Coronavirus: Uncle Sam, the world really needs you
I grew up in a time when the US wanted to lead the world, and indeed it did, but its current leader is overseeing a retreat just when we need it to stay the course
The US has always been an indispensable ally. That could be changing – not because America’s friends want it to change, but because President Donald Trump does not value alliances. Co-operation with others does not suit his "America First" mindset.
What a pity.
As a teenager in Scotland, I had American friends, sons and daughters of officers at a US Air Force base. One friend’s mother made us a snack, a sandwich that lives in my memory. It was enormous. The sandwiches at my Scottish home had cheese or meat but this American sandwich was four centimetres thick, stuffed with chicken, cheese, tomatoes and pickles – simply wonderful. That was the beginning of my love for America.
The once all-powerful US
The famous poster featuring Uncle Sam was used extensively in the First and Second World Wars to attract recruits. AFP
As children, we learned that the US Air Force was part of Nato defending us against communism, and that together with our European allies we were stronger. There was so much to admire. American businesses, music, movies, writers all seemed to lead the world. American people were among the friendliest I met anywhere. The western US – Wyoming, Arizona and the likes – really did have cowboys on horses.
And it is still true. From Bill Gates and Jeff Bezos to Google and Facebook, many of America’s greatest entrepreneurs, musicians, movie directors and novelists are world beaters.
But the America I fell in love with years ago seems destined to avoid leading the world in any of the great battles that affect us all. The US still has the most powerful military machine, but does anyone look to American leadership to solve the biggest of our problems? The global pandemic? Climate change? Providing an example of good health care for all Americans? Good governance?
Even if you disagreed with specific policies or foreign military interventions, America always tried to be – in former president Ronald Reagan’s striking phrase – a “shining city on a hill". But now? Viewing Mr Trump’s daily news conferences, the shining city on a hill looks and sounds more like grumpy, eccentric muttering to himself behind a wall.
From Bill Gates and Jeff Bezos to Google and Facebook, many of America entrepreneurs and artists are world beaters. Victor Besa / The National
There are good reasons to discuss with Beijing a better way to manage trade, revitalise the world economy and other multilateral relationships. But instead of cool-headed (and quite boring) discussions, this has now evolved – at least as far as the White House is concerned – into a blame game about coronavirus and the biggest economic slowdown of our lives.
Every country is learning lessons in dealing with the disease. Perhaps America's superb scientists will be first with a vaccine. But Mr Trump has taken his dislike of China and multilateral international institutions to new levels by cutting US funding for the World Health Organisation. The WHO now joins the United Nations, the European Union and even Nato as an organisation that he clearly finds tiresome.
In historical terms, this is like a rerun of the worst of 1920s American isolationism. It did not end well. After helping create the League of Nations, the US refused to join, pursuing an "America First" policy that only truly ended when Japan bombed the US Pacific Fleet at Pearl Harbour.
When US isolationism previously ended
The Japanese attack on Pearl Harbour on December 7, 1941 brought America out of its isolationism. The rest is history. Corbis
Now in 2020, the person whose office once proudly boasted of the President of the United States being "the leader of the free world" may be offering some kind of leadership – but the world is not following. It is no surprise that a popular US board game is called Fortress America, in which North America fights against the world. It is a strangely negative mindset for the world's strongest military power.
With Mr Trump attacking state governments run by Democrats, we are in for a nasty presidential election at the same time as scientists fear Covid-19 will be a disaster for poorer countries. It is thought likely to mutate and hit the rich world again in a second wave, perhaps this autumn. That is why international co-operation and the WHO is so necessary. That is why if American leadership fades and Mr Trump takes away American dollars, the vacuum could be filled by the very country Mr Trump is trying to punish, China.
Donald Trump's divisive politics
In difficult times, most of us need friends. Mr Trump seems to need enemies. And listening to his daily news conferences, berating journalists for asking necessary questions, offering answers that America’s scientific experts then patiently correct, it made me think of an American crooner from the past, Jim Reeves. He once sang: “Make the world go away / Get it off my shoulder / Say the things we used to say / And make the world, make it go away.”
But the world will not go away. The global economic shock and coronavirus will not go away. And much of the world would like to have our indispensable ally back.
In November, American voters can show that their country's influence does not have to decline just because its current leader is out of his depth. But for now, an American president on the brink of an economic slump who did not take coronavirus seriously at first and who still does not take climate change seriously is not a leader. He is a liability.
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The Freedom Artist
By Ben Okri (Head of Zeus)
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
The First Monday in May
Director: Andrew Rossi Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna Three stars
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
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Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
PFA Team of the Year: David de Gea, Kyle Walker, Jan Vertonghen, Nicolas Otamendi, Marcos Alonso, David Silva, Kevin De Bruyne, Christian Eriksen, Harry Kane, Mohamed Salah, Sergio Aguero
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.”
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;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples. Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts. Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
Specs
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