Advancing technology is being used to help the global fight against Covid-19. Getty
Advancing technology is being used to help the global fight against Covid-19. Getty
Advancing technology is being used to help the global fight against Covid-19. Getty
Advancing technology is being used to help the global fight against Covid-19. Getty

Should world leaders save the economy or save the people? It's a false choice


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As the coronavirus pandemic continues rippling through the world, leaders and policymakers are being confronted with a stark choice: how much in the way of economic growth are they willing to sacrifice for immediate public health?

It seems a daunting question. It relies, however, on a false premise. Economic development and public health are not locked in a zero-sum game. Lax anti-coronavirus measures do not guarantee that the economy will remain strong or bounce back when we reach the recovery stage of the pandemic. China’s case of strict quarantines, for instance, and South Korea’s strategy of early mass testing are demonstrating that the path to economic convalescence lies in doing whatever possible, based on the stage of the pandemic in which each country now finds itself, to stop the virus’s spread. Normality can only be found on the other side of a firm recognition of just how abnormal the situation is now.

Yet, some countries continue to frame the coronavirus response as a case of ‘either, or’. Several countries have hurt both their people and economies by failing to accept the seriousness of the situation. Iran, the US and a number of countries took that route and are now seen as epicentres for the virus.

Now, Turkey is following suit with a similarly ill-conceived effort to save its own economy, not realising that in the long term, the economy will suffer in not defeating the virus. Turkey is one of the world’s 20 largest economies, yet it is also among the 10 most coronavirus-affected nations. Over the course of the pandemic thus far, more than 27,000 Turks have been infected and nearly 600 are now deceased.

Ankara has failed to implement stringent public health measures to contain the virus. Taking a limited and short-term view, it claims these measures would be unreasonable. But Turkey’s leaders were already poor economic stewards. Their country is still struggling to cope with the fallout of its 2018 financial crisis, which brought about high unemployment and inflation. Its Dh54.5bn stimulus package is far below expectations. Now the presence of the coronavirus is expected to take a toll on the tourism sector, which the nation relies on for revenue.

With 51 million leisure visitors travelling to Turkey’s sandy beaches, seaside resorts and bustling cities last year, Turkey is an important tourism hub in the world. And yet, tourism around the world has been hit. Taking stringent measures is vital. Sixty per cent of all Turkish coronavirus cases are concentrated in Istanbul, increasing the risk of contagion in the 16-million-strong city and the risk of exporting it outside Turkey’s borders.

A lack of transparency will not help to save the economy, nor will botched public health policies succeed in curbing the spread of the virus

Further undermining the fight against the virus is Mr Erdogan’s refusal to listen to health experts. He has clamped down on medical staff’s ability to communicate with the public, and sidelined the Turkish Medical Association in policymaking. These professionals are the key to fighting what is turning out to be a devastating respiratory illness for many in Turkey, but under the current administration in Ankara they have no room to breathe.

A lack of transparency will not help to save the economy, nor will botched public health policies succeed in curbing the spread of the virus. These can only leave Turkey more vulnerable to economic collapse and widespread disease. Saving the economy cannot be an excuse for leaders to justify inaction, especially when action is the only way to safeguard a country’s development in the long term.

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What drives subscription retailing?

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.

Buy farm-fresh food

The UAE is stepping up its game when it comes to platforms for local farms to show off and sell their produce.

In Dubai, visit Emirati Farmers Souq at The Pointe every Saturday from 8am to 2pm, which has produce from Al Ammar Farm, Omar Al Katri Farm, Hikarivege Vegetables, Rashed Farms and Al Khaleej Honey Trading, among others. 

In Sharjah, the Aljada residential community will launch a new outdoor farmers’ market every Friday starting this weekend. Manbat will be held from 3pm to 8pm, and will host 30 farmers, local home-grown entrepreneurs and food stalls from the teams behind Badia Farms; Emirates Hydroponics Farms; Modern Organic Farm; Revolution Real; Astraea Farms; and Al Khaleej Food. 

In Abu Dhabi, order farm produce from Food Crowd, an online grocery platform that supplies fresh and organic ingredients directly from farms such as Emirates Bio Farm, TFC, Armela Farms and mother company Al Dahra. 

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: 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

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA