Kingston, Pennsylvania // Ask Chuck Molinari what he thinks of Donald Trump’s first 100 days in office and a smile works its way across his face.
“100 days really isn’t long at all,” he says, sitting on a weights bench in his exercise equipment store before dismissing what he sees as an artificial benchmark.
“I’m not going to be this guy that defends him on everything but when he’s right, I’ll back him up and when he’s wrong I’ll say it.
“It’s way too soon.”
Saturday marks Mr Trump’s 100th day in office and pollsters and pundits are preparing their verdicts.
Opinion polls put Mr Trump’s approval rating at about 40 per cent – a record low for a president this early in his term – and much of the media sees an inexperienced White House bogged down by missteps and failures.
His legislative agenda has stalled since a plan to repeal and replace ObamaCare failed to even make it to a vote in Congress and his travel ban ended in a humiliating defeat to the courts.
Many of the assessments by commentators are dire.
Yet Trump country sees it differently. Kingston, a neat town in Pennsylvania where the cherry blossom casts pink clouds over residential streets, was one of the places that helped propel Mr Trump to power.
After years as a Democratic stronghold, it swung decisively behind Mr Trump in last year’s election – an important part of the Republican wave that denied a string of crucial states to Hillary Clinton.
Mr Molinari says he and other businesses have seen a new confidence among shoppers ever since.
“I think people are spending more money with me than last year,” he says. “Last year was my worst year in business by a lot. I think there was apprehension. People were uncertain what was going to happen.”
A day earlier, he delivered a US$4,300 (Dh15,800) treadmill to its new owner – not a purchase families make when they are worried about the economy.
Across town, at the Bakehouse Bakery and Cafe, an informal breakfast club is lingering over coffee. The table under the TV is where Republicans tend to gather.
“I think a lot of things have happened in 100 days,” says Kathy, a retired teacher and registered Democrat. She asks not to give her second name but is happy to say she voted this time for Mr Trump.
Her fellow breakfasters talk of early wins such as a dip in illegal migrants crossing the border and the nomination of Neil Gorsuch to the supreme court – an appointment that means a conservative will be on the bench far longer than Mr Trump is in the White House.
Then there is the tough international stance.
Kathy points to the missile strike on Syria as evidence that the president is a man of action.
And although the media is focusing on demands that he release his taxes or criticism that he failed to get his health care bill into law, she says, such calls are failing to resonate in Kingston.
Just as so many wrote Mr Trump off before the election last year, so too they are hurrying to write him off now he is in power.
“We have so many other pressing issues,” she says over one last cup of coffee. “And I think that his intentions are honourable – that he believes in America.”
Speak to anyone around town and the pressing issues almost always seem to come back to the economy.
Kingston shares many of the features of Trump’s America. It is predominantly white and has suffered decades of economic decline. The factories that replaced the coal mines a generation or two ago have also closed. As in other places this gap has been filled by the service sector but only up to a point: The unemployment rate tends to hover a percentage point or more above the national average.
The Trump voters around town insist that turning all of that around will take time.
Jeanne Zaino, professor of political science at Iona College in New York state, says Mr Trump’s supporters are remaining loyal for now.
“He’s still doing well with his base and with people who voted for him,” she says. “They don’t seem to regret the decision at all. So that’s a plus, but they are a narrow swath of the electorate and of Americans.”
With such low overall approval ratings so early in his presidency, she adds, the problems are only likely to deepen as he tries to navigate more bills through Congress.
For his supporters though, that says as much about a polarised America and its political class as it does about Mr Trump.
Frank DeViva, who owns the Bakehouse Bakery and Cafe as well as a “Bake America Great Again” cap, says blame does not lie with the president.
“Trump’s ability to help the nation is being hindered by the obstructionist position that Congress is taking,” says the 56-year-old.
All of which means that when it comes to fixing the problems that matter to people in Kingston, there is no hurry in declaring Mr Trump a winner or a loser just yet.
“The reality is that the economy is not a speedboat, it’s an ocean liner and it takes a lot of time to turn it around,” says Mr DeViva.
foreign.desk@thenational.ae
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
CHATGPT%20ENTERPRISE%20FEATURES
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Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
INDIA'S%20TOP%20INFLUENCERS
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The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
COMPANY%20PROFILE
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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.”