EU leaders battled to save a €750 billion (Dh3.15 trillion/$848.51bn) virus recovery package at a summit on Sunday, as global deaths soared past 600,000 and Hong Kong raised the alarm about its growing outbreak.
The US, by far the worst-affected country, ended a week in which it registered its highest infection numbers three days running, taking its total to 3.9 million infections and 143,000 deaths.
The virus has now infected more than 14.5 million people worldwide.
With clusters emerging from Spain to Australia, officials were again facing the dilemma of imposing lockdowns to protect public health or easing restrictions to save struggling businesses.
Angry demonstrators took to the streets in Israel to protest against their government's handling of the crisis.
And scientists were feeling the pressure as Britain increased its row with Russia on Sunday over claims that Kremlin agents hacked into UK labs where virus vaccines are being developed.
Economic recovery is at the forefront of policymakers' minds in Europe, with the continent facing a crippling recession and still unable to agree on the terms of its large package to help the most-affected countries.
In a heartfelt speech, EU Council President Charles Michel reminded the bloc's 27 leaders of the devastating human cost of the pandemic – 606,000 dead including 200,000 in Europe – and urged them to unite to complete a "mission impossible".
"The question is this: are the 27 leaders, responsible for the people of Europe, capable of building European unity and trust?" Mr Michel asked.
"Or will we present the face of a weak Europe, undermined by mistrust?"
The summit was supposed to decide the terms of the rescue deal but a handful of countries led by the Netherlands are reluctant to hand over vast sums to nations they regard as profligate, particularly Spain and Italy.
There was also disunity on the fringes of the EU, with Britain and Russia renewing their feud over Moscow's alleged spying on British scientists.
"We're absolutely confident that the Russian intelligence agencies were engaged in a cyber attack on research and development efforts in organisations in this country," British Foreign Secretary Dominic Raab said, echoing accusations made by several countries last week.
Russia's ambassador to Britain, Andrey Kelin, dismissed the claim, saying "there is no sense in it".
"In this world, to attribute any kind of computer hackers to any country, it is impossible," Mr Kelin said.
With tens of thousands of new infections each day and hundreds of deaths, the US is struggling as it tries to open up the economy while the tolls mount.
Other nations are grappling with the same dilemma. Spain has opted for local lockdowns and non-enforced advice to stay at home in Catalonia.
Officials in the Australian state of Victoria have taken a tougher approach.
Face masks will be mandatory for about five million people in and around Melbourne from Thursday, with the threat of A$200 (Dh514) fines for those not adhering.
"Most of us wouldn't leave home without our keys, we wouldn't leave our home without our mobile phone," said Victoria's leader, Daniel Andrews.
"You won't be able to leave home without your mask."
In France, people risk a fine of €135 starting on Monday for failure to comply with a decree to wear a mask in indoor public places.
Hong Kong also tightened its measures, with leader Carrie Lam confirming on Sunday that daily infections passed 100 for the first time.
Ms Lam had already ordered business closures and made face masks compulsory on public transport, but she said it would soon be mandatory to wear them inside any indoor venue.
However, such restrictions have not gone down well with some in Israel, where a second wave of infections emerged after the government allowed businesses to reopen in late April and early May.
Police used water cannon to disperse thousands of protesters overnight.
They gathered in Jerusalem and Tel Aviv to show their anger, some at the reimposition of shutdowns, others with the failure to improve testing capacity.
In Europe there were also signs of growing frustration, particularly among youths starved of social life.
Police in the German city of Frankfurt said they were met with "a hail of bottles" when they tried to break up an open-air party in the city centre involving thousands of young people.
So-called corona parties have broken out in the city's squares as bars and clubs remain closed to stop the spread of the virus.
While bars, restaurants and other public spaces endure a lockdown across the world, sporting and cultural events continue to make it back into the public realm.
Japanese sumo is the latest to announce a comeback and, unlike many other sports, fans are now allowed into arenas.
"It's the feeling of being here, being present," said Katsuhiko Ochiai, as he prepared for Sunday's tournament.
"That's what watching spectator sports is all about, isn't it? Like music. Like sumo."
Turkey suspended flights to Iran and Afghanistan "as a precaution" less than a week after air traffic resumed following a five-month interruption because of the pandemic.
South Africa's death toll from coronavirus passed the 5,000 mark, after 85 new deaths were reported in the past 24 hours.
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
Bawaal%20
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
'Nope'
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THE%20SPECS
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Specs
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Sholto Byrnes on Myanmar politics
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RECORD%20BREAKER
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What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
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.
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RESULTS
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My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
More on Quran memorisation:
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Read more from Aya Iskandarani
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
Company%20profile
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Spider-Man%202
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The specs: 2018 Jeep Compass
Price, base: Dh100,000 (estimate)
Engine: 2.4L four-cylinder
Transmission: Nine-speed automatic
Power: 184bhp at 6,400rpm
Torque: 237Nm at 3,900rpm
Fuel economy, combined: 9.4L / 100km
Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
BUNDESLIGA FIXTURES
Saturday (UAE kick-off times)
Cologne v Union Berlin (5.30pm)
Fortuna Dusseldorf v Borussia Dortmund (5.30pm)
Hertha Berlin v Eintracht Frankfurt (5.30pm)
Paderborn v Werder Bremen (5.30pm)
Wolfsburg v Freiburg (5.30pm)
Bayern Munich v Borussia Monchengladbach (8.30pm)
Sunday
Mainz v Augsburg (5.30pm)
Schalke v Bayer Leverkusen (8pm)
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