People sit on the Champs de Mars at sunset in front of the Eiffel Tower, May 17, Paris, on the first weekend after France eased lockdown measures taken to curb the spread of Covid-19. Ludovic Marin / AFP
People sit on the Champs de Mars at sunset in front of the Eiffel Tower, May 17, Paris, on the first weekend after France eased lockdown measures taken to curb the spread of Covid-19. Ludovic Marin / AFP
People sit on the Champs de Mars at sunset in front of the Eiffel Tower, May 17, Paris, on the first weekend after France eased lockdown measures taken to curb the spread of Covid-19. Ludovic Marin / AFP
People sit on the Champs de Mars at sunset in front of the Eiffel Tower, May 17, Paris, on the first weekend after France eased lockdown measures taken to curb the spread of Covid-19. Ludovic Marin /

Paris post the lockdown is missing something


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This week I went to the most perfect yet unexpected Parisian dinner party of my life. I say unexpected, because we were not one week out of confinement and yet it seemed as though nothing had happened. As though the two months I spent in isolation in the Alps in a village of less than 40 people was a distant dream.

I took a taxi, not brave enough to face the metro. Riding past Les Invalides, the complex that contains the military museums of France as well as a retirement home and hospital for veterans, I saw people everywhere. They were masked, but walking in family groups of threes or fours; laughing, chatting.

Hotel des Invalides during the first weekend after two months of strict lockdown in Paris, France, 17 May. France began a gradual easing of its lockdown measures. Julien de Rosa / EPA
Hotel des Invalides during the first weekend after two months of strict lockdown in Paris, France, 17 May. France began a gradual easing of its lockdown measures. Julien de Rosa / EPA

When I arrived, I waited to see my hostess’ reaction but she opened her arms so we hugged. She is a dear friend and our reunion was emotional. But we hugged gingerly, not testing fate.

We congratulated each other on surviving, and tried not to talk about coronavirus. Two friends arrived and gave each other 'la bise' the traditional French way of saying hello: a kiss on both cheeks.

Two more arrived and did not kiss but used the familiar elbow 'bise' we have been used to the past two months. "La Bise and social distancing do not go hand and hand," France 24 reported recently. Will this change French society?

Eight of us sat round a table breaking bread, eating wild boar that my friend’s son had shot during confinement in the country. We spoke of the Rolling Stones, opera, Emmanuel Macron and art.

It was the first time I had a conversation without talking about daily death rates and virus loads, although I did have a brief chat with the hostess about Kawasaki disease. I noticed that both of us shifted the subject quickly.

The month of May in France is traditionally a time of long weekends when people go to the country.

We still have a ban of only travelling 100 miles from our homes. But when I left the dinner, everyone seemed to have arranged to go away for the long weekend coming up, as though it were an ordinary year.

Some were planning to walk through the forests that are now open to the public and where people are crowding to get fresh air after months of confinement.

The market is crashing, said a friend who is a real estate broker, which is good for me as I have a lot of work, but it means people are losing their homes

Some had rented Airbnb chateaux which are empty. Others were talking about their coming holidays in Italy – the borders open to tourists from June 1. One friend announced that Athens is opening up the Acropolis.

But over the strawberry tarts, I wondered if life would ever really return to normal – or will the psychological effect of Covid-19 forever float over us like a cloud – la flottement as the French call it.

Earlier that day I went out for a walk. I am still not used to being able to travel freely without my attestation – mandatory to move outside of one’s home.

An ice cream seller wears a protective mask during the first weekend after Paris opened up after two months of strict lockdown, France, 17 May. Julien de Rosa / EPA
An ice cream seller wears a protective mask during the first weekend after Paris opened up after two months of strict lockdown, France, 17 May. Julien de Rosa / EPA

A friend and I wanted to go for a drink, and I know a cafe where you can get a glass and stand outside with social distance. It was closed.

But we strolled and saw teenagers hanging out at the bus stop smoking cigarettes; elderly couples masked arm in arm, dog walkers and joggers. “Back to normal,” my friend observed, “or maybe not.”

The Luxembourg Gardens, the centre of all life on the Left Bank sixth arrondissement where I live, were still ominously locked and closed.

Then it struck me: Paris was packed with people, perhaps walking too closely and not observing the Covid-19 rules we have now internalised, but there were no tourists.

Usually I walk down my street in the summer and hear languages: Korean, Mandarin, Italian, Dutch; people looking at maps or stopping to ask me directions. Now, there was only French people walking, French being spoken.

Crossing the Seine to the apartment where my dinner was taking place, I selfishly mentioned to the taxi driver that Paris was beautiful without hordes of tourists. “It will kill us if they don’t come back,” he reprimanded me sharply. “Paris is the most visited destination in the world. We need them.”

