Singapore's Prime Minister Lee Hsien Loong announced on Friday that the city state will close schools and most workplaces except for essential services next week as part of the government's stricter measures to combat the ongoing coronavirus pandemic. EPA
Singapore's Prime Minister Lee Hsien Loong announced on Friday that the city state will close schools and most workplaces except for essential services next week as part of the government's stricter measures to combat the ongoing coronavirus pandemic. EPA
Singapore's Prime Minister Lee Hsien Loong announced on Friday that the city state will close schools and most workplaces except for essential services next week as part of the government's stricter measures to combat the ongoing coronavirus pandemic. EPA
Singapore's Prime Minister Lee Hsien Loong announced on Friday that the city state will close schools and most workplaces except for essential services next week as part of the government's stricter m

Singapore confirms sixth coronavirus death as infections rise


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Singapore announced a sixth death and new clusters of coronavirus cases on Saturday as cases resurge following initial signs of containment.

Singapore health authorities said an elderly man with no recent travel history to affected countries died early Saturday, marking the sixth fatality for the city-state, according to an emailed statement.

The nation’s Ministry of Health said the 88-year-old male permanent resident, who was admitted to intensive care on March 30, passed away after developing serious complications. The man had a history of heart and kidney disease.

On Friday, health authorities confirmed 65 new cases of Covid-19 infections, with a new cluster at the Singapore Cricket Club.

The government will close most of its workplaces, except for essential services and key economic sectors, and will shut schools, its prime minister Lee Hsien Loong said on Friday, as part of tighter measures to stop the spread of the coronavirus.

He said people should avoid socialising with others beyond their own households and go out only to do essential things, such as buy food at markets.

Initially held up as a role model for its battle against coronavirus, city-state Singapore is struggling with an infection spread that disease experts say bodes ill for global containment efforts.

The tiny Southeast Asian nation was one of the worst hit countries when the virus first spread from China in January, but a strict surveillance and quarantine regime helped stem the tide, with methods that drew praise from the World Health Organisation.

As the virus later formed new hotspots in Europe and the United States, infecting nearly one million people globally, the trading and travel hub closed its borders.

Guarding against the virus in Singapore is easier than in most places. The island of 5.7 million people takes less than an hour to drive across, has a handful of international entry points and a strong healthcare system.

But the city-state's containment measures are showing signs of strain.

On Wednesday, Singapore reported its biggest daily jump in coronavirus cases, up 74 to 1,000 infections.

More than 70 per cent of those were domestic as opposed to imported, and many were not linked to previous cases, a gauge of how far the disease is spreading in the community.

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    An empty downtown street is seen in an aerial view taken with a drone in Los Angeles, California, USA. EPA
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    A volunteer carries a tea distribution machine in the "Aurore" centre for homeless and migrants in Paris. AP Photo
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    A resident presents flowers during a silent tribute to "martyrs" who died in the fight against the coronavirus disease outbreak and compatriots who died of the disease in Wuhan, China. Getty Images
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    A Chinese woman wears a protective mask as she waits at a bus stop before three minutes of silence to mark the country's national day of mourning for Covid-19 near Beijing Railway Station. Getty Images
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    People form a queue at the weekly market in Hanau, Germany. Reuters
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    French firefighters from Marin unit of Marseille wearing protective equipment as they working at the PCR machine which can detect the presence of Covid-19 in the environment. AFP
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    Window lights spell out "We Love Las Vegas" at the Flamingo hotel-casino during the shutdown of all casinos and nonessential businesses, an effort to slow the spread of the novel coronavirus, in Las Vegas, Nevada, US. Reuters
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    A medical staff member wearing a protective mask walks past the empty British Airways' check-in area of Geneva Airport. AFP
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    Westhaven Marina is noticeably quieter in New Zealand. Getty Images
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    A man wearing a facemask feeds pigeons during a government-imposed nationwide lockdown as preventive measure against the spread of the Covid-19. AFP
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    Portuguese nationals prepare to fly to Lisbon at Nicolau Lobato International Airport in Dili, East Timor. According to media reports, more than 200 Portuguese working in East Timor, will depart for Lisbon. EPA
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    A Montenegrian Red Cross volunteer carries a bag of flour over a suspension bridge in the village of Dromira, 25km north of Podgorica, as Montenegro remains on lockdown. Reuters
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    The Spectrum of the Seas cruise ship departs Sydney Harbour in Sydney, Australia. Getty Images

Experts say the breaches of Singapore's defences show how difficult it will be to curb the coronavirus spread elsewhere.

"Singapore's approach has been by far one of the very best," Michael Osterholm, an infectious disease expert at the University of Minnesota, told Reuters.

"What they are really showing the rest of the world is that this is just a difficult virus to beat back and keep down."

Singapore's top medical authority Kenneth Mak said this week that the rising caseload was "cause for concern" and that they would closely monitor the trend over the coming weeks to assess whether intensified prevention measures were working.

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 specs
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  • Power: 640hp
  • Torque: 760nm
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The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

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Company%20Profile
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UAE currency: the story behind the money in your pockets
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Rating: 4/5

The Library: A Catalogue of Wonders
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Other IPL batting records

Most sixes: 292 – Chris Gayle

Most fours: 491 – Gautam Gambhir

Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Highest strike-rate: 177.29 – Andre Russell

Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)

Highest average: 52.16 – Vijay Shankar

Most centuries: 6 – Chris Gayle

Most fifties: 36 – Gautam Gambhir

Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)

 

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The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
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It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.