The Lunar New Year begins on Saturday and countries around the world are set to celebrate.
It is also commonly referred to as Chinese New Year, although the holiday is celebrated in many East Asian countries as well as Asian communities throughout the world.
This is the Year of the Dragon and celebrations will go on until February 20, before preparations begin for the Lantern Festival on February 21.
What is Lunar New Year?
Lunar New Year marks the beginning of a calendar year that bases its months on moon cycles. The tradition dates to the 14th century BC, when the Shang Dynasty was in power, and the festival typically lands some time between the end of January and mid-February. Last year, Lunar New Year started on February 9.
However, it is worth noting that Lunar New Year is not just a one-day affair, it is an action-packed holiday celebrated over 15 days. During this time, houses are cleaned, decorations put up, feasts and family dinners organised, debts cleared and firecrackers let off. There are also parades and other festivities to watch or be a part of.
In China, specific dishes are eaten with the intention of bringing luck and prosperity to the coming year – from longevity noodles to Peking duck. The celebrations usually culminate on the date of the full moon with a lantern festival, also known as the Shangyuan Festival.
Celebrated in many countries – not only China
Within China, the Lunar New Year is synonymous with Chinese New Year or Spring Festival. However, many neighbouring countries in Asia have developed their own New Year celebrations, influenced by the Chinese calendar.
Vietnam celebrates Tet Nguyen Dan, also known as Tet, while Korea celebrates Seollal, which lasts for three days instead of 15.
In Mongolia, the Lunar New Year is also called Tsagaan Sar. In Indonesia, Chinese New Year is known as Imlek and has become a popular holiday.
Tibet’s New Year celebrations, known as the Losar Festival, are usually not held on the same date as China’s Lunar New Year (although it is not usually far off). This year, Losar begins on March 3.
Singapore, Malaysia, Thailand, Cambodia and the Philippines also mark the occasion at the same time as Chinese New Year, as do many other countries that have a high number of Chinese residents.
Which animal is associated with this year?
Each Chinese New Year is associated with an animal according to the Chinese Zodiac calendar, which features 12 animals including the rabbit (which was 2023's animal), rat, horse, monkey and rooster.
This year is the Year of the Dragon. The calendar is based on a 12-year cycle, with previous dragon years falling in 2000, 2012, 1988, 1976 and so on. According to superstition, those born during the Year of the Dragon show natural courage, tenacity, and intelligence, often displaying enthusiasm and confidence.
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The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
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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.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
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- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Friday
Noon-1.30pm First practice
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- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
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- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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