• A man wearing a protective mask walks past a mural depicting a nurse in Shoreditch, amid the coronavirus disease (COVID-19) outbreak, in London, Britain. REUTERS
    A man wearing a protective mask walks past a mural depicting a nurse in Shoreditch, amid the coronavirus disease (COVID-19) outbreak, in London, Britain. REUTERS
  • A woman observes two robots that carry home orders, in Medellin, Colombia,. EPA
    A woman observes two robots that carry home orders, in Medellin, Colombia,. EPA
  • A man is tested for coronavirus disease (COVID-19) at a Los Angeles fire department testing station for the homeless on Skid Row, in Los Angeles, California, U.S. REUTERS
    A man is tested for coronavirus disease (COVID-19) at a Los Angeles fire department testing station for the homeless on Skid Row, in Los Angeles, California, U.S. REUTERS
  • A man sits next to a fountain at the Sun Yat Sen Memorial Park in Hong Kong on April 21, 2020. Hong Kong has reduced growth of confirmed COVID-19 cases to single digits in recent days, but city authorities say they are not taking any risks. Chief executive Carrie Lam said social distancing measures and some business restrictions would continue for another two weeks until at least May 7. AFP
    A man sits next to a fountain at the Sun Yat Sen Memorial Park in Hong Kong on April 21, 2020. Hong Kong has reduced growth of confirmed COVID-19 cases to single digits in recent days, but city authorities say they are not taking any risks. Chief executive Carrie Lam said social distancing measures and some business restrictions would continue for another two weeks until at least May 7. AFP
  • A health worker shows quick tests for COVID-19 with negative results at a drive-through in the parking lot of the Mane Garrincha Stadium in Brasilia, Brazil. The Brazilian government started a mass testing program to improve control of the new coronavirus disease and plan how social isolation will be lifted. AFP
    A health worker shows quick tests for COVID-19 with negative results at a drive-through in the parking lot of the Mane Garrincha Stadium in Brasilia, Brazil. The Brazilian government started a mass testing program to improve control of the new coronavirus disease and plan how social isolation will be lifted. AFP
  • A teacher cleans and disinfects chairs and tables at the the Phoenix Gymnasium secondary school in Dortmund, western Germany. Students preparing for the Abitur high school graduation with exams taking place in May are allowed to turn back to school from April 23, 2020. AFP
    A teacher cleans and disinfects chairs and tables at the the Phoenix Gymnasium secondary school in Dortmund, western Germany. Students preparing for the Abitur high school graduation with exams taking place in May are allowed to turn back to school from April 23, 2020. AFP
  • People stand on designated spots to maintain social distancing at a market in Manila. AFP
    People stand on designated spots to maintain social distancing at a market in Manila. AFP
  • Members of the Myanmar Red Cross carry a dead body of a driver from a boat in Sittwe, Rakhine State killed while delivering test kits for COVID-19 coronavirus. A Myanmar government health worker was injured and his driver killed when their United Nations-marked vehicle was ambushed as they were carrying COVID-19 test samples in conflict-ridden Rakhine state. AFP
    Members of the Myanmar Red Cross carry a dead body of a driver from a boat in Sittwe, Rakhine State killed while delivering test kits for COVID-19 coronavirus. A Myanmar government health worker was injured and his driver killed when their United Nations-marked vehicle was ambushed as they were carrying COVID-19 test samples in conflict-ridden Rakhine state. AFP
  • Customers wearing face masks as a precautionary measure against the COVID-19 coronavirus sit in a cafe, which has masking tape on every other table to enforce social distancing, in Hong Kong. AFP
    Customers wearing face masks as a precautionary measure against the COVID-19 coronavirus sit in a cafe, which has masking tape on every other table to enforce social distancing, in Hong Kong. AFP
  • A woman wearing a protective face mask rides a scooter across a nearly empty 3rd Avenue in midtown Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S. REUTERS
    A woman wearing a protective face mask rides a scooter across a nearly empty 3rd Avenue in midtown Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, New York, U.S. REUTERS
  • An employee wearing a face mask sits next to a GE Carescape R860 ventilator in an assembly and testing area at a GE Healthcare manufacturing facility during the global coronavirus disease (COVID-19) outbreak in Madison, Wisconsin, U.S. REUTERS
    An employee wearing a face mask sits next to a GE Carescape R860 ventilator in an assembly and testing area at a GE Healthcare manufacturing facility during the global coronavirus disease (COVID-19) outbreak in Madison, Wisconsin, U.S. REUTERS
  • Workers wearing protective equipment are seen on the grounds of the Central Jamia Mosque Ghamkol Sharif, a temporary morgue set up at a Mosque as the spread of the Coronavirus disease (Covid-19) continues, Birmingham, Britain. REUTERS
    Workers wearing protective equipment are seen on the grounds of the Central Jamia Mosque Ghamkol Sharif, a temporary morgue set up at a Mosque as the spread of the Coronavirus disease (Covid-19) continues, Birmingham, Britain. REUTERS

To avoid the next pandemic, you need to know the difference between a black swan and a grey rhino


  • English
  • Arabic

Despite a chorus of financiers, politicians and self-satisfied pundits claiming that the Covid-19 pandemic is an unforeseen and even unforeseeable black swan, this crisis is a different beast entirely.

It is an obvious grey rhino – that is, a high-impact scenario that was always highly likely to occur. The pandemic was sending clear signals that it was getting ready to charge, and too many people with the power to head it off ignored those warnings for too long.

Unlike the black swan that appears only in hindsight, grey rhino theory is forward-looking. It is about actively seeing what’s in front of us and challenging ourselves to act.

  • A woman wearing a face mask walks past an advertisement of a hair shop at a shopping district in Seoul. AFP
    A woman wearing a face mask walks past an advertisement of a hair shop at a shopping district in Seoul. AFP
  • Pacific Park's solar-powered Ferris wheel lights show a green "Earth" logo at sunset on Santa Monica Pier for Earth Day, in Santa Monica, California. AP
    Pacific Park's solar-powered Ferris wheel lights show a green "Earth" logo at sunset on Santa Monica Pier for Earth Day, in Santa Monica, California. AP
  • A water police boat is seen as the Ruby Princess cruise ship docks at Port Kembla in Wollongong, Australia. Getty
    A water police boat is seen as the Ruby Princess cruise ship docks at Port Kembla in Wollongong, Australia. Getty
  • A health worker collects a sample from a man at a free coronavirus community screening service in Kuala Lumpur, Malaysia. EPA
    A health worker collects a sample from a man at a free coronavirus community screening service in Kuala Lumpur, Malaysia. EPA
  • An Indonesian child wears a hand made protective mask at a temporary meat market, ahead of Ramadan in Banda Aceh, Indonesia. EPA
    An Indonesian child wears a hand made protective mask at a temporary meat market, ahead of Ramadan in Banda Aceh, Indonesia. EPA
  • A pedestrian is reflected in the window of a nail salon during a nationwide social distancing and stay-at-home order imposed due to coronavirus in Ho Chi Minh city, Vietnam. Bloomberg
    A pedestrian is reflected in the window of a nail salon during a nationwide social distancing and stay-at-home order imposed due to coronavirus in Ho Chi Minh city, Vietnam. Bloomberg
  • Visitors wearing protective face masks walk on a sightseeing spot on Enoshima Island after government asked citizens to be more diligent on social distancing under the state of emergency in Fujisawa, south of Tokyo, Japan. Reuters
    Visitors wearing protective face masks walk on a sightseeing spot on Enoshima Island after government asked citizens to be more diligent on social distancing under the state of emergency in Fujisawa, south of Tokyo, Japan. Reuters
  • Army personnel watch as a charter bus that unloaded crew from the Ruby Princess Cruise ship departs Sydney Airport in Sydney, Australia. Getty
    Army personnel watch as a charter bus that unloaded crew from the Ruby Princess Cruise ship departs Sydney Airport in Sydney, Australia. Getty
  • A municipality worker sprays disinfectant at a bus stop as a preventive measure against coronavirus in Montevideo, Uruguay. EPA
    A municipality worker sprays disinfectant at a bus stop as a preventive measure against coronavirus in Montevideo, Uruguay. EPA
  • School of Nursing assistant professor Dr Rhigel Jay Tan, a licensed nurse practitioner in psychiatric mental health, makes custom-made face shields called "iCareFaceShields" at his home for health care workers amid the coronavirus pandemic in Las Vegas, Nevada. AFP
    School of Nursing assistant professor Dr Rhigel Jay Tan, a licensed nurse practitioner in psychiatric mental health, makes custom-made face shields called "iCareFaceShields" at his home for health care workers amid the coronavirus pandemic in Las Vegas, Nevada. AFP
  • Technicians carry out a sample transfer during the opening of the new Covid-19 testing lab at Queen Elizabeth University Hospital in Glasgow, Scotland. Getty
    Technicians carry out a sample transfer during the opening of the new Covid-19 testing lab at Queen Elizabeth University Hospital in Glasgow, Scotland. Getty
  • Visitors gather for a drive-in cinema event in Chemnitz, Germany. AP
    Visitors gather for a drive-in cinema event in Chemnitz, Germany. AP
  • The Italian-operated cruise ship the Costa Atlantica is anchored at a port in Nagasaki, southern Japan. AP
    The Italian-operated cruise ship the Costa Atlantica is anchored at a port in Nagasaki, southern Japan. AP

