A couple of days ago, a Quad summit meeting in Sydney scheduled for May 24 was abruptly canceled. The US president had to pull out of his long-anticipated trip to Australia and Papua New Guinea. Instead, the heads of the four Quad member states got together on the margins of the G7 Summit in Hiroshima on May 20. The main reason for the change of plans was the continuous struggle between the White House and Republicans on the Hill over the national debt ceiling. If no compromise is reached, the US federal government might fail to meet its financial commitments already in June; such a technical default would have multiple negative repercussions for the US, as well as for the global economy and finance at large. Let us hope that a compromise between the two branches of US power will be found and that the ceiling of the national debt will be raised once again. However, this rather awkward last-minute cancellation of the Quad summit reflects a fundamental US problem - a growing imbalance between the US geopolitical ambitions and the fragility of the national financial foundation to serve these ambitions. The Biden administration appears to be fully committed to bringing humankind back to the unipolar world that existed right after the end of the Cold War some 30 years ago, but the White House no longer has enough resources at its disposal to sustain such an undertaking. As they say in America: You cannot not have champagne on a beer budget. The growing gap between the ends that the US seeks in international relations and the means that it has available is particularly striking in the case of the so-called dual containment policy that Washington now pursues toward Russia and China. Even half a century ago, when the US was much stronger in relative terms than it is today, the Nixon administration realized that containing both Moscow and Beijing simultaneously was not a good idea: "Dual containment" would imply prohibitively high economic costs for the US and would result in too many unpredictable political risks. The Nixon administration decided to focus on containing the Soviet Union as the most important US strategic adversary of the time. This is why Henry Kissinger flew to Beijing in July 1971 to arrange the first US-China summit in February 1972 leading to a subsequent rapid rapprochement between the two nations. In the early days of the Biden administration, it seemed that the White House was once again trying to avoid the unattractive "dual containment" option. The White House rushed to extend the New START in January 2021 and held an early US-Russia summit meeting five months later in Geneva. At that point many analysts predicted that Biden would play Henry Kissinger in reverse - that is he would try to peace with the relatively weaker opponent (Moscow) in order to focus on containing the stronger one (Beijing). However, after the beginning of the Russia-Ukraine conflict, it became clear that no accommodation with the Kremlin was on Biden's mind any longer. Still, having decided to take a hard-line stance toward Moscow and to lead a broad Western coalition in providing military and economic assistance to Kiev, Washington has not opted for a more accommodative or at least a more flexible policy toward Beijing. On the contrary, over last year one could observe a continuous hardening of the US' China policy - including granting more political and military support to the Taiwan island, encouraging US allies and partners in Asia to increase their defense spending, engaging in more navel activities in the Pacific and imposing more technology sanctions on China. In the meantime, economic and social problems within the US are mounting. The national debt ceiling is only the tip of an iceberg - the future of the American economy is now clouded by high US Federal Reserve interest rates that slow down growth, feed unemployment and might well lead to a recession. Moreover, the US society remains split along the same lines it was during the presidency of Donald Trump. The Biden administration has clearly failed to reunite America: Many of the social, political, regional, ethnic and even generational divisions have got only deeper since January 2021. It is hard to imagine how a nation divided so deeply and along so many lines could demonstrate continuity and strategic vision in its foreign policy, or to allocate financial resources needed to sustain a visionary and consistent global leadership. Of course, the "dual containment" policy is not the only illustration of the gap between the US ambitions and its resources. The same gap inevitably pops up at every major forum that the US conducts with select groups of countries from the Global South - Africa, Southeast Asia, Latin America or the Middle East. The Biden administration has no shortage of arguments warning these countries about potential perils of cooperating with Moscow or Beijing, but it does not offer too many plausible alternatives that would showcase the US generosity, its strategic vision, and its true commitment to the burning needs of the US interlocutors. To cut it short, Uncle Sam brings lots of sticks to such meetings, but not enough carrots to win the audience. In sum, US foreign policy under President Joe Biden reminds people of a very advanced and highly sophisticated smartphone that has a rather weak battery, which is not really energy efficient. The proud owner of the gadget has to look perennially for a power socket in order not to have the phone running out of power at any inappropriate moment. Maybe the time has come for the smartphone owner to look for another model that would have fewer fancy apps, but a stronger and a more efficient battery, which will make the appliance more convenient and reliable.

LONDON, July 9 (Reuters) - U.S.-based hedge fund Elliott Associates on Tuesday urged a London court to overturn a verdict supporting the London Metal Exchange's (LME) cancellation of nickel trades partly because the exchange failed to disclose documents. The LME annulled $12 billion in nickel trades in March 2022 when prices shot to records above $100,000 a metric ton in a few hours of chaotic trade. Elliott and market maker Jane Street Global Trading brought a case demanding a combined $472 million in compensation, alleging at a trial in June last year that the 146-year-old exchange had acted unlawfully. London's High Court ruled last November that the LME had the right to cancel the trades because of exceptional circumstances, and was not obligated to consult market players prior to its decision. Lawyers for Elliott told London's Court of Appeal that the LME belatedly released documents in May detailing its "Kill Switch" and "Trade Halt" internal procedures. It also newly disclosed an internal report that Elliott said detailed potential conflicts of interest at the exchange. "It was troubling that one gets disclosure out of the blue in the Court of Appeal for the first time," Elliott lawyer Monica Carss-Frisk told the court. Jane Street Global did not appeal the ruling. "If we had had them (documents) in the proceedings before the divisional court, we may well have sought permission to cross examine." LME lawyers said the new documents were not relevant. "The disclosed documents do not affect the reasoning of the divisional court or the merits of the arguments on appeal," the exchange said in documents prepared for the appeal hearing. "Elliott's appeal is largely a repetition of the arguments which were advanced, and rightly rejected." The LME said it had both the power and a duty to unwind the trades because a record $20 billion in margin calls could have led to at least seven clearing members defaulting, systemic risk and a potential "death spiral". Elliott said the ruling diluted protection provided by the Human Rights Act and also wrongly concluded the LME had the power to cancel the trades.

