Manus on Markets: Musk warns of bumpy road ahead
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
4 hours ago
- The National
EU-US tariff deal draws mixed reaction with French calling it 'submission'
US President Donald Trump's tariff deal with the European Union drew mixed reviews from the bloc's leaders, with some criticising the agreement that European Commission President Ursula von der Leyen struck. As part of the deal, the EU will pay a 15 per cent tariff on most goods, including cars, semiconductors and pharmaceuticals. The rate is half of what Mr Trump had previously threatened to impose on imports from the bloc. The EU also agreed to purchase billions of dollars worth of US energy and weapons as part of the deal which also involves no tariffs on US exports to Europe. The EU defended the deal on Monday. 'I'm 100 per cent sure that this deal is better than a trade war with the United States,' Reuters reported EU trade commissioner Maros Sefcovic as saying. Ms von der Leyen said it was the 'best we could get'. Other leaders across the bloc, however, were less enthusiastic. 'It is a dark day when an alliance of free peoples, united to affirm their values and defend their interests, resolves to submission,' French Prime Minister Francois Bayrou wrote on X. Hungarian Prime Minister Viktor Orban, who has a close relationship with Mr Trump, said the EU Commissioner did not stand a chance against the US President. 'It wasn't a deal that President Donald Trump made with Ursula von der Leyen. It was Donald Trump eating Ursula von der Leyen for breakfast,' he said on his podcast. The agreement was the latest announced by Washington in Mr Trump's attempts to reset the country's trade relations with its partners. As well as Japan, he announced deals with the UK and Vietnam, and has agreed to a truce with China under which the two economic powers will drastically lower tariffs on each other while negotiations continue. The EU-US agreement was similar to the one Mr Trump made with Japan, in which he set his so-called reciprocal tariffs at 15 per cent. Military dimensions "That was the template for this deal but that does not completely explain why the EU had to sign this deal,' Simon J Evenett, professor at IMD Business School in Lausanne, told The National. 'The principal reason the EU had to sign this deal is because of the continued US military support for Ukraine. That is the geopolitical overlay which created the imperative for the EU signing this deal. "Halving the tariff rate on the bloc would be an obvious attractive proposition for EU exporters, but we should be under no illusion about the importance of the military dimension here.' Together, the EU and US represent about 30 per cent of global trade in goods and services and 43 per cent of global gross domestic product, according to figures from the European Council and the Council of the EU. The EU and US trade in goods last year was valued at €867 billion ($1.01 trillion), with total transatlantic trade in goods and services valued at more than €1.68 trillion, the councils said. Leaders from Sweden and Denmark joined Mr Orban and Mr Bayrou in expressing disappointment with the agreement. Sweden's Minister for Foreign Trade Benjamin Dousa noted that the deal would bring the highest tariff rate on Europe in nearly eight decades. 'The agreement doesn't make anyone richer but it may be the least bad option," he said on X. "Increased tariffs are primarily paid by the country's own citizens, which is why most wealthy countries have lowered tariffs against the rest of the world over the past 100 years." Some members of the bloc, however, defended the deal for bringing some clarity to the trade tension between the US and EU. 'This agreement has succeeded in averting a trade conflict that would have hit the export-orientated German economy hard,' Reuters quoted German Chancellor Friedrich Merz as saying. Finland's Prime Minister Petteri Orpo also said the agreement brings 'much-needed predictability' to Finnish companies and the world economy. 'Work must continue to dismantle trade barriers. Only free transatlantic trade benefits both sides the most,' he wrote. Italian Prime Minister Giorgia Meloni, who also has a friendly relationship with Mr Trump, said she considers it 'positive that there is an agreement'. 'But if I don't see the details I am not able to judge it in the best way,' she said.
