UK cabinet minister Michael Gove played down prospects of a trade deal with the European Union despite 'hopeful signs'. Reuters
UK cabinet minister Michael Gove played down prospects of a trade deal with the European Union despite 'hopeful signs'. Reuters
UK cabinet minister Michael Gove played down prospects of a trade deal with the European Union despite 'hopeful signs'. Reuters
UK cabinet minister Michael Gove played down prospects of a trade deal with the European Union despite 'hopeful signs'. Reuters

Europe divided as coronavirus deaths top 100,000


Paul Peachey
  • English
  • Arabic

Coronavirus deaths in Europe have topped 100,000 as some countries take tentative steps towards ending lockdowns to confront the continent’s greatest economic crisis for decades.

Two-thirds of deaths from the pandemic have been in Europe after Covid-19 first emerged in China late last year and spread across the world.

Spain and the UK both tightened their restrictions but reductions in new infections in many other European countries have seen governments prepare for a partial easing to boost fragile economies.

Germany said that the virus was now “under control” after 3,400 deaths. Smaller stores, bike and book shops will be among those allowed to reopen on Monday, with some children returning to school within weeks. Switzerland, Denmark and Finland are also to begin reopening shops and schools this week.

The UK has denied reports that it had drawn up plans for a three-stage relaxation of lockdown measures with some schools set to reopen on May 11.

“That is not true, we have not made that decision,” said Michael Gove, a senior Cabinet minister.

UK officials have said the data on new infections is encouraging but have sought to retain the focus on ensuring people remain at home.

Speculation on easing of the lockdown follows mounting criticism of the UK government’s response to the crisis amid continued shortages of protective equipment for frontline medics and criticism of the role of Prime Minister Boris Johnson in the run-up to the crisis. He is currently recovering after being treated in intensive care for Covid-19.

Mr Gove confirmed that Mr Johnson had not attended five of the government’s crisis meetings on coronavirus but said senior ministers normally attended and reported back.

“The idea that the prime minister skipped meetings that were vital to our response to the coronavirus, I think is grotesque," said Mr Gove.

The UK this weekend topped 16,000 deaths, behind only the United States, Italy, Spain and France in numbers of fatalities.

The differing responses to the crisis have highlighted the timing of the virus hitting major European economies but also the uncoordinated measures across the 27-nation European Union.

Senior EU leaders offered heartfelt apologies to Italy last week after no country immediately responded to its request for help through the bloc’s emergency assistance system.

Stay-at-home orders were enforced in Italy and Spain, the hardest hit countries with death tolls of more than 20,000, which will not loosen their measures until May at the earliest.

Spain at the weekend extended its nationwide shutdown to May 9 even as coronavirus deaths rose by 410 on Sunday, the smallest one-day increase for nearly a month.

“Spain has contained the brutal attack of the pandemic,” said Prime Minister Pedro Sanchez on Saturday. “The gains aren’t enough yet, and they are fragile.”

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
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The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

First-round leaderbaord

-5 C Conners (Can)

-3 B Koepka (US), K Bradley (US), V Hovland (Nor), A Wise (US), S Horsfield (Eng), C Davis (Aus);

-2 C Morikawa (US), M Laird (Sco), C Tringale (US)

Selected others: -1 P Casey (Eng), R Fowler (US), T Hatton (Eng)

Level B DeChambeau (US), J Rose (Eng) 

1 L Westwood (Eng), J Spieth (US)

3 R McIlroy (NI)

4 D Johnson (US)

COMPANY%20PROFILE
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The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

The specs

Engine: 1.4-litre 4-cylinder turbo

Power: 180hp at 5,500rpm

Torque: 250Nm at 3,00rpm

Transmission: 5-speed sequential auto

Price: From Dh139,995

On sale: now

WITHIN%20SAND
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Company%20profile
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UAE currency: the story behind the money in your pockets
Dengue%20fever%20symptoms
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COMPANY%20PROFILE
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PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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.”

MATCH INFO

Manchester United 1 (Greenwood 77')

Everton 1 (Lindelof 36' og)

Destroyer

Director: Karyn Kusama

Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan

Rating: 3/5 

UAE release: January 31 

UAE currency: the story behind the money in your pockets
Results
%3Cp%3E%0D%3Cstrong%3EElite%20men%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Amare%20Hailemichael%20Samson%20(ERI)%202%3A07%3A10%0D%3Cbr%3E2.%20Leornard%20Barsoton%20(KEN)%202%3A09%3A37%0D%3Cbr%3E3.%20Ilham%20Ozbilan%20(TUR)%202%3A10%3A16%0D%3Cbr%3E4.%20Gideon%20Chepkonga%20(KEN)%202%3A11%3A17%0D%3Cbr%3E5.%20Isaac%20Timoi%20(KEN)%202%3A11%3A34%0D%3Cbr%3E%3Cstrong%3EElite%20women%3C%2Fstrong%3E%0D%3Cbr%3E1.%20Brigid%20Kosgei%20(KEN)%202%3A19%3A15%0D%3Cbr%3E2.%20Hawi%20Feysa%20Gejia%20(ETH)%202%3A24%3A03%0D%3Cbr%3E3.%20Sintayehu%20Dessi%20(ETH)%202%3A25%3A36%0D%3Cbr%3E4.%20Aurelia%20Kiptui%20(KEN)%202%3A28%3A59%0D%3Cbr%3E5.%20Emily%20Kipchumba%20(KEN)%202%3A29%3A52%3C%2Fp%3E%0A

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