The coronavirus crisis is a catalyst for an urgently needed reset of our global mentality, reminding us to hold both governments and ourselves as citizens responsible for stepping up to the clear and present dangers that threaten our survival.

As we move past the initial shock of the pandemic, many of us are thinking about how best to emerge from this global public health, economic and human catastrophe. We don’t want to get “back to normal” because what we accepted as normal is what got us into this mess. Rather, we should want to create a new and better reality.

How could so many leaders across society have turned such a blind eye to giant, red warning flags for so long? Once we understand that, how can we use our knowledge to switch from a passive, fatalistic mode to an active, problem-solving frame?

The alarm bells rung by experts about how poorly prepared the world has been for the pandemics have been well documented. The situation was predicted by the World Health Organisation and even gamed out in a scenario-planning exercise in the US under the Trump administration. In a widely shared TED Talk in 2015, Bill Gates made the point before carefully proceeding to outline what the world needed to do.

Those in policy circles will give you all kinds of knowing reasons why pandemic warnings went ignored: politics, “the problem is too big and expensive and complicated”, entrenched bureaucracies and so on and so forth. They’ll rub their chins to look thoughtful, but have no real answers. They are there to tell you how things are, not how to change them.

Pleading ignorance was particularly fashionable in the aftermath of the 2008 financial crisis, when leaders became too eager to call out, “Black swan! Nobody could have seen it coming!” even though many elements of that crisis were predictable, too.

Bill Gates, shown here in Berlin in 2015, warned the world that year of the dangers of a potential pandemic. AFP
Bill Gates, shown here in Berlin in 2015, warned the world that year of the dangers of a potential pandemic. AFP

Together, these attitudes have bred complacency and an accountability vacuum that have made it easy for everyone to dodge responsibility. But that is an explanation, not an excuse.

Instead of focusing mainly on why problems are not readily solvable, our priority needs to be on what it takes, from governments and civil society, to head off grey rhinos.

The solution begins with a reset of expectations. This requires building mutual trust between citizens and governments, beginning with two-way transparency involving governments sharing much more information and citizens consuming and using that information responsibly.

The uncomfortable truth is that governments often fail to make tough choices because citizens don't want them to. People don't want short-term pain even if it prevents something much worse down the road. They want to feel secure now. This toxic status quo encourages governments to drag their feet in the face of wicked problems, which in turn leads citizens to lower their expectations of what leaders expect them to do.

