• A picture of the interior of the completed Tokyo 2020 Olympic Games stadium. AFP
    A picture of the interior of the completed Tokyo 2020 Olympic Games stadium. AFP
  • An aerial picture of the completed Tokyo 2020 Olympic Games stadium. AFP
    An aerial picture of the completed Tokyo 2020 Olympic Games stadium. AFP
  • The completed Tokyo 2020 Olympic Games stadium pictured in the city. AFP
    The completed Tokyo 2020 Olympic Games stadium pictured in the city. AFP
  • People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
    People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
  • People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
    People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
  • People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
    People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
  • People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
    People at a viewing area look out at the completed Tokyo 2020 Olympic Games stadium. AFP
  • The completed Tokyo 2020 Olympic Games stadium as seen from a distance. AFP
    The completed Tokyo 2020 Olympic Games stadium as seen from a distance. AFP
  • The completed Tokyo 2020 Olympic Games stadium as seen from a distance. AFP
    The completed Tokyo 2020 Olympic Games stadium as seen from a distance. AFP
  • People look out a window at the completed Tokyo 2020 Olympic Games stadium. AFP
    People look out a window at the completed Tokyo 2020 Olympic Games stadium. AFP
  • The completed Tokyo 2020 Olympic Games stadium as seen from a distance. AFP
    The completed Tokyo 2020 Olympic Games stadium as seen from a distance. AFP
  • An aerial view of the completed Tokyo 2020 Olympic Games stadium. AP Photo
    An aerial view of the completed Tokyo 2020 Olympic Games stadium. AP Photo
  • The completed Tokyo 2020 Olympic Games stadium. AP Photo
    The completed Tokyo 2020 Olympic Games stadium. AP Photo
  • An aerial view of the completed Tokyo 2020 Olympic Games stadium. AP Photo
    An aerial view of the completed Tokyo 2020 Olympic Games stadium. AP Photo

Coronavirus-delayed Tokyo Olympics will cost at least an extra $2.4bn


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The coronavirus-delayed Tokyo Olympics will cost at least an extra $2.4 billion, organisers said on Friday, with the unprecedented postponement and a raft of pandemic health measures ballooning an already outsized budget.

Tokyo 2020 said an additional $1.5bn would be needed for operational costs related to the delay, with another $900m in spending on coronavirus countermeasures for the Games next year.

The dollar figure is calculated at an exchange rate of 107 yen, and is closer to $2.56bn when calculated at today's rate.

The costs could rise further, with Tokyo 2020 saying it will release an additional $250m in "contingency" funds to help cover the expenses.

The extra costs come as organisers and Olympic officials work to build enthusiasm and momentum for the first Games postponed in peacetime, insisting that the massive international event can go ahead next year even if the pandemic is not under control.

But more spending could further harden public opinion in Japan, where polls earlier this year showed a majority of people think the Games should be postponed again or cancelled together.

"Whether it's seen as too much or that we have done well to contain the costs, I think it depends on how you look at it," Tokyo 2020 chief executive Toshiro Muto told reporters. "We have done all we can to earn the public's understanding."

The additional costs will be split between the national government, the city of Tokyo and the organisers.

The unprecedented decision to delay the Games has thrown up a plethora of extra costs, from rebooking venues and transport to retaining the huge organising committee staff.

And with organisers committed to hosting the Games even if the pandemic remains a threat, extensive safety measures will be needed.

__________________________________________________

Gymnastics competition offers glimpse of what bio-secure Olympics could look like

