A man runs along an almost deserted Millennium Bridge, with St Paul's Cathedral in the background centre, in central London. People are heeding government advice and staying away from central London. AP Photo/Sang Tan)
A man runs along an almost deserted Millennium Bridge, with St Paul's Cathedral in the background centre, in central London. People are heeding government advice and staying away from central London. AP Photo/Sang Tan)
A man runs along an almost deserted Millennium Bridge, with St Paul's Cathedral in the background centre, in central London. People are heeding government advice and staying away from central London. AP Photo/Sang Tan)
A man runs along an almost deserted Millennium Bridge, with St Paul's Cathedral in the background centre, in central London. People are heeding government advice and staying away from central London.

Olympics: London calling, where are you?


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Apocalyptic warnings to both visitors and residents to avoid central London during the Games were taken seriously. Perhaps too seriously. Hotels are empty, tourist attractions deserted, the city a ghost town.

They had been told to brace themselves for the influx of Olympic visitors. Bumper takings were predicted; queues around the block; gridlock on the streets.

Instead, shopkeepers, restaurateurs, hoteliers and staff at London's top tourist attractions have found themselves looking forlornly at empty aisles, vacant seats and tills untroubled by sales.

Less than a week into London 2012 and the reality has dawned. The warnings of traffic chaos and of more than a million visitors descending on the streets and tourist attractions of London have proved effective to the point of calamitous and turned much of the heart of London into a ghost town.

Figures released yesterday made it clear. Museums have reported a 30-35 per cent drop in visitors over the past two weeks. Traffic is down by 20 per cent in the same period. West End theatre ticket sales have dropped by 10 per cent and 7 per cent fewer visited London's East End last Friday and Saturday.

Hotels, many of which increased rates in anticipation of an Olympic rush, have been forced to drop their prices - and then drop them again. One hotel in Hyde Park which had been advertising its best twin room for £500 is now selling it for less than £100.

"London has approximately 300,000 foreign and 800,000 domestic visitors every day in August. These people have been told implicitly that they should stay away, and they have done so," said Tom Jenkins, chief executive of the European Tour Operators Association.

"The numbers are currently dramatically down on last year. How far down will be determined by how long Transport for London maintains the 'Don't come into London' campaign."

Recorded messages from London's mayor, Boris Johnson, telling passengers on the Tube, London's metro: "Don't get caught out. Get online and plan your journey," have been switched off and some of the "Zil" Olympic lanes opened to other traffic. But many fear the damage has already been done.

By 9am on a weekday taxi drivers at King's Cross Station would normally expect to have carried 500 passengers. By 9am yesterday that figure was just 182.

"There are two groups of people missing. The first are general visitors to London, who are staying clear because of the perception that it will be busy," said Bernard Donoghue, of the Association of Leading Visitor Attractions.

"The second are Londoners and Brits who have been warned there will be a transport nightmare. Our message to them is that while it may be sensible to avoid certain peak times and locations, transport is running very smoothly."

Many Londoners were advised to work from home if at all possible. As many as a third of the five million employed in the capital were expected to do just that.

The perception that London would be a no-go nightmare where rooms would be fully booked and streets unpassable has been so effectively transmitted that, according to Christopher Woodward, director of the Garden Museum next door to Lambeth Palace, there has been a drop in the number of people booking wedding receptions at the venue over August.

Elsewhere, Londoners complained that overzealous "herding" of Olympic visitors towards venues was actively directing them away from shops and local attractions.

Locog, the Games organising committee, was yesterday forced to review the placing of safety barriers in Greenwich that have effectively blocked off access to Greenwich Market, just yards from the gates of the Olympic Equestrian venue.

"It's been a tough, tough time for small businesses," said shopkeeper Lara Boyle. "We need this boost. If our businesses die because of this, what sort of legacy will that leave?"

Another stallholder said: "I've never seen a July as bad as this, ever."

According to some, part of the problem lies in expectations that were inflated in the first place. Dr Andrew Smith, of the University of Westminster, an expert in the strategic use of sport events by host cities, pointed out: "London is already the world's most visited city. It was always unrealistic to expect the sort of boost to figures that was forecast."

Meanwhile, independent economists warned that, far from giving a short-term boost, the Games could in fact damage the economy.

Scenes across many parts of central London, where Olympic Volunteers threatened to outnumber the visitors they were there to help, certainly gave credence to their words.

But a spokesperson for VisitBritain urged patience and optimism: "This really is about the long-term gain and a long term boost. It's far too soon to start drawing conclusions."

Paul Deighton, chief executive of Locog was similarly pragmatic. "I think by the end of the Games there will be a very different picture."

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

RESULT

Deportivo La Coruna 2 Barcelona 4
Deportivo:
Perez (39'), Colak (63')
Barcelona: Coutinho (6'), Messi (37', 81', 84')

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

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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.”

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5