The Indian ministry of home affairs further extended the nationwide lockdown for another two weeks to stem the widespread of the coronavirus. EPA
The Indian ministry of home affairs further extended the nationwide lockdown for another two weeks to stem the widespread of the coronavirus. EPA
The Indian ministry of home affairs further extended the nationwide lockdown for another two weeks to stem the widespread of the coronavirus. EPA
The Indian ministry of home affairs further extended the nationwide lockdown for another two weeks to stem the widespread of the coronavirus. EPA

Easing of restrictions is welcome, but they must be carried out carefully


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I write to you in reference to your article Coronavirus latest: WHO urges countries to ease lockdowns slowly (May 2). This is a meaningful and thought-provoking piece. Lockdown measures have been in place all over the world for a good while now, and many nations are ready to open up their economies. At the same time, if they do it too hastily, and people stop following physical distancing and hygiene rules overnight, experts have warned that it is likely a second wave of infections will hit. Eased restrictions must be carried out in stages, and with great care. The world economy has already been shattered, and prolonging the lockdowns will take a toll on both our morale and the economy. India is taking this challenge head-on and easing restrictions carefully. I hope that in the coming days, a sense of normalcy will return to India.

K Ragavan, Bengaluru

Rishi Kapoor: your legendary memory lives on

Please refer to the news item Beloved Bollywood star Rishi Kapoor dies aged 67 by Farah Andrews (April 30) about the sad passing away of Rishi Kapoor, a popular and versatile Indian actor. Kapoor was a beloved actor and an outspoken artist. He starred in numerous films, commencing with Mera Naam Joker and then later the cult film Bobby. He was the romantic hero of the 1970s and 80s, and his talents went beyond acting. Dancing also came naturally to him, as it did to all the members of his family. His book Khullam Khulla is an enriching read, too. Kapoor was loved by his fans. He had rivals, but no enemies.

He further proved his histrionic skills and talents in some of the films in which played major roles in the past decade, such as D-Company and Mulk. I am sure his son Ranbir Kapoor will carry on the great tradition of brilliant acting, for which the Kapoor dynasty is renowned. My condolences to his wonderful family.

Rajendra Aneja, Dubai

Abu Dhabi stem cell treatment gives us hope

I write to you in reference to a video posted on The National's Facebook page with the following caption: UAE researchers develop promising breakthrough Covid-19 treatment (May 2).

What an amazing achievement. We urgently need to find an effective treatment to combat the spread of this deadly virus.

Dr Rahmath Mohammad, Sri Lanka

I am confident this will be the best innovation in the fight against coronavirus, and is it all thanks to the UAE's rulers.

Mark Mich, Dubai

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The specs

Engine: 4-litre twin-turbo V8

Transmission: eight-speed PDK

Power: 630bhp

Torque: 820Nm

Price: Dh683,200

On sale: now

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%3Cul%3E%0A%3Cli%3ECystic%20fibrosis%20is%20a%20genetic%20disorder%20that%20affects%20the%20lungs%2C%20pancreas%20and%20other%20organs.%3C%2Fli%3E%0A%3Cli%3EIt%20causes%20the%20production%20of%20thick%2C%20sticky%20mucus%20that%20can%20clog%20the%20airways%20and%20lead%20to%20severe%20respiratory%20and%20digestive%20problems.%3C%2Fli%3E%0A%3Cli%3EPatients%20with%20the%20condition%20are%20prone%20to%20lung%20infections%20and%20often%20suffer%20from%20chronic%20coughing%2C%20wheezing%20and%20shortness%20of%20breath.%3C%2Fli%3E%0A%3Cli%3ELife%20expectancy%20for%20sufferers%20of%20cystic%20fibrosis%20is%20now%20around%2050%20years.%3C%2Fli%3E%0A%3C%2Ful%3E%0A

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.”

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

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