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The National
36 minutes ago
- The National
While Doge focused on savings, Abu Dhabi's DGE is all about service
In the feverish pursuit of 'efficiency', America's recently minted Department of Government Efficiency – or Doge – has wielded the axe more than the scalpel. Launched with a lot of fanfare as an initiative by US President Donald Trump in his second term and led by the now persona-non-grata Elon Musk, the programme promised to slash wasteful spending, streamline bureaucracy and reinvent the federal government. What it delivered was a far cry from its mandate. Instead of the much-lauded $1 trillion in savings, the public witnessed a chaotic unravelling of vital institutions, a mass exodus of experienced civil servants and a string of legal challenges from employee unions. Meanwhile, almost 13,000 kilometres away, Abu Dhabi's Department of Government Enablement – known as DGE – has quietly shown what real transformation looks like. Methodical, data-driven and rooted in co-operation and citizen trust. The 18-month-old department shies away from the limelight. Labelling itself as the 'team behind the teams', it exists with the mandate to 'deliver quality services, increase efficiencies and offer one clear unified approach to customer-centricity'. The differences between Doge and DGE are stark despite their superficial similarity in name and intent. They both want to make their respective governments more efficient, but the fork in the road comes when looking at semantics. What does efficiency mean? Apart from a significant difference in priorities, there is a critical component to DGE's success: co-operation While Mr Musk focused public attention on how much money he was going to save the US government, Abu Dhabi's DGE prioritises a different asset: time. By using artificial intelligence and other workflow-reducing measures, the intent is to limit time spent by employees on mundane bureaucratic tasks that can be outsourced to AI, freeing them up to focus on more important things such as streamlining the customer experience. Attention is paid to metrics such as hours and steps saved, as well as reducing needless paperwork, all in an effort to allow employees to spend more time on 'human-facing' tasks. On the other side of the counter, the intent is to reduce the need for residents to attend service centres, thereby saving both time and reducing emissions from unnecessary vehicle use. And despite its relatively young existence, DGE has already made significant inroads. The 'AI-Powered Objective Builder' – technology designed to reduce hours spent on annual employee goals – was successfully trialled within DGE and is now in use across 38 government bodies making life easier for more than 15,000 employees. Similarly, social services such as social support requests, which offer financial assistance for low-income families, had processing times reduced to 18 days from 90 after the introduction of digital payments and a digital wallet. Looking to the future, a recent report from DGE highlighted areas in the workplace set to be transformed, particularly by AI, and has already prompted the implication of strategies to incorporate these changes. Meanwhile, after cutting health department and scientific research grants, gutting the agency created for consumer protection and all but closing USAID, a department that provided food and health care internationally, Doge's online 'wall of receipts' claimed a saving of $180 billion. Multiple analyses show the maths to not quite add up. This is not to say that DGE does not positively affect Abu Dhabi's bottom line. Its Digital Strategy plans to deliver a Dh24 billion ($6.5 billion) boost to the economy and add 5,000 jobs. But this is a by-product rather than a goal. Apart from a significant difference in priorities, there is a critical component to DGE's success: co-operation. Each government department in the emirate is equally committed to what's deemed 'customer happiness', which makes life possible for the agency. That's more than 40 governmental entities working together, sharing data, for the benefit of UAE citizens and residents. Tamm, the super-app recently mentioned by Microsoft's president and vice chairman, Brad Smith, at a US senate hearing, is one of DGE's flagship initiatives and a direct result of this co-operation between entities and sharing of data. Of the app – which simplifies the process of renewing driver licences, reporting potholes, obtaining various forms and other services – the tech chief said: 'We need to bring it to America.' Incidentally, although Tamm may have saved the government Dh134 million, it is the 4.1 million government working hours that the app recouped that is the real jewel in its crown. To say there has been infighting between the head of Doge and the US government would be an understatement. The public feud between Mr Trump and Mr Musk played out online, resulting in threats and accusations before the latter's 130-day mandate as a special government employee expired on May 30. America's growing issue with polarisation potentially causes a rift that ultimately inhibits a properly functioning government from doing its job: making citizens and residents' lives better. If America wants a leaner, smarter government, it would do well to take a page from a place that's building the future quietly.