The National
4 hours ago
- The National
Zayed Sustainability Prize 2026 receives record number of submissions
An annual UAE environmental award shining a light on critical efforts to combat climate change and bolster food and water security has received a record number of submissions. The Zayed Sustainability Prize, now in its 17th year, received 7,761 entries from 173 countries for its 2026 awards event, vying for recognition in its six categories of Health, Food, Energy, Water, Climate Action and Global High Schools. The surge in applications marked a 30 per cent increase on the previous awards cycle, with a notable increase in technology-focused projects such as AI and FinTech tools. 'The record number of submissions to this year's prize cycle reflects a growing global commitment to practical, scalable solutions that deliver long-term impact," said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and director general of the Zayed Sustainability Prize. "Across all categories, the increased use of AI and other advanced technologies highlights how innovation is being harnessed to drive inclusive, community-led progress." The prize, which honours the legacy of UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, empowers small to medium-sized enterprises, non-profit organisations and high schools to deliver high-impact, sustainable solutions. Analysis of the 2026 cycle has shown 85 per cent of submissions came from developing or emerging economies, with India, Ethiopia, Uzbekistan, Brazil and Indonesia among the top contributing nations. AI-driven sustainable future Submissions to the health category increased more than 60 per cent, with entries focusing on AI-enabled diagnostics, wearable tech and decentralised care. In energy, submissions revealed a growing interest in thermal energy storage, advanced low-carbon fuels and broader energy transformation. Entries in the water category explored innovative ways to expand freshwater access, including atmospheric water generation and low-energy desalination. Winners will be announced at the Zayed Sustainability Prize Awards Ceremony on January 13, 2026, during Abu Dhabi Sustainability Week. Each of the five category winners will receive $1 million, while high schools – representing the world's regions – will be awarded $150,000 each to implement or expand their sustainability projects. 2025 winners The 2025 winners were revealed at an awards ceremony in Abu Dhabi in the presence of President Sheikh Mohamed, as well as 11 heads of state and several ministers and business leaders. India's Periwinkle Technologies won the health category for its portable, AI-enabled cervical cancer screening device. It operates without electricity and provides results within 30 seconds. In the food category, Nigeria's NaFarm Foods won for its hybrid solar food dryers that prevent post-harvest losses. Australia's SkyJuice Foundation, meanwhile, picked up the award in the water category for its gravity-powered water treatment system, which uses low-pressure membrane filters to provide clean drinking water without the need for chemicals, pumps or external energy sources. In the climate action category, OpenMap Development Tanzania won for its innovative mapping, which merges community-driven data collection with advanced technology such as drones, geographic information systems and remote sensing. Merryland International School in Abu Dhabi was among winners in the global high schools category after conscientious pupils spent the summer developing sponge bricks made from green algae to improve air quality in classrooms and other settings.
Zawya
7 hours ago
- Zawya
Baron Capital expands global footprint and establishes office in Dubai
DUBAI, United Arab Emirates & NEW YORK - -(BUSINESS WIRE) -- Baron Capital, a premier growth equity investment firm with a 43-year track record of long-term fundamental investing, today announced the opening of a new office in Dubai, United Arab Emirates. Located in the Dubai International Finance Centre (DIFC), the Firm will operate pursuant to a DFSA securities license. This on-the-ground presence in Dubai marks a significant step in Baron Capital's global expansion and underscores the Firm's commitment to serving clients in key financial markets worldwide. Over time, Baron Capital expects to further grow its presence in the Gulf Cooperation Council (GCC). The new office enhances the Firm's ability to serve investors across the Middle East by offering local access to Baron Capital's investment capabilities. The office is led by Rabih Sultani, Senior Executive Officer of Baron Capital Management (DIFC) Limited, who brings more than 25 years of experience in the Middle East and a deep understanding of the region's investment priorities. 'It's a privilege to represent Baron Capital in the Middle East,' said Rabih Sultani, SEO and Head of Middle East Business Development. 'For 43 years, the Firm has specialized in investing in exceptional growth businesses with a long-term perspective—an approach that has consistently delivered strong results for clients. That disciplined philosophy, combined with Baron Capital's independent structure and deep family values, align well with the priorities that guide many family offices, financial institutions, and sovereign wealth funds in the GCC, who seek both performance and partnership that endures across generations.' 'The opening of our first Middle East office marks an important milestone in the continued expansion of our global business,' said Katya Rosenblatt, Global Head of Distribution and Business Development at Baron Capital. 