NEW YORK // Even the rich were hunting for bargains this weekend as the Big Apple headed for what threatens to be its gloomiest holiday season in decades.
With the lions of Wall Street facing a new year without their regular six- and seven-figure bonuses, the fur-clad ladies at the swanky Bergdorf Goodman department store on Fifth Avenue were eyeing the discreet notices offering 40 per cent discounts on designer luxuries.
"Black Friday" and the post-Thanksgiving weekend is traditionally a time when retailers offer mega-bargains in the hope of securing their profits for the year. At the height of a financial crisis, however, nothing is certain.
Among the less well-heeled, shops saw a mad scramble past consumers to grab some bargains with their rapidly diminishing stores of cash. A worker at a New York branch of Wal-Mart, the cut-price supermarket chain, was trampled to death on Friday as shoppers stampeded the store.
The city's Dickensian aspects are becoming more pronounced. A vast army of often immigrant cleaners, laundry workers, drivers and caterers is watching its prospects diminish as a core group of the wealthy elite they serve sits out the economic decline.
Tiffany's, the upmarket jewellers, and Barney's, another designer department store, saw lighter traffic than usual but this allowed the rich a more airy atmosphere in which to spend money.
Foreign accents were still ubiquitous even though the dollar has strengthened in recent months, proving the city remains a draw for the globe's wealthy.
For most New Yorkers, tougher times beckon. The city is heavily dependent on Wall Street, which could lose as many as 48,000 jobs if a recession plays out beyond next year, said the state comptroller recently.
The financial services sector contracted 8.7 per cent as of October after a long list of companies weakened, including Lehman Brothers, Bear Stearns, Merrill Lynch, American International Group and Washington Mutual.
The turmoil was bound to feed through to most levels of society, but its earliest effects on philanthropic donations showed the arts suffering less than soup kitchens. In particular, cultural organisations dependent on donations from the upper crust have not been hit as hard, at least not yet.
A black-tie gala for the New York Public Library with celebrities including Salman Rushdie and Nora Ephron raised more than $2.9 million (Dh10.7) in November.
Dick Fuld, the former Lehman Brother's chairman who was castigated in the press for his poor management, was one of the co-chairmen of the Library Lions event. Another gala for the New-York Historical Society was on track to raise more than $1.3m.
But charities that serve the poor, hungry and those without medical insurance are finding themselves at stretching point - soup kitchens received record turnouts on Thanksgiving last Thursday.
"It's amazing how services to the poor suffer cutbacks while the rich carry on with their preoccupations," said a woman who works for the publicly funded New York City Health and Hospitals Corporation.
Organisations ranging from museums to homeless shelters all benefit from non-profit status, meaning they do not pay corporate or property taxes.
A survey released by the New York City Coalition Against Hunger found there was a 28 per cent rise in people using emergency food providers and a bigger number was expected next year. Of 308 food banks surveyed, 89 per cent said they believed the need for them would rise in the coming months and 69 per cent said they did not have enough supplies.
State government budgets will feel even more strain next year, meaning cuts in grants to soup kitchens and other charities. The politicians geared up for a fight. Legislative wrangling meant David Paterson, governor of New York State, was forced to delay reaching a deal on tackling the budget deficit until next year.
A glimmer of hope for New York was to be found in figures showing how universities and hospitals were accounting for a growing share of private-sector jobs.
Two hospital operators, New York-Presbyterian and Continuum Health Partners, now have more employees in the city than does Macy's, the department store, or Time Warner, the media conglomerate, according to The New York Times.
Some commentators might be tolling the bell for capitalism but the city's leaders said they are committed to free markets and economic diversity.
The arts might suck up philanthropic dollars but they also provide an economic benefit by drawing in tourists.
Steven Strauss of the New York City Economic Development Corporation said the city's investment attractions would be reiterated in a roadshow to be taken across the Middle East next year.
He said New York generated about $1 trillion in gross domestic product, more than the combined member countries of the Gulf Co-operation Council.
"We've been around for hundreds of years and have a very large, diversified economy," he said.
sdevi@thenational.ae
Hard Times is an occasional series focusing on the economic crisis's impact on people around the world
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
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
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Company%20profile
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UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
Mohammed bin Zayed Majlis
COMPANY%20PROFILE
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Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
BACK%20TO%20ALEXANDRIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ETamer%20Ruggli%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENadine%20Labaki%2C%20Fanny%20Ardant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
