The Delta variant is challenging the part of the world that’s been most successful in blunting the economic impact of Covid-19, with Asian countries that snuffed it out locking down again as the virus returns, and others seeing the world’s highest death rates.
Just 12 months ago, the Asia-Pacific region’s rapid containment of Covid-19 made them the envy of the world as the virus ravaged the US and Europe. Now, from Seoul to Sydney, Bangkok to Beijing, authorities are re-imposing growth-sapping restrictions as low vaccination rates in many of those places leave their populations vulnerable.
So far, it’s consumers who are bearing the brunt. The central bank in Australia, where two-thirds of the population are confined at home after Delta slipped through the strict travel quarantine system, estimates spending drops about 15 per cent during movement restrictions.
China is imposing internal travel and movement restrictions in the middle of the summer break as infections return to places like Wuhan and Beijing, prompting reductions in forecasts for growth in the world’s second-biggest economy. Cases there jumped to a six-month high on Friday of 101 infections, with Delta reaching regions that account for 38 per cent of national gross domestic product.
Supply chains from Vietnam to Thailand, where outbreaks are surging, have also been interrupted, with factories that make goods for Nike and Adidas shutting down over virus restrictions, potentially missing out on the crucial holiday shopping season. That raises the prospect of Asia’s Delta hit reverberating worldwide, if exports are delayed longer term.
“The current Delta wave in Asia may snarl production networks further,” said Frederic Neumann, co-head of Asian economic research at HSBC Holdings in Hong Kong. “The risk is that growth scars linger for longer.”
The deterioration in outlook, both for virus containment and economic growth, is in contrast to Western economies like the UK where high vaccination rates are blunting the impact of Delta and travel reopening is progressing.
The current Delta wave in Asia may snarl production networks further
Frederic Neumann,
co-head of Asian economic research, HSBC Holdings
There’s a common theme among many Asia-Pacific economies that enjoyed early success with limiting the virus’s damage: complacency. With fatalities low, authorities in South Korea, Japan, Australia and New Zealand are among those whose vaccine rollouts lagged behind; their inoculation rates are now in the bottom 10 among the 38 OECD member states.
All except New Zealand have been hit by Delta, with infections over the past month surging roughly threefold in South Korea, quadrupling in Japan and climbing 642 per cent in Australia.
Japan’s Olympics – meant to be an economic bonanza – turned bust as spectators were kept out amid yet another state of emergency imposed in Tokyo and elsewhere. While there has been no spread of the virus among mostly vaccinated global athletes, Delta has surged through the local population outside the Olympic Village, pushing cases to a record of 5,042 in the capital on Thursday.
Japan recently earned the dubious distinction of being one of only two advanced economies to have its growth outlook cut by the International Monetary Fund.
China’s Delta outbreak is intensifying economic risks in the second half, coming after a deadly flood and softness in exports and investment. Social distancing measures will likely weigh on a fragile recovery in retail spending during the peak summer holiday period. Airlines’ seating capacity in China has declined 10 per cent from the previous week, and travel booking sites reported a surge in cancellations.
“We have no customers at all because no one is allowed to move around freely anymore,” said a sales manager surnamed Xie who works at a hotel in Zhangjiajie, a tourist destination in central China’s Hunan province where Delta has flared. The 30-room hotel usually rakes in 2 million yuan ($309,000) in monthly sales during the summer holidays, but business has ground to a halt since authorities closed tourist locations on July 30.
“July and August were supposed to be the busiest months for us. There’s nothing we can do but to wait and tough it out,” he said.
Over in South Korea – where just 14 per cent of the population has been fully vaccinated – about 30 per cent of its 205,000 cases came in the past two months alone.
Yet, the Bank of Korea insists the recovery is still on track. It’s a similar story down in Australia, where the central bank is sticking to plans to taper weekly bond purchases even as it acknowledges GDP is all but certain to contract this quarter.
In part, this reflects lags in monetary policy, but it’s also the experience of past lockdowns, when economies bounced back quickly.
Still, the Delta variant has been altering calculations and its highly contagious nature may leave a longer-tail impact on places that overcame previous waves.
Southeast Asia is now emerging as one of the world’s worst hit regions, recently overtaking Latin America with the highest weekly death rate. At the epicentre is Indonesia, where the death toll this week surged past 100,000, although President Joko Widodo is resisting stricter movement curbs that would further dent the region’s biggest economy.
The debate over whether to lock down is particularly fraught in Thailand, as well as Vietnam, as trade has been one of the few economic bright spots. The Federation of Thai Industries recently said quarantines and mobility restrictions are causing labour shortages, forcing companies to cut production.
The disruption is being felt by American retailers, who are growingly concerned their shelves may not be fully stocked for the peak holiday shopping season. The American Apparel & Footwear Association’s chief executive Steve Lamar has asked US President Joe Biden to “immediately ramp up distribution of excess US vaccines to Vietnam and other key partner countries” including Bangladesh and Indonesia.
In India, a deadly second wave that left millions jobless and thousands dead has been ebbing. But the fallout is substantial: the IMF last month slashed its forecast for the year to March to 9.5 per cent, from 12.5 per cent just three months earlier.
Then there’s Singapore. It has struggled to make a planned transition from low cases and strict safety protocols to a “new normal” where Covid-19 is endemic as long as hospitalisations and deaths are limited.
A recent rise in Delta infections forced the government to pull back and re-impose restrictions, although it’s now pledged to reopen in September, when vaccination among the population reaches a very high level.
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
RESULTS
6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).
7.05pm Handicap (TB) $135,000 (Turf) 1,000m
Winner Almanaara, Dane O’Neill, Doug Watson.
7.40pm Handicap (TB) $175,000 (D) 1,900m
Winner Grand Argentier, Brett Doyle, Doug Watson.
8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.
8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
Winner Gladiator King, Mickael Barzalona, Satish Seemar.
9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
Winner Universal Order, Richard Mullen, David Simcock.
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
Company%C2%A0profile
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How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
RESULT
West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' )
Liverpool: Ings (4'), Salah (72')
Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
'Midnights'
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The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
UAE currency: the story behind the money in your pockets
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
AIDA%20RETURNS
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri
