British fashion house Burberry will participate at London Fashion Week, which is being held in a digital format this year. AFP
British fashion house Burberry will participate at London Fashion Week, which is being held in a digital format this year. AFP
British fashion house Burberry will participate at London Fashion Week, which is being held in a digital format this year. AFP
British fashion house Burberry will participate at London Fashion Week, which is being held in a digital format this year. AFP

London Fashion Week hosts virtual event amid pandemic restrictions


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London Fashion Week begins today in an online format because of a coronavirus lockdown, with mainstays such as Victoria Beckham shunning the event but others like Burberry embracing the online avatar.

Despite the absence of global celebrities and fashionistas, designers such as Turkey's Bora Aksu, Britain's Molly Goddard and Ireland's Simone Rocha will stream their collections on the London Fashion Week website.

Most of the 94 designers participating in the show, which concludes on Tuesday, February 23, will broadcast video highlights of their collections showcasing menswear, womenswear or mixed fashions in an event that is now gender-neutral.

On Monday, British brand Burberry will present its menswear Autumn/Winter collection for 2021, designed by Italian creative director Riccardo Tisci.

In September, the brand presented its Spring/Summer 2021 collection in a film set in the middle of a forest and broadcast live on Twitch.

More than 40,000 people watched the innovative show, which could be viewed from different perspectives.

Impact of Brexit

The UK has suffered more than 119,000 Covid-19 deaths and has been on lockdown since January.

The fashion sector, which employs more than 890,000 people and contributed £35 billion ($49 million) to the UK's gross domestic product in 2019, has also been affected by Brexit and the end of free movement between the EU and Britain.

In early February, hundreds of fashion figures signed an open letter, co-ordinated by the industry forum Fashion Roundtable, that said the sector risked suffering because of Brexit.

To increase the visibility of young talent in the pandemic, the British Fashion Council, which represents the industry, partnered with social media company TikTok.

The umbrella organisation also joined forces with Clearpay, a group that allows customers to "buy now pay later", to boost sales.

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.”

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Price, base: From Dh325,000 (estimate)

Engine: Twin electric motors and 95kWh battery pack

Transmission: Single-speed auto

Power: 408hp

Torque: 664Nm

Range: 400 kilometres

The Beach Bum

Director: Harmony Korine

Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg

Two stars

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Three ways to boost your credit score

Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:

1. Make sure you make your payments on time;

2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;

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Company profile

Date started: December 24, 2018

Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer

Based: Dubai Media City

Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)

Sector: ConsumerTech and FinTech

Cashflow: Almost $1 million a year

Funding: Series A funding of $2.5m with Series B plans for May 2020

COMPANY%20PROFILE
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NINE WINLESS GAMES

Arsenal 2-2 Crystal Palace (Oct 27, PL)

Liverpool 5-5 Arsenal  (Oct 30, EFL)

Arsenal 1-1 Wolves (Nov 02, PL)

Vitoria Guimaraes 1-1 Arsenal  (Nov 6, Europa)

Leicester 2-0 Arsenal (Nov 9, PL)

Arsenal 2-2 Southampton (Nov 23, PL)

Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)

Norwich 2-2 Arsenal (Dec 01, PL)

Arsenal 1-2 Brighton (Dec 05, PL)

The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
​​​​​​​Princeton