The Eiffel Tower will reopen on July 16 after several months of closure due to the coronavirus pandemic, the Paris landmark's operator said. Reuters
The Eiffel Tower will reopen on July 16 after several months of closure due to the coronavirus pandemic, the Paris landmark's operator said. Reuters
The Eiffel Tower will reopen on July 16 after several months of closure due to the coronavirus pandemic, the Paris landmark's operator said. Reuters
The Eiffel Tower will reopen on July 16 after several months of closure due to the coronavirus pandemic, the Paris landmark's operator said. Reuters

Eiffel Tower to reopen on July 16 with limited number of visitors per day


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The Eiffel Tower will reopen on July 16 after several months of closure due to the coronavirus pandemic, the Paris landmark's operator Sete said.

Visitor numbers will be limited to 10,000 a day to meet social distancing requirements, fewer than half of their pre-Covid levels.

All floors of the monument will be accessible to visitors, except some areas where renovation work is ongoing.

Only 50 per cent of the usual numbers will be allowed in the lifts.

The Eiffel Tower has been undergoing the most extensive revamp of its 130-year history to look its best for the 2024 Paris Olympics, including with a paint job to give it a distinctly golden hue.

A visitor wearing a protective facemask admires the view from the Eiffel Tower during its partial reopening in Paris in June, 2010. AFP
A visitor wearing a protective facemask admires the view from the Eiffel Tower during its partial reopening in Paris in June, 2010. AFP

But painting was suspended after traces of lead were found in existing layers, making it hazardous to continue.

The re-opening marks the emergence of the 10-tonne metal landmark from its longest closure since the Second World War.

It was shut down for more than three months during the first Covid wave in the spring of last year, and then again in the autumn.

"After several months of closure, we are impatient to have our staff and visitors back with, of course, a strict compliance with sanitary protocols," Sete president Jean-Francois Martins said.

Online bookings will open on June 1.

The monument, completed in 1889, usually receives about seven million visitors every year, some three-quarters of them from abroad.

But because of Covid restrictions, it now expects a loss of €70 million ($85m) for 2021, after a loss of €52m last year, forcing it to seek fresh financing.

"We cannot absorb both loss-making years with our existing capital," Martins said, adding he expected the Paris authorities "to help us get through this".

France on Wednesday loosened restrictions in a return to semi-normality after more than six months of Covid-19 curbs.

Cafes and restaurants with terraces or rooftop gardens can now offer outdoor dining, under the second phase of a lockdown-lifting plan that should culminate in a full reopening of the economy on June 30.

Museums, cinemas and some theatres are also reopening after being closed for 203 days.

Disneyland Paris, another tourist magnet, said on Monday it would reopen on June 17.

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Countries recognising Palestine

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

 

Honeymoonish
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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

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THE DETAILS

Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5

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.”