The one subject everyone does talk about is money. At the dinner, I spoke to a friend who is a successful real estate broker. She told me she has never been so busy: not with rentals, but with people who lost their jobs and want to sell their apartments quickly.

“The market is crashing,” she said. “Which is good for me as I have a lot of work, but it means people are losing their homes.”

The anxiety that consumed us for two months seems to be shifting. Now we are less worried about getting the virus as to how we survive the economic fallout.

The end of lockdown has made me wonder what long-term psychological effect the lockdown will have on us as a society long term.

During the siege of Sarajevo, for instance, a psychiatrist friend told me that she reckoned the entire population suffered from extreme and untreated post traumatic stress disorder. That made sense.

Fierce daily bombardment, the death of nearly 14,000 people in the city alone, plus a medieval siege where they were deprived of water, heat, electricity, medical supplies and food, would naturally make people suffer psychologically.

But how will Covid-19 leave us damaged? I am lately researching the concept of moral injury, which has long been studied by the military.

It refers to an injury to a person’s moral compass – for instance, a soldier who is forced to watch or perform torture; or even a journalist like me who reported on war and witnessed events which go against everything I believe in.

Psychiatrists say it produces anger, shame and a sense of betrayal or moral disorientation.

I do believe the front line doctors and nurses who were forced to make terrible decisions like who got a ventilator or not will have some scar on their souls after this is over. But what about the rest of us?

In Europe, we are slowly coming out of our caves. Here, at least, during quarantine, we went inward: the French became more French; the Germans more German, the British, whose government fumbled the crisis badly, became more of an island than ever.

I wondered about xenophobia. How we will reintegrate with Asia again when many people I talk to have anger that the virus started there? I was meant to spend the summer teaching in Singapore. Will I ever get there now?

After the dinner, a friend drove me home, passing the Eiffel Tower. It has been closed to tourists since the quarantine but the lights were glowing over the waters of the Seine.

Since Gustave Eiffel built it in 1887, it has suffered the bombardment of the First World War and the German occupation. It was standing during the crucial 1968 civil unrest. It survived a spate of terrorist attacks in the 1980s and 90s, and the 2015 terrorist assaults on the Charlie Hebdo magazine and the Bataclan nightclub. It will survive Covid-19 just fine.

The Eiffel Tower gets visitors during the first weekend after two months of strict lockdown in Paris, France, 17 May. Julien de Rosa / EPA
The Eiffel Tower gets visitors during the first weekend after two months of strict lockdown in Paris, France, 17 May. Julien de Rosa / EPA

Of course the tourists will come back. Of course we will get on long-haul flights eventually. I will get to Asia someday. But like everyone, I am not sure we will emerge without, in the words of Dr Anthony Feinstein, an expert on moral injury, “our souls scarred.”

Not just from the virus aftermath but from the realisation that we live in a world where we must confront global issues with a different dynamic.

Now that borders are opening, we must consider how we can work together to take care of the most vulnerable when and if the second wave hits.

The lesson we have learnt, I hope, is that we don’t exist in isolated, nationalistic bubbles; we must think internationally. Especially when it comes to invisible threats that know no borders.

Janine di Giovanni is a Senior Fellow at Yale’s Jackson Institute and the author, most recently, of 'The Morning They Came for Us: Dispatches from Syria'

The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh359,000

On sale: now 

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Match info

Bournemouth 1 (King 45 1')
Arsenal 2 (Lerma 30' og, Aubameyang 67')

Man of the Match: Sead Kolasinac (Arsenal)

if you go
The biog

Favourite car: Ferrari

Likes the colour: Black

Best movie: Avatar

Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Brief scores:

Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)

England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)

Result: Scotland won by six runs

The%20Killer
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

Top 10 in the F1 drivers' standings

1. Sebastian Vettel, Ferrari 202 points

2. Lewis Hamilton, Mercedes-GP 188

3. Valtteri Bottas, Mercedes-GP 169

4. Daniel Ricciardo, Red Bull Racing 117

5. Kimi Raikkonen, Ferrari 116

6. Max Verstappen, Red Bull Racing 67

7. Sergio Perez, Force India 56

8. Esteban Ocon, Force India 45

9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

One in four Americans don't plan to retire

Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.

Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.

According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.

According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.

For many, money has a lot to do with the decision to keep working.

"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."

When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared. 

"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.

She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.

 

Meydan race card

6.30pm: Maiden Dh 165,000 1,600m
7.05pm: Handicap Dh 185,000 2,000m
7.40pm: Maiden Dh 165,000 1,600m
8.15pm: Handicap Dh 190,000 1,400m
8.50pm: Handicap Dh 175,000 1,600m
9.25pm: Handicap Dh 175,000 1,200m
10pm: Handicap Dh 165,000 1,600m