A woman takes a photo of the Tokyo skyline. 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. Photo: AP
A woman takes a photo of the Tokyo skyline. 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. Photo: AP
A woman takes a photo of the Tokyo skyline. 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. Photo: AP
A woman takes a photo of the Tokyo skyline. 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.

Delta variant affects once largely Covid-free Asian economies


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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.

People look out at the Seoul skyline. Just 14 per cent of the population in South Korea has been fully vaccinated. Photo: Getty Images
People look out at the Seoul skyline. Just 14 per cent of the population in South Korea has been fully vaccinated. Photo: Getty Images

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.

A motorist drives on a nearly empty street in a tourist area of Kuta in Bali, Indonesia. President Joko Widodo is resisting stricter movement curbs that would further dent the region’s biggest economy. Photo: EPA
A motorist drives on a nearly empty street in a tourist area of Kuta in Bali, Indonesia. President Joko Widodo is resisting stricter movement curbs that would further dent the region’s biggest economy. Photo: EPA

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%20specs
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While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

Raghida Dergham: We have to bounce back

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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
UAE currency: the story behind the money in your pockets
FIGHT%20CARD
%3Cp%3EAnthony%20Joshua%20v%20Otto%20Wallin%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDeontay%20Wilder%20v%20Joseph%20Parker%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDmitry%20Bivol%20v%20Lyndon%20Arthur%2C%2012%20rounds%2C%20light%20heavyweight%3C%2Fp%3E%0A%3Cp%3EDaniel%20Dubois%20v%20Jarrell%20Miller%2C%2012%20rounds%2C%20heavyweight%3C%2Fp%3E%0A%3Cp%3EFilip%20Hrgovic%20v%20Mark%20de%20Mori%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EArslanbek%20Makhmudov%20v%20Agit%20Kabayel%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EFrank%20Sanchez%20v%20Junior%20Fa%2C%2012%20rounds%2C%20heavyweight%C2%A0%3C%2Fp%3E%0A%3Cp%3EJai%20Opetaia%20v%20Ellis%20Zorro%2C%2012%20rounds%2C%20cruiserweight%3C%2Fp%3E%0A
The%20specs
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
Best Foreign Language Film nominees

Capernaum (Lebanon)

Cold War (Poland)

Never Look Away (Germany)

Roma (Mexico)

Shoplifters (Japan)

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

Ultra processed foods

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

Factfile on Garbine Muguruza:

Name: Garbine Muguruza (ESP)

World ranking: 15 (will rise to 5 on Monday)

Date of birth: October 8, 1993

Place of birth: Caracas, Venezuela

Place of residence: Geneva, Switzerland

Height: 6ft (1.82m)

Career singles titles: 4

Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)

Career prize money: $13,928,719

UAE currency: the story behind the money in your pockets
While you're here
The specs

BMW M8 Competition Coupe

Engine 4.4-litre twin-turbo V8

Power 625hp at 6,000rpm

Torque 750Nm from 1,800-5,800rpm

Gearbox Eight-speed paddleshift auto

Acceleration 0-100kph in 3.2 sec

Top speed 305kph

Fuel economy, combined 10.6L / 100km

Price from Dh700,000 (estimate)

On sale Jan/Feb 2020
 

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

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

About%20My%20Father
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ELaura%20Terruso%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERobert%20De%20Niro%2C%20Sebastian%20Maniscalco%2C%20Kim%20Cattrall%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%26nbsp%3B%3C%2Fp%3E%0A
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

UAE currency: the story behind the money in your pockets
12%20restaurants%20opening%20at%20the%20hotel%20this%20month
%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

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

Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

Why is it important?

Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.

How is it calculated?

The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

How can I improve my score?

By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

How much does it cost?

A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

Company Profile

Company name: Big Farm Brothers

Started: September 2020

Founders: Vishal Mahajan and Navneet Kaur

Based: Dubai Investment Park 1

Industry: food and agriculture

Initial investment: $205,000

Current staff: eight to 10

Future plan: to expand to other GCC markets

Updated: August 07, 2021, 4:00 AM`