  • Zhang Jin of China competes in the floor exercise at the Friendship and Solidarity Competition gymnastics meet in Tokyo. AP
    Zhang Jin of China competes in the floor exercise at the Friendship and Solidarity Competition gymnastics meet in Tokyo. AP
  • Members of the Chinese team head onto the floor before the competition. AP
    Members of the Chinese team head onto the floor before the competition. AP
  • Judges watch Russia\s Alexandra Shchekoldina perform in a floor exercise event. AP
    Judges watch Russia\s Alexandra Shchekoldina perform in a floor exercise event. AP
  • A member of the media is sprayed sterilization mist as he enters Yoyogi National Gymnasium in Yokyo. Getty
    A member of the media is sprayed sterilization mist as he enters Yoyogi National Gymnasium in Yokyo. Getty
  • Paul Juda of the US competes in the pommel horse. AP
    Paul Juda of the US competes in the pommel horse. AP
  • Gymnasts warm up before competing in Tokyo. AP
    Gymnasts warm up before competing in Tokyo. AP
  • A general view of of Yoyogi National Stadium First Gymnasium. AP
    A general view of of Yoyogi National Stadium First Gymnasium. AP
  • Russia's Artur Dalaloyan in the vault event. AP
    Russia's Artur Dalaloyan in the vault event. AP
  • Spectators wearing protective masks watch the action in Tokyo. Reuters
    Spectators wearing protective masks watch the action in Tokyo. Reuters
  • Kohei Uchimura of Japan competes in the horizontal bar. AP
    Kohei Uchimura of Japan competes in the horizontal bar. AP
  • eMjae Frazier of the US competes in the beam. AP
    eMjae Frazier of the US competes in the beam. AP
  • A spectator have their hands disinfected on entering the arena. AFP
    A spectator have their hands disinfected on entering the arena. AFP
  • Dimitrii Lankin of Russia competes in the parallel bars. AP
    Dimitrii Lankin of Russia competes in the parallel bars. AP
  • Crowds watching home gymnast Wataru Tanigawa. AP
    Crowds watching home gymnast Wataru Tanigawa. AP

__________________________________________________

Tokyo 2020 this week released a 54-page plan they said would make it possible to hold the Games, including restrictions on athletes touching and fans cheering, and an infection control centre in the Olympic Village.

Organisers have tried to scale back elements of the Games, offering fewer free tickets, scrapping athlete welcome ceremonies and making savings on mascots, banners and meals, but so far they have cut just $280m in spending.

And on Thursday, they said 18 per cent of tickets sold in Japan will be refunded, with domestic fans demanding their money back on about 810,000 of the 4.45 million tickets sold in the country.

Organisers hope to now resell those tickets, and demand for seats at the Games was high before the pandemic.

But enthusiasm has since waned, with a poll in July revealing that just one in four people wanted to see the event held in 2021, and most backing either further delay or cancellation.

During International Olympic Committee chief Thomas Bach's recent tour of the National Stadium, the main site for next year's Olympics, there were protests demanding the cancellation of next year's Games over fears that large numbers of visitors to the Japanese capital could cause a massive spike in Covid-19 cases.

Tokyo 2020 president Yoshiro Mori said the spending plan was carefully considered and he hoped people would accept it.

"If you have a drink, you could say your glass is half-full, or half empty. It depends on how you look at it," he said.

"There's a rationale behind this plan. I hope the Japanese people will understand it."

The more serious side of specialty coffee

While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.

The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.

Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”

One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.

Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms. 

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%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.”

Tell Me Who I Am

Director: Ed Perkins

Stars: Alex and Marcus Lewis

Four stars

Stage results

1. Julian Alaphilippe (FRA) Deceuninck-QuickStep  4:39:05

2. Michael Matthews (AUS) Team BikeExchange 0:00:08

3. Primoz Roglic (SLV) Jumbo-Visma same time 

4. Jack Haig (AUS) Bahrain Victorious s.t  

5. Wilco Kelderman (NED) Bora-Hansgrohe s.t  

6. Tadej Pogacar (SLV) UAE Team Emirates s.t 

7. David Gaudu (FRA) Groupama-FDJ s.t

8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t     

9. Bauke Mollema (NED) Trek-Segafredo  s.t

10. Geraint Thomas (GBR) Ineos Grenadiers s.t

Results
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The%20Iron%20Claw
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Brief scoreline

Switzerland 0

England 0

Result: England win 6-5 on penalties

Man of the Match: Trent Alexander-Arnold (England)

What's in the deal?

Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024

India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

Pari

Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

Wicked: For Good

Director: Jon M Chu

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

Rating: 4/5

Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

The details

Heard It in a Past Life

Maggie Rogers

(Capital Records)

3/5

ABU DHABI ORDER OF PLAY

Starting at 10am:

Daria Kasatkina v Qiang Wang

Veronika Kudermetova v Annet Kontaveit (10)

Maria Sakkari (9) v Anastasia Potapova

Anastasia Pavlyuchenkova v Ons Jabeur (15)

Donna Vekic (16) v Bernarda Pera 

Ekaterina Alexandrova v Zarina Diyas