A provocative new study reveals the complex effects of the space environment on human health, providing insight into potential damage to blood, cell structure and the immune system. The study focused on SpaceX's Inspiration4 mission, which successfully sent two men and two women into space in 2021 to orbit the Earth for three days and shed some light on the effects of space travel on the human body. The research data, derived directly from the Inspiration4 mission, shows that even a brief trip to space can significantly damage the human immune system, trigger an inflammatory response, and profoundly affect cell structure. In particular, space travel triggered unprecedented changes in cytokines that play a key role in immune response and muscle regulation but are not usually directly associated with inflammation. In particular, the study found a significant increase in muscle factors, which are physiological responses specific to skeletal muscle cells in microgravity, rather than a simple immune response. Although non-muscular tissues did not show changes in proteins associated with inflammation, specific leg muscles such as soleus and tibialis anterior muscles showed significant signs of metabolic activity, especially increased interleukin in the latter, further enhancing the activation of immune cells.

According to AndroidAuthority, the Linux kernel used by Android devices is mostly derived from Google's Android Universal Kernel (ACK) branch, which is created from the Android mainline kernel branch when new LTS versions are released upstream. For example, when kernel version 6.6 is announced as the latest LTS release, an ACK branch for Android15-6.6 appears shortly after, with the "android15" in the name referring to the Android version of the kernel (in this case, Android 15). Google maintains its own set of LTS kernel branches for three main reasons. First, Google can integrate upstream features that have not yet been released into the ACK branch by backporting or picking, so as to meet the specific needs of Android. Second, Google can include some features that are being developed upstream in the ACK branch ahead of time, making it available for Android devices as early as possible. Finally, Google can add some vendor or original equipment manufacturer (OEM) features for other Android partners to use. Once created, Google continues to update the ACK branch to include not only bug fixes for Android specific code, but also to integrate the LTS merge content of the upstream kernel branch. For example, the Linux kernel vulnerability disclosed in the July 2024 Android security bulletin will be fixed through these updates. However, it is not easy to distinguish a bug fix from other bug fixes, as a patch that fixes a bug may also accidentally plug a security vulnerability that the submitter did not know about or chose not to disclose. Google does its best to recognize this, but it inevitably misses the mark, resulting in bug fixes for the upstream Linux kernel being released months before Android devices. As a result, Google has been urging Android vendors to regularly update the LTS kernel to avoid being caught off guard by unexpectedly disclosed security vulnerabilities. Clearly, the LTS version of the Linux kernel is critical to the security of Android devices, helping Google and vendors deal with known and unknown security vulnerabilities. The longer the support period, the more timely security updates Google and vendors can provide to devices.

The UAE insurance sector continued to grow in Q4-2023, as reflected by increase in the gross written premiums. As of year-end, the number of licensed insurance companies in the UAE remained at 60, according to the Central Bank of the UAE's (CBUAE) Quarterly Economic Review (Q4-2023). The insurance sector comprised 23 traditional national companies, 10 Takaful national and 27 foreign companies, while the number of insurance related professions remained at 491. The review on insurance sector structure and activity showed that the gross written premium increased by 12.7% Y-o-Y in Q4 2023 to AED 53.2 billion, mostly due to an increase in health insurance premiums by 16.5% Y-o-Y and an increase in property and liability insurance premiums by 18.9% Y-o-Y, while the insurance of persons and fund accumulation premiums decreased by 12.4% Y-o-Y, resulting primarily from decrease in individual life premiums. Gross paid claims of all types of insurance plans increased by 12.8% Y-o-Y to AED 31.1 billion at the end of 2023. This was mainly driven by the increase in claims paid in health insurance by 16.9% Y-o-Y and increase in paid claims in property and liability insurance by 10.9% Y-o-Y, partially offset by the decline in claims paid in insurance of persons and fund accumulation by 2.8% Y-o-Y. The total technical provisions of all types of insurance increased by 8.4% Y-o-Y to AED 74.4 billion in Q4 2023 compared to AED68.6 billion in Q4 2022. The volume of invested assets in the insurance sector amounted to AED 76 billion (60.4% of total assets) in Q4 2023 compared to AED 71.4 billion (59.4% of total assets) in Q4 2022. The retention ratio of written insurance premiums for all types of insurance was 52.9 % (AED 28.1 billion) in Q4 2023, compared to 54.9% (AED 25.9 billion) at the end of 2022. The UAE insurance sector remained well capitalized in terms of early warning ratios and risk assessment. Own funds to minimum capital requirement ratio increased to 335.7% in Q4 2023, compared to 309.3% at the end of 2022, due to an increase in own funds eligible to meet the minimum capital requirements. Also, own funds to solvency capital requirement ratio rose to 221% in Q4 2023 compared to 208.5% in Q4 2022, due to an increase in own funds eligible to meet solvency capital requirements. Finally, own funds to minimum guarantee fund ratio reached to 316.3% at the end of 2023 down from 314.6% a year earlier, due to higher eligible funds to meet minimum guarantee funds. In terms of profitability, the net total profit to net written premiums increased to 6.5% in Q4 2023, compared to 2.9% at the end of 2022. The return on average assets increased to 0.3% in Q4 2023 compared to the 0.1% at the of the previous year.