holds its Republican primary election. AFP
A sign in Wilson, Wyoming, on August 16, as the state holds its Republican primary election. AFP

Will Democrats' legislative wins help them in midterm polls?


Ellie Sennett
  • English
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History would tell US Democrats to brace for losses in midterm elections, but the majority party is riding high on a recent wave of legislative success.

Between massive healthcare and climate reform with the Inflation Reduction Act, expansion of veteran's protection with the Pact Act, and science and tech-focused Chips Act, the Democrats are banking on Americans responding with more "blue" votes.

"We have a message for the American people. The Republicans have a message of no, of opposition, of disruption," House majority leader Steny Hoyer said last week.

"I think there's going to be a very substantial assist to our candidates, to the President and to the American people."

House Speaker Nancy Pelosi, surrounded by Democrats, is applauded after signing the Inflation Reduction Act. AP
House Speaker Nancy Pelosi, surrounded by Democrats, is applauded after signing the Inflation Reduction Act. AP

"[Former president Donald] Trump and the Republicans have labelled us the 'do-nothing Democrats'," Alyssa Batchelor, director of political research for a Democratic company, told The National.

"And this summer, we have really shown that we're the 'do-something Democrats'.

"And I think that that will show and that will reflect in the midterms."

Democratic leadership quickly pushed the party to create sharp messages around the legislative wave.

In a memo to Congressional Democrats obtained by The National, House Speaker Nancy Pelosi urged party members to use their recent district working weeks to emphasise the Inflation Reduction Act to constituents.

Kyle Kondik is the managing editor of University of Virginia Centre for Politics’ non-partisan newsletter on American campaigns and elections.

Mr Kondik told The National that there was little evidence to suggest voters would be swayed in Democratic favour based on legislative victories.

Long lines at Georgia polls — in pictures

  • Hundreds of people wait in line for early voting, in Marietta, Georgia. AP Photo
    Hundreds of people wait in line for early voting, in Marietta, Georgia. AP Photo
  • People wait in line on the first day of early voting for the general election at the C.T. Martin Natatorium and Recreation Center in Atlanta, Georgia. AFP
    People wait in line on the first day of early voting for the general election at the C.T. Martin Natatorium and Recreation Center in Atlanta, Georgia. AFP
  • Voters wait in a line to vote that has an estimated 3-hour as the first day of early voting is underway at the George Pierce Park in Suwanee, Georgia, USA. EPA
    Voters wait in a line to vote that has an estimated 3-hour as the first day of early voting is underway at the George Pierce Park in Suwanee, Georgia, USA. EPA
  • Tamara Ross waits in line on the first day of early voting for the general election at the C.T. Martin Natatorium and Recreation Center in Atlanta, Georgia. AFP
    Tamara Ross waits in line on the first day of early voting for the general election at the C.T. Martin Natatorium and Recreation Center in Atlanta, Georgia. AFP
  • Residents wait in line outside an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
    Residents wait in line outside an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
  • Residents wait in line outside an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
    Residents wait in line outside an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
  • Residents cast ballots an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
    Residents cast ballots an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
  • Voters wearing protective masks stand in line to cast ballots at an early voting polling location for the 2020 Presidential elections in Atlanta, Georgia, U.S. Bloomberg
    Voters wearing protective masks stand in line to cast ballots at an early voting polling location for the 2020 Presidential elections in Atlanta, Georgia, U.S. Bloomberg
  • Voters wearing protective masks stand in line to cast ballots at an early voting polling location for the 2020 Presidential elections in Atlanta, Georgia, U.S. Bloomberg
    Voters wearing protective masks stand in line to cast ballots at an early voting polling location for the 2020 Presidential elections in Atlanta, Georgia, U.S. Bloomberg
  • A resident takes a sticker after casting a ballot at an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
    A resident takes a sticker after casting a ballot at an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
  • A poll worker sanitizes a voting machine screen at an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
    A poll worker sanitizes a voting machine screen at an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
  • Residents cast ballots an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
    Residents cast ballots an early voting polling location for the 2020 Presidential election in Atlanta, Georgia, U.S. Bloomberg
  • State Farm Arena is used as a polling place on the first day of early voting in the US Presidential election, shown underway in Atlanta, Georgia, USA. EPA
    State Farm Arena is used as a polling place on the first day of early voting in the US Presidential election, shown underway in Atlanta, Georgia, USA. EPA
  • Voters cast ballots as the first day of early voting is underway at the George Pierce Park in Suwanee, Georgia, USA. EPA
    Voters cast ballots as the first day of early voting is underway at the George Pierce Park in Suwanee, Georgia, USA. EPA

"Generally speaking, the passage of major legislation does not provide a major political boost to the party in power," he said.

"It can take years for the legislation to actually impact people’s lives and by then, it may be hard to connect the legislation to those who passed it."

But Republicans have insisted Americans will respond to the expansive legislative cycle at the polls, with rejection.

"I trust the American people. I know it is the people who will render the ultimate verdict on today’s actions," minority leader Kevin McCarthy said before the House passed the Inflation Reduction Act.

"And when they do, 87 days from now, my Democrat colleagues will have only themselves to blame."

Republicans have given record inflation, soaring gas prices and the chaos of the US withdrawal from Afghanistan as key reasons that could encourage Americans to vote "red".

On recent legislation, they have particularly emphasised the Inflation Reduction Act's billions-dollar emboldening of the US Internal Revenue Service and have intensified anti-government spending messages.

Republican candidates in highly competitive districts, such as Virginia's seventh candidate Yesli Vega — who is trying to unseat Democratic Rep Abigail Spanberger — quickly pounced on President Joe Biden's spending bill.

"Republicans may be able to make some headway with attacks about the money going to the Internal Revenue Service, given that the IRS is hardly a popular agency," Mr Kondik said.

But he said that Democrats could gain a slight boost with the US Supreme Court's overturning of Roe v Wade, with some emerging data supporting this theory.

US Congress members arrested during abortion protest — in pictures

  • Ilhan Omar is detained by US Capitol police officers after participating in a sit in with activists from the Centre for Popular Democracy Action in front of the Supreme Court Building on July 19. AFP
    Ilhan Omar is detained by US Capitol police officers after participating in a sit in with activists from the Centre for Popular Democracy Action in front of the Supreme Court Building on July 19. AFP
  • Cori Bush is detained by police. The CPDA held the protest with House Democrats in support of abortion rights. AFP
    Cori Bush is detained by police. The CPDA held the protest with House Democrats in support of abortion rights. AFP
  • Andy Levin is detained by police. AFP
    Andy Levin is detained by police. AFP
  • Alexandria Ocasio-Cortez is detained by police. AFP
    Alexandria Ocasio-Cortez is detained by police. AFP
  • Barbara Lee is detained by police. AFP
    Barbara Lee is detained by police. AFP
  • House Democrats protest against the Dobbs versus Jackson Women's Health Organisation decision in which the court held that the Constitution of the United States does not confer a right to abortion. AFP
    House Democrats protest against the Dobbs versus Jackson Women's Health Organisation decision in which the court held that the Constitution of the United States does not confer a right to abortion. AFP
  • House Democrats join an abortion rights protest. AFP
    House Democrats join an abortion rights protest. AFP
  • Cori Bush leaves a processing area after being arrested for participating in a sit in. AFP
    Cori Bush leaves a processing area after being arrested for participating in a sit in. AFP
  • Ayanna Pressley and Ms Ocasio-Cortez speak to reporters after being arrested. AFP
    Ayanna Pressley and Ms Ocasio-Cortez speak to reporters after being arrested. AFP
  • Ms Ocasio-Cortez looks on as activists and lawmakers are processed after being arrested. AFP
    Ms Ocasio-Cortez looks on as activists and lawmakers are processed after being arrested. AFP

In Kansas, which just voted whether to protect state abortion rights after the Supreme Court ruling, data from analytics group TargetSmart showed that 70 per cent of newly registered voters are women.

Data also showed that among Kansans who registered to vote on or after June 24, Democrats have an eight-point advantage.

Ms Batchelor acknowledged scepticism but insisted that in key races the sweeping reforms could make all the difference.

"It will come down to how quickly Americans are seeing the results," she said.

"But if they feel positive and optimistic that this could be a sign of turning the tide, we may be able to win back some of those seats that are in jeopardy and flip some of those seats that are on the margins."

As for voter response to actual legislation, Mr Kondik remained dubious of any meaningful effect.

"I think with everything else going on, there’s probably not going to be much impact either way," he said.

There are only seven primaries left in the US, the most notable occurring in Florida, New York, Massachusetts and Delaware, and voters go to the polls on November 8.

Congress by the numbers

The US Senate is effectively evenly split between the parties, with 48 Democrats, two left-leaning independents and 50 Republicans.

Fourteen Democratic seats and 21 Republican seats are up for grabs in the midterms.

Of those seats, only nine are considered solidly set for Democrats, and 16 are considered solidly for Republicans. That leaves 10 competitive races that could flip the Senate from blue to red in 2022.

The House, also controlled by the Democrats, has 34 races that are considered "toss-ups", which could turn either way, with many more races considered competitive.

Control of the US House and Senate could flip from Democrats to Republicans in midterm elections. Source: Cook Political Report
Control of the US House and Senate could flip from Democrats to Republicans in midterm elections. Source: Cook Political Report
RESULTS

Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.

Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.

Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.

Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.

Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.

Catchweight 80kg​​​​​​​
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.

Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.

Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.

Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.

Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.

Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.

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.

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.”

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
  • Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

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

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal 

Rating: 2/5

Updated: October 26, 2022, 10:48 AM