• Police in protective gear patrol the Nanjing street shopping area, in Shanghai, China. EPA
    Police in protective gear patrol the Nanjing street shopping area, in Shanghai, China. EPA
  • Volunteers carry daily necessities for residents in Fengxian District in eastern China's Shanghai city. AP
    Volunteers carry daily necessities for residents in Fengxian District in eastern China's Shanghai city. AP
  • A security guard regulates traffic at an exit of a tunnel that leads to the Pudong area, across the Huangpu river, in Shanghai. Reuters
    A security guard regulates traffic at an exit of a tunnel that leads to the Pudong area, across the Huangpu river, in Shanghai. Reuters
  • A man in protective gear walks in front of the quarantined compound, in Shanghai. EPA
    A man in protective gear walks in front of the quarantined compound, in Shanghai. EPA
  • Police patrol in Nanjing street main pedestrian and shopping area, in Shanghai, China, 28 March 2022. On 28 March 2022, in China, there were 1,219 new locally transmitted COVID-19 cases, 4,996 asymptomatic infections, according to the National Health Commission. Shanghai city imposes strict lockdown amid COVID-19 resurgence. A complete lockdown hit one of the biggest districts. Pudong, Puxi, Minhang, Songjiang districts quarantine measures are implemented for the key sub districts and towns for a new round of citywide nucleic acid testing starting Monday morning. All public transportations have been suspended in these critical areas while quarantining. Authorities reported that airports, railway stations, and international cargo transport will operate normally during the lockdown through 5 April. EPA / ALEX PLAVEVSKI
    Police patrol in Nanjing street main pedestrian and shopping area, in Shanghai, China, 28 March 2022. On 28 March 2022, in China, there were 1,219 new locally transmitted COVID-19 cases, 4,996 asymptomatic infections, according to the National Health Commission. Shanghai city imposes strict lockdown amid COVID-19 resurgence. A complete lockdown hit one of the biggest districts. Pudong, Puxi, Minhang, Songjiang districts quarantine measures are implemented for the key sub districts and towns for a new round of citywide nucleic acid testing starting Monday morning. All public transportations have been suspended in these critical areas while quarantining. Authorities reported that airports, railway stations, and international cargo transport will operate normally during the lockdown through 5 April. EPA / ALEX PLAVEVSKI
  • Residents in Shanghai are asked to stay at home unless they are going out for a coronavirus test. EPA
    Residents in Shanghai are asked to stay at home unless they are going out for a coronavirus test. EPA
  • A man walks on the Bound with Pudong main financial district in background, in Shanghai. EPA
    A man walks on the Bound with Pudong main financial district in background, in Shanghai. EPA
  • A resident gives a sample for a nucleic acid Covid-19 testing, in Shanghai. EPA
    A resident gives a sample for a nucleic acid Covid-19 testing, in Shanghai. EPA
  • People line up at a nucleic acid testing site outside a hospital during a mass testing for the coronavirus disease (COVID-19), following the outbreak in Shanghai. Reuters
    People line up at a nucleic acid testing site outside a hospital during a mass testing for the coronavirus disease (COVID-19), following the outbreak in Shanghai. Reuters
  • A security guard in personal protective equipment (PPE) walks at a main shopping area following the coronavirus disease (COVID-19) outbreak in Shanghai. Reuters
    A security guard in personal protective equipment (PPE) walks at a main shopping area following the coronavirus disease (COVID-19) outbreak in Shanghai. Reuters
  • Shanghai is in its second day of a lockdown. Reuters
    Shanghai is in its second day of a lockdown. Reuters
  • A pair of rubber gloves is hung to dry, as a security guard walks along a street in Shanghai. Reuters
    A pair of rubber gloves is hung to dry, as a security guard walks along a street in Shanghai. Reuters
  • People wait in line to get in to the grocery store, in Shanghai. EPA
    People wait in line to get in to the grocery store, in Shanghai. EPA

Shanghai locks down millions as China's Covid case numbers soar


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China's most populous city has locked down millions of its residents, again tightening the first phase of two-stage Covid-19 defences as the number of daily cases passed 4,400.

On Tuesday, many residents in Shanghai were asked to stay at home unless they were going out for a coronavirus test.

The city, which is China's financial centre and has a population of 26 million people, is in its second day of a lockdown that splits it roughly along the line of the Huangpu River.

It divides the historic centre from the eastern business and industrial district of Pudong to allow for staggered testing.

While the Shanghai caseload remains modest by global standards – a record 4,381 asymptomatic cases and 96 symptomatic cases for March 28 – the city has become a testing ground for the country's “zero-Covid” strategy as it tries to bring the highly infectious Omicron variant under control.

Residents east of the Huangpu were initially locked down in housing compounds on Monday, but mostly allowed to move within the compounds.

On Tuesday, however, two residents told Reuters they were informed by their neighbourhood committees they were no longer allowed to cross their doorsteps.

“Children were still having picnics yesterday and having fun,” one said.

Wu Qianyu, an official with the municipal health commission, told a press briefing on Tuesday that locked-down residents should not leave home, even to take pets for exercise or throw rubbish out.

Police patrol in Nanjing street main pedestrian and shopping area, in Shanghai, China, on 28 March, after the city imposed a strict lockdown amid a Covid-19 resurgence. EPA
Police patrol in Nanjing street main pedestrian and shopping area, in Shanghai, China, on 28 March, after the city imposed a strict lockdown amid a Covid-19 resurgence. EPA

“This is in fact a key stage in nucleic acid testing, and we have made a clear request for people in locked down areas to stay home,” she said.

She said 17,000 testing personnel from Shanghai and surrounding regions had set up 6,300 stations and conducted a total of 8.26 million tests in locked-down districts on Monday.

“The vast numbers of medical staff, grass roots cadres, community workers and volunteers shared the very hard work on the front line of epidemic prevention and control and should be thanked,” she said.

Empty streets

Drone footage published by Chinese state media showed empty streets surrounding the skyscrapers of the city's Lujiazui financial district in Pudong. Public transport in the east has been shut and all unapproved vehicles have been barred from roads.

The Shanghai Stock Exchange, in the western part of the city, said it kept a skeleton staff in place within the bourse for positions such as trading and technical system operations, while others work from home.

Residents in the west of the city continued to rush to grocery stores and vegetable markets to stock up in anticipation of the April 1 start date of their lockdown, with long queues and crowds.

US hypermarket chain Costco said it was closing from Tuesday, before the area's scheduled lockdown, along with some gyms and shopping malls which also sit in Shanghai's western districts.

The Shanghai government rolled out more measures to try to support coronavirus-affected businesses on Tuesday, including rent exemptions and billions of yuan in tax rebates.

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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

Uefa Champions League last 16 draw

Juventus v Tottenham Hotspur

Basel v Manchester City

Sevilla v  Manchester United

Porto v Liverpool

Real Madrid v Paris Saint-Germain

Shakhtar Donetsk v Roma

Chelsea v Barcelona

Bayern Munich v Besiktas

START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

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While you're here
KEY DEVELOPMENTS IN MARITIME DISPUTE

2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.

2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus

2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.

2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.

2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.

The%20specs%20
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Company%20profile
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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.”

Fixtures
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Updated: March 29, 2022, 2:04 PM