'We are committed to deepening our presence in the region and supporting our local clients with the same dedication, discipline, and partnership that have defined Baron Capital for over four decades.' About Baron Capital Baron Capital is a premier asset management firm focused exclusively on delivering growth equity investment solutions to institutions, financial advisors, and individual investors. Since its founding in 1982, Baron Capital has been united under one style of investing with a single objective—to be long-term investors in secular growth businesses with durable competitive advantages, run by great management teams. With $44.2 billion in assets under management (as of 6/30/2025) across 20 strategies, Baron Capital prides itself on delivering the best solutions and outcomes for clients globally. More information about Baron Capital is available by visiting To speak to a member of the Baron Capital team, please contact: Rabih Sultani Senior Executive Officer Baron Capital Management (DIFC) Limited Email: RSultani@ Kuwait This document is not for general circulation to the public in Kuwait. The shares have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the shares in Kuwait on the basis of a private placement or public offering is, therefore, restricted in accordance with Law No. 7 of 2010 (the Kuwait Capital Markets Law) (as amended) and the bylaws thereto (as amended). No private or public offering of the shares is being made in Kuwait, and no agreement relating to the sale of the shares will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the shares in Kuwait. Oman Baron Capital Management, Inc. neither has a registered business presence nor a representative office in Oman and does not undertake banking business or provide financial services in Oman. Consequently, Baron Capital Management, Inc. is not regulated by either the Central Bank of Oman or Oman's Capital Market Authority ('CMA'). The information contained in this document neither constitutes a public offer of securities in the Sultanate of Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 4/74) or the Capital Market Law of Oman (Royal Decree 80/98), nor does it constitute an offer to sell, or the solicitation of any offer to buy Non-Omani securities in the Sultanate of Oman as contemplated by Article 139 of the Executive Regulations of the Capital Market Law (issued by Decision No.1/2009). Additionally, this document is not intended to lead to the conclusion of a contract for the sale or purchase of securities. This document has not been approved by the CMA or any other regulatory body or authority in Oman, and no authorization, license or approval has been received by Baron Capital Management, Inc. from the CMA or any other regulatory authority in Oman, to market, offer, sell, or distribute the securities within Oman. Baron Capital Management, Inc. does not advise persons or entities resident or based in Oman as to the appropriateness of investing in or purchasing or selling securities or other financial products. Nothing contained in this document is intended to constitute Omani investment, legal, tax, accounting or other professional advice. The recipient of this document represents that it is a financial institution or a sophisticated investor (as described in Article 139 of the Executive Regulations of the Capital Market Law) and that its officers/employees have such experience in business and financial matters that they are capable of evaluating the merits and risks of investments. Qatar The materials contained herein are not intended to constitute an offer, sale or delivery of the shares or other financial products under the laws of Qatar. The shares have not been and will not be authorised by the Qatar Financial Markets Authority, the Qatar Financial Centre Regulatory Authority or the Qatar Central Bank in accordance with their regulations or any other regulations in Qatar. The shares are not and will not be traded on the Qatar Stock Exchange. Saudi Arabia This document may not be distributed in the Kingdom except to such persons as are permitted under the Investment Funds Regulations issued by the Capital Market Authority. The Capital Market Authority does not make any representation as to the accuracy or completeness of this document, and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. UAE The Fund is a UCITS ICAV (an Irish collective asset management vehicle) and will be managed by BAMCO, Inc., domiciled in the U.S.A. regulated by the U.S. Securities and Exchange Commission. The management company of the Fund is FundRock Management Company S.A. In accordance with the provisions of the United Arab Emirates (UAE) Securities and Commodities Authority's (SCA) Board Decision No. (9/R.M) of 2016 Concerning the Regulations as to Mutual Funds, the shares in the Fund to which this prospectus/KIID relates may only be promoted in the UAE as follows: without the prior approval of SCA, only in so far as the promotion is directed to (i) financial portfolios owned by federal or local governmental agencies; (ii) investors following a reverse enquiry; or with the prior approval of the SCA. Any approval of the SCA to the promotion of the Fund units in the UAE does not represent a recommendation to purchase or invest in the Fund. The SCA has not verified the prospectus/KIID or other documents in connection with this Fund and the SCA may not be held liable for any default by any party involved in the operation, management or promotion of the Fund in the performance of their responsibilities and duties, or the accuracy or completeness of the information in the prospectus/KIID. The Fund shares to which this prospectus/KIID relates may be illiquid and/or subject to restrictions on their resale. Prospective investors should conduct their own due diligence on the Fund shares. If you do not understand the contents of this document you should consult an authorised financial advisor. View source version on Source: AETOSWire Contacts Media Contact: Prosek Partners Pro-BaronCapital@