Zawya
an hour ago
- Zawya
US Stocks: S&P 500 ends nearly flat, gives back gains; Fed's Powell says inflation to rise
NEW YORK: The S&P 500 ended nearly flat on Wednesday, giving back earlier gains after Federal Reserve Chair Jerome Powell said inflation in goods prices is expected to go up over the summer as President Donald Trump's tariffs work their way to consumers. The U.S. central bank left interest rates unchanged, as expected. In the statement, policymakers maintained expectations for two cuts this year, but a rising minority expected no rate cuts at all. Also, they slightly slowed the expected pace to a single quarter-percentage-point cut in each of 2026 and 2027. Stocks were moderately higher before Powell's comments. As he spoke, U.S. Treasury yields also pared most of their earlier drop. "He made it quite clear he's not going to change monetary policy until they are sure of the tariffs' effect on inflation," said Peter Cardillo, chief market economist at Spartan Capital Securities. So, "you have the combination of yields going up, and the fact that it's going to take time to see the effects" of the tariffs, he said. Investors also have been closely watching developments in the Middle East. Some worry about the possibility of a more direct U.S. military involvement in the Israel-Iran aerial war. Iranian Supreme Leader Ayatollah Ali Khamenei rejected Trump's demand for unconditional surrender. Trump said his patience had run out, though he did not indicate what his next step would be. Energy led declines among S&P 500 sectors, while information technology was up the most. The Dow Jones Industrial Average fell 44.14 points, or 0.10%, to 42,171.66, the S&P 500 lost 1.85 points, or 0.03%, to 5,980.87 and the Nasdaq Composite gained 25.18 points, or 0.13%, to 19,546.27. Early in the day, initial jobless claims data showed the number of Americans filing new applications for unemployment benefits fell last week, but stayed at levels consistent with a further loss of labor market momentum in June. Powell's "message was consistent with what has been telegraphed. Inflation is still elevated, but tariffs in the coming months will be a wild card. Powell said if not for tariffs he would be cutting rates now," said Sahak Manuelian, managing director of global equity trading at Wedbush Securities in Los Angeles. Shares of stablecoin issuer Circle Internet rose 33.8% after the U.S. Senate passed a bill to create a regulatory framework for dollar-pegged cryptocurrency tokens known as stablecoins. Steelmaker Nucor rose 3.3% following a second-quarter profit forecast that came above analysts' estimates. Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE. There were 102 new highs and 55 new lows on the NYSE. On the Nasdaq, 2,613 stocks rose and 1,882 fell as advancing issues outnumbered decliners by a 1.39-to-1 ratio. Volume on U.S. exchanges was 16.48 billion shares, compared with the 17.99 billion average for the full session over the last 20 trading days. (Reporting by Caroline Valetkevitch; additional reporting by Kanchana Chakravarty and Sukriti Gupta in Bengaluru and Sinead Carew and Stephen Culp in New York; Editing by Shinjini Ganguli and David Gregorio)
Zawya
an hour ago
- Zawya
Fed keeps rates steady but pencils in two cuts by end of 2025; Powell sees 'meaningful' inflation ahead
WASHINGTON: The U.S. central bank held interest rates steady on Wednesday and policymakers signaled borrowing costs are still likely to fall in 2025, but Federal Reserve Chair Jerome Powell cautioned against putting too much weight on that view, and said he expects "meaningful" inflation ahead as consumers pay more for goods due to the Trump administration's planned import tariffs. "No one holds these ... rate paths with a great deal of conviction, and everyone would agree that they're all going to be data-dependent," Powell said in a press conference after the end of a two-day U.S. central bank meeting where policymakers slowed their overall outlook for rate cuts in response to a more challenging outlook of weaker economic growth, rising joblessness, and faster price increases. If not for tariffs, Powell said, rate cuts might actually be in order, given that recent inflation readings have been favorably low. But a cost shock is coming, he insisted, with producers, manufacturers and retailers still involved in a complicated struggle over who will pay the levies imposed so far, and President Donald Trump still contemplating an aggressive set of import duties that could go into effect early next month. "Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs, because someone has to pay for the tariffs ... between the manufacturer, the exporter, the importer, the retailer," Powell said. "People will be trying not to be the ones who can pick up the cost. Ultimately, the cost of the tariff has to be paid, and some of it will fall on the end consumer." "We'll make smarter and better decisions if we just wait a couple of months or however long it takes to get a sense of really what is going to be the pass-through of inflation" from the higher import taxes, Powell said. In new economic projections released alongside the Fed's statement, policymakers sketched a modestly stagflationary picture of the economy, with growth in 2025 slowing to 1.4%, unemployment rising to 4.5%, and inflation ending the year at 3%, well above the current level. While policymakers still anticipate cutting rates by half a percentage point this year, as they projected in March and December, they slightly slowed the pace from there to a single quarter-percentage-point cut in each of 2026 and 2027 in a protracted fight to return inflation to their 2% target. And there was a split among the 19 policymakers, with seven of them feeling no rate cuts will be needed. That diversity of views reflects that while uncertainty over Trump's tariff policy is down from its peak in April, it's still "a very foggy time," Powell said, adding that policymakers may have divergent assessments of the risk that inflation could stay persistently higher, or that the labor market could weaken. Under the new projections, inflation will remain elevated at 2.4% through 2026 before falling to 2.1% in 2027 amid largely stable unemployment. The projected 1.4% GDP growth this year compares to the 1.7% rate seen in the last round of projections in March, and the 4.5% unemployment rate expected at the end of the year is up from the 4.4% projected in March. The rate in May was 4.2% So far, however, "the unemployment rate remains low, and labor market conditions remain solid," the Fed said in a policy statement that kept its benchmark overnight interest rate in the 4.25%-4.50% range. The decision was approved unanimously. "There's still bias towards some version of stagnation, lower growth with rising sticky inflation," said Jack McIntyre, portfolio manager for global fixed income at Brandywine Global. "It feels like it's a Fed that's still being very patient, and they're still biased towards cutting rates in the near future." TRUMP LASHES OUT The Fed's statement did not mention the sudden outbreak of hostilities between Israel and Iran and the risk that conflict posed to global oil or other markets. Powell said the Fed is watching the conflict "like everybody else" and that while it's possible energy prices could rise, such price spikes generally fade and don't have lasting effects on inflation. "For the time being we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance," Powell said. The Fed, he added, is set up to "react" to incoming information in a timely way. U.S. stock indexes closely largely flat on the day, while the 10-year Treasury yield was mostly unchanged. Interest rate future prices continued to suggest the Fed's September 16-17 meeting was the most likely point for the next rate cut, with another reduction in borrowing costs likely by the end of 2025. The central bank's latest action again ignored Trump's call for immediate rate cuts, a move Fed officials feel would be counter to their effort to ensure inflation returns to the 2% target until key tariff changes are finalized and their effects are better understood. As Fed officials were meeting on Wednesday, Trump called Powell "stupid" and said the policy rate should be slashed in half, the type of move usually reserved for severe economic emergencies. The president also mused about installing himself as Fed chief. The Fed cut rates three times last year, with the last move coming in December. Policymakers, however, have been reluctant to commit to a timeline for further cuts given the volatility of U.S. trade policy, and the difficulty of estimating how the burden of higher import taxes will be spread among consumers, importers, and producing nations.