The coronavirus pandemic and its domino effect – the most wicked of wicked problems – has upended reality. It has exposed many other thorny and unaddressed challenges. Extreme inequality that puts the greatest burden on those who can least afford it. Deep financial fragilities, including dangerous levels of debt. Inadequate healthcare infrastructure.

When governments try to sweep problems under the rug for too long, they increase the chances of catastrophe when the dam finally breaks. That is why, as painful as it may be, it is better for governments to be open about challenges sooner rather than later.

We shouldn't want to get "back to normal" because what we accepted as normal is what got us into this mess.

The coronavirus also illustrates the power of regularly and publicly monitoring progress. Daily releases of epidemiological statistics provide a natural experiment in measuring how governments are doing in the fight to save lives. In every country, these figures are imprecise; because of test shortages, inconsistencies in counting and other technical challenges, they far understate the reality. But they give everyone a way to measure progress.

Contrary to the conclusions of some observers, differences in effectiveness are independent of whether a country’s political system is democratic or not. Rather, they depend upon how transparent and proactive governments are, and how much their populations both trust them to solve the problem and play their own roles in doing so.

Tracking focuses attention on issues while clarifying solutions and reassuring people that progress is possible. If a situation seems hopeless, citizens are less likely to do their part to help fix it or to approve of leaders expending resources to do so.

Hopelessness and a lack of information, moreover, leave the door open for citizens to make up their own, alternate realities. Social media has allowed everyone to become instant epidemiologists, market sages, economists and one-size-fits-all critics. Tribes assemble, picking and choosing the information that suits them.

Protesters in the US, for instance, have been endangering themselves and others by demanding that the government loosen stay-at-home orders. They see themselves as preserving their “liberty” to work and to be entertained.

Choosing one’s own reality is a way of asserting control over a situation when people feel they have none, and little in recent memory has made so many people feel so powerless as the coronavirus and the economic destruction it has wrought.

The key to confronting crises like coronavirus is for governments to communicate better with their citizens. EPA
The key to confronting crises like coronavirus is for governments to communicate better with their citizens. EPA

Governments ought to recognise the benefits of being upfront about the nature of the problems they face, involving citizens in building solutions and then tracking their progress. Citizens, of course, must do their part, too. They ought to heed information and consume it responsibly, differentiating between what they need to hear and what they simply want to.

The rise of open-data projects and participatory budgeting have allowed governments to invite input from citizens more directly than ever before. Through these platforms, policymakers communicate the problem and the steps they are taking to fix it, then solicit feedback from citizen stakeholders. This can change citizens’ expectations of what can and should be done, making tough decisions easier.

Governments also are benefiting from comparing their own progress to that of their peers. Performance-tracking tools like Transparency International’s Corruption Perceptions Index, the World Economic Forum’s Global Competitiveness Index and the Programme for International Student Assessment (better known as PISA) all have helped to shape government policies for the better.

Similarly, the Sustainable Development Goals provide a powerful road map for tracking initiatives to address many of the grey rhino risks the world still faces: inequality, hunger, climate and 14 other worthy efforts.

There is one final benefit to these tools that ought to appeal to anyone in a position of power: they make it easier to give credit to leaders who work toward solutions to pressing policy problems, and hold accountable those who kick the crisis down the road.

Michele Wucker is a Chicago-based strategist and author of international bestseller The Gray Rhino: How to Recognize and Act on the Dangers We Ignore

So what is Spicy Chickenjoy?

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.
 

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.”

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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RESULTS

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

COMPANY PROFILE

Name: Grubtech

Founders: Mohamed Al Fayed and Mohammed Hammedi

Launched: October 2019

Employees: 50

Financing stage: Seed round (raised $2 million)

 

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

While you're here
About Tenderd

Started: May 2018

Founder: Arjun Mohan

Based: Dubai

Size: 23 employees 

Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000