The Giro d'Italia was on the brink of cancellation on Tuesday after five teams were hit by coronavirus cases on the first rest day of the three-week grand tour with almost two weeks left until the finish in Milan.
The Mitchelton-Scott team withdrew from the race after four staff members tested positive for Covid-19 following top rider Simon Yates pulling out last week.
A rider from Jumbo-Visma, a Team Sunweb rider, one staff member from Ineos-Grenadiers and AG2R-La Mondiale also returned positive tests, organisers RCS said.
RCS, in a joint statement with the International Cycling Union (UCI), said the teams' doctors had ordered "isolation measures".
Sunweb said Australian Michael Matthews had tested positive and was asymptomatic, with Jumbo-Visma saying on Twitter their rider Steven Kruijswijk had returned a positive result and would leave the race.
Mitchelton-Scott said the team were notified of the four positive results for staff members from tests done on Sunday.
"As a social responsibility to our riders and staff, the peloton and the race organisation we have made the clear decision to withdraw from the Giro d'Italia.
"Thankfully, those impacted remain asymptomatic or with mild symptoms."
Yates, who like Kruijswijk had been among the pre-race favourites, withdrew on Saturday after testing positive for the virus.
Riders in the Giro stay in a biosecure bubble when not on the road, just as they did for the Tour de France, which finished on September 20.
At the Tour de France, two positive tests in a team within one week would have triggered the ejection of the outfit from the race but no such rule was put in place for the Italian grand tour, which started in Sicily on October 3.
Dutchman Jos van Emden of Jumbo-Visma criticised the organisation, saying the bubble was not secure enough.
"The other day we were in there with four or five teams... but in that particular hotel we were in, the neutral service, the police on motorbikes were there, just normal people were there and they were all eating from the same buffet so I think it was a real big mistake," Van Emden told The Cycling Podcast on Monday.
"I heard from a guy from [Deceuninck] Quick Step they had exactly the same, this guy sent me a movie from their dining hall and also Mitchelton-Scott were there..."
Italy, which hosted the rescheduled world championships last month, has seen a recent rise in coronavirus cases, with a post-lockdown record 5,456 people infected registered last Saturday.
Elite racing resumed in August after a four-and-a-half month hiatus. However, the resurgence of Covid-19 in Europe has forced local authorities and organisers to cancel races, such as the Netherlands’ Amstel Gold Race, which had been scheduled for Saturday, and Paris-Roubaix.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Bournemouth 0
Manchester United 2
Smalling (28'), Lukaku (70')
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
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
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.”
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
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UAE currency: the story behind the money in your pockets
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.