Anti-vaccination protesters stand outside of the New Jersey State House as the Assembly passes a bill to limit vaccine religious exemptions in December 2019. USA Today Network
Anti-vaccination protesters stand outside of the New Jersey State House as the Assembly passes a bill to limit vaccine religious exemptions in December 2019. USA Today Network
Anti-vaccination protesters stand outside of the New Jersey State House as the Assembly passes a bill to limit vaccine religious exemptions in December 2019. USA Today Network
There is no vaccine for the Covid-19 pandemic but that has not stopped the conspiracy theorists playing a profoundly important role in the course of the outbreak.
The global anti-vaccine pushback, which is particularly powerful in the US, has metamorphosed through the emergence of the coronavirus. German protest groups have proliferated on the back of a decades-old Stuttgart-based schools movement, while France has seen a groundswell of alternative medicine proponents.
As bad as the coronavirus tragedy is, there is an enormous constituency that is getting ready for a battle of wills over the vaccine. Never before has a treatment been so anticipated. If it emerges, it could be delivered to an unprecedented six billion people. After all, the old as well as the young will need a shot at the same time.
Facebook, Twitter and other social media platforms have betrayed promises to reign in the spread of fake theories and pseudo advice. So one of the most virulent information storms in history is building up. While the vaccine is the future crescendo, the fight over health and preventative measures is the here and now.
The current advice on stopping the spread of Covid-19 has encountered massive resistance. The anti-vaxxers movement has spread its tentacles through US society – and elsewhere – by protesting the lockdown.
Vociferous campaigns against masks and face coverings are the most obvious products of this refusenik strain. Its supporters argue that the state is exerting control over individuals through public health measures. Speaking to a Florida official commission hearing last week, one woman opined that wearing a mask was "trying to throw out God's wonderful breathing system".
The latest ruse among mask opponents is carrying laminated cards that proclaim that the holder is exempt from any government regulation stipulating its adoption.
The cause of not wearing a mask has taken off and has echoes of the 1918 leagues in the US against wearing a face covering. Sadly, official advice from scientists and regulators on preventive face masks has been weak in many countries. The political edge to the debate means that video-fuelled social media campaigns are all the more vociferous and effective.
For a taste of how all the issues provided by Covid-19 link together, look at the toxic swamp of attacks on Bill Gates.
The US computing pioneer has set aside nearly $50 billion for his own charitable foundation. If the Bill and Melinda Gates Foundation was a country, it would rank as something like the 90th richest state in the world. Yet conspiracists twist this giving into an argument that the pandemic is a tool for Mr Gates to control the world. He is said to have the World Health Organisation under his spell. Now, by dint of America's withdrawal of WHO funding, the foundation could end up as its largest source of funds. But that is a long chalk from asserting that he controls the UN body.
Bill Gates and his Bill and Melinda Gates Foundation have faced opposition all over the world, including in Buenos Aires, Argentina. AFP
Other online claims are that Mr Gates controls a patent holder that unleashed the coronavirus. Posts have recycled a fabricated rumour that Mr Gates has an active agenda to reduce the world population, either by sterilisation and enforced birth control, or by unleashing diseases. Other conspiracies hone in on questions over why the foundation has been organising “pandemic-prepping” events – frequently referred to as "Event 201" – to be ready to capitalise on an upcoming novel virus on the loose.
The foundation rebuts any figures that are thrown its way but it has little hope of reversing the narrative. The conspiracists have no heed to reason. Confusion is not limited to mobilising a fearful minority. As the social media platforms sowed the wind, America now reaps the whirlwind with its daily infection rates hitting four records in succession last week.
A paper from the Brookings Institution has shown how the country can still move on to the next phase. By marrying the work of epidemiologists with that of economists, the paper said that the infection rate could be contained even as businesses re-opened. It warned that a renewed lockdown would be disastrous.
People walk past a sign reading "Wear a Mask" displayed in a shop window in Hudson, New York this week. Bloomberg
A worker wearing a protective mask grinds coffee at Breadfolks, a bakery and cafe, in Hudson, New York. Bloomberg
Harris County election clerk Kathy Kellen wears a mask and face shield while working at a polling site in Houston, Texas this week. AP Photo
People protest against mandates to wear masks amid the coronavirus pandemic in Austin, Texas this week. Reuters
Infowars host Owen Shroyer arrives at a protest against mandates to wear masks in Austin. Reuters
Black Lives Matter protesters confront people protesting against mandates to wear masks in Austin. Reuters
A Black Lives Matter protester reacts towards people protesting against mandates to wear masks amid the pandemic in Austin, Texas this week. Reuters
Erik Webb wears a rainbow face mask during the coronavirus outbreak in San Francisco, California this week. AP Photo
US Treasury Secretary Steven Mnuchin, wearing a face mask, prepares to testify before the House of Representatives Financial Services Committee in Washington this week. Reuters
Jerome Powell, Chairman of the US Federal Reserve, sits behind a protective barrier while wearing a protective mask during a House Financial Services Committee hearing in Washington this week. Bloomberg
Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases, wears a Washington Nationals protective mask before a Senate Health, Education, Labor and Pensions Committee hearing in Washington this week. Bloomberg
Democratic presidential candidate, former Vice President Joe Biden, removes a face mask to protect against the spread of the coronavirus in Wilmington, Delaware this week. AP Photo
Colorado Governor Jared Polis puts on his face mask after a news conference about the state's efforts to cut the spread of the coronavirus in Denver this week. AP Photo
Holding up a mask, US Surgeon General Jerome Adams, right, urges the public to use masks as he speaks during a news conference with Vice President Mike Pence in Rockville, Mayland this week. AP Photo
The lion statue in front of the 42nd street New York Public Library adorns a protective mask to remind the public to wear masks. EPA
Meanwhile, US President Donald Trump continues to not wear a mask. Here. he speaks in the presence of Response coordinator for White House Coronavirus Task Force Deborah Birx, left, and Director of the National Institute of Allergy and Infectious Diseases Anthony Fauci in Washington. AFP
“If countered by a second round of economic shutdowns, short-term unemployment could become long term, firms could close, and prospects for a quick recovery could be significantly impaired.”
Instead, it argues that by accepting four principles, the US can still contain the worst ravages of the outbreak. These are to place limitations on mass gatherings, especially those indoors; encouragement of widespread wearing of masks; increased testing; and special shielding protections for the vulnerable, particularly for the elderly in care homes.
The projected death toll would still rise from the current 130,000 level to about 160,000 by the end of the year. By contrast, a failure to impose any restrictions and rejecting a second wave shutdown would see a death toll of 450,000 by January.
It is therefore important to remember that dangerous times, both online and in the streets, should not trump the basic facts of how disease spreads.
Damien McElroy is the London bureau chief of The National
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.”
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
The past Palme d'Or winners
2018Shoplifters, Hirokazu Kore-eda
